newbie searching broker

Discussion in 'Retail Brokers' started by tommytoptrader, Feb 18, 2004.

  1. Hello,
    i'm looking for a broker that:
    - accepts I don't earn much
    - accepts a low net worth
    - is cheap for small number of stocks, small number of orders
    I come from europe
    I don't need a direct access.

    Thnk you very much for your replies.
  2. mike2203


    Try Ameritrade.

    - They accept foreigners;
    - Orders are only $10.99 (NASDAQ, NYSE, AMEX, OTCBB);
    - Streaming quotes, charts and other useful tools;
    - Level II (option);
    - Support team is reasonable; and,
    - Execution is good comparing with other discount brokers.
  3. Thank you for your reply, but:

    Yes, Ameritrade LOOKS like accepting foreigners. But if you actually try to apply, there is a bug in the app. On the third page or so, I can't select Germany and many other countries.:confused:

    This is the same with Freetrade, wich belongs to Ameritrade. I asked THEM about it, they said the system for foreign applicants is not ready for use yet, I have to wait an undefined amount of time until they're ready.

    Anyone other suggestions?
    I also know of Saxobank, which is quite good, but I cannot set stoploss orders with equities(!?), and its not as cheap.
    The BIGONES like IB, MB etc require much income and a lot of money... so they opt out for me.
    Something like Freetrade or in this direction would be the best!

  4. A trader once told me they do not verify such things.

    Some even declare less to not share what they feel is private.

    The BIGONES like IB, MB etc require much income and a lot of money... so they opt out for me.
  5. thx, checking OptionXpress.

    Isn't it illegal to give that kind of false information? :cool:
    Even if they don't verify it; would someone who signed an application with faked net worth commit a crime? Or is the worst they could do laying of your account if they find out.

  6. Yes it is, besides it is best for your phsyche to be honest with yourself and others.

    But many American traders do not consider this illegal, they would rather view it as a contrarian quest to squelch an invasion of privacy.

    A broker needs protection, if you were to come back with the cival litigation process we have here in the US.

    Michael B.

  7. luxor



    online trades are a flat $5, market or limit, no share limitation.

    Don't know if you do options, but they're 99 cents/contract, no min.

  8. mike2203


    I am not surpised to hear about Ameritrade bugs. Recently they started restructuring their site and the information is not up-to-date yet.

    Actually I am using Ameritrade only because they have "eaten" Datek.

    I would not recommend you other brokers which I currently use.
    All Direct Access brokers are not suitable for you because of price IMHO.

    European brokers as a rule provide rather poor service for a big money.

    This link may help you to estimate the potential american candidates to choose
  9. mike2203


    BWT, I've just checked the Ameritrade application form:

    Step 1 of 4: It accepts Germany, Netherlands, etc.
    #10     Feb 24, 2004