After years of trading, I’ve come up with a pretty good understand of how stock brokers work and how to figure out whether the brokerage firm is a good one or not. Do you have a dud or a winner? Find the broker below and see for yourself.
Zecco still advertises stock trading at no cost, but the package it offers is a far cry from the unlimited free trades that it used to promote. Nonetheless, 10 free trades per month (for those that qualify) is still quite good.
OptionsHouse’s pricing is only $2.95 per trade. Yup. Less than three dollars. I know. It’s cheap, and their competitors know this. It will be interesting to see how everyone else response once the word is out.
TradeKing, while not the lowest price broker anymore, is still very good. It keeps winning awards like the Smart Money best discount broker award and others, all while maintaining their good pricing and awesome customer service.
As the name implies, OptionsXpress is all about options. While it has stock trading offers, options trading is where it really shines. It even has an extensive guide to options trading, which is good for beginners as well as professionals.
Scottrade is not really promoting its business like it should but it does offer a solid platform for traders. At $7 a trade, it is middle of the pack in terms of price and middle of the pack in terms of features.
TD Ameritrade used to dominate but it is not very good. The interface is outdated and the pricing is high. I don’t think they are gathering many new comers these days and just servicing old ones.
Etrade used to be the most innovative and web savvy company but with all the troubles and all these up and coming discount brokerages, Etrade has a tough road ahead. Still, this firm has a solid offering if you don’t mind paying a little bit more per trade.
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