OK... now I can't decide between Sc0ttrade and Ameritrade
They have been hurting for a while. Do an advanced search on Google for etrade and bankrupt and set the timeframe for 1 month just to get latest.
However, a fella on Yahoo had this to say
http://messages.finance.yahoo.com/Bu...18&mid=1638415
Seems to indicate the worst is over.... but I have NO idea and have done NO research on this other than what I have done today which is why I was asking Relmor and the other experts here.
As far as best online broker, they all seem to have one advantage the other does not. You could always to an advanced search on Google for "best online broker" and set the timeframe for 1 year. There are quite a few reviews that seem to break out the differences.
Seems like ameritrade is the best for research and if you will be doing a lot of daytrading, but there are tradeoffs with the other online brokers. You just have to figure out what is more important to you.
I have TD Ameritrade and they don't have a surcharge for penny stocks - just a flat rate of $9.99 per trade and they allow four decimal orders. My account was originally a Datek account but transferred to TD Ameritrade after they bought Datek (I don't know if that makes a difference). I've been pretty happy with them and now have 3 account with them (including Roth and SEP IRA's), so I doubt it's worth a switch for me to maybe save couple of bucks per trade. I can also transfer funds online but I think it depends on when you make the transfer whether it clears the same day or next . . . I don't make many transfers and don't typically buy on impulse so it has never been an issue for me.
Etrade charges a flat fee of 12.99 a trade for penny stocks during normal market hours unless you have a high balalnce or lots of frequent trading. They charge .005 per share for AH or Pre-Market trades to cover ECN fees. Penny stocks must be limit orders an maximum of 2 decimal places. Occassionaly you will get an actual 3 or 4 decimal place transaction when the buy or sell actually takes place, but they have been rare for me. Usually the same as your 2 decimal order.
From what I have been able to take from recent conversations in other threads Ameritrade appears to be the supperior platform for penny stock trades. Especially if you are making frequent moves on the dips. Etrade charges $60.00 to transfer your entire account and $25 for partial transfers.
If you are not a high volumn trader and want better level 2 access than we get with the free L2 sites, Ameritrade also is better. They charge 9.99 per month for the service. Etrade uses a real time website that charges 14.95 per month.
Regarding BK, I doubt it but a possibility for any company. Regardless, Etrade has SIPC (Securities Investor Protection Corporation - chartered by congress) coverage of up to $500,000 for accounts (including $100,000 cash). If you have more than $500,000 invested through etrade consider speading your risk. Assuming the above and a current $50,000 Sirius balance, I would strongly recommend that you sell all of your other assests and immediately put in a $450,000 buy for siri at .50. Please give me a few moments to adjust my buy orders before you do that
Clarification: That's .005 per share plus the 12.99 base fee for AH/PM trades.
I looked at scott trade and almost did it... and then I realized I have absolutely no extra fees for either penny stocks (as I did with wells trade) or share buys over 2K (ING). It's your call - I really like the resources/tools in TDA.
I know absolutely nothing about E Trade.....