Monday, October 10, 2005

Discount Brokers

I used to trade using Smith Barney in 1998. I remember paying $80 for stock trades, thank god for the internet, we can pay lot less for the same service. I am using Brown & Co., for past 6 years, I think they are the best. Although Brown is good for stock trades, they are not that good for option trades. For example, you can't place option stop loss order with Brown. I use OptionsXpress just for option trades. I have used Fidelity and Schwab in the past. Fidelity is also good, but you can't beat Brown & co. Schwab is the worst discount broker. Schwab's service is the worst and they charge high prices, I wonder why that company is still not bankrupt.

If you want to trade with the best discount brokers, Brown and OptionsXpress are the best choices. If you don't trade options, then Brown alone will do just fine. Recently, E-trade agreed to buy Brown. I just hope that E-trade don't mess up with Brown's price structure and service. If you sign up with optionsxpress, check out their tutorials and paper-trade tools.

No comments: