"OT. Who is the best broker.Been using Scott they
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Posted On: 02/18/2018 2:50:17 PM
"OT. Who is the best broker.Been using Scott they are going to be TD Ameritrade.Got rid of them once as well as Schwab over the years..TIA"
TD Ameritrade is good for penny stocks and for large trades with their one standard commission. Their interface is also good. However for margin if you're unable to negotiate the margin rates with them, the rates are about 8.5% depending on balance. Those rates are somewhat standard across most brokerages but still ridiculously high. TD Ameritrade will also happily charge you margin rates to be short a stock as long as the borrow rate is below the margin rate. If the borrow rate goes up above their margin rate, they suddenly won't have shares to loan you and will force you out your short position. I get the impression TD Ameritrade stays up at night scheming about new ways to extract more money from their clients.
Schwab is about the same as TD Ameritrade. Interactive Brokers actually pays some interest for cash and margin rates are reasonable...but their commission on trades is typically $0.01/share which can easily costs hundreds of dollars per trade. E-Trade's margin rates are maybe a percent higher than TD Ameritrade's but I saw a case where the borrow rate (on RIOT) was 80% APR where Interactive Brokers was 115%...E-Trade was literally 35% cheaper.
Pick your poison. It seems as though there's not much of an incentive for brokers to be great for their clients, probably because most investors are reluctant to move to other brokerages. The best one can do is choose a brokerage which works best for their own investing situation.
TD Ameritrade is good for penny stocks and for large trades with their one standard commission. Their interface is also good. However for margin if you're unable to negotiate the margin rates with them, the rates are about 8.5% depending on balance. Those rates are somewhat standard across most brokerages but still ridiculously high. TD Ameritrade will also happily charge you margin rates to be short a stock as long as the borrow rate is below the margin rate. If the borrow rate goes up above their margin rate, they suddenly won't have shares to loan you and will force you out your short position. I get the impression TD Ameritrade stays up at night scheming about new ways to extract more money from their clients.
Schwab is about the same as TD Ameritrade. Interactive Brokers actually pays some interest for cash and margin rates are reasonable...but their commission on trades is typically $0.01/share which can easily costs hundreds of dollars per trade. E-Trade's margin rates are maybe a percent higher than TD Ameritrade's but I saw a case where the borrow rate (on RIOT) was 80% APR where Interactive Brokers was 115%...E-Trade was literally 35% cheaper.
Pick your poison. It seems as though there's not much of an incentive for brokers to be great for their clients, probably because most investors are reluctant to move to other brokerages. The best one can do is choose a brokerage which works best for their own investing situation.
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