We all know about brokers, but we don't necessarily know which are the best. We've looked through some of the biggest names out there to show you how they rank up. We want our members to be well informed and to be empowered investors, and knowing more about the brokers available can help!
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As a small disclaimer, these prices are only for online trades. Any prices for phone assisted or broker assisted trades have not been listed. Please review our claims prior to signing with a broker too hastily, our numbers may become outdated at any time after our initial publication.
Broker Analysis
Our list covers some of the more well known brokers out there, Zecco, Scottrade, Charles Schwab and Share Builder. Zecco comes out on top of these, offering deep discount prices and many helpful tools for new investors.
Zecco's major drawback is the complete lack of mobile support, which is almost unacceptable in a modern trading environment. Their online community is helpful, but may not add any value to some investors. While some brokers have more professional tools and resources available, their deep discount, flat rate pricing cannot be matched. This is a huge discount for frequent investors and small cap investors.
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Scottrade, Charles Schwab and Share Builder are plagued with similar but different problems that limit their usefulness for anyone looking into penny stocks. While their tools for investors outweigh what Zecco offers, their painful pricing schemes make them very unattractive.
Scottrade has a decent trade cost, but they lose our support when they introduce a surcharge for shares under $1. While the added cost comes to only $5 for every $1000 invested, it can still be a burden for investors. Scottrade, however, is the only broker listed here which has excellent support for mobile users, making them fall into second place.
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Charles Schwab on the other hand has even higher rates, a larger account minimum and a share limit per trade. While normally 999,999 shares is plenty, for penny stock investors it may be too limiting. Further, their lack of mobile support places Charles Schwab in third place.
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Share Builder falls into last place primarily from their high initial costs, as well as their ridiculous surcharges. For almost any investor a 1,000 share limit, with per share charges for going over is unconscionable. For penny stock investors it is almost totally out of the question.
Remember, as investors, staying informed is your greatest asset, and we're here to help! I hope you found some value in this report, and be sure to sign on for our Premium Membership if you want the full broker list and want more in-depth analysis.
By Stockpicktrading.com Team
