I was looking for a cheap alternative to Etrade and came across http://www.just2trade.com/ Its not the fastest in the world but appears to be a low cost alternative to Etrade, Ameritrade etc. I primarily want to use if for buying ETF´s preferred etc at $2.50 a trade. The money market rates are also far better than Etrade. Does anyone have any experience with them? Bruce
Debit or credit margin rates, interest expenses, money market rates, phone customer service hold time, commissions, monthly/activity fees, etc. seem to be far better than E-trade's. E-trade has 2 seconds execution guarantee for certain stocks for certain number of shares. Just2trade averages 1.6 seconds for S&P500. You get 250 checks free if you choose to apply for money market sweep account for your idle cash. Both of them has ACH. However, I think there is a fee to have a debit card. You might want to call both of them to find out who gives more value for you. Even with $2.5/trade, it may not be as cheap as IB unless you trade at least 500 shares at a time on average.
Should be very straight forward to open a regular account online and then fax the required documents. It might be a good idea to call them if it actually takes more time than most other brokers take to approve your application nowadays.
I have been using lowtrade/just2trade for about 3 years. I am happy with it. Since I openned the acount with them, I shifted my trading activities from iZone, IB etc to there.
Their order routing report makes for interesting reading. Forexample, for the quarter ending Mar 31, 2007, it seems that 78% of smart routed orders for NYSE stocks went to Lehman Brothers. Compare this to IB where 95% of such orders went to NYSE. Hmmmm ....
had some problems with forums w/e. I sent my stuff by fax but they wanted me to resend something, if they didnt make me resend i think the process wouldve been quicker. now i just have ot fund the account test those 1.6 second executions
They have received my documents and now I await fund transfer. The other problem is the J2Trader it keeps dropping my connection. I guess its my firewall so I have asked for port numbers so I can add them to my exceptions.