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I'm thinking of starting an account with one of the online brokerages I listed above. I just wanted to know, will I have to pay monthly fees for anyone of these accounts? Also, which one would you suggest for someone who is new to this stuff? Thanks
No you don't need to pay monthly fees, you pay commission every time you buy, sell etc.
I've used all three of those brokerages and the best for basic trading (buying, selling, shorting, call options, put options) is Scottrade. They only charge $7 per trade, their website is very easy to navigate and understand and they are the most willing brokerage to lower your commission rate if you trade a lot. You also have a designated branch you can contact, which is nice because you'll talk to the same people every time.
If you are an experienced trader and already have an understanding for in-depth technical analysis then I would recommend Ameritrade. They charge $10 per trade.
I personally like Scottrade. Why pay $10 at Ameritrade when you can pay $7 at Scottrade.
Ameritrade offers more than Scottrade. For example, you can watch CNBC live for no fee. More importantly, their thinkorswim platform is far advanced than anything Scottrade offers. Ameritrade also offers IPOs, where as Scottrade does not. However, thinkorswim is far too complicated for a novice investor or even an intermediate investor to understand and use it properly, so for the OP, I think Scottrade would be the best choice.
Etrade is just a dinosaur that should be put out of its misery.
[quote=bmw335xi;32560835]Ameritrade offers more than Scottrade. For example, you can watch CNBC live for no fee. More importantly, their thinkorswim platform is far advanced than anything Scottrade offers. Ameritrade also offers IPOs, where as Scottrade does not. However, thinkorswim is far too complicated for a novice investor or even an intermediate investor to understand and use it properly, so for the OP, I think Scottrade would be the best choice.
You can actually get highly sought after IPO shares? What is the minimum to purchase IPO shares? I understand underwriters require individuals to pony up at least $100K before any shares released.
Brokerages such as Ameritrade and Charles Schwab seem to award only a small amount of shares for IPOs for normal investors like us. Sometimes you won't receive any, it depends on a number of things such as your account balance and how much you trade. We're talking only a couple thousand worth of shares, even if you ask for more.
Did you check TradeKing? Its cheap. I am looking to open the investment account too but kind of have same question.
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