Who’s your favorite brokerage and why?
That’s the question I asked some bloggers. Below, you’ll get to see each of their unique responses!
I love Merrill Edge for those that have $50-100k to invest there. The give you 30-100 free trades a month and have access to all the vanguard ETFs for investing. They also frequently have bonuses of up to $1000 depending on the amount you invest with them.
Tom from highincomeparents.com
Typically for individual bonds the brokerage doesn’t show the entire market as the market is massive and largely illiquid. The brokerage has access to certain market makers plus deals with certain bond issuers. As such you typically are only presented with those bond offerings. With stocks, ETFs, and Mutual funds they have some differences in which ones trade without trading costs, but otherwise you are correct that they are identical.
Dennis from fulltimefinance.com
I believe Robinhood is definitely worth mentioning. By providing no minimum and zero commission it´s a great choice for people who just got started investing.
Since Robinhood launched they have had a massive impact on the market forcing all other brokers to lower their fees. This battle is still ongoing and many things points to broker lowering their fees even more in the future. This gives the younger generation new opportunities to get started with investing and saving for retirement early in their life.
Before their launch, many big brokers would charge up to $10 per trade. Consider having your first job and you want to get started with investing so you invest $100 monthly in an index fund. Paying around $10 per trade is 10% of that investment meaning you would have to wait until the market goes up 10% just to pay off the trading fee.
Another broker worth mentioning is DriveWealth, they provide very low commission and you can buy fraction of shares. This is great if you want to invest in a company/fund you believe in but the price of a single share is high. DriveWealth also supports non-US individuals so you don´t have to be a US citizen to get started investing in US stocks/funds.
Karl from gokinfo.com
I’m a Fidelity guy — they have great phone and in-branch customer service. Their index fund offerings are competitive with the other major players (Vanguard and Schwab). They also have many commission-free index ETFs.
WSP from wallstreetphysician.com
I have Vanguard (retirement), Fidelity (retirement), and Ally, formerly known as Tradeking (stock portfolio). Vanguard’s my favorite for retirement because of the low fees, ease of setting up my IRAs, and general ease of getting my questions answered, no matter how weird. I also love that I have extra low fees because my account qualifies for Admiral funds.
I’m considering how I feel about the change to Ally – so far I’m enjoying having my investing and savings in the same place but I haven’t made any trades since the transition so the jury is still out.
Revanche from agaishanlife.com
I prefer Fidelity. Their customer service representatives are extremely helpful. They helped me fill out the proper forms because I over contributed to my workplace HSA and it took about 5 minutes on the phone with them to roll over my Roth 401k contributions into my Roth IRA
David from www.zerodayfinance.com
I love Schwab because of their excellent customer support. You can reach them via phone or online 24/7 and their staff is always helpful. They often have lots of promotions going on (I got an extra $100 debited to my Roth IRA from a promotion that I was completely unaware of). Once, I even got 5 free trades just for asking!
Akash from akashsky.com
Now, I’d like to redirect the question to you, the reader. Who’s your favorite brokerage and why? Comment below – I’ll read every one!