Discount Brokers For Cheap Online Stock Trading, 2009
The following is a list of top 16 discount brokers from SmartMoney Magazine’s Top Discount Brokerages ranking. However, this list is focused on cheap online stock trading for active traders, and it is sorted from the lowest commission cost to the highest. In addition, special offers and features for these discount brokers are listed to help you decide.
Best Discount Brokers For Active Stock Traders
| Broker Name | Commission ($)* | SmartMoney’s Rank |
Special Offers and Features |
|---|---|---|---|
| E*Trade | $9.99 | 1 | Recommended. 100 commission-free stocks and options trade for new Power E*TRADE accounts opened with $1,000 minimum deposit. To qualify for Power E*TRADE, you must execute at least 30 stock or options trades during a calendar quarter. |
| Zecco Trading | $0.00 | 15 | No minimum to open. Get 10 free stock trades every month with $25,000 balance or 25 traders each month — $4.50 per trade otherwise. |
| Just2Trade | $2.50 | 11 | $2,500 minimum account balance |
| SogoTrade | $3.00 | 16 | Transfer your account to SogoTrade get up to $100 back. Open a new account and get 100 free trades good for 30 days. |
| TradeKing | $4.95 | 4 | TradeKing will refund transfer fees on NON IRA accounts charged by your current broker up to $150. |
| Firstrade | $6.95 | 8 | Free transfer |
| Scottrade | $7.00 | 7 | Access your account, get quotes, and place orders using any Internet-enabled mobile device |
| OptionsXpress | $9.95 | 9 | Free transfer |
| ShareBuilder | $9.95 | 13 | Buy stocks for $4 with Automatic Investing |
| TD Ameritrade | $9.99 | 5 | 30 Days of free trades, plus $100 cash when you fund your account with $25,000 or more (expires 9/30/2009) |
| WallStreet-E | $9.99 | 14 | |
| Fidelity | $10.95 | 2 | |
| Charles Schwab | $12.95 | 3 | |
| Bank of America | $14.00 | 10 | Get 30 commission-free online equity trades per month with a self-directed brokerage account or a combined balance of at least $25,000 in all of your Bank of America, N.A. deposit accounts (including checking, savings, and CDs) |
| Muriel Siebert | $14.95 | 6 | |
| WellsTrade | $19.95 | 12 |
* For clients with a brokerage balance of $50,000 making up to 20 trades per year.
My top choice from the list is E*Trade, because it’s best all around and the price of $9.99 per trade is still inexpensive. Additionally, E*Trade gives you access to full banking services through its Complete Savings Account without added charges. This includes the ability to pay bills online, make instant cash transfers, and have fees for ATM withdrawals automatically rebated to your account.
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