What is the best stock trade website to have an account with. i.e. sharebuilder, t.rowe price, scott trade...?

Question

I'm only 21 and don't have alot to invest but I want to invest something and have an account.

Answer 1

You have to start somewhere. I think it's great you are already thinking about your future at such a young age.

Some important things to consider are the reason you're investing (for short term enjoyment or long range goals such as college, a new home, or retirement), the risk associated with the various investments, and then choosing the investment, or mix of investments, that are right for you.

Once you feel comfortable and knowledgeable about investing your money on your own, you could consider a discount brokerage firm. Since I am a little bias, I would recommend Scottrade (only $500 deposit required).

You can compare the commissions/fees of several brokerage firms at: http://www.scottrade.com/online_broker_comparison/discount_brokerage_comparison.asp .

Good luck!

Scottrade
www.Scottrade.com
1-800-619-7283

Answer 2

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Answer 3

See the recent surveys - Smart Money and JD Power. They all review the discount brokers which is probably the best tier for you just starting out. Most have some minimum amount to open an account. I think Scott Trade is a good choice as cost per trade is reasonable $7 and they pay a decent rate on univested cash.

If you want to day trade go cheaper, if you want advise and or research Schwab may be the best choice.

Answer 4

For trading stocks, there are several online discount brokers as others have replied. But if you are also thinking about banking at the same time, then I'd recommend E-trade for you. They have savings account with rate about 4.1%, and when market opportunity presents, you can transfer your money from the saving account to the brokeage account and buy stocks right away.

Answer 5

I like E*Trade.

However, you need to learn how to do your own DD (Due Diligence) on every stock, no matter who you trade with.

That means you'll have to learn about the companies and the stock market and how it all works.

If I knew then (age 21) what I know now (age 56), I'd be a lot richer. Tax free munis.

I'm heavy into the munis, but I've lost $23K just today in stocks. Do I care? Yeah, but I know my income is coming from the Munis ... not the stocks. AAA, Insured. No losses in the Munis.

Answer 6

It depends on what you want from your broker:

In my opinion, Scottrade gives you the best price and services at $7.00 a trade.

If you are looking for the cheapest no thrills type broker that does not charge commission up to 40 trades a month then you may want to look at Zecco.com.

It just depends on how much assistance you want from a broker.

Answer 7

T row is a mutual fund company, so their platform online isnt that great. BUT their funds are award winning! high commish.
E*Trade is a good choice if you are a SELF SERVE type of investor, commissions are low, good platform and good research. but their customer service is crappy (very crappy).
ameritrade is OK also. Scotttrade has a good rep too. low commish all the way! since youre a new investor low commish is key because you might not like the stocks you pick and want to sell right away.

Answer 8

The best pricing is the last thing you should consider in your search. A "newbe" needs some direction and help. I believe the two best choices for that are Schwab or Fidelity brokerage.

Good luck.

BTW: Don't follow any links or email address given to you as answers in this forum.

Answer 9

First you need to get a good understanding of investing. After that, I would suggest Scottrade.