Introduction:The cost of trading is one area where investors can have a direct influence on their investment returns. Limiting the amount of money paid on fees and commissions will put more money in your pocket with each and every trade regardless of the performance of the underlying stock. Paying attention to costs is easy with these top five cheapest online brokers.
Zecco offers an unbelievable deal of zero commissions for the first 10 trades per month. The only catch is that you have to maintain a minimum balance of $25,000. That certainly sounds like a lot, but I am not so sure that you want to be investing in individual stocks unless you have at least that amount anyway since it would be much better to be diversified through an index fund if you had less than that amount. Even so, the commission is still only $4.50 if you have less than that balance which is still a great deal.
Just2Trade offers an unlimited number of trades for the low price of $2.50. Now that is an incredible deal for frequent and even not-so-frequent traders. The stock brokerage requires a minimum of $2,500 to open an account along with two years of investing experience including trading online. Overall, it is a fairly low hurdle to get a wonderful commission price for an unlimited number of stock trades.
OptionsHouse offers a low flat price of $2.95 per stock trade and only requires a $1000 minimum to open an account. Better still is that there is no additional fee for broker assisted trades or any other account maintenance fees. It doesn't get much better than that!
If you are having trouble raising $1000 to open an account, then SoGoTrade is the place to go. Only $500 will let you open your account with this discount online stock brokerage. You will pay $3 flat rate for unlimited trades of stocks and ETFs (exchange traded funds).
Rounding out the top five is Marsco with a flat rate commission of $3.95 per trade. It takes $2,500 to open an account but there are no maintenance fees or share handling fees. There is an extra fee for broker assisted trades if you have trouble so keep that in mind if you need extra assistance.
Controlling costs is one way to improve your investment profits. The above five online stock brokers will allow you to do just that so that you can make the most out of your investment dollars.
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I'm with OptionsHouse (Stocks and ETF's) and the $2.95 commission is by far one, if not the best you can find around. The commission keeps the cost basis low, and allows you to Dollar Cost Average more effectively. Mind you, that OptionsHouse is very "options" oriented, hence their name. Their research tools are okay, but I use external sources for that such as Google Finance, the Fool, or the MorningStar.
Great List! A++++
We have eTrade also. Thanks for the other options to check out!
Need to get out of my eTrade account! These are some great sites. Thanks.
Wow, I like Zecco's deal of no commissions for the first 10 trades of the month!
Good information for investors, thanks!
select one here...