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Brokerage Research Thoughts
There are few useful points I found as I checked around for information. In no particular order, here they are.
- Figure out what you want: High service? Low trading fee? Mucho research info? Spiff-o-rific interface? Real-time quotes? There's always trade-offs and you need to prioritize your desires.
- Know how much you are going to invest initially. Many places have significant (>$1000) minimum opening balances.
- Be sure to check multiple reviews - there are significant variations between individual lists. After looking at about five did I see the general trend of who did what well. (Here are some links I found useful).
- Play with the sites you have on your short list. Interfaces vary greatly, and it's worth finding one you understand and can get the info you want with the minimum of fuss.
- Call and email tech support. Do they respond this millenium? Are they helpful or ornery? How long do you wait on hold? You've got questions, do they have answers?
- Don't forget to check the fine print on trading fees. The super-low advertised rate may be for market trades only. If you want limit orders, then make sure you know the fee for purchase type.
- Take user reviews with a grain of salt. As far as I can tell, a lot of people hate every brokerage. It's hard to find straight talk in user-discussion boards. It took me a lot of digging to find any useful trends in the comments, and I'm not sure it was worth it.
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