I am searching for a direct access broker to trade stocks, and would like to know which ones : 1) are reliable 2) utilize a good platform 3) offer margin accounts with reasonable rates 4) give an option to use my own bank account 5) have reasonable trading rates Thanks!
I'm currently using Firstrade. The trading rate's pretty decent at $6.95. I think they have one of the lowest, if not the lowest, margin rates in the industry. Customer service is pretty good and reliable. I'm not exactly sure what you mean by giving you an option to use your own bank.
Firstrade is not a direct access broker. Firstrade's margin rates are not low, starting at 7.75%. IB's margin rates start at 3.50%
Read the broker reviews elsewhere on Elite Trader and see which one best meets your needs based on the input from many people.
Ive checked some of the reviews, but it doesnt seem like any of the brokers are any good for active traders of equities. IB seems to be most talked about, but I havent heard anything good about them yet.
In broker reviews IB has 298 total votes with 77% positive, so how can you say "I havent heard anything good about them yet" ?
All brokers have people that don't like them. If you only go by the negatives you will never have an account with any broker.
Totally agree. IB is great for range of products and generally low rates, and bad for quality charts and customer service. ThinkorSwim is great for customer service, a reasonably good free platform, and reasonable rates if you are a big enough trader to negotiate, but they are bad for range of products and have higher rates for small traders. Either firm is a good choice depending on what you want, but no two traders want the exact same things so you will never find a broker that makes everyone happy.