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Trade Station is an online stock trading platform that offers a broad range of trading services, including stock trading, futures, options, ETF and foreign exchange. It has some of the best rated software and third party analysis in the business, but due to high minimums it is probably geared more for the professional or active investor, over the smaller more casual one.
Trade Station has been in business for over 30 years and its strength is in its powerful trading and analysis software. Their trading platform has received Barron's #1 rating for in best trading and technology, as well as their top platform of choice for frequent traders and international traders. There is no shortage of accolades for this broker. Investor's Business Daily has ranked them #1 for equity trading tools, and they have appeared in the top 5 for their options platform, ETF choices, reliability and overall experience. The Trade Station website lists many other high rankings from other major financial publications. The serious investor looking for the top technology in the business ought to give serious consideration to Trade Station.
Commissions and trade fees are competitive with other online brokers. Stock Trades are $6.99 each if you make 30 or more per month, $7.99 for 10-29 trades per month, and $9.99 for 1-9 trades per month. Commission on equity trades is $.01 per share up to 500 shares and $.006 per share after that. There is an option for new clients to trade free for 60 days after opening an account. However, as mentioned Trade Station charges hefty fees for not meeting certain minimums. You will pay a platform fee of $99.95 if you don't make 10 or more trades involving 5000 or more shares each month. This will likely send the less active investor to another broker with no or lower minimum requirements.
The website is well organized and easy to navigate, and customer service options are prominently laid out at the top of the main page with options to call a toll free number or get online assistance. Setting up a new account is a simple process and the research tools and resources we found on the site are impressive. With a huge array of products and services, award winning technology, and competitive pricing, Trade Station is a great choice for an active investor.
Sogo Trade offers a low budget online stock broker service. We found the no frills site to be free of the unneeded extras that some of the massive companies provided and that we had to spend time sorting through. However, sometimes low budget can mean lower quality and we found that in some cases with Sogo Trade.
The trading engine and overall website was more than we expected for their $3.00 flat rate fee. The fee is clearly the cheapest in the industry of any online brokers. However, Sogo Trade does not handle all investment choices. While you can cheaply trade stocks they do not currently offer education plans. They also don't offer mutual fund trading or IRA accounts.
The research tools and analytical security information were lacking as well. Be prepared to do your own research on Google, along with what Sogo Trade can provide, before placing your trade.
Sogo Trade provides a $500,000 in account coverage in the event the online stock broker fails. This is important to know and understand when deciding how much to place with this online stock broker given the current environment.
In the end, we felt that Sogo Trade is probably a good option for some in the market that already have their own investment information sources and that are only trading stocks at this time. For those that are interested in funding their IRA or kids college, we suggest you look at the higher ranked companies for assistance.
Online Stock Brokers
To help you find the Best Online Stock Brokers, TopConsumerReviews.com provides you with an in-depth comparison of Trade Station and Sogo Trade.
Recently many people have run from the stock market licking their wounds and panicked by the size of their retirement plan. But at the same time, many others are cashing in on some great opportunities. For those looking to buy and sell stocks, without significant expense, online stock brokers can be the ultimate answer.
Besides significant cost savings, another great advantage to executing your own transactions is that you can avoid the time and energy necessary to deal with "professional" stock brokers. Many of these individuals try to convince you to buy or sell stocks, because they earn a commission every time you make a transaction. With online stock brokers, you never have to talk to any salesmen.
There are many online stock brokers to choose from. However, before buying your piece of Microsoft or IBM you should consider a number of key factors. Some of these include:
TopConsumerReviews.com has reviewed and ranked the best online stock brokers available today. We hope this information helps you choose your next online stock broker!
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