What is a good online broker?
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  1. 10-02-2008 08:47 AM #1
    PILOTUI
    PILOTUI is offline Junior Member
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    Default What is a good online broker?

    I currently have TradeKing.com...great service but I have to pay a .01 fee for EVERY share of stock purchased on the pink sheets!

    Is there a flat rate OTC e-broker? I've googled of course but every link leads to info about Large Cap...

    Any help is appreciated.

    Thank you!

    Darren
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  2. 10-02-2008 06:22 PM #2
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    chuck44l
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    Default re: What is a good online broker?

    I have used TD Ameritrade for years and for the most part i am very satisfied.
    Online Trading - TD AMERITRADE - Online Stock Trading and Investing
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  3. 10-03-2008 03:02 PM #3
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    Stock_Analyzer
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    Default re: What is a good online broker?

    I use www.etrade.com and www.schwab.com They are both 9.99 per trade or 7.99 if you trade enough. Flat rate!
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  4. 10-04-2008 11:10 AM #4
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    zardiw
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    Default re: What is a good online broker?

    Interactive Brokers........professional trading site...like $1/trade or so...z
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  5. 12-17-2008 02:55 PM #5
    hello2u
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    Default Re: What is a good online broker?

    lowtrades.com

    $4.99 flat fee per trade
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  6. 02-20-2009 06:51 AM #6
    jbowyer
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    Default Re: What is a good online broker?

    The online stock and options broker TradeKing (to their website) is CORRUPT.

    Problem #1

    According to my TradeKing statement for the monthly period ending December 31, 2008, I received a dividend on two different funds from the “Rydex” family of funds:



    Although I *never* told TradeKing to reinvest dividends for either of these funds, my account statement shows that TradeKing reinvested the dividend for only one of the funds:



    Of course, the reinvestment price of $49.72 per share is significantly higher than my average share price for this fund, so the reinvestment is not good for me.


    Problem #2

    Effective August 28, 2008, the American Stock Exchange (AMEX) suspended trading in the stock of PreMD Inc. (former symbol AMEX: PME, current symbol OTC: PREMF) and initiated delisting proceedings.

    Before the market opened on August 26, 2008, I had 1000 shares of PME in my joint account at TradeKing.

    After the market opened, I tried to submit an online “buy” order on this joint account for 3000 more shares of PME with a limit price of $0.04. TradeKing displayed the following error message:



    “For securities that are less than $2, we only accept online purchases of 5,000 shares or less. Please reduce the quantity of shares or call us at 1-877-495-5464 to place the order.”

    Obviously, this error message is ridiculous because my order shows that I wanted to buy 3000 shares, which is less than 5,000.

    I contacted TradeKing via the “Live Chat” service on their website. After I explained the problem to “Adam”, TradeKing’s representative, he replied:

    Adam: Alright, you really shouldn't be getting that message.....we're working on getting that taken care of. In the meantime, you can give us a call and one of our brokers can help you with that.

    At that point, I knew that TradeKing was pulling another dirty trick on me. I refuse to submit my orders by telephone; I did not open an account at an online brokerage company so I could place orders by telephone.

    Clearly, somebody was trying to make it inconvenient for me to buy PME shares during the next-to-the-last day that PME stock would be listed on AMEX.

    Idiots. They assumed I would only submit a “buy” order for PME on the joint account where I already held 1000 shares of PME. However, I have a second account at TradeKing (an IRA account).

    I submitted the same order on my IRA account, and TradeKing accepted it. In a short time, my order was executed, and I obtained the 3000 PME shares.



    I tried the same order again on my joint account, and the error message still appeared.

    The fact that the error message appeared only on my joint account, not on other TradeKing accounts, shows that TradeKing had specifically programmed their software to target me.


    Problem #3

    Since May 2008, whenever I try to submit an online order for shares of Labopharm Inc. (symbol: DDSS), TradeKing displays the following error message:



    “We are no longer accepting orders online for this particular security. Please call us at 877-495-5464 to place this order.”

    I posted a blog on TradeKing’s Community, questioning the cause of this error message.

    TradeKing CEO Don Montanaro stated in a comment to my blog that his firm has received an alert about Labopharm through “a common data-sharing project in which we participate, along with the SEC, FBI, and other regulators and law enforcement officials”. The alert, according to Montanaro, flags Labopharm shares “for suspected or confirmed manipulation”.

    However, another member of the TradeKing Community commented, “Strange...placed test orders for DDSS with Ameritrade, ThinkOrSwim, Fidelity - no messages.”

    Finally, I sent an email to Labopharm, describing TradeKing’s claim about manipulation of Labopharm stock. Labopharm responded:

    This came to our attention a few weeks ago, we looked into it with the help of NASDAQ. We are not aware of any manipulation of our shares nor is NASDAQ. We also have not been informed of any investigation on behalf of any regulatory body related to the manipulation of our shares.

    Regards,

    Jason Hogan
    Labopharm Investor Relations


    Clearly, somebody is trying to make it inconvenient for me to trade Labopharm shares online at TradeKing.


    Problem #4

    After I first opened my accounts, somebody at TradeKing would make random changes to my postal address in TradeKing’s records.

    Then, TradeKing would attempt to send a letter to me. The postal service would return the letter to TradeKing as “not deliverable”. In response, without notifying me, TradeKing would block my accounts until I complained.

    Here’s an excerpt from the final email message that I received from TradeKing:

    Dear Mr. Bowyer,

    This email is in response to your recent message sent to our Service email inbox. Thank you for your patience in awaiting this response.

    I reviewed the account and we have now updated the address based on your instructions below. It appears as though we had the address line transposed.

    Thanks
    Dave Dusseault

    David Dusseault | Director, Brokerage Operations
    ddusseault@tradeking.com
    Office – 877-495-5464
    Fax 561-988-0131
    5455 N. Federal Highway, Suite E, Boca Raton, FL 33487


    Again, somebody was trying to inconvenience my online trading at TradeKing.


    Who would want to inconvenience me?

    Well, I previously worked for a “group” that is responsible for many international financial scandals. After I quit, the group was not happy, and they have been making problems for my family ever since.


    If you have any questions, please feel free to contact me by email.

    Jeffrey W. Bowyer (an American citizen)
    jbowyer@seznam.cz
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