On this post, I just want to share a few additional online brokerage firms that are out there, how much the charge per trade and whether or not there is a minimum deposit to open the account. I personally havent used any of the firms I am about to list but I have heard about them through different financial podcasts I listen to as well as from friends that have used them. So here they go:
- No minimal deposit to start (you can open the account and dont have to fund it right away).
- $6.95 per stock trade. (As previously explained: means they charge a fee of $6.95 when you buy any number of shares and the same fee when you sell for a total of $13.90).
- Require a minimum deposit of $500 to open an account
- $7 per stock trades
- Also require a $500 minimal deposit
- Stock trade fees range from $7.99-$9.99 depending on your trading volume
- No minimal deposit required
- $6.95 per stock trade
- They offer rewards of $50+ but the "catch" is depositing $10K+ to trade
- $1,000 minimum deposit for cash accounts
- $3.95 per stock trades
- This site gives you the option of openning a "virtual account" first where you can practice before you get started with real investing (which I think is pretty cool)
Also--- just a heads up that the online brokerage firms noted above and the other two I mentioned in my previous posts are just SOME of the firms available out there! There are many, many to choose from. If you do a google search for it; you will see. If you decide to do research on your own to choose the best for you--- just make sure you read about how these firms are insured and make sure they are part of the SIPC (security investor protection corporation). Also, very important that they are reinsurred. In addition, I would personally avoid online brokerage company's that note the following on their website: "...we provide no guarantees in the event of unauthorized access...".
I found this in the optionshouse website. Make sure you look in to how your money will be protected. Some firms, such as TDAmeritrade, offer protection if someone tries to illegally trade without your permission, etc. Little perks like that would help me sleep better at night.
Remember: Research, Research, Research!!
NEXT POST: The online brokerage application and clarification of "weird" or "confusing" questions.