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Broker Comparison
Here
are broker comparisons of the top online
brokers. When choosing an online broker the
factors to consider are costs, trade execution,
service, customer support and a user friendly site
with research information.
*
Special Note: Datek recently merged with
Ameritrade. Old Datek users still have thier own
trading platform and Ameritrade users have a separate platform.
You can no longer sign up for a Datek account.
Since Datek is tailored for Day Traders and Ameritrade
isn't, it's unclear what will be the outcome of the
merger.
** Update Aug 20, 2003.
Ameritrade just announced that after a stock sale you
must wait 3 days for the funds to settle in order to
use those funds to trade again. We wouldn't recommend that Ameritrade be
used for daytrading.
| Name |
Minimum
to Open an Account |
Commissions |
Quarterly
Fee |
Notes |
| Market |
Limit |
| Ameritrade |
$2,000 |
10.99 |
10.99 |
$15
<$2,000 Balance |
Good
research, low fees and easy to use site.
Only $24.95 for broker assisted trade. |
| CyberTrader |
$5,000 |
12.95 |
12.95 |
None |
Excellent
Direct Access broker for Day Trading. |
| eSchwab |
$5,000 |
29.95 |
29.95 |
$45
<$10,000 Balance |
High
fees for trading and high maintenance fees. |
| E*Trade |
$2,000 |
14.99 |
19.99 |
$25
<$5,000 Balance |
4
letter NASDAQ market orders are $19.95. |
| FolioFn |
No
Minimum |
14.95 |
14.95 |
None |
$14.95
for 500 commissions free trades. Great
for a small investor. |
| FreeTrade |
$5,000 |
Free |
Free |
None |
Zero
customer service except for email. Wire
transfer deposits only. Owned by
Ameritrade. |
| TD
Waterhouse |
$1,000 |
17.95 |
20.95 |
$20
<$10,000 Balance |
Bad
execution on trades and high trading fees. |
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