Forum Archive Index - April 2000

["Mike Hudson" <mikehudson@clear.net.nz>]

There are indeed heaps of brokers on line brokers in the US. I asked the
same question of my sister in law who is heavily  into trading in the States
and her reply was

"  I use Fidelity, but they are not cheap unless you
have quite a bit of money.  From what I have heard and read E-Trade is
supposed to be the best of the online brokers.  However, I don't know anyone
who uses them.  My investment club uses Ameritrade, and we are satisfied
with them.  I have friends who use Brown & Co.  They are cheap ($10 for a
limit order), but you have to have $15,000 to open an account with them.
Ameritrade charges $8 for a market order and $13 for a limit order.  I am
not sure about E-Trade; I think they are a little higher, but not much."

I also came across list on the Barrons site the other day which gives their
top picks.

The Top Online Brokers

The new champion, from DLJ:  http://www.dljdirect.com
Former champ, now runner-up:  http://www.discoverbrokerage.com
Most improved online broker:  http://www.ndb.com
Dynamic and flashy:  http://www.webstreetsecurities.com

These online brokers all got **** ratings in "Growing Pains,"

There is a site somewhere that compares 64 online bokers but I have lost the
URL. Perhaps another sharechat member may have it

The problem is that many of the US brokers will not accept accounts from
outside of the USA. Being my usual conservative self and not wishing to put
all my eggs in one basket I have opened two accounts, with Datek
www.datek.com (heard of this one from Ben) and  with Ameritrade (on sister
in law's recommendation) www.ameritrade.com Datek charge $US 9.95 per trade
and Datek $US 8

The procedure is  that you complete the application form online and submit
it. You then print it out, sign it and mail it to them with your cheque to
open your account. The minimum for both firms is I think $US 1000. You can
only place orders if you have enough in your account to cover them although
Datek will allow margin trading - dangerous.

Datek allocate you an account immediately which allow you access to their
streamer which is brilliant. You can have up to 20 stocks on screen, real
time (no refresh) showing last price, high and low for the day, volume,
market depth, bid and ask prices.% and $ gains and losses. you can have up
to 20 lists allowing you to monitor up to 200 stocks at any time. You can
set up audio alerts as well

As for actual trading, I don't know yet. I sent the completed forms and dosh
in the mail on Thursday so with any luck it should be all go next week.

I will keep you posted

Cheers
Mike H














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