Group Discussion - Online Brokers

[Administrator]

This topic gets spoken about everywhere you go now a days, and it is vital for you once you want to open your own account and start trading online. But, what seperates brokers apart from one another? Some points you may want to comment on could be:

• Customer Service
• Commission Rates
• Trading Tools
• Banking Services
• Quality of Site
• Speed of Execution

Also, where do you think the industry itself is heading? Through Blain's work dealing with big brokers such as Ameritrade, Schwabb, and Scottrade, he has found that the industry is in fact consolidating. Who will stand as the big three in the end?

Discussion leader - Stocktrading101

Please support your comments with an opinion, fact, or statistic! Enjoy !

-The FIO Team

[Stocktrading101]

Ameritrade

Customer Service - Excellent (havent talked to a live broker before though)
Commission Rates - ok ($10.99 could be better as a day trader, they do have a program called Ameritrade Izone where u can get $5 flat fees which would be amazing. Need $5k minimum and some other requirements I believe).
Trading Tools - Suits me perfectly. Can daytrade easily, level II quotes, real time streamer, excellent news feed, last sale data, and more stuff I have haven't figured out.
Banking Services - Haven't used theres yet, I would imagine it being ok though, would be interesting to find out.
Quality of Site - Great for what I use it for. Easy to manuever around, they just redid it actaully earlier this year. Very nicely done for sure.
Speed of Execution - Supposedly one of the best in the industry (this comes from my own sources). Scottrade apparently is known for slower execution times (we are talkin mili seconds but day traders need that). Schwabb is supposdely pretty good as well, dunno about Etrade.

Overall - I'd give it a 4.6 out of 5, if I had an IZONE account it'd be a 4.9 out of 5.