Discount Brokers Offer Dirt Cheap Trading
Steve Cagney provides information about tradeking promo through his website on Tradeking at http://www.budgetcents.net/tradeking-promotions
With the explosion of the Internet in recent years a number of small and cheap brokerages have popped up which are called discount brokers. A discount broker offers a full suite of trading options without the research and advice of broker. The transactions are done online for a cheaper trading commission. If you need to use actual broker you will be charged an extra commission. Most of them do not have minimum account balance requirements or account activity fees and have very low trading commissions. For example OptionsHouse offers stock rades for $2.95. TradeKing for example offehouse rs a $4.95 flat rate stock trade for stocks and options in comparison to Etrade’s $9.95 commision per trade. Another trend you are seeing are small options trading sites are getting into the discount broker business. In addition OptionsHouse, OptionsExpress is another options focused site that also allows you to trade stocks for a discount price. Zecco, another brokerage, actually gives you free trades based on the amount of equity you have in your account. This is great for those traders that only perform a few trades a month.
Many brokers also offer promotional codes you open a new account. Those promotions are usually in the form of a account transfer fee rebate or cash bonuses based on how much you put into your count and how many trades you make in the initial month after account opening. For example there is a current TradeKing promotion going on when you can get $50 bonus when opening a new account. Another avilable promotion is that OptionsHouse we rebate your account transfer up to hundred dollars when tansfering your account to them. Other brokers such as TD Ameritrade or Etrade offer bonuses on their IRA products based on the amount of the IRA you convert to their account.
Discount brokers also offer high interest savings accounts or your money will earn interest when it is not invested. This is sometimes called an account sweep which means any uninvested money will be swept into interest-bearing account queue connection make a little bit of yield on the balance. Along with that savings account many of them offer checkwriting for access to the funds in those accounts. In some brokerages that checkwriting can almost be used like a regular checking account along with a debit card that you can use for purchases.
In recent years the discount tradking sites have opened up a plethora of trading options to the individual investor. Many people investing today with discount tradking sites would’ve never invested with high commissions like the big guys usually charge. If you’re a beginning investor I strongly advise you to do research prior to placing any trades in the market. Once you are comfortable with online trading you can be very successful in helping to plan for your family’s future placing trades with low commissions. With all the features of a full service broker along with the discount costs is easy to see why using a discount broker is advantageous in this current environment.
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