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We have lots of reviews of futures brokers here, but I'd like to get input on recommended stock brokers. If you have experiences to share about a broker, please also post their minimum account opening requirements (for those wishing to swing instead of day trade), and the commissions.
Thx,
Mike
Can you help answer these questions from other members on NexusFi?
I use Interactive brokers and they come highly recommended. Their requirement are very simple: $10k for a margin account, $25K for day trading - how ever I believe that it is a legal requirement ( I am not a US citizen).
Be aware that they will limit the numbers of stock that you can see based on your deposit -- visit their web-site to see how thay calculate this.
I use esignal for technical analysis and IB as order entry.
I have only had god experiences with their support - they have solved the few issues I have had very quickly.
I have an account with IB and agree they are quite excellent for equities. However, I was hoping to get some recommendations for brokers who accept a much smaller initial investment (account opening), as some people here are on the forum are trying to trade futures with a $3k or $5k account, and I'd like to have some good recommendations for them when I also suggest they stop that endeavor and try swinging equities instead in the beginning.
I've found that ThinkOrSwim is a popular platform, and is a $3,500 initial account opening but commissions are $9. This is probably a good choice for users who do not yet own a charting and execution platform like NinjaTrader.
I've found that Scottrade has $7 commissions and the minimum account opening is $500. Their charting leaves much to be desired, but for execution of swing trades their web interface should be sufficient. So this is probably a good choice for users who do already own their own charting platform like NinjaTrader. I am pretty certain that you cannot execute via NinjaTrader for Scottrade (not on the supported broker list).
Lightspeed Trading looks interesting. A variety of trading platforms are offered. They also provide DMA and blackbox trading for equities, I believe seeing they are based in N.Y.
I am considering using OEX option trade setups in addition to my emini S&P. OptionsXpress is pricey at a ticket charge of $14.95 per trade. Lightspeed offers brokerage service options contract ticket charge is FREE. Then only $0.50 per contract. Of course, you must also include commission into the pricing as well as quarterly maintenance fees. Options
Thanks COTtrader. I'm trying to find out what their minimum account opening is, do you know? And I'm assuming that NinjaTrader doesn't support them for execution (not listed), but again for swings it should be fine.
Guys can you recommend a good broker for trading Stocks (NOT Futures or Options).
will use it for long term investment only, and will not be a trading account. Essentially i want some broker which do not charges monthly or annual maintainence fees.
again besides brokerage what are the charges which the broker charges.
I am from India and has no idea about US brokers. any thoughts will be highly appreciated.
Lightspeed Trader (Market Data Pricing)
Per User Per Month Non-Professional Professional
NYSE Level 1 $1.00 $127.25
NYSE Open Book $65.00 $65.00
AMEX Level 1 $1.00 $30.20
ARCA Book $10.00 $30.00
Dow Jones News $109.10 $109.10
Options $40.00 $65.00 NASDAQ Level 2 $16.00 $96.00
Futures (free w/futures account) $71.00 $71.00
Lightspeed Web Trader
Per User Per Month Non-Professional Professional
Real time level 1 FREE $105.00
*NYSE data feed subscribers with multiple terminals may be eligible for reduced per/terminal rates
Thx. Lightspeed may be a good alternative to InteractiveBrokers for day traders, but for me I was trying to find something easy/cheap to recommend for people who have very little to start with. I would rather see them swing stocks with a 3k or 5k account than trade CL futures