Online brokers - which one?

[Ast]

Looking for recommendation on online brokers.
I would like to make a relatively small investment in one or two cheap mining companies, trading below $1.00.

Which online broker would you recommend?

no charges for penny socks, no charge for volume over 1000 stocks, maintenance fees? I find the fine print very confusing.

[One_of_Many]

I've used Scotttrade for the last 4 years without ever a problem. No fees of any kind but a flat 7$ per trade. For stocks priced under $1, add ½% of the principal value.

http://www.scottrade.com/online_trading_commissions/index.asp

[main1event]

TDAmeritrade :)

[chux03]

If you're only going to do a couple of trades, especially in mining stocks, may I suggest PennTrade??
www.penntrade.com/

If you do more trading, I would suggest www.firstrade.com

I've done business with both and have NEVER had any problems with either one. Good luck!!

[SLV]

Optionsxpress has some pretty robust tools - $9.95 a trade.

I've also used Options House at $4.95 a trade.

[silver wink]

I find Interactive Brokers to be very easy to use and they have a very strong balance sheet and safeguards. costs are reasonable and you can trade most exchanges in the world.

[Asheron]

I just want to say anyone holding paper Gold or Silver is crazy, you need to have your Gold and Silver physically in your hands.

[m.palmer1@verizon.net]

Try www.zecco.com I have not used them, but I understand that less than $2500.00 in your acct. will allow $4.50/trade. Over $2500. trades are free!

[McGruff]

I just want to say anyone holding paper Gold or Silver is crazy, you need to have your Gold and Silver physically in your hands.

Yeah, but holding paper gold or silver (which I would never do) is a different thing than holding stock in a gold or silver mining company.

Count my vote for Scottrade. You can't beat their flat $7 fee, and their customer service is excellent if you ever have an issue or question.

[unalga]

Throw me in the Scottrade pile. Never had anything but great service and they have walk in locations unlike a lot of others.:)

[hiyosilver]

Yeah, but holding paper gold or silver (which I would never do) is a different thing than holding stock in a gold or silver mining company.

Count my vote for Scottrade. You can't beat their flat $7 fee, and their customer service is excellent if you ever have an issue or question.


What many people are not aware of is if your stock still appears in your Scottrade account, (and I imagine other brokerage accounts), then it is not actually registered to you with the mining (or other) companies...It is simply on the brokers account and assigned to you. In other words if Scottrade (or other broker) failed, "your" stock would disappear with them.......Jim Sinclair gave instructions on how to remedy that situation:


There are three primary forms to represent share ownership:

Ownership via your account at a broker or bank in which the broker or bank holds all the shares for all clients in that share in what is called a street name. Street names today are a nominee name such as CEDE. The broker or bank then shows your ownership of this security in your monthly statement in your cash or margin account. Your shares will remain in the nominee account under the nominee name of the bank or broker in the form of a computer entry.


Ownership via paper certificate whereby an entity called a Transfer Agent has been informed by your broker of your coordinates and request for the delivery of a paper certificate. The Transfer Agent follows the instructions of your broker and sends the paper certificate with your name on it to either you directly or to your broker who most often then sends it to you. The process reduces the street name position by the amount of your position. Your ownership drops off your brokerage or bank statement. Yes it is that easy.


Ownership via the form of book entry on the books of the transfer agent: Instruct your bank or broker that you wish your shares to be in the form of a book entry at the transfer agent. Your broker then instructs the Transfer Agent of your request, giving them all your information. The transfer agent reduces the street name position by the amount of your holdings and puts your name in their books as a book entry. You now fall off the books and records of the bank or broker. If you prefer method 2 or 3, all that is required is for you to instruct your broker or bank of your wishes. If their eyes glass over in a blank stare or they say “WHAT?” you do the following: Call the company you are a shareholder of and ask the name and coordinates of their transfer agent. If they say they have none and are totally automated you are out of luck. This is rare but growing. You call the transfer agent telling them of your broker’s rank ignorance. Ask them how to instruct the broker so that your needs are met and met promptly. Call your ignorant broker or bank back and tell them you spoke to Mr./Ms. Whomever at the transfer agent and you wish them to inform Mr./Mrs. Whomever of your wishes.

Note: Retirement accounts: There is one more alternative that may help the retirement account holder, but will certainly protect the investor who is concerned over the financial health of your financial agent holding your investments. Monty Guild wrote the following excerpt in early April of this year. REMINDER--HAVE YOU CHECKED THE SAFETY OF YOUR CUSTODIAN? HAVE YOU CAREFULLY READ THE LANGUAGE OF YOUR CUSTODIAN'S AGREEMENT WHICH GOVERNS THE DISPOSITION OF YOUR ASSETS IN THE CASE OF SERIOUS FINANCIAL PROBLEMS IN THE WORLD ECONOMY, OR WITH THE CUSTODIAN ITSELF? In our opinion, all investors and all recipients of pension plans or holders of IRAs should check the financial stability of the custodians of the assets that they own. Equally important, is the legal wording of your relationship with your custodian. Have your attorney look over the wording and make sure that the custodian is segregating your assets and will audit your assets annually to make sure that they are segregated from other clients and from the assets of the firm itself. We have spent money on attorneys who review the legal language in our custodial agreements, as we believe that it is essential knowledge. We are money managers, not attorneys. Please have an attorney look over the legal language of your relationship with your custodian...what you find may surprise you."

[Bubba]

does anyone use fidelity?

[aquaponics08]

I've traded futures before but pulled all my money out for now. The reason why is that you don't know what will happen until the dust settles. I recall about a year ago, ETrade was in some kind of trouble and many people considered pulling or did pull their accounts. I don't remember the particulars, but to me it's a flashing red light.

Look at the crap that Madoff guy pulled with his $50 billion fraud, I think we're just seeing the tip of the iceberg there! You never know who or what company is hiding bad debt, even trading houses. They won't worry about you, or your account if they are in trouble. They'll go bankrupt and tell you to talk to their lawyers.

I think it's better to get preps and PM's while you can and see what happens some months down the road. Be ready to buy if you want to, but IMHO, we won't see the bottom (or near it) for some time. Maybe even into 2010. The balloon hasn't gone up quite yet, it's still time to prep.

You know the old saying, about trying to catch a falling knife.

[sunsetcliff]

true. we will see more casino whores.

[chux03]

I switched over from First Trade in early January to Interactive Brokers and now that I've been doing some buying and selling and figuring things out, I must admit, I'm pretty happy with my choice!! I use their Web Trader software installed directly onto my computer and with my high speed connection, I get to watch all the stock transactions in REAL TIME!! I bought 25 shares of SKF on Wednesday for $93 per share and JEEEZ, you ought to see that screen ON THE MOVE, it's QUITE IMPRESSIVE!! I also like the way you can load any stocks you want in there and then they go LIVE you can either buy, sell or just watch the ation. This REAL TIME TRADING is really something as this is my first experience with and using it. No more 15 or 20 minute delays and when the end of the trading day comes (at 1:00 on the west coast) you can actually see the trading stop RIGHT AT THE TOP OF THE HOUR. I may not be a big time stock trader but with an account at IB and a high speed internet connection, I got the same tools to make the BUY and SELL as they do. And that's a GREAT THING!!!!

www.interactivebrokers.com