Anybody out there with any BAD experiences with deep discount brokers; about to sell a mutual fund from my Schwab account (no redemption costs) and want to purchase some stock for my 1st Foolish Four component of my portfolio. Feel allegiance to Schwab ($29.95 per trade); but $8 to $12 per trade seems more econonically attractive. Don't want to be "penny foolish". but every cent helps.
Anybody out there with any BAD experiences with deep discount brokers?Oh, you'll usually find a few over at the Discount Brokers board. :) In fact that's about all you'll find there is horror stories and complaints. Nearly every broker has someone who claims to have had a bad experience sometime.Meanwhile, I recommend Scottrade; click on one of their ads to the right if one pops up. (The click means points for TMF too, and tells Scottrade their ads aren't being wasted here.) I have 2 accounts there now and will probably move one of my IRAs over there next year.
I use dreyfus for $15 trades. Been with them for a few years with only one real problem, still trying to get it resolved. Hopefully will soon and won't have to move.http://www.edreyfus.comNo fee IRAs. period.
Given your intent to invest in the FF and not trade excessively, hence not require extensive research capability, discount brokerage is the only way to go! I personally have used Datek for my own account and Schwab for an investment club I'm in; the $9.99 Datek rate vs. the $29.95 Schwab rate is a no-brainer to me. I rate them equally on trade execution and confirmation!Hello, FOOL!!
I have accounts at both Schwab and Scottsdale Securities. Schwab has my IRAs, which include some dividend-paying stocks that I buy and hold for extended periods. Schwab offers outstanding services (i.e., great website, no IRA fees, free dividend reinvestment, and special perks for accounts over $100,000) but they come at a higher price. For more active trading, I use Scottsdale. Scottsdale boasts $7 trades and local offices in most metropolitan areas. I've never had a problem with Scottsdale, but like many deep discount brokers they will not reinvest dividends. Given the Foolish Four's emphasis on dividends, you may want to keep automatic dividend reinvestment in mind as you search for a discount broker.
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