From local brokerage to online

[swampman46]

I don't like paying $112-114 per trade at EJ. And they tell me that's with a 50% discount! Time to look at online brokers. Can someone tell me what I can expect and what the process is to switch? Would I have to sell off equities (and pay taxes), then move cash to say...Etrade? I did online broker years ago-but with cash I had in the bank-so it was fairly straight forward.

[redaddiction]

Originally Posted by swampman46

I don't like paying $112-114 per trade at EJ. And they tell me that's with a 50% discount! Time to look at online brokers. Can someone tell me what I can expect and what the process is to switch? Would I have to sell off equities (and pay taxes), then move cash to say...Etrade? I did online broker years ago-but with cash I had in the bank-so it was fairly straight forward.

I use Scottrade. $7 per trade. Takes 5 minutes to set up an account onlline. I see there is an option to transfer stocks from other brokerage firms to my account. There are forms to fill out.

What are you getting for that $112 per trade? WOW!

[swampman46]

Originally Posted by redaddiction

What are you getting for that $112 per trade? WOW!

$112 to sell a stock, then $114 to use that cash to buy another stock. But I should be gratefull that included a 50% discount.

[redaddiction]

Originally Posted by swampman46

$112 to sell a stock, then $114 to use that cash to buy another stock. But I should be gratefull that included a 50% discount.

I hope they've been giving you some good stock picks for that money!

[swampman46]

Originally Posted by redaddiction

I hope they've been giving you some good stock picks for that money!

Sounds like you're familiar with traditional brokers-how does that compare with what your broker charges for buy/sell transactions?

[redaddiction]

Originally Posted by swampman46

Sounds like you're familiar with traditional brokers-how does that compare with what your broker charges for buy/sell transactions?

It doesn't really. I find my own stocks and log in to my account and buy/sell as needed. It's $7 per buy/sell trade. There are some online tools they give for research and such. But I don't actually talk to any broker.