Im new to stocks i haven’t ever traded online. However i have used many virtual trading programs and i have a good concept on how trading works. I believe i am ready to start the real thing. Im attracted to brokers like zecco because they say they have 10 free monthly trades and about 4 dollars for each trade after that. However it leads me to believe that they must not have many good services for customers. Then i looked into trade king. Because they seemed to have better trading tools and service, still with a low commission fee. However since i haven’t ever traded online im not familiar with the problems im going to face. Please recommend me a internet broker i should use. Thank you for your help.
PS. I have 00 USD to invest, loosing this investment isn’t that big of a deal to me. My main goal is to learn. and excuse me for my spelling errors I typed this fast. =)
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purplemollies 8th March 2010
Have you ever heard of FREE LUNCH?? One should first suspect why Zecco is offering 10 free trades, and how can they make money, if they offer for free?
I have a Zecco account, I don’t like it !! Their customer service is "the worst." My experience: They don’t hesitate to provide you incorrect information (ask for Joshuha). I know most of the customer service representatives from Zecco. They humiliate (ask for Caren), they giggle, and they make fun of you, the bottom line: they DON’T HELP customers!! Don’t believe? Call them yourself and ask if you can talk to their supervisor. They will answer, supervisor is going to answer the same thing, or supervisor is not here, or ask you to hold on and put you on hold for another 10 minutes and they will hang up. Their phone service is not quick either. You call, and you will know!!
Why not you try with Marsco.com (cheaper than Zecco), or Scottrade (better than Zecco), Ameritrade (faster than Zecco), or Etrade? They offer lot better service, especially TD-Ameritrade provides you an excellent service. Zecco has the worst service and no tools plus you can NOT trade pre-market or after hours, just incase if you need it.
cmax9970 8th March 2010
Find a local investment broker in your area and go to them for advice before you lose that money. They will be able to help you and maybe even manage your investments since they have the experience until you learn how to.
lithium630 8th March 2010
I use Scottrade and its been pretty good. I would stick with the major companies like Scottrade and Ameritrade. You want a company that is going to execute your trade quickly and for the most money.
ADUB 8th March 2010
I have used Zecco, and swithched to TradeKing after 2 months. I like them a lot better. They have lots of tools for Options Traders like myself.
Philip M 8th March 2010
I really could not advise you to use a on line broker as this seems to be the start of your investing in stocks and while you say that loosing your capital is not a big deal,that is not the way to go !
So my advice would be to contact a first class broker,one who has been in the business a long time with a good track record. Speak to them,you don’t have to take their advice,but if you like them ,then they will guide you into the business. They should not charge you for the first advice and I would be happy to give you a few names of excellent brokers.
Email me with pleasure and good luck
Common Sense 8th March 2010
A new investor should: Read… Read… Read….
Don’t invest in anything unitil you understand exactly what you’re doing!
Best brokers for newbies;
Schwab and Fidelity Brokerage.
The less expensive brokers are either poor or set up for the "professional" trader.
heyteach 8th March 2010
I don’t know your services. I use Scottrade: no fees for accounts, $500 to open one, $7 trade for market and limit orders. Never had any trouble with them in any way, shape, or form.
Compare bottom lines because too often there is fine print about fees, prices based on number of trades, etc. Scottrade pulls no stunts–had them for years. They also have good info on site and their brokers when contacted (to pull funds or ask a question) are courteous–and at least where I am, local.
qu1ck80 8th March 2010
I use mbtrading.com and it works very well. Low commissions – $1/trade for 100 shares or less works well for my budget.
I’ve had to use their on-line support service once or twice, and they’ve always answered my questions in a very timely manner, so I’ve been happy with the customer service from them too.
Zecco came out after I opened my account with mbtrading, so I don’t have any experience with them, but they look decent too.
larry 8th March 2010
The best on-line broker I have come across is MB Trading (www.mbtrading.com). I pay $1.00 per 100 shares traded and $1.00 per option contract. There are NO other fees. In addition, my account with MB Trading gives me free access to QuoteTracker (www.quotetracker.com), an outstanding portfolio manager and research source with outstanding charting. I have upgraded QuoteTracker for its expanded capabilities at a cost of $60 a year. There are no minimum balances required at MB Trading; they e-mail my confirmations daily (from Penson); they sweep excedss funds into a high yield money market account; and they provide free Level II quotes. Telephonic support is also available.
MB Trading was named one of the best on-line brokers by Barrons in 2007.
Frankly, I don’t know how they can do all of this.
I trade daily with MB Trading’s MBT Navigator and it is just a super program.
Of course, with any broker, on-line or not, you should study and learn and know what you are doing ahead of time.
Good trading.