More dumb newbie ???'s

[Stumpfoot]

I know this is another poor dead horse getting beat as I have read many threads on this subject but they left me with some questions: I am just getting into stocks and would like to know where to start as far as the online sites go. The reason I ask is, whats more important? Not having to have a minimum in my account is important as I wont have a lot of money to start with. Obviously I dont want to spend a ton on commisions and fees. I would like the freedom to buy and sell when my account allows me (in other words the money is there in a timly fashion and not held up by who ever I happen to be doing business with). Also I have a stupid questions about commisions. When someone says they charge $7 (or whatever) per trade, what does that mean? For instance if I buy 100 shares of stock X is that $7 per share or just for the whole order of 100 shares?

[Albert0373]

Sorry, I didn't catch what you were trying to ask. Which is more important, not having a minimum deposit requirement or ___?_____.

And that $7 commision is a charge on your whole order whether you buy 100 shares or 1000 shares; keep in mind that there is a dif. charge on securities lower than $2.00 I believe.

[Stumpfoot]

I suppose that wasnt real clear. I guess I should just ask where to go and state what I am looking for. Like I said I dont have a lot of many to start with so not having a minimum to start an account would be good. But I guess my other question is when you get one of those low commision online trading houses are you getting what you pay for and do they make up for those low prices by getting you in other places, like when you sell or make special orders?

[Albert0373]

In a way, I guess you might be looking at zecco.com or such; yes the "no minimum" requirement is great but you're limited to 10 trades a day and 40 trades a month, which should be plenty I assume. As for having your money ready when you want to buy stuff, as long as its settled, I haven't heard about much problems about people not being able to buy at the time they wanted. Orders might be a tiny bit slow to process but that's okay if you have limit orders in. Correct me if I'm wrong anybody, I haven't used Zecco...just going off of friends/reviews.

You get what you pay for basically; Merril Lynch offers full services while Zecco offers terrible service and less tools. Paperwork for Zecco takes a while too I heard

[Brandon]

I've used Scottrade since day 1. They have the local branch office right near my house, $7.00 to buy and sell which isn't bad at all and the service is fine.

I don't recall but I believe the minimum is $500 for an account which isn't much at all.

[netwrangler]

I suppose that wasnt real clear. I guess I should just ask where to go and state what I am looking for. Like I said I dont have a lot of many to start with so not having a minimum to start an account would be good. But I guess my other question is when you get one of those low commision online trading houses are you getting what you pay for and do they make up for those low prices by getting you in other places, like when you sell or make special orders?


I've used Scottrade since day 1. They have the local branch office right near my house, $7.00 to buy and sell which isn't bad at all and the service is fine.

I don't recall but I believe the minimum is $500 for an account which isn't much at all.Brandon to the rescue!

Does anyone else think this might be a set-up?

Or is it just Brandon, the noob, responding. Forgive me if I am paranoid.


Brandon, If you feel violated, talk to me via PM.

[freakscene]

In a way, I guess you might be looking at zecco.com or such; yes the "no minimum" requirement is great but you're limited to 10 trades a day and 40 trades a month, which should be plenty I assume. As for having your money ready when you want to buy stuff, as long as its settled, I haven't heard about much problems about people not being able to buy at the time they wanted. Orders might be a tiny bit slow to process but that's okay if you have limit orders in. Correct me if I'm wrong anybody, I haven't used Zecco...just going off of friends/reviews.

You get what you pay for basically; Merril Lynch offers full services while Zecco offers terrible service and less tools. Paperwork for Zecco takes a while too I heard

Zecco changed a bit last month. To get the free trades a new account (and all accounts after Jan 1) will need 2,500 minimum net. Accounts with less are still only $4.50 per which beats everyone else. There is still no minimum to open an account.

The paperwork for Zecco is for non-American citizens or IRA's. I too have heard about problems with timeliness. I set up my account without any issues. Start to finish took about 6 or 7 business days for set up, and bank negotiations. I recommend using a different bank account not tied to your personal savings; but then again I am paranoid about technical "security".

I funded my account with a whopping 50 dollars to start, which i then transferred 45 back in to my bank account to satisfy my curiosity as to the time frame those transactions would take, before placing the $2,500 in.

I havent had any problems with transaction speeds, stops or limits, but my friend who uses e-trade and just opened a zecco account to try, suggested the interface was "clunky".

In 3 months i havent had a single problem, other than buying high and selling low a bit too frequently ;)