Good online stock trading company?

Mazeroth
Mazeroth Posts: 1,585
edited October 2008 in The Clubhouse
I have a little bit of money I want to put into some companies I've been watching over the years and need to know what the best online stock trading company is? I won't be making a ton of transactions (maybe 1 per month, if that) so if that helps then good :D I'll probably start out with $2k and see how it goes from there.

Thanks!
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  • tryrrthg
    tryrrthg Posts: 1,896
    edited September 2006
    I use Scottrade, which has $7 trades. I don't use it very often but I just went with them because my cousin recommended them. Plus they're cheap and they have an office in Columbus (near 161 and Sawmill).
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  • Sami
    Sami Posts: 4,634
    edited September 2006
    Get one that doesn't have monthly inactivity fees or similar. I have my old account somewhere, I think Ameritrade since they have been moving around quite a lot since I got it. It has $0 balance right now and they don't charge me any fees as the old company did. I think if you keep a certain balance (cash and/or stocks) none of the companies charge you for inactivity but it's always better to have something that doesn't charge you no matter what.
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  • zombie boy 2000
    zombie boy 2000 Posts: 6,641
    edited September 2006
    I'm glad this thread started up... I hope it has legs. The wife and I are considering jumping into this, but we're really green. Any pointers?
    I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore
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  • wingnut4772
    wingnut4772 Posts: 7,519
    edited September 2006
    I use Etrade. It's user friendly and I have had no problems. If you want to dollar cost average you could try Sharebuilder.
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  • jdhdiggs
    jdhdiggs Posts: 4,305
    edited September 2006
    If you want to invest and avoid the daytrading trend, sharebuilder.com is your friend. Their market orders are more expensive ($15) but the standard investments are only $4. So if you want to put away a couple hundred a month in a ROTH IRA, or other savings account, they work really well. I have this and a datek/ameritrade/whoever they are now as well.

    Fool.com and Clearstation.com are some decent advice sites outside the normal rounds.
    There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin
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  • wingnut4772
    wingnut4772 Posts: 7,519
    edited September 2006
    jdhdiggs wrote:
    If you want to invest and avoid the daytrading trend, sharebuilder.com is your friend. Their market orders are more expensive ($15) but the standard investments are only $4. So if you want to put away a couple hundred a month in a ROTH IRA, or other savings account, they work really well. I have this and a datek/ameritrade/whoever they are now as well.

    Fool.com and Clearstation.com are some decent advice sites outside the normal rounds.

    The only thing that I don't like about Sharebuilder is that you have to invest a good sum per month to justify the monthly fees for the cost of your shares. You can get 10000 shares etc of anything on Etrade for $9.99 - $14.99 but if you use Sharebuilder to budget them out those same 10000 could end up costing $48.00 to who knows...?
    Sharp Elite 70
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    Hsu ULS-15 Quad Drive Subwoofers
    Sony PS3
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    Polk Atrium 7s on the patio just to keep my foot in the door.
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  • madmax
    madmax Posts: 12,434
    edited September 2006
    I've been having fun with www.tdameritrade.com
    Started at $2K, traded around for 3 months and got it up to $2400, now back down to $2100. Fun way to gamble...
    madmax
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  • AndyGwis
    AndyGwis Posts: 3,655
    edited September 2006
    I trade through Fidelity.com. It's a good site, easy to use, etc., but it's $14.95 per trade, and if you put in a big order (if buying penny stocks, etc.), they jack it way up. I tried to buy like 20000 shares of a penny stock, and it would've been a couple hundred bucks for the transaction, even though it was only a few grand worth of stock.

    Fun to watch it go up, but always comes back down. . . almost as addictive as watching the computer on sunday for ever-changing fantasy football scores.
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  • jdhdiggs
    jdhdiggs Posts: 4,305
    edited September 2006
    wingnut4772 wrote:
    The only thing that I don't like about Sharebuilder is that you have to invest a good sum per month to justify the monthly fees for the cost of your shares. You can get 10000 shares etc of anything on Etrade for $9.99 - $14.99 but if you use Sharebuilder to budget them out those same 10000 could end up costing $48.00 to who knows...?

    Not neccessarily, you need to know about which program to belong to which can make buying any stock much cheaper than any other sights.. In your scenario, you'd buy 10000 shares for $4. If you split it out, you can use another program that will still be cheaper than anyone else. You can then turn off the auto pull until you have another amount of $$$ you want to invest.

    ex: My wife and I put in $10K across 6 stocks and it cost us $12 in fees. Any other program allow you to pull that off?

    Edit: No limit on the number of shares purchase. Costs for sharebuilder plans:
    Basic program is $4/stock bought $15.95 to sell
    Standard: $12/month 6 free purchases and $2 each additional purchase $14.95 to sell
    Advantage: $20/month 20 free purchases and $1 each additional. $11.95 to sell

    You can switch between plans monthly and turn them on or off every month as well. Just takes some more planning and you can't reall "jump" on a stock without some prep work.
    There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin
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  • PolkThug
    PolkThug Posts: 7,532
    edited September 2006
    Make sure to do your math ahead of time, especially if you start small.

