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Here is a list of the major online Brokers!
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Online Investment Services - May 7, 1999
Compiled by Don Johnson.
Problem Brokers: Investors want to avoid the following brokers unless they read the reviews carefully and know what they're getting into: A.B. Watley (complaints about long phone waits); Datek (complaints about erratic service and long phone waits); Brown (complaints about long phone waits for service); Waterhouse-Jack White (complaints about everything); Ameritrade (complaints about everything, but not many complaints in the past month!); NDB (long phone waits); Discover (long phone waits); E*Trade (complaints about everything including long phone waits); Wit Capital (long phone waits, no IPOs); and DLJ Direct (poor customer service and long phone waits). Part of the problem has been the recommendations of financial magazines - customers streaming into Waterhouse, DLJ and other high-ranked firms. We have been giving high compliments to Brown, which may partly explain the problems there. Still, too many critics have been charging, lately, that the above brokers are terrible and therefore all other discounters must be terrible. NOT TRUE. Most discounters continue to offer good to very good service.
We Need Your Contributions! Send contributions to Online Investment Services at 465 Stony Point Rd., #170, Santa Rosa, CA 95401 (our suggestion is the amount you save on one commission as a result of using these reports), or click here if you want to learn more about the compiler of these Discount Broker reports. Many thanks to all who have contributed, financially and with comments / letters, to these pages on the discount brokers.
Back to Broker Reports Home Page.
Please e-mail to Don Johnson any comments on this report, especially if you find any errors in fact.
For an alphabetical listing, click here. An Alphabetical listing of more than 80 brokers is below the following group lists.
Part I: The Deep Discounters
Covered in Part I: the links here will take you to the topic and/or the review of each broker. Brokers are listed in order from least expensive to most:
Top of Report
Important Recent Changes in the Report
Best (least expensive) options brokers
Most popular (most widely used) discount brokers
Our Method of Ranking Explained
Firstrade.com [First Flushing]: $9.95 and up per trade.
Trading Direct: $9.95 per trade.
ForbesNet: $9.95 and up per trade.
Suretrade: $9.95 (limit), $7.95 (market) & up per trade.
A. B. Watley: $9.95 and up per trade.
Datek: $9.99 and up per trade. Friendly warning: day traders should read report carefully before opening an account here.
Brown: $10 (limit); $5 (market) and up per trade.
InvesTrade: $11.95 (limit); $7.95 (market) per trade.
Scottsdale [Scottrade]: $12 (limit); $7 (market) per trade.
MyDiscountBroker [Sovereign]: $12 and up per trade.
Waterhouse [+ Kennedy-Cabot]: $12 and up per trade. Warning: read report carefully before opening an account here.
Jack White: $12 and up per trade. White is about to merge with Waterhouse above.
U.S. Rica Financial: $12.50 per trade.
TruTrade: $12.95 and up per trade.
Ameritrade: $13 (limit); $8 (market) per trade. Warning: read report carefully before opening an account here.
Prestige Status: $13.90 and up per trade.
Web Street: $14.95 (or less) per trade.
Empire: $14.95 (limit), $11.95 (market) and up per trade.
AF Trader: $14.95 and up per trade.
UMC - Unified Management Corp. $14.95 and up per trade.
Muriel Siebert: $14.95 and up per trade.
Deep discounters listed in order from best overall service [excellent] to the worst [poor]: the links here will take you to the review of each broker.
Brown: Used to be excellent, but we suspend our recommendation (temporarily we hope!) until such time as Brown answers his phone promptly and in other ways provides good service. Best for large and experienced investors with $15,000+ portfolios. Very good to excellent for margin accounts (6 1/2% and less), IRAs, quotes, commissions, and customer service. Average for options. Weak on research and other perks.
Datek: Our recommendation of Datek is temporarily suspended because of the large number of complaints about customer service. Ordinarily Datek has been very good for average investors. Best for small to large investors who trade exclusively online. Fast executions, and dynamic updating. Very poor lately for day traders (see report). Good for margin accounts (6 3/4%). Nice perks, very good research. Very weak on customer service, and on penny stocks. No options.
Trading Direct: Appears very good. Best for experienced, knowledgeable, and not too demanding, investors. Outstanding for small as well as large margin accounts (6% and less). Good for options, IRAs, mutual funds. Weak on quotes (real time quotes are free but a real struggle to access quickly), penny stocks. Poor for day traders, or active traders, as online orders are routed to brokers for approval before they are submitted.
