1. Charles Schwab
Extended-hours trading: 4:15 p.m. to 8 p.m. ET
ECN: REDIBook
Rates: $29.95 for market and limit orders; discount at 31st trade
Minimum deposit: $5,000, $20,000 or four trades a year to avoid fees
Mutual funds: $0 for Schwab OneSource funds, $35 minimum for other no-load funds, $0 extra for load funds
Options: $35 minimum
Bonds: $35 minimum
Branch network: Yes
Web site: www.schwab.com
Target customer: long-term investor looking for broad range of tools and investments, who wants help occasionally.
2. E*Trade
Extended-hours trading: 4:05 p.m. to 6:30 p.m. ET
ECN: Instinet
Rates: $14.95 listed-stock market orders, $19.95 limit orders and Nasdaq market orders; discount at 30th trade
Minimum deposit: $1,000
Mutual funds: $0 for E*Trade funds, $24.95 for no-load funds with a transaction fee, $0 extra for load funds
Options: $29 minimum
Bonds: $40 for fewer than 20 Treasury bills or 10 agency or municipal bonds, $0 for more than 20 T-bills or 10 agency or muni bonds
Branch network: No
Web site: www.etrade.com
Target customer: self-directed investor who likes being on the cutting edge, wants extras like banking through broker.
3. TD Waterhouse
Extended-hours trading: 4:30 p.m. to 7 p.m. ET
ECN: REDIBook
Rates: $12 for market and limit orders
Minimum deposit: $1,000
Mutual funds: $24 for no-load funds, $0 extra for load funds
Options: $28.13 minimum
Bonds: $35 minimum for corporate bonds, commission varies for other bonds
Branch network: Yes
Web site: www.waterhouse.com
Target customer: long-term investor looking for cheaper discount trades but wants a broad range of services and a branch network.
4. Datek Online
Extended-hours trading: 8 a.m. to 9:30 a.m. and 4 p.m. to 8 p.m. ET
ECN: Island ECN
Rates: $9.99 for market and limit orders
Minimum deposit: $2,000
Mutual funds: $9.99 for no-load funds, $0 extra for load funds
Options: No
Bonds: No
Branch network: No
Web site: www.datek.com
Target customer: active investor who wants fast trades, innovative technology, likes to be cutting-edge.
5. Fidelity
Extended-hours trading: 8 a.m. to 9:15 a.m. (starts April), 4:30 p.m. to 8 p.m. ET
ECN: REDIBook
Rates: $25 market order, $30 limit order, discount at 12th trade
Minimum deposit: $5,000
Mutual funds: $0 for FundsNetwork funds with no transaction fee, $75 for no-load funds with a transaction fee, $0 extra for load funds
Options: $27 minimum
Bonds: $36 and $4 per bond for up to 25 corporate bonds, $3 per bond for 26th or more
Branch network: Yes
Web site: www.fidelity.com
Target customer: long-term investor looking for broad range of tools and investments, particularly mutual funds, and wants a branch network.
6. Ameritrade
Extended-hours trading: 4:15 p.m. to 6:30 p.m. ET
ECN: Island ECN, MarketXT, through Knight/Trimark, Chicago Stock Exchange
Rates: $8 market orders, $13 limit orders
Minimum deposit: $500
Mutual funds: $18 for no-load funds, $0 extra for load funds
Options: $29 minimum
Bonds: By phone only
Branch network: No
Web site: www.ameritrade.com
Target customer: investor looking to move part of portfolio online and wants cheap trades, simple site.
7. Brown & Co. (Chase Manhattan)
Extended-hours trading: No
ECN: NexTrade
Rates: $5 market orders, $10 limit orders
Minimum deposit: $15,000
Mutual funds: $19 for no-load funds, $0 extra for load funds
Options: $25 minimum
Bonds: $30 minimum, $50 minimum for Treasury bills
Branch network: Yes
Web site: www.brownco.com
Target customer: sophisticated, higher-net-worth investor looking for very cheap trades and simple site.
8. DLJ Direct (Donaldson Lufkin & Jenrette)
Extended-hours trading: 8 a.m. to 9:15 a.m. and 4:15 p.m. to 7 p.m. ET
ECN: REDIBook
Rates: $20 market and limit orders
Minimum deposit: No minimum
Mutual funds: $35 for no-load funds, $0 extra for load funds
Options: $35 plus $1.75 per contract
Bonds: $45 minimum
Branch network: No, but parent has 14 offices
Web site: www.dljdirect.com
Target customer: higher net worth investor looking for full-service brokerage, without the broker.
9. ScoTTrade (Scottsdale Securities)
Extended-hours trading: 4:30 p.m. to 6:30 p.m. ET (commission-free)
ECN: through market maker Knight/Trimark
Rates: $7 market orders, $12 limit orders
Minimum deposit: $500
Mutual funds: $17 for no-load funds, $0 extra to buy load funds
Options: $20 and $1.60 per contract
Bonds: No
Branch network: Yes
Web site: www.scottrade.com
Target customer: investor looking for cheap trades, a fast, simple site and a branch network.
10. CyBerBroker (being bought by Schwab)
Extended-hours trading: 8 a.m. to 9:30 a.m. and 4 p.m. to 8 p.m. ET
ECN: All ECNs
Rates: $14.95 for market and limit orders, plus exchange fees
Minimum deposit: $10,000
Mutual funds: No
Options: $19.95 minimum
Bonds: No
Branch network: No
Web site: www.cybercorp.com
Target customer: Active trader, day trader, full-time investor.
