Online stock-trading services

placeboplacebo
Posted:
in General Discussion edited January 2014
I'm looking to get into trading stocks at a small scale with a total fund pool of $1000 or less, just to start playing the stock market game. Fidelity and a few others are marketed towards hardcore day-traders with a minumum of $10,000 in the account and pretty steep transaction fees. I'm looking for something where I can quickly trade limited numbers of shares.



So far, Sharebuilder.com looks the best, since it seems to be built around low-volume trading for beginners.



I'm a minor, so if there's a service that's friendly to that, great, but my parents can still sign for me otherwise I'd presume.



Also, is there are friendly way of shortselling in limited quantities, or is this something that's done in a more down-and-dirty manner with other investors? I'd like to buy some nice plump shares of ExxonMobile.



I'm guessing they're pretty much all Mac-compatible and browser based, so there's little trouble there.



Thanks.

Comments

  • Reply 1 of 5
    backtomacbacktomac Posts: 4,579member
    Quote:

    Originally posted by Placebo

    I'm looking to get into trading stocks at a small scale with a total fund pool of $1000 or less, just to start playing the stock market game. Fidelity and a few others are marketed towards hardcore day-traders with a minumum of $10,000 in the account and pretty steep transaction fees. I'm looking for something where I can quickly trade limited numbers of shares.



    So far, Sharebuilder.com looks the best, since it seems to be built around low-volume trading for beginners.



    I'm a minor, so if there's a service that's friendly to that, great, but my parents can still sign for me otherwise I'd presume.



    Also, is there are friendly way of shortselling in limited quantities, or is this something that's done in a more down-and-dirty manner with other investors? I'd like to buy some nice plump shares of ExxonMobile.



    I'm guessing they're pretty much all Mac-compatible and browser based, so there's little trouble there.



    Thanks.



    You'll have tio check around to see what the minimums are for each broker to open an account. E-trade has low comissionson trades, I think as low as $9.99. Comissions some times depend on the market the security is listed at. I have a Schwab account and ETFs and securities I've bought and sold listed on the NYSE have only cost 12.95 per trade. I'm not pushing Schwab in fact I'm going to look around at other brokerages.
  • Reply 2 of 5
    placeboplacebo Posts: 5,767member
    The Sharebuilder trades are as low as $1 with a $20-per-month account, but it's not daytrading, it's queing it up to be sold on Tuesday.
  • Reply 3 of 5
    backtomacbacktomac Posts: 4,579member
    Quote:

    Originally posted by Placebo

    The Sharebuilder trades are as low as $1 with a $20-per-month account, but it's not daytrading, it's queing it up to be sold on Tuesday.



    So you don't have a real time trade? I like real time trades. It isn't so much day trading but price is a big factor for me. If stock A is trading at $10 and I like that price I want to get it at that price. That's where limit orders are handy. You just plug in your parameters and you don't have to sit around watching a terminal all day.
  • Reply 4 of 5
    trumptmantrumptman Posts: 16,464member
    I'm doing my trading with the brokerage side of Wells Fargo. The trades are reasonably priced if you have a PMA checking account which I do. However if you don't their trades are too expensive. I like keeping my money at Wells though because they've managed to earn my business in just about every other area and now I can track it all through one website. In addition I can simply transfer the money I want to add to my brokerage account from my checking account each month. The absolute kicker for me was that they have brokers available 24/7 to answer my inane questions.



    For you Scottrade might be better. They don't charge fees for inactive accounts. They have an account minimum of $500. They charge seven dollars for most trades and they also have actual offices that you can go to for service. Their website shows the closest office in reference to where you live is in Peabody and about 20 miles away from you if you ever need to deal with more than a browser.



    Nick
  • Reply 5 of 5
    placeboplacebo Posts: 5,767member
    OH MY GOD HOW DO YOU KNOW WHERE I



    Oh.



    Scottrade looks good, I've seen the ads on TV and find their CEO to appear and sound trustworthy, therefore it must be the best. In actuality, it does look pretty damned perfect for what I need.



    As for shortselling, is this something that can be easily executed?
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