low commission broker???

Lt. Dan · Jan 11, 2006

I'm wondering who is a good low commission online broker? I currently use Scottrade but I do a lot of daytrading and that 7 dollars a trade adds up. I have heard of ones that are especially for daytraders. I would also prefer one that is user friendly. I know I can search the web myself through the thousands of ones available, but I was hoping some of you might have suggestions. Thanks.

Choad · Jan 11, 2006

When all aspects are considered, you won't do better than IB IMHO:

http://www.interactivebrokers.com/en/main.php

http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc

giggollo · Jan 11, 2006

What type of orders do you place most often? Market orders? Limit orders? Do you place orders away from the market price or at the market price? Depending on your style of trading, some brokers will be more competetive than others.

Lt. Dan · Jan 11, 2006

Mostly market orders at market price, for now. a limit order every now and then.

giggollo · Jan 11, 2006

ok how many shares do you trade per order most of the time?

Lt. Dan · Jan 11, 2006

50-100 each stock

giggollo · Jan 11, 2006

jimrockford · Jan 11, 2006

IB. Agreed.

winter · Jan 11, 2006

MB Trading. Same price as IB for 50-100 shares ($1) , no monthly fees

http://www.mbtrading.com/

jimrockford · Jan 12, 2006

Quote from winter:

MB Trading. Same price as IB for 50-100 shares ($1) , no monthly fees

http://www.mbtrading.com/

Nope. MB Trading also charges SEC fees, which increase the cost of trading substantially above the price you gave.

IB will let you trade 200 shares for $1, including all SEC and ECN and other fees. This will cost you well over $2 at MB Trading.

Watch out. People give a lot inaccurate information promoting brokers on this website.