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Which Stock Broker is the Best?
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by: TradingMechanic
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Word Count: 498
Online brokers are all over so it's hard to figure out which one is really the best. I've compiled a list of the different ones out there and give a brief description of my thoughts on each.
Etrade used to be my brokerage of choice but the mortgage mess really spooked me. Add to the fact that there are cheaper alternatives out there and I'm in the process of switching to different broker accounts.
I don't really like TD Ameritrade because it's user interface is really bad. However, the commercials obviously is working because many people use them to trade stocks. The one price trading fee makes things less confusing though which is welcomed when everyone else has a ton of different pricing structure.
Charles Schwab has been taking share ever since Etrade blew up with its mortgage business. It's sad to see Etrade doing so bad but at least they came up with the Etrade baby. Charles Schwab also has a neat 2% reward credit card which is great if you use them as your brokerage.
TradeKing is a deep discount broker and trades are only $4.95 (half of the higher end ones). It offers a great trading community where you can find out what others are trading and executions are quite. In fact, it's won many awards and it's highly recommended.
Zecco used to offer free trades (actually it still does with restrictions) and their marketing just sucks. They actually changed the commission structure like 3-4 times in the past few years and many people are just pissed at how everything is handled.
I was looking forward to SogoTrade until I can't seem to find a way to trade options. Huh? The stock trade is cheap at $3 per trade but your cash earn no interest (yes, 0%). Protection seems to be good though with up to $5 million protected but still, probably not my cup of tea.
Wells Fargo offers a trading platform in its WellsTrade as well. It's free for people with over $25,000 of combined assets with them so it's worth a look (if you have the money). My personal experience is that the platform is lacking but for retirement accounts and/or investors who don't trade often, free trades are a good alternative.
Bank of America basically has the same offering as Wells Fargo. It matches them with the free stock trades with the same conditions ($25k minimum to qualify for the free trades). I wouldn't be surprised that they will change something though after they set their feet and start integrating with Merrill Lynch though.
OptionsXpress is known for its options trade. Instead of charging you per option like most firms, this company has a set pricing. They also claim to have no hidden fees so it might be a good option (no pun intended).
About the Author
So many brokerage firms out there but not enough time to test them all, Stock Trading Brokers try to help figure out which stock broker is really the best in the industry. Zecco Discount Broker, while not the most popular, certainly feel a certain niche because of its free stock trades.
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