My husband and I want to invest in stocks and are totally new to it, just wanted some opinions on who to invest online with. Ameritrade, Scottrade, Charles Schwab etc???? We only want to start with about $500 or less right now so who has low investments? Who do you use and why? Any advice?
2007-10-18 15:38:43 · 2 answers · asked by Cheyenne 2 in Business & Finance ➔ Investing
Scottrade can start you with $500, which is their minimum. I use it myself and they are good.
Schwab is also very, very good--but you'll need more to start an account with them, especially to get the good stuff. (Then too, Scottrade has some really good stuff as well, and you'll need about $25k on account and a monthly charge for that)
2007-10-18 15:54:20 · answer #1 · answered by Rabbit 7 · 0⤊ 0⤋
You should not invest unless you have at least 6000 dollars and here is why:
1st you want to be able to average down at least once and you only want to buy with no less than 3000 its all about the costs 15.95 / 3000 = 0.5% and 15.95/500 = 3.19% gain before you even start making money. Plus you dont want to plop it all down in one chunk the most effective system is dollar cost averaging.
With that said Schwab is really great (they have no limitations on what you can buy) but scotttrade and etrade have better tools. However Yahoo Finance has all the information you need and schwab provides real-time quotes. But their min is 2500
2007-10-18 16:06:56 · answer #2 · answered by Marshal Jed Cooper 4 · 0⤊ 0⤋