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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

632.0. "Deep discount brokerage reommendations ?" by MIASYS::MACGREGOR () Wed Dec 08 1993 15:32

	I've been dealing with Fidelity for a while now,
but their brokerage fees are eating up too much of the
profits from short-term investments. (And Uncle Sam takes
his bite too of course	:(

	Does anyone have experience with any deep discount
brokers that they would recommend ?

	Apart from low cost per share and low minimum
transaction fees, I'm looking for a broker which has
touch-tone trading, 24-hour hotline for assistance and 
queries, fast and accurate executions, and no shady
dealings (e.g. a market order is executed at best
available market price at time of order, not best price
for brokerage house to turn a profit).

	This would be to trade stocks and options.

	There are many who advertise low fees and the
other features mentioned above, but it's hard to know
who to trust.

	Any recommendations based on positive experiences
or independent research (e.g. Consumer Reports equivalent)
would be appreciated.

Thanks,
	Gordon
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632.1Brown & CompanyKOALA::BOUCHARDThe enemy is wiseWed Dec 08 1993 16:1416
    I use, and have been very please with, Brown & Company.  They don't
    have a 24-hour customer assistance line, however; they do have a
    24-hour automated system for getting quotes, confirming orders,
    checking balances, etc.
    
    I've had nothing but extremely professional service from them.  I've
    had a few market orders executed outside the major exchanges at prices
    a tick better than I had expected.  They also accept stop orders on 
    many options, which I found to be uncommon.
    
    I particularly like their commission rules whereby if I buy 100 shares
    of XYZ in the morning, and then 100 more later in the day, they
    consider it one 200 share purchase for computing commissions.
    
    $25+0.02 or 0.03/share, for stocks.  $21 option minimum.  $10K minimum
    account, however.
632.2MIASYS::MACGREGORWed Dec 08 1993 18:213
	Thanks. I'll check them out.
Gordon
632.3WaterhouseBROKE::SHAHAmitabh "Amend Constitution: ban DECAF"Wed Dec 08 1993 18:548
	I'm very happy with Waterhouse. Their min. commission is $35 for
	stocks (and also for options, I think). They are expanding their
	service to add touch-tone trading. 24 hour service and also access
	via computers. I've used them for the last 3 years or so and have
	had excellent service. They have no minimum requirement.

	If you are in the Boston area, call 800-934-4415, or find their
	ad in the Wall Street Journal (usually on page C2).
632.4ZENDIA::FERGUSONRed XThu Dec 09 1993 12:4116
re   <<< Note 632.3 by BROKE::SHAH "Amitabh "Amend Constitution: ban DECAF"" >>>
                                -< Waterhouse >-

>They have no minimum requirement.


I just signed up with H20house and I remember reading that their minimum to
open account to be $1k - which is pretty good.  I think Fido asks for a min
of $5k.

BTW, I also have a Fido account like .0 does.  I really enjoy the 24-hr
touch-tone trader thing they have... i can get to anything any time;  i'm
opening the waterhouse account for the same reasons as .0: cheaper commisions.



632.5Fidelity TouchToneKOALA::BOUCHARDThe enemy is wiseThu Dec 09 1993 14:0110
    re: .4
    
    I had significant trouble with the Fidelity TouchTone system. 
    Specifically it appears that limit orders which result in only partial
    executions can leave the system in a state where (a) the remaining
    portion of the limit order isn't properly posted and (b) the touch tone
    system insists (in the case of a partially filled limit sale) that
    the remaining securities are no longer in the account.
    
    Just a note of warning...
632.6Another vote for WaterhouseANOVAX::JWICKERTFri Dec 10 1993 00:199
      I also use Waterhouse and have been very pleased with them. Nice
    readable monthly statments, courteous sevice ( even when they talk to
    my answering machine with it's goofy messages ) and low commissions.
    When I signed on with them they gave me my first trade for free. You
    might ask them if they are still offering this if you sign on with
    them.
    
    
                                        JRW
632.7AccutradeISLNDS::HUTNICKFri Dec 10 1993 18:310
632.8Brokerage firm that chager a $25 flat fee?58323::TALEGHANIBardia TaleghaniFri Jul 22 1994 17:378
    I saw an add the other day on CNN for a Brokerage firm that would
    charge a $25 flat fee per transaction.  I can not remeber their name.
    
    Has anyone else seen this add?  What is their name and #
    
    Thanks,
    
    Bardia.
632.9Re: .8; see topic 688NETRIX::michaudJeff Michaud, PATHWORKS for Win. NTFri Jul 22 1994 18:220
632.10SUBSYS::DONADTSat Jul 23 1994 00:035
    Didn't see the ad, but PBS (Pacific Brokerage Service charges $25 per
    transaction, up to 1000 shares with a $4 service charge. They have
    offices in Los Angeles, Chicago and New York. (800)421-8395.
    
    Ray