am i getting ripped off because im paying $23 a trade...?

Question

my bank charges me a little over $20 to buy and sell stock and $20 is alot of money to me...do i need to try to invest my money with someone else...or is this normal to pay this much?

Answer 1

Are you going through a personal financial advisor from your bank? If not, then you are better off with other stock brokerages -- TDAmeritrade or ETrade or Firstrade or Scotts. Pick the one that fits your style of investing .. commissions are low .. and they throw in 45 days of free trading or other kind of introductory offers.
Good luck with your investing.

Answer 2

I think so. There are many other options out there right now that are far cheaper. When I invest, I am looking to cut as many fees as possible. I don't need fancy charts or whatever the brokerages have to offer.

Right now I am using Zecco.com. They used to be 40 free trades per month but now it is 10 free trades a month if you have more than $2,500 in the account. Otherwise each trade costs $4.50

Answer 3

Interactive Brokers charges $0.01 per share up to 200 shares. Then the cost goes up. But it's way cheaper than $20

Answer 4

Never use a bank or insurance company for investment services (including brokerage).

If your a "lite" trader and/or new to investing use;
Charles Schwab, Inc. $12.95 per trade
Fidelity Brokerage $10.95 per trade

If you're very experienced use;
ThinkOrSwim $5.00 - $10.00 (great for the most experienced traders)
Scottrade $7.00 Basic buy and sell.

Answer 5

Most of the big name on-line brokers, like Schwab, are under $10 a trade. That is, per trade, regardless of price. You can do a lot better and with no increase in risk.

Answer 6

if $20 a trade is a lot, then you shouldn't be buying and selling stock - full service stock brokers charge a lot more than $20 per transaction

Answer 7

Maybe not ripped off, just overpaying. Try scottrade. They are only 7 bucks a trade. Also, look into Sharebuilder. $4 a stock.