Hello. I’m a college student that has never traded online before, though I have a pretty good understanding of the stock market in general and a decent idea of how trading works. I have studied the growth of a company over a couple of years and I am very determined to buy some shares. I do not intend to spend much (maybe up to ,000) since I am very certain that the company will continue to grow excessively for at least 8-10 years. My question – how can I make sure that I will pick the appropriate online stock broker for my needs? I do not intend to be very active in trading (and I think this is especially safe for someone who is just starting out like me) – practically, all I need is the service of a good, simple online stock broker in order to buy the shares and maintain them for a good amount of time. I researched as much as I could and I am drawn between Scottrade and Tradeking. They seem to be more than enough for what I need… Any advice is very welcome. Thank you!
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peilthetraveler 8th March 2010
I have scottrade and I have to say they are great. 7 dollar trades…they have offices you can go into if you live in a big city…they are pretty fast at depositing your money. (Its available next business day usually) and they are also very fast at sending you a check when you request money. Only one bad thing about scottrade is with options. Well probably a few things with options, but the one that got me was, i was trading some SIRI options once and they expired about 7 cents in the money. Turns out that I didnt get any of the money because they dont exercise them unless they are either told to, or they expire 25 cents in the money. I lost about 200 dollars because of this, but in all fairness they did try to call me on options experation day to see what i wanted to do, but they couldnt get ahold of me as i was in S.E. asia at the time and my cell didnt work there.
itsupnowdown 8th March 2010
for a beginner and if you just plan on buying and holding a stock for a long period, the sites you mentioned are good. Also, ameritrade is good for a buy and hold. If you want to daytrade, check out interactive brokers or worldwidetradingcapital.com. Worldwide is good because they allow you to short just about any stock you can think of (even ones you would not be able to short if you were on ameritrade,scottrade,etc.)
kiran n 8th March 2010
i advise u to join AKDTRADE it very good for online trading