Muriel Siebert: Siebert has the reputation of offering very good to excellent service. Recommended for investors with moderate to very little experience. Not good for margin accounts. Seems to have some good perks.
ForbesNet: Very good. Good for online stock trades, but expensive otherwise. Not good for margin accounts. Not much feedback, but Forbes is an old reliable firm with very good service. Options, mutual funds, and some penny stocks are fairly expensive.
MyDiscountBroker [Sovereign]: Appears very good. Seems very good for average investors who trade exclusively online, but not for margin accounts. Very good for options, IRAs, and customer service. Weak on quotes and other perks.
A. B. Watley: appears very good, especially for day traders. Expensive for options, IRAs, mutual funds. Not good for margin accounts. Watley is primarily a daytrading firm, with high rates for day traders who use RealTick III, but $9.95 rates for others.
Scottsdale [Scottrade]: good (online); very good (non-online). Old firm, very good reputation, many local offices. Average for margin accounts. Good for online options. Very good customer service, but relatively poor for penny stocks. No mutual funds.
Suretrade: Good to very good lately; very few complaints and more compliments. Outstanding for small as well as large margin accounts (6% and less). Feedback over the past several months - since they raised rates a bit and installed an 800 number - has been very good. Relatively good for options, mutual funds, IRAs, quotes, market research and other perks. Weak on penny stocks.
InvesTrade: Very good lately. Excellent for options; InvesTrade and Dreyfus are our lowest cost options brokers. Good for online traders, especially market orders, IRAs, and penny stock. Not good for small-to-average margin accounts. Short 3-5 minutes waits are common on phone calls.
Firstrade.com [formerly First Flushing]: Appears very good, with comments somewhat mixed. Lots of mistakes in opening accounts, but customer service seems to be good - phones are answered promptly. Outstanding for small as well as large margin accounts (6% and less). Relatively good for options. Good for quotes and IRA accounts. Poor for penny stock. Poor for day traders, or active traders, as online orders are routed to brokers for approval before they are submitted.
Web Street: Good, although Web Street has been getting as much criticism as praise lately. Customers praise the customer service, but criticize all kinds of online delays, mistakes, problems. Seems good for the average investor, but not for margin accounts. Excellent for penny stock traders, for 1000+ share Nasdaq orders, and for day traders who are willing to pay for Level II quotes and dynamic updating. Very good for options, customer service, and perks. Poor on margin rates. Gets mixed reviews on reliability of its online system. They answer their phones promptly.
Jack White: Very good in the past, but Jack White is about to merge with Waterhouse. Comments so far indicate that Waterhouse has ruined Jack White's reputation for good service.
Waterhouse [+ Kennedy-Cabot]: Poor. Not Recommended. Customers lately have been complaining about every aspect of this broker's service - including long phone waits (30-45 minutes) for customer service. When and if you can get through, customer service is excellent. Best for online traders who want excellent broker-assistance on occasion. Very good research and other perks. Poor choice for options, and average for margin accounts. Customers complain about its very slow web site and many other online problems. We recommend you read the review carefully before opening an account here.
Ameritrade: Poor. Not Recommended. Some outstanding services like StockQuest, but these are overshadowed by the firm's advertising rush for new clients, and the consequently poor customer service. Relatively poor for margin accounts. Very good for online research and other perks, mutual funds, and penny stock. Weak on customer service. Online web site is not always reliable. Complaints about every aspect of this firm's service.
The following deep discounters do not have sufficient feedback to be rated; we have no reason to think other than that they are doing good jobs:
Prestige Status: the only deep-discounter to have no online service. Appears to be good for margin accounts. Not many perks.
TruTrade: seems good for online orders, IRAs, mutual funds, and options. Few perks, little feedback.
Empire: Good brokers for 1000+ share orders, other online orders; average for options; relatively poor for quotes, margin rates, and IRAs.
AF Trader: seems good for online trades, mutual funds. Expensive options. Few perks.
UMC - Unified Management Corp. New broker. No feedback yet.
U.S. Rica Financial: Low commissions, but otherwise we have little information about this broker as yet. No options rates or margin rates offered on web site.
Part II: the Middle-Cost Discounters
Covered in Part II: the links here will take you to the review of each broker. Listed in order from least expensive to most:
Freedom: $15 per trade.
Dreyfus: $15 and up per trade. Excellent for options.