    Let's say it costs $15 to buy and $15 to sell.

    If you can only afford 20 shares of stock, that stock price has to go up $1.50 just to break even.
    Never Forget
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  • cam5860
    cam5860 Posts: 632
    edited September 2006
    I have used scottrade also it's very good. They have local branches top notch service. I am now using firstrade and I love it. Trades are 6.95 and I like the layout of the service much better than scottrade.

    One thing I always disliked about scottrade is they don't have a electronic service where you can transfer your money in and out when you want. You have to send a check for deposit and call and request a check for withdrawal very inconvenient if you ask me.

    I have used fidelity too best service out there but commissions are to high. If fidelity had 7 dollar trades it would have all the business. They are very professional in everything they offer.
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  • Shizelbs
    Shizelbs Posts: 7,433
    edited September 2006
    Keep this discussion going.
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  • Strong Bad
    Strong Bad Posts: 4,277
    edited December 2006
    Rekindling this thread.

    When I started at my company a year ago, I was given a stock option package. Now that we're being purchased by another company 1st Q '07, I have the choice to wait for them to be bought or sell my options now. Due to tax purposes, I'm dumping before the black out date.

    I have everything setup with Etrade and just set a limit price on my shares.

    This online trading stuff is wicked cool! Finding myself watching the stock price throughout the day. This could get very addictive! Etrade is so easy to use.

    Strongbad
    No excuses!
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  • bobman1235
    bobman1235 Posts: 10,822
    edited December 2006
    I like E*trade's interface, but they take a hell of a long time getting you your money once you sell and withdraw. I sold my stock options from work before Thanksgiving, and didn't get the money in my account, via WIRE TRANSFER, for almost THREE WEEKS. WHen I called them they just gave **** excuses. Really pissed me off.

    But, in all fairness, it's the first and only problem I've had with them in three years. I'm just still sour from the experience.
    If you will it, dude, it is no dream.
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  • wallstreet
    wallstreet Posts: 1,405
    edited December 2006
    Individual stocks are too risky. You should be buying ETF's until you have enough money to build a portfolio of stocks. You know the saying about eggs in a basket.
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  • szhleppy
    szhleppy Posts: 320
    edited December 2006
    I recently switched from Fidelity to TD Ameritrade through an independent financial advisor. The Fidelity website was much nicer for tracking funds and stocks, but the TD Ameritrade account won because of Fidelity's fees.
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  • Kex
    Kex Posts: 5,151
    edited October 2008
    Hey guys 'n' gals! I hope nobody minds me using this old thread, but there do not seem to have been very many discussions on this topic. I know it's a strange time to ask (after the worst weekly loss, in both points and percentage terms, on the DOW in history), but are there any clear favorites since the above comments were posted? I've used Scottrade so I'm familiar with their interface and cost structure. I'm just wondering if there is any good reason to pay more to use TD Ameritrade, E-Trade or Fidelity instead ... or if there is anything else out there that I should know about.

    I also have an account with Bank of America (used to be Fleet, which the Boston crowd will know and love!) and they offer "free" trades, but I have not figured out how that actually works in practical terms.

    Some links to other threads, that also died after one page of posts:

    Which online stock broker? http://www.polkaudio.com/forums/showthread.php?t=54859
    On line investing? http://www.polkaudio.com/forums/showthread.php?t=36025
    Alea jacta est!
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  • MikeC78
    MikeC78 Posts: 2,315
    edited October 2008
    Just throwing this one out there...

    Charles Schwab.
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  • Kex
    Kex Posts: 5,151
    edited October 2008
    Maybe this comparison chart will help feed the debate! I'm guessing that after last week, everyone who uses one of these accounts is either in emergency care, or on whiskey since breakfast, or has just decided that all of them are bad news and should be made illegal ...
    Alea jacta est!
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  • John30_30
    John30_30 Posts: 1,024
    edited October 2008
    zombie boy 2000 wrote: »
    I'm glad this thread started up... I hope it has legs. The wife and I are considering jumping into this, but we're really green. Any pointers?

    Whatever online trader you use, make sure you have a good current firewall & AV. (Unless you're on a Mac, in which case, gloat ;))
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  • Kex
    Kex Posts: 5,151
    edited October 2008
    John30_30 wrote: »
    Whatever online trader you use, make sure you have a good current firewall & AV. (Unless you're on a Mac, in which case, gloat ;))
    I haven't noticed this to be an issue. I suppose Linux would be another option if it is a real cause for concern.
    Alea jacta est!
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  • exalted512
    exalted512 Posts: 10,735
    edited October 2008
    I've been using scottrade since january, like it so far.
    -Cody
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