I'm looking into getting an online broker, but I want to be able to buy stock in IPO's when they first hit the market as well as a few No-Load mutual funds? Although I'm open to others, so far I've given serious consideration to:
1) Zecco.com
2) Scottrade
3) E*Trade
4) TD Ameritrade
5) Fidelity
I'll probably start the account with $2,500 and add $500 a month. I'm looking at putting most of my $ into Mutual Funds but I want the IPO option at least available. I don't want to waste money on an outfit that charges $20+ per trade, as that'll eat up a significant portion of my capital.
I'd appreciate any recomendations, thoughts or past experiences, both good and bad you'd like to share.
thankyou
I've been a Fidelity customer for 20 years and would recommend them. I've never had any problems, stock trades are executed quickly, and they have a large selection of no-load funds, including funds from other companies.
You probably won't be able to subscribe to IPOs with a small account. Many are oversubscribed, so brokerages hold the shares for their best customers (large balances and frequent traders). That's probably just as well. Many IPOs go down after they start trading, so you can often buy the shares cheaper a couple of months later. Check with the brokers that you are considering for their exact requirements.
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January 11th, 2009 at 8:58 am
I use ingdirect for savings, then I started buying mutual funds with them last may. I find it fairly easy, not many fees, but you have to do your homework on the funds! I use yahoo finance for most of my research. I noticed they are doing $4 stock trades now. You might check them out.
http://www.ingdirect.com
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January 11th, 2009 at 9:12 am
I've been a Fidelity customer for 20 years and would recommend them. I've never had any problems, stock trades are executed quickly, and they have a large selection of no-load funds, including funds from other companies.
You probably won't be able to subscribe to IPOs with a small account. Many are oversubscribed, so brokerages hold the shares for their best customers (large balances and frequent traders). That's probably just as well. Many IPOs go down after they start trading, so you can often buy the shares cheaper a couple of months later. Check with the brokers that you are considering for their exact requirements.
References :