15 years ago! That is awesome!! OMG 15 years ago Smith Barney got 50 clams on each end of a trade if not more. Discount brokers still charged $14.99 or more. Crazy we are now at ZERO!! Hell, options were very expensive 15 years ago now most of us have no base fee and a tiny cost per contract. Slippage and commission complaints should be followed by laughter from now on. Welcome back... the water is fine!
I remember back in the late 90s when I was looking for a broker, one of the "must haves" was real time balance updating. Apparently most brokers back then only updated your balance once per day, so if you made multiple trades per day, you had no clue how much was exactly in your account until the next morning.
That must be after the dot.com bubble (??). If I remember correctly, Datek offered $9.99 a trade in the late 90s, which was considered at the time the lowest. Other established "discount" brokers like Charles Schwab was charging $35 per trade. The "regular" brokers like TD Waterhouse (now TD Ameritrade) charged like $50 per trade. It was absolutely insane by today's standard. But, as a trader/investor, you had no other choice.
Oops, I stand corrected. Here's a review of online brokers circa March 2000 with the breakdown of commissions. https://money.cnn.com/2000/03/16/investing/q_brokerguide/ Code: 1. Charles Schwab Extended-hours trading: 4:15 p.m. to 8 p.m. ET ECN: REDIBook Rates: $29.95 for market and limit orders; discount at 31st trade Minimum deposit: $5,000, $20,000 or four trades a year to avoid fees Mutual funds: $0 for Schwab OneSource funds, $35 minimum for other no-load funds, $0 extra for load funds Options: $35 minimum Bonds: $35 minimum Branch network: Yes Web site: www.schwab.com Target customer: long-term investor looking for broad range of tools and investments, who wants help occasionally. 2. E*Trade Extended-hours trading: 4:05 p.m. to 6:30 p.m. ET ECN: Instinet Rates: $14.95 listed-stock market orders, $19.95 limit orders and Nasdaq market orders; discount at 30th trade Minimum deposit: $1,000 Mutual funds: $0 for E*Trade funds, $24.95 for no-load funds with a transaction fee, $0 extra for load funds Options: $29 minimum Bonds: $40 for fewer than 20 Treasury bills or 10 agency or municipal bonds, $0 for more than 20 T-bills or 10 agency or muni bonds Branch network: No Web site: www.etrade.com Target customer: self-directed investor who likes being on the cutting edge, wants extras like banking through broker. 3. TD Waterhouse Extended-hours trading: 4:30 p.m. to 7 p.m. ET ECN: REDIBook Rates: $12 for market and limit orders Minimum deposit: $1,000 Mutual funds: $24 for no-load funds, $0 extra for load funds Options: $28.13 minimum Bonds: $35 minimum for corporate bonds, commission varies for other bonds Branch network: Yes Web site: www.waterhouse.com Target customer: long-term investor looking for cheaper discount trades but wants a broad range of services and a branch network. 4. Datek Online Extended-hours trading: 8 a.m. to 9:30 a.m. and 4 p.m. to 8 p.m. ET ECN: Island ECN Rates: $9.99 for market and limit orders Minimum deposit: $2,000 Mutual funds: $9.99 for no-load funds, $0 extra for load funds Options: No Bonds: No Branch network: No Web site: www.datek.com Target customer: active investor who wants fast trades, innovative technology, likes to be cutting-edge. 5. Fidelity Extended-hours trading: 8 a.m. to 9:15 a.m. (starts April), 4:30 p.m. to 8 p.m. ET ECN: REDIBook Rates: $25 market order, $30 limit order, discount at 12th trade Minimum deposit: $5,000 Mutual funds: $0 for FundsNetwork funds with no transaction fee, $75 for no-load funds with a transaction fee, $0 extra for load funds Options: $27 minimum Bonds: $36 and $4 per bond for up to 25 corporate bonds, $3 per bond for 26th or more Branch network: Yes Web site: www.fidelity.com Target customer: long-term investor looking for broad range of tools and investments, particularly mutual funds, and wants a branch network. 6. Ameritrade Extended-hours trading: 4:15 p.m. to 6:30 p.m. ET ECN: Island ECN, MarketXT, through Knight/Trimark, Chicago Stock Exchange Rates: $8 market orders, $13 limit orders Minimum deposit: $500 Mutual funds: $18 for no-load funds, $0 extra for load funds Options: $29 minimum Bonds: By phone only Branch network: No Web site: www.ameritrade.com Target customer: investor looking to move part of portfolio online and wants cheap trades, simple site. 7. Brown & Co. (Chase Manhattan) Extended-hours trading: No ECN: NexTrade Rates: $5 market orders, $10 limit orders Minimum deposit: $15,000 Mutual funds: $19 for no-load funds, $0 extra for load funds Options: $25 minimum Bonds: $30 minimum, $50 minimum for Treasury bills Branch network: Yes Web site: www.brownco.com Target customer: sophisticated, higher-net-worth investor looking for very cheap trades and simple site. 8. DLJ Direct (Donaldson Lufkin & Jenrette) Extended-hours trading: 8 a.m. to 9:15 a.m. and 4:15 p.m. to 7 p.m. ET ECN: REDIBook Rates: $20 market and limit orders Minimum deposit: No minimum Mutual funds: $35 for no-load funds, $0 extra for load funds Options: $35 plus $1.75 per contract Bonds: $45 minimum Branch network: No, but parent has 14 offices Web site: www.dljdirect.com Target customer: higher net worth investor looking for full-service brokerage, without the broker. 9. ScoTTrade (Scottsdale Securities) Extended-hours trading: 4:30 p.m. to 6:30 p.m. ET (commission-free) ECN: through market maker Knight/Trimark Rates: $7 market orders, $12 limit orders Minimum deposit: $500 Mutual funds: $17 for no-load funds, $0 extra to buy load funds Options: $20 and $1.60 per contract Bonds: No Branch network: Yes Web site: www.scottrade.com Target customer: investor looking for cheap trades, a fast, simple site and a branch network. 10. CyBerBroker (being bought by Schwab) Extended-hours trading: 8 a.m. to 9:30 a.m. and 4 p.m. to 8 p.m. ET ECN: All ECNs Rates: $14.95 for market and limit orders, plus exchange fees Minimum deposit: $10,000 Mutual funds: No Options: $19.95 minimum Bonds: No Branch network: No Web site: www.cybercorp.com Target customer: Active trader, day trader, full-time investor.
funny thing... nobody wanted to give their services away back then. Now... everyone just wants your money. I'll take today for 1000 dollars Alex.