For those of you shopping around for a new stock broker, there’s some good news I’d like to share. Not only are the investment markets performing better lately, but there have also been some attractive promotions that a handful of our favorite online stock brokers have decided to offer to new account holders. Here’s a quick list of ongoing offers and promotions I’m familiar with. Some of them are only available for a limited time, so you may want to check them out before they expire.
Online Stock Trading Promotions From Top Brokers
1. TradeKing’s $100 cash bonus promotion is currently ongoing. This promo is good for a limited amount of time (the month of August 2011). Note that TradeKing usually has this promotion each year — where, to be eligible for the bonus — you’ll have to fund your account with $2,500 and make your first three trades. After meeting these requirements, you’ll get the money deposited into your account.
What are some of the benefits of having TradeKing as your broker?
- Flat, very low cost stock trading fees of $4.95 a trade.
- Transfer fees are reimbursed up to $150.
- Referral program that gives you $50 for each new customer you refer (to TradeKing).
- Award winning broker for top customer service, trading tools and social media features.
2. optionsXpress will give new customers $100 cash for opening a new account with them. This is only good for a limited time. You’ll have to fund your account with at least $500 on or before December 31, 2011 and execute at least 3 trades within 12 months of account open in order to be eligible. You’ll then receive $100 in your new account within one month of fulfilling these requirements. optionsXpress ordinarily charges between $9.95 to $14.95 per stock trade depending on the number of shares you trade. They also offer competitive rates for options and futures trading.
3. OptionsHouse is giving away 100 commission free trades for all new accounts. Ordinarily, this broker’s stock trades are at $3.95 a transaction, one of the cheapest rates you’ll find in the industry. Also, you can receive a reimbursement that’s worth up to a $100 if you switch your broker account to OptionsHouse (although you may have to inquire whether this rebate can be used in conjunction with their ongoing free trades promotion).
Aside from the very low trading commissions, OptionsHouse has also been acknowledged as a top broker by Barron’s, in their 2009 Online Broker Survey. The recognition that this brokerage house received was for “Trading Experience”. They’ve also got a virtual trading environment for those who are interested in learning how to trade and invest in the stock market without having to risk any money in the process.
4. E*Trade also offers up to 100 commission-free trades for new investors who open new Power E*Trade or IRA accounts. You’re required to deposit at least $1,000 to be eligible for the free trades. It works as follows: for each trade you make within 30 days of account open, you’ll initially be charged a $9.99 commission fee. But within 8 weeks of qualifying for the free trades, you’ll be credited back the charges you’ve paid, minus options contract fees.
Pricing for E*Trade is on the higher side, ranging from $7.99 to $12.99 per trade based on the number of trades you make per quarter. But you’ll get what you pay for since ETrade has been recognized as the best discount broker by Smart Money for three years in a row, and has also scored very well in other broker surveys. Their tools, mobile trading platform, trading environment and investment resources give them the extra edge over their competition.
5. What’s great about Zecco is that they give you free stock trades on an ongoing basis. As a permanent feature of being a Zecco customer, you can qualify for 10 free stock trades each month if you keep at least $25,000 in your investment account OR if you trade frequently (and make at least 25 trades per month). If you don’t qualify for the free trades, the regular cost at Zecco is a cheap $4.50 per trade.
Zecco also has a few features you are not likely to find in many other online stock brokers. Here are a few extras they offer beyond the standard trading tools and features:
- An online community of investors and traders who readily share information.
- A virtual trading environment called Zecco Zimulator where you can trade without risking your funds.
- A Forex trading platform.
There are some other notable online brokers out there, but if you’re looking for some good reasons to sway your decision about joining a particular brokerage, then hopefully some of these broker promotions and features may provide you with just the motivation you need.
Copyright © 2009 The Digerati Life. All Rights Reserved.