Which online broker is best for Investing Online? Your choice and feedback - Page 2

I'm using E-Trade. It's way toooooo simple. You link your brokerage account with your bank account, transfer money back andd forth as much as you wish. Low trading commisions and no extra charges. No minimums for your account. Tech support is also great, ready to help you with all you need 24/7.

I like the idea of being able to go down to an office to open my account and hand them a cashier's check.

I am still in the learning curve and trying to a handle on how it all works. For now, I have a mock portfolio on yahoo finance. Now that I understand the fees, I can make it more accurate.

Here is a good link for learning. http://www.investopedia.com/



http://stockcharts.com/index.html

http://stockcharts.com/education/

I have spent the last two days reading investopedia. That is a tremendous amount of information. Once I get my eyes uncrossed, I will try to hit another article

I have used scottrade for the past 6 months but am paying usually $20 each way for my trades because of that extra .5% so i had to switch...i decided to go with choicetrade but thought about ameritrade also but...choicetrade is $5 commissions no matter what from what i ssee and ameritrade was 10.99 however other perks from ameritrade almost convinced me to go with it anyways.

I use Lowtrades. $5 Not a good broker for a newbie, also no e-funding. Have to mail or wire funds. Talked to lowtrades and they said they are working on this feature. The new trade station is nice. Hubby has Scottrades $7 (not bad) they have great info and trading tools. I use Scottrades tools then do my trading on lowtrades

www.mytradz.com



not tooooo shabby!!!

www.lowtrades.com ...not too bad either

I used to have TD waterhouse - commissions are hella expensive on pennies.

Canadian Brokers ?

Being in Canada, I use TD Waterhouse... a bit expensive, but is there anyone else you'd recommend ?

Thanks

I have E-trade, I love it so far, commisions high if you dont trade tons (12.99), but its so simple for everything and easy to transfer funds in case you see something you need to jump in before you have a chance to sell out other stocks. From what I can tell its one of the most user friendly brokers just because of its simplicity. It has advance features that you can use if you know how but otherwise you can just ignore them. I highly recommend it for beginning traders, such as myself

I have two friends that want to open accounts with $500 or less, able to transfer funds back and forth from checking with little or no fees, and trade unlimited shares of OTC stocks with lowest commisions.

Stevielee;
Try choice trade for that.
The only draw back is no direct deposit with them. I just send them a check. They then send an echeck to my bank and I print it out and fax it to them when it clears (usually about 4 days from when write the check) to speed up the process.


I have a question for some of the Choice Trade users.
After I make a trade I have to wait (usually 3 days) before the money is available for trading again. I see that you can get around that with a margin account but what I am not sure of is:
Can you use your margin account to trade stocks under a $1. I read on there site but I dont understand it entirely.

Firsttrade.com

I use Firsttrade.com. There are no minimums to open an account. All transactions are $6.95. If you are buying stocks under $2.00 or orders over 5,000 shares, they will charge an additional .005 per share. I gues it works fine for those who are not trading on stocks under $2.00 or those of us who do not have the 10K to open an account elsewhere.

Firsttrade.com

This is what you will find about as far as using the funds on your account.
By the way, they give you free trades for referring friends. If interested email me at fg37221 @ aol dot com
***************************

Trading in Cash Accounts
Investors should know that trades executed in a cash account settle in three business days. As such, proceeds from a sale transaction are generally not available for purchasing until the third business day after the sale pursuant to Regulation T of the Federal Reserve Board. The following describes, in more detail, the rules and policies related to the use of proceeds from cash account transactions.
1. Cash accounts that daytrade will be permitted to use unsettled funds only once per settlement cycle. For example, a cash account with a $20,000 free credit balance may buy and sell $20,000 worth of the same stock on a Monday, but may not reuse the $20,000 toward another purchase until the sale proceeds have settled on Thursday (or Tuesday for options transactions). Cash accounts that demonstrate a pattern of reusing free credit balances before sale proceeds have settled will be restricted and coded "funds in advance of trading due to excessive cash account daytrades" for a period of 90 days. A pattern will be defined as four occurrences within a 12-month period.
2. Cash accounts that demonstrate a pattern of using unsettled sale proceeds towards new purchases and then selling the newly purchased shares before the sale proceeds have settled, will be restricted and coded "funds in advance of trading due to good faith violations" for a period of 90 days. For example, a customer who uses sale proceeds of shares sold in his cash account on a Monday may purchase another security on Monday through Wednesday, but may not sell the new shares until the original sale proceeds have settled on Thursday. Cash accounts that demonstrate a pattern of selling shares that were paid for with still unsettled sale proceeds will be restricted. A pattern will be defined as four occurrences within a 12-month period.
In summary, while these rules have been in place for a while, recent regulatory actions and trading practices have brought this matter to the forefront and affect every brokerage firm in the United States. It is recommended that if you wish to continue the method of trading as discussed above that you do so in a margin account. In a margin account no consideration is given to the settled or unsettled status of sale proceeds when computing various margin account calculations.

jumble

This is a lot of information, thanks to all! So... in conclusion, what do you guys think is the BEST site for a first time trader, who doen't have a lot of money, and wants to trade OTC penny stocks? Thanks

What is the address to otcsecurities? I went to www.otcsecurities.com but it's all in french and doesn't seem to be a trading site.

Duplicate post

hi guys, how may i buy shares like NDOL or TIDE in the UK?? please help