| Borrowing |
Discount brokers offer you similar services
to a full service brokerage firm, so why
shouldn't you take advantage of their substantial
trading discounts? Of course, there is a
sense of safety and security when parking
your money with one of the big name houses;
but face it, when push comes to shove, who
do you think they are concerned with first?
Probably not the small investor.
Here are some tips to consider
when picking
a discount broker:
Minimum Investment
Some firms have a minimum investment
requirement
of $1000 or $2000.
Fees
Although there can be many different fees
(much like a bank), the three to look the
closest at are the monthly account maintenance
fees (a charge for them to maintain your
account), trading fees (usually limit orders
are more expensive than market orders, which
can be a factor if you are "playing
the market") for buying and selling
stocks and bonds, and money transfer fees
(to get money in and out of your account).
Estimate how much these charges will be for
the kind of investing you will be doing,
and then compare similar scenarios at other
firms.
Investment Tools
Look for automated telephone and internet
access for quotes and trading.
Moving Money
Understand how you can get money into your
account and how you can get it out. Are there
fees for EFTS deposits or for issuing checks?
Research
If you are a beginning investor,
it may be
helpful to tap into professional
advice.
What research does each firm
offer? |
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