Choosing the right online trading broker is a very important step in our trading school. There are many factors in making the right decision, some of which will be outlined below.
If you’ve never used an online broker for placing stock trades and are used to “calling your broker” to place trades you are in for a pleasant surprise. The fees for online trading are dirt cheap compared to the fees charged by bigger firms like Goldman Sachs or Merrill Lynch. While phoning your broker to place a trade can cost upwards of a few hundred dollars, placing online stock trades start at around $10!
Swing Trader/Less than 100 trades per month – if you tend to hold positions longer than a day, or make just a few trades per month – we recommend you go with one of the brokers below. Each have very easy account setup, and can be funded and setup within 1-2 days max if needed. There are no account minimums with these brokers listed below.
Etrade – Great executions, offers Etrade Pro (Direct Access Platform). Commision starting at a mere $9.99 and can be negotiated lower depending on account balance and how active you are in your trading account. First 60 days of opening an account you get unlimited free trades – check the site and fine print for more details.
TDAmeritrade – Great Customer Service – if they make a mistake, they are very generous with free trades. This broker also has a promotion where the first couple months you get unlimited free trades – check the site for details. They offer multiple trading platforms, including the ThinkorSwim platform that’s great for options traders. Commission starts at $9.99, but can be negotiated as low as $5 depending on how active you trade/account balance.
Very Active Trader:
Speedtrader – Read this article here to get an idea why Speedtrader is our broker of choice if you’re a very active trader.
If you have any questions please visit our Forum and ask away – we have many experienced members that are ready to help.
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