What Investing Brokers Does Everyone Use?

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thredge

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So I haven't done any investing before in funds or markets, and currently trying to learn what I can. With all the people I see talking about their shares of TSLA, I was wondering what Brokers are being used, and any platforms or if some are still going the real person route.
 

Steve C

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I use BMOIvestorline.

It's $9.95 per trade and have a few tiers with different benifits depending on the tier.

Not sure where you are locating though.
 

thredge

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I'm in the US. Looks like BMO is a Canadian broker then?

I was considering TDAmeritrade. Seen both positive and negative, but the tools looked nice. Have since learned TD Bank is one of the lenders to the Dakota Access pipeline, so that is providing an additional consideration.
 
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MelindaV

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last year I started using Robinhood. All app based and 100% free trades, free adding funds and withdrawing funds without any minimums. (plus, they are 3 miles away from Tesla HQ in Palo Alto!)
 
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Steve C

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I'm in the US. Looks like BMO is a Canadian broker then?

I was considering TDAmeritrade. Seen both positive and negative, but the tools looked nice. Have since learned TD Bank is one of the lenders to the Dakota Access pipeline, so that is providing an additional consideration.

Yes... BMO is Canadian. Excellent broker for us Canadians. ;) Sorry I don't know any in the US
 
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Bobby Garrity

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last year I started using Robinhood. All app based and 100% free trades, free adding funds and withdrawing funds without any minimums. (plus, they are 3 miles away from Tesla HQ in Palo Alto!)

Oh my goodness Melinda. Why didn't you tell me about this sooner? The whole reason I don't buy stock is because the commission erodes all of the profits and then some.

I downloaded it and bought some stock! I can't believe how easy that was! Thank you so much!!!
 
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BigBri

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Yes... BMO is Canadian. Excellent broker for us Canadians. ;) Sorry I don't know any in the US
Pretty sure BMO has a US arm too. I use em too and now that I'm used to it wouldn't want to use anything else. They've been a pretty solid bank too.
 

MelindaV

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Oh my goodness Melinda. Why didn't you tell me about this sooner? The whole reason I don't buy stock is because the commission erodes all of the profits and then some.

I downloaded it and bought some stock! I can't believe how easy that was! Thank you so much!!!
exactly! it doesn't make it silly to buy a single share each day of the week if you wanted. ;)
 

AZ Desert Driver

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I was going to endorse Fidelity. They are now 4.95 commission. I've been using their research tools and occasional chat with an Advisor and have been quite happy
But robinhood? Never heard about the till now. Thanks for that melendav!!
 

garsh

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BTW, I strongly suggest that you only invest in stocks for fun. For actual retirement investments, follow this advice:
  1. Make a will
  2. Pay off your credit cards
  3. Get term life insurance if you have a family to support
  4. Fund your 401k to the maximum
  5. Fund your IRA to the maximum
  6. Buy a house if you want to live in a house and can afford it
  7. Put six months worth of expenses in a money-market account
  8. Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
  9. If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio
For part 8, open a Vanguard account, and put 70% in VTSAX and 30% in VBTLX. These two index funds have much, much lower expense ratios than anything else you can find.
 
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teslaliving

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My Model 3 fund is with Schwab and is just "play" money. Light market timing only on SolarCity (when it existed) and Tesla stock. It's done quite well. I don't trade much and don't need much help. Schwab is well known and works. There are other options that could save a few bucks but for the number of trades it didn't matter for me.

As @garsh said, defintely get yourself in order with the important things before goofing in the market or wasting money on things that don't last forever like cars.
 

MelindaV

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last year I started using Robinhood. All app based and 100% free trades, free adding funds and withdrawing funds without any minimums. (plus, they are 3 miles away from Tesla HQ in Palo Alto!)
Robinhood just started a new signup program that gives you a free share when you add funds to your account. Free stock is randomly selected with a value from $3 up to $150. Check it out if interested...
 

teslaliving

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Robinhood just started a new signup program that gives you a free share when you add funds to your account. Free stock is randomly selected with a value from $3 up to $150. Check it out if interested...
Just be aware that the free trading isn't free. They're selling your activity to machine learning algorithms to make automating trading engines smarter.
 

Jay79

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Vanguard, no fees for Trading and the lowest Expense Ratios in the business for Index Funds,ETF’s etc....
 
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slacker775

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Due to various HSAs, brokerages, 401ks etc, I have Vanguard, Fidelity and TD Waterhouse. I’d say Vanguard has the least ‘sexy’ app for trading detail and all of that, but it def has the lowest fees on everything. In fact, besides the admin expense baked into their ETFs, that’s the only money I’m really giving them.
 

bwilson4web

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When I retired, my 401(k) was held by Vanguard. So it was fairly easy to transfer part of the 401(k) to a Vanguard brokerage account. Online trades are free and executed quickly. They also approved a margin account. Adding and withdraw of money to my bank account is delayed a couple of business days but not a problem.

I've been moving all of my bill payments to Amazon-Chase as this also gives Amazon points to buy "free" stuff. Then I pay off my credit cards each statement. If it looks like I might come up short, I have some cash in brokerage account to pay off the credit card.

Bob Wilson