For A College Student- What Company Would You Use To Trade Stocks Online…and?
Wednesday, July 15th, 2009 at
10:59 am
any other suggestions for starting out small? I only want to start with the bare min. of $500. Don’t worry, I’m not a stupid college kid. That’s why I want to slowly venture into this. What are some tiips? Thanks!
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If you’re doing very simple trades (stock, basic calls/puts), most of the popular web based firms are decent (scottrade, etrade, ameritrade).
But as you get into (I’m presuming from your note that you’ll continue to educate yourself on investing) more complex and safer trades, you’ll want to evolve to a firm like OptionsXpress (OXPS), ThinkorSwim (TOS), or InteractiveBrokers (IB) who’ll give you both the tools, the ability, and the competitive commission rates to do the spread trades, covered calls, etc.
Hope that helps!
P.S. That’s great that you’re starting out young. Make it a discipline and you’ll have enough to retire before 98% of your peers!
TDAmeritrade (formerly Ameritrade) is good, and they only charge $10 a trade.
If you maintain a $500 balance, there are no maintenance fees.
Plus, if you trade often enough, they give you “Apex” status, which gives you free analysis, streaming quotes etc.
I use Scottrade.com The people in the offices are friendly and knowledgeable. Live tickers that you can customize on your page, and very low fees on buys and sell transactions.
I love interactive brokers. They are a huge company have a great trading software and the commisions are cheaper than anyone else. And you earn great interest on cash in your account. You can buy an option contract and stock for $1.00!!!! Good luck