Each time I look at a new discount broker, the first thing I do is see how it stacks up against some of the best discount brokers I already use. With the new offer from OptionsHouse, I wanted to see how they stack up.
As a benchmark, I always begin my comparison with Scottrade, an account which I’ve had for years, and the place where I regularly open accounts for young family members.
Comparing Total Costs of Discount Brokers
Obviously, cheap trading fees are a big consideration, as are account fees, when evaluating the total cost of a broker. I also look at IRA fees, minimum balance requirements, ETF and mutual fund fees. And of course, any current promotional offers!
When opening a new account, it’s often hard to find all of these fees in one place since each broker prominently markets their best selling point. Compiling all of the fees and account minimums for each discount broker makes it much easier to compare discount brokers across the board.
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