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I am looking to find a reliable broker where I can create an account for long term buy and hold strategy. My aim is to create something like a personal pension fund. So I need to find a broker that I can trust my investments for the next 30-40 years. Trust and reliability is the number one requirement.
Can I trust the big names of online brokers? Interactive Brokers sound like the most established/reliable, but still I do not know if I can trust this kind of long term investment.
I live in Europe and I have the option of having a local bank as a broker, but I have not examined the options they offer and the commissions/taxes yet.
I plan to start with 2.000 euros and add 1.000-3.000 euros per year.
Other important considerations, in descending importance are:
0 maintenance costs, as the account may be inactive for months.
Access to markets worldwide.
Interest payed on unused cash balance.
Low cost of transactions.
What do you guys suggest?
Can you help answer these questions from other members on NexusFi?
dood.. Vanguard is the worst trustee for IRA's out there... you should look at Fidelity... same goes for the OP as to a long term broker... Fidelity... you wont be able to do futures, but you can do spreads and as long as you have $25K or more you can even day trade on it.. their tools are superb and you can even access them via iPAD...
this is going to be your deal breaker... short of going with someone like Merrill or another larger house... your only option might be IBKR given the balance..
Yeah I know, just been with them for a long time. I don't actively trade my IRA so the tools and such aren't very important to me. Vanguard had very attractive fees when I opened the account.
my advice... trade your IRA... no other way to make it grow... you have the skills... just trade ETF's instead and as long as the account is north of $25-$30K they wont care about PDT... also, Fidelity will let you buy munis and other bond offerings which will yield a lot more than MM.. and they have all the mutual funds to fit any taste..
all I am saying is, you should not ignore the IRA accounts just because it is "retirement"... trade conservative and shoot for 15-20% per year... and you will be better off than 90% of the people out there who just go into Mutual Funds with Vanguard...
just my 2 cents... I will get down from my soapbox now...
that is if you have no activity on the account on a monthly basis ... I dont know about your strategy, but if you are only using it for depositing cash, just go with a bank..oh wait, a bank will still charge you fees... or give up the "global market access".. and go with fidelity or schwab who charge no fees at all...