Monday, January 02, 2006

Best Online Broker

Scottrade
This company wins the award in my book. I've used a company that was purchased by Ameritrade (can't remember the name), Ameritrade, and now Scottrade. I love these guys!

Top 5 Reasons I Love Scottrade
1. $7 commissions
2. No inactive account fees
3. No account maintenance fees
4. Only $500 required to open an account
5. Super friendly customer services folks

Ameritrade is not very friendly for the buy-and-hold investor. An inactive account fee is levied during each quarter in which you do not place a trade. That is the primary reason I left Ameritrade.

Apparently Ameritrade is planning to acquire TD Waterhouse. I don't know how that will shake out, but I'm sure the two companies combined will be a force to be reckoned with.

I have not used ETrade at all. I hear positive things about them, but Scottrade was a better fit for me right now.

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