Online Trading Services Used by Freepers

06/24/2002 | BallandPowder

[BallandPowder]

What online trading services do Freepers use to invest/trade in the Stock market? I am looking to open a new online account and want some recommendations if all would be so kind as to answer. Please, no "The sky is falling" responses, just what online-services do you use and why.
Thanks in Advance!
BallandPowder

[ThinkingMan]

I was using E-dreyfus, but they were just purchased by Brown & Co. I have only been using Brownco for a couple of weeks, but I have been impressed so far. Low Commissions, but not alot of research tools. The service is geared more toward experienced investors. If you fall into that category, you may want to check them out.

[Pearls Before Swine]

Brown is good--no frills on the site, but has low expenses. Brown is backed by a deep pocket, unlike some discount brokers, because it is owned by JP Morgan Chase. I also like Fidelity's web trading.

[Auntie Mame]

Scottrade has been very good to me. They also have a real-time program to track your stocks moment by moment (no charge). $7 per trade or $12 if you pick your price. Of course, options are more.

[ZGuy]

I use Ameritrade and am very happy with them. It looks like you're not getting much consensus from the freepers though!

[catonsville]

I have been using Waterhouse for years and am pleased with the service.

[RightOnTheLeftCoast]

I've used Investrade. Okay; cheap. On-line tools are minimalistic.

[Wednesday's Child]

We've been using Ameritrade for years and have been very satisfied with it.

[PeterPrinciple]

TD Waterhouse.........have had no problems and they have an office in my state so I have someone to complain to if there is a problem.

[Tacis]

I use Schwab. Relatively high transaction fees and they've just snuck in a $3.00 "transaction" fee on each trade. I don't do enough trading that this is intolerable or that I'd make the effort to change. It has shown me that this is NOT a financial institution that I want to manage my IRAs or my 401(k) when I retire. If they slip in mystery fees now, what would they do when I would really be relying on them to manage my resources?

[christynsoldier]

cheap and state of the art...monthly flat fee or

$4 trades at foliofn.com

[BallandPowder]

Powder..Patch..Ball FIRE!

It looks like you're not getting much consensus from the freepers though!
NO KIDDIN! /;^)
All over the map so far!

[toddst]

I recommend you find a regular broker with a quality company, do your trades with him/her. I recommend A.G. Edwards.

Also hire an investment advisor who charges by percentage of your portfolio he manages, not in any way tied to commissions on trades.

[kidd]

On-line trading is the best way to turn your computer into a slot machine.

Merrill Lynch (despite recent bad publicity) is still the best. Find an older (50+ years old) broker, ML has an aggressive system to weed out the younger failures. Can't beat the research. The best brokers gravitate to ML.

[BallandPowder]

Powder..Patch..Ball FIRE!

Also hire an investment advisor who charges by percentage of your portfolio he manages, not in any way tied to commissions on trades.

I've got past securities experience, was licensed and active for about 7 years, but that was well before the online services started. I'm not to worried about doing my own research and/or paying a commision on trades, I'm just asking who freepers like and why.. Thanks for the advice though...

[SupplySider]

Interactive Brokers offers $0.01 per share commssion on orders of 500 shares or less, $0.005 over 500. They have good no-frills electronic execution.

[Freedom'sWorthIt]

Are people really still trading online?

[Dog Gone]

I use Fidelity, partly because it manages my retirement accounts, but I like their services. The transaction costs have dropped substantially over the past 10 years.

[Carolina]

Datek. Reasonable month-to-month Level II. Fast execution--they own Island ECN.