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Online Stock Trading :: Business :: Stock Trading
Compare Online Stock Trading Brokerage Firms
Here's some important information about the topic of your interest. Many people have requested this information earlier and I hope you'll find this helpful.
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Comparison Shopping
You won’t have any trouble finding an online stock broker. The tough thing is to figure out which brokerage firm is right for you. This is as important as the stocks you will be investing in so you want to make a wise choice. The first wise choice you can make is to compare online stock trading brokerage firms. Compare their fees and their services and then compare that information to what your needs are.
Sharebuilder makes it easy to compare online stock trading brokerage firms as they list terms and fees of some of their competition. Even though it is wrapped up in a neat little package like this though, don’t be lazy. Go to each firm’s website and get the information for yourself.
When I first started trading stocks online, I decided I would invest $100 in the learning process. One of the very first things you have to consider when you compare online stock trading brokerage firms is whether or not you have to deposit a certain amount of money in your account. With Sharebuilder there is no minimum deposit and since that was a big priority on my list, they got my vote.
Have it Your Way
Sharebuilder compares themselves with 4 other online brokerage firms and all of them have what some may consider pretty hefty minimum deposit policies. TD Ameritrade’s minimum is listed at $2000 and Schwab’s is $2500. After I verified this information on the respective web sites, I chose Sharebuilder for that reason.
Another important criterion to consider when you compare online stock trading brokerage firms is the price of the trades or online market orders. Sharebuilder charges from $11.95 to $15.95 depending on which plan you choose. Since I chose the freebie plan, my market trades would compare online stock trading brokerage firms me $15.95 each.
TD Ameritrade however, won the coin toss at $9.99. Since I was already locked in on the minimum deposit though, I would just have to live with this. Besides, I wouldn’t be making very many trades with my $100 investment. All five brokerage firms involved in the comparison offered online statements and confirmations and reinvestments of dividends. Finally, something they agree on.
Annual maintenance or low balance fees was an interesting comparison. Three of the brokerage firms, including Sharebuilder did not charge any fees for this while Etrade and Schwab charged $160 and $120 a year respectively.
See, isn’t this fun? The important thing and the only important thing to consider when you compare online stock trading brokerage firms is which one can meet your needs. All of the companies mentioned in this article are upstanding companies with variable policies. Choose the one that’s best for you and you’ll be on your way.
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