Active Investor: $15 and up per trade.
TradeOptions: $15 and up per trade.
Preferred Trade: $15 and up per trade. Very good for day trading.
Wyse: $15.45 per GTC trade; $12.45 per limit day trade.
MyTrack: $15.95 (limit); $12.95 (market) per trade.
Vision Trade: $16 per trade, down to $10.95 per trade. Very low margin rates.
Wang Investments: $8 (limit); $5 (market) per trade.
Bidwell Express: $16.25 and up per trade.
Sanford Securities [Australian stocks only]: $16.80 and up per trade.
Stocks4Less: $17.50 (limit); $10.50 (market) per trade.
InternetTrading.Com: $17.50 and up per trade.
1st Discount Brokerage: $17.75 and up per trade.
Investex: $17.95 (limit); $13.95 (market) and up per trade.
Lindner Funds/FarSight: $17.95 (limit); $14.95 (market) and up per trade.
InvestIN.com [RT Day Trading]: $17.95 (limit); $14.95 (market) and up per trade. Day-trade rates: $19.95 (limit); $18.95 (market) and up per trade.
BCL Online: $18 (limit); $13 (market) and up per trade.
J. B. Oxford: $18 (limit); $13 (market) and up per trade.
Tradestar: $19 (limit); $14 (market) per trade.
Newport: $19 per trade.
Ziegler Thrift: $19.73 and up per trade.
N.D.B.: $19.75 (limit); $14.75 (market) and up per trade.
Citicorp Investment: $19.95 per trade.
U.S. Discount Brokerage [USDB]: $19.95 per trade.
Discover: $19.95 (limit); $14.95 (market) and up per trade.
E*Trade: $19.95 (limit); $14.95 (market listed) and up per trade. Warning: read review carefully before opening an account here. Customers have been very critical of every aspect of E*Trade's service lately.
Wit Capital: $19.95 (limit); $14.95 (market) and up per trade.
Trade4Less : $19.95 and up per trade.
Quick & Reilly: $19.95 (limit); $14.95 (market) and up per trade.
Wall Street Discount: $19.95 and up per trade.
Freeman Welwood: $19.95 (limit); $14.95 (market) and up per trade.
Mr. Stock: $19.95 (limit); $14.95 (market) and up per trade.
Bull & Bear: $19.95 and up per trade.
Main Street Market: $19.95 (limit); $14.95 (market) and up per trade.
GFN (Gay Financial Network) Investments: $19.95 and up per trade.
Part III: High-Cost Discounters
Covered in Part III: the links here will take you to the review of each broker. Listed in order from least expensive to most:
Wilshire: $15 and up per trade.
Beckman: $20 and up per trade.
Peremel: $20 (limit); $18 (market) and up per trade.
DLJ Direct: $20 and up per trade. Warning: customers have been very critical of DLJ's service and of long phone waits for service. Read report carefully before opening an account here.
FarSight: $20 and up per trade.
Vanguard Brokerage: $20 and up per trade.
CompuTEL: $21.50 (limit); $16.50 (market) and up per trade.
Castle: $20.95 (listed); $19.95 (Nasdaq) and up per trade.
Net Investor: $20.95 and up per trade.
Nowtrade [Wisechoice]: $23 (limit); $15.95 (market) and up per trade.
A-1 Financial: $24.95 and up per trade.
Wall Street Equities: $24 (limit), $15 (market) and up per trade.
Andrew Peck: $24 and up per trade.
American Express: $24.95 and up per trade.
Bush Burns: $25 (limit), $20 (market) and up per trade.
Trade-Well: $25.50 and up per trade.
Wall Street Electronica: $21.95 (listed); $19.95 (OTC) and up per trade.
Regal: $26 and up per trade.
Wall Street Access: $26.50 and up per trade.
Accutrade: $29.95 and up per trade.
Schwab One: $29.95 and up per trade.
Fidelity: $30 (limit), $25 (market) and up per trade; for active traders $19.95 (limit), and $14.95 (market) and up per trade.
Swiftrade: $32.50 and up per trade.
Frontier: $33 and up per trade.
E*Trade Canada: $38.88 and up per trade.
Green Line: $39 and up per trade.
Olde: $20-$40 and up per trade.
Clark Financial: $39 and up per trade.
Sunlogic: $48 (limit GTC), $18.99 (market) and up per trade.
Atlantic Financial: $55 per trade.
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