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Sogotrade vs Merrill Lynch
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Sogotrade vs Merrill Lynch: Commissions, Fees and Investments 2012
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- Stocks and ETFs: $3
- Stocks and ETFs broker assisted: $25
- Options: $5 plus $0.50 per contract
- Options broker assisted: $25 plus $0.50 per contract
- Options exercise/assignment: $15
- No-load mutual funds: $15
- Investment products: stocks, options, mutual funds, ETFs
- Minimum to open Sogotrade account: $500
- All Sogotrade fees
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- Stocks and ETFs: $29.95 for limit orders; $14 market orders
- Options: expensive with complicated structure
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- Investment products: stocks, bonds, mutual funds, options, bills, notes, munis, CDs, corporate bonds, ETFs,
annuities
- Minimum to open Merrill Lynch account: $2,000
- All Merrill Lynch fees
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- Very low commissions
- Fractional shares available with no monthly subscription fee
- No inactivity, maintenance fees (accounts with over $100)
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- Many investment products
- Participation in IPOs, if you have 100K account balance (not guaranteed)
- Free checking account
- Free Visa debit card
- 600 offices nationwide
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- For stocks priced under $1, the online commission is $3 plus 0.5% of the principal value
- Terrible trade executions
- Poor trading platform
- Frequent technical problems
- Very slow new account set up process
- Hard to reach, unresponsive customer service
- $30 annual IRA fee
- Can't short stocks under $3
- Cannot invest in CDs and bonds
- No interest on cash
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- Highest commissions of all stock brokers
- Additional $0.03 per share for orders of over 1,000 shares
- Account maintenance fee: $25/quarter (waived if 25K balance or make 2 trades in 6 months)
- Annual custodial fee of $50 for IRA and ROTH IRA accounts (waived if $20,000 in assets at Merrill Lynch)
- Mutual fund Short-Term redemption fee if held less than 180 days: $50-$250
- Optional Exchange Fee: $30. Mandatory Exchange Fee: $50
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