Online Brokers
Tips & Advice to help you make your decision on Online Brokers
Online financial services can be somewhat tricky, as there are so many of them to use, and each has its own sets of rules, and unique way of using money. For example, you might be into investing money into real estate, and the online brokers for these deals will have obtained their license to broker these deals and the specific qualifications needed to perform the task of finding the perfect real estate. These real estate brokers are acting as traders, and they need the state certifications to do this.
Another financial area that benefits from online brokers is the stock industry. When people buy and sell stocks, they are typically trading on Wall Street themselves. However, in doing so, they have more of a chance to lose the money with bad trades. That is why an online broker that specializes in trading stocks and bonds is necessary. If you are looking for more information on utilizing these types of brokers, then you are in the right place. Business.com offers a wealth of valuable resources that can help you find not only the broker online, but also the right socks to trade and other pertinent information. If you click the links on the left, then you can get started and find a broker today.
Online Brokers
To trade stocks online, you need an online brokerBy Daniel Kehrer, Founder & CEO BizBest Media Corp. For stock market investors of all stripes, the news about online brokers couldn't be better. Competition for your business is stiff, leading to low prices, extra services, lots of choices and perks previously reserved for high rollers. And in some cases, online brokers and online stock trading services are even being offered free (at major banks including Wells Fargo and Bank of America)!
Online brokers come in many varieties. In fact, every brokerage firm offers online capabilities, including the full-service firms that offer advice, proprietary research and other services for a fee. There are also discount and deep-discount firms with per-trade costs as low as $5.
It's all a matter of personal fit. What are you comfortable with? Do you want a live person to deal with if needed, and the (relative) safety of a major brokerage firm name (Merrill Lynch comes to mind)? Or is a firm offering basic online trading tools at the lowest possible price what you're after? Maybe it's something in-between -- an online brokerage firm with discount prices, but which also provides a wide range of other account services and stock research, too.
Yet another choice is to establish an investment account with online stock trading capabilities through a bank (maybe your current bank), allowing you to keep your money all in one convenient location. It's your choice. Here's how to get it done:
Compare online brokers and brokerage services
These days, with online trading prices at rock bottom, the real battle is over additional services the online brokers can offer.
Try: Investing Online Resources Center (IORC), an independent, non-commercial investor education organization, has links to independent rankings, service comparisons and features of online brokerage firms from places such as Smart Money magazine and JD Power. Take IORC's quiz to find out if online investing is right for you. Or see their tutorial on signing up for an online broker account.
Pick your online broker account and sign up
Check prices, features and available research at several different online stock trading firms.
Try: To keep your finances in one place, try online broker accounts and services at your bank. Not all banks offer online brokerage account services. A few that do include majors like Citibank, Wells Fargo, Bank of America, Chase, Wachovia and others. Discount or "premium discount" brokers, including Charles Schwab, Ameritrade, Scottrade, TradeKing, FirstTrade and eTrade can all provide the online trading accounts and tools you need to buy and sell stocks with low commissions. Full service firms for online stock trading include big names like Merrill Lynch, Edward Jones, Morgan Stanley and A.G. Edwards.
Inform yourself with online stock trading advice
The more knowledge you acquire about online stock trading, the better your chances of success.
Try: Market information sites such as CNBC, MarketWatch and Yahoo! Finance have a broad range of helpful information and tools helpful for online stock trading. Morningstar is an "A-List" provider of independent research for individual investors (as well as financial advisors and institutions), including a variety of stock and mutual fund publications, websites and software. Brokerage firm customers get access to stock research and tools that vary greatly by firm. Leading discount broker Charles Schwab, for example, functions more like a full-service firm by providing stock research and trading recommendations. Their "Active Trader" service offers a series of advanced stock trading tools, including software, data, proprietary research and specialized support. TechniTrader and Investools are among the independent firms offering stock trading education, tools and strategies. Value Line is also an excellent source of stock trading information, as are Better Investing and PowerRatings.
See our other stock investing How-To Guides
How-To Guides on Work.com and Business.com can help you locate all the tools and resources you need to be successful at investing in stocks.
Try: Other top-rated How-To Guides on successful stock market investing include: Stock Trading: Success in both bull and bear markets; Stock Quotes: Free online stock quote services abound. And add-ons can dazzle; and Stocks (Equities) and Stock Investing.
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