| Discount Broker???? <---- Newbie |
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Frebird
New Member
Cash: $ 0.95
Posts: 4
Joined: 08 Mar 2006
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| Discount Broker???? <---- Newbie |
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Sorry it this "?" is out of line but I searched and couldn't find any info, so hear goes....... What is the best discount broker? I have less then $500 to invest right now and want to open an account. I need to buy a sock ASAP and want to open an account with a discount broker with no fees and low commisions.... I want to but 5000 shares of a stock that is selling for $.0058, what is the cheapest way to do this?
Thanx for looking........
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Thu Apr 13, 2006 5:33 pm |
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Martin
Member
Cash: $ 3.85
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Joined: 19 Jan 2006
Location: Houston, TX
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www.interactivebrokers.com offers pretty good commissions on a per share basis, but in your case you would probably pay more in commission than the value of the stock position. Scot Trade will let you open an account with $500. They charge $7 per trade. Do you expect to make more than $14 (the cost of entering and exiting the position) on this trade?
There are a bunch of other discount brokers, but I doubt that the economics will look much different.
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Thu Apr 13, 2006 5:46 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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quote:
Originally posted by coaster
Why don't you just send me the $500 and I won't charge any fees or commissions to make it disappear for you. 
LOL!
How many successful bottom-feeders have we heard of?
It doesn't work and you cannot flail about investing with any kind of success.
"Expect me when you see me."
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Fri Apr 14, 2006 1:30 am |
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jwhite622
Full Member
Cash: $ 17.25
Posts: 84
Joined: 02 Apr 2006
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Penny stocks....
Wow...
I've heard a lot of bad stories about penny stocks...(dark cloud looms in distance)
Hope you're willing to lose that money--you didn't work that hard for it did you?
Good luck :thumbsdown:
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Sat Apr 15, 2006 9:56 pm |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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| Re: Discount Broker???? <---- Newbie |
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quote:
Originally posted by Frebird
I need to buy a sock ASAP and want to open an account with a discount broker with no fees and low commisions
He's got a hot tip that the "sock" industry is about to boom.
Sorry, I had to.
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Sun Apr 16, 2006 3:51 am |
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Mike K
Contributing Member
Cash: $ 7.55
Posts: 37
Joined: 16 Apr 2006
Location: Doha, Qatar
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Kiaser,
Look into Scottrade or LowTrades.
If you plan on doing alot of penny stocks stick with LowTrades, it costs me 2.99 a trade no matter how much the stock price is. Its pretty cheap for each trade and the website is pretty easy to use but the downside is you dont get any fluff. They dont offer too many options for research so basicly you use your account to buy/sell stocks. You will have to go elsewhere to do any stock research. It takes $0 to open an account and i dont THINK there are any maintenance fees. I also THINK there is an account inactivity fee but waived if you place 1 trade in a 6 month period. The last two statments i would double check on. But its a great discount broker for the money and i personally use them.
Scottrade is $7 a trade but if you buy a stock under $1 (or was it 1 cent??) then they charge you a little more for the transaction. You also get streeming stock info as well as current news. So you still get quite a bit for your money and thier website looks easy to use. I think you can open an account with them for $500.
I would have gone with Scottrade but i am on a military base in the middle east and they block most streeming media websites.
Good luck with what ever you choose.
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Sun Apr 16, 2006 9:24 am |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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quote:
Originally posted by sarah
It's good that you know what you wish to purchase. In that case, simply contact all of the brokers that you are aware of and learn what you would have to pay. Then decide.
It's kind of like picking a phone service. The best phone service is a function of what your phoning habits are. Do you call Equador every day? Or only use the phone for calling people in your area? Or do you make no calls but just receive them? Each type of caller would do best with a different phone service.
The brokerage houses are no different.
Realize that all brokerage services are in business to MAKE MONEY. Therefore, while they are DISCOUNT in certain aspects of their business, this means, by definition, they will be EXPENSIVE or RESTRICTIVE in other areas. You have to see what each offers and decide whats best for your specific situation.
If I told you go here cause its $2.99 a trade, I wouldn't be helping you.
Excellent advice.
It looks like in his situation he knows exactly what he wants to purchase and the price range it lies at. Therefor he might not need to worry about selling/buying fee's as much as other expenses. However, commissions could really take a hit on his profits, so he should look for the lack of that in a broker.
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Sun Apr 16, 2006 5:10 pm |
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Stock Mama
Full Member
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Posts: 68
Joined: 06 Apr 2006
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I've been using ScottTrade for several years and I've been satisfied with their service. They charge $7 per trade, give no advice, and simply serve as a means for buying stock, which is exactly what I want. You need a minimum of $500 to open an account.
But they do not deal in penny stocks, and for good reason.
Stay away from "hot tips" regarding penny stocks, and never succumb to pressure to jump in now, now, NOW! If it's truly a good investment, it will wait. If you dive in now under pressure from some pump-and-dump scam artist, you'll only make that person rich and may end up losing your investment.
Never buy a stock just because someone else says it's good. Take your time to thoroughly investigate the fundamentals of a company before you buy shares in it. You can learn more about picking stocks at Investopedia:
http://www.investopedia.com/university/stockpicking/
If you're thinking of day trading, think again. Think a lot. Think long and hard, and educate yourself thoroughly. Practice with online simulations until you're good at it. Expect to take a year, two, three or more to become really good at it. Then, if you still want to put real money into it, you'll know what you're doing. Otherwise you can easily lose your shirt and (if you're doing risky things like shorting without knowing what you're doing) your whole estate could get taken to the cleaners.
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Sun Apr 16, 2006 11:04 pm |
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