Are you serious, Clark?
Everyone Is becoming a “Trader” during lockdown
- Thread starter Clubber Lang
- Start date
I suppose a lot of stimulus checks are going to HFT firms. lol
15 years ago! That is awesome!!
OMG 15 years ago Smith Barney got 50 clams on each end of a trade if not more. Discount brokers still charged $14.99 or more. Crazy we are now at ZERO!! Hell, options were very expensive 15 years ago now most of us have no base fee and a tiny cost per contract. Slippage and commission complaints should be followed by laughter from now on.
Welcome back... the water is fine!
Thank you!!. Scottrade "revolutionized" trading by offering 8$ per trade (if I remember right).
I remember back in the late 90s when I was looking for a broker, one of the "must haves" was real time balance updating. Apparently most brokers back then only updated your balance once per day, so if you made multiple trades per day, you had no clue how much was exactly in your account until the next morning.
Scottrade! Awesome... I started at Waterhouse... TD took them all over.
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That must be after the dot.com bubble (??). If I remember correctly, Datek offered $9.99 a trade in the late 90s, which was considered at the time the lowest. Other established "discount" brokers like Charles Schwab was charging $35 per trade. The "regular" brokers like TD Waterhouse (now TD Ameritrade) charged like $50 per trade. It was absolutely insane by today's standard. But, as a trader/investor, you had no other choice.
Oops, I stand corrected. Here's a review of online brokers circa March 2000 with the breakdown of commissions.
https://money.cnn.com/2000/03/16/investing/q_brokerguide/
Code:
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.
funny thing... nobody wanted to give their services away back then. Now... everyone just wants your money. I'll take today for 1000 dollars Alex.