Muriel Siebert Review: Commissions, Fees, and Minimum Deposit
|Stocks and ETFs|| $14.95 per trade for up to 1,000 equity shares|
|Stocks and ETFs phone orders|| $29.95 for market or limit orders up to 1,000 shares (2 cents per share for each additional share over 1,000)|
|Mutual funds|| $35|
|Corporate Bonds|| 100 bonds or more - $2.50 per bond, from 50-99 bonds - $3 per bond, up to 49 bonds - $3.50 per bond; $35 minimum commission for listed corporate bonds|
|Foreign securities|| $75 + commission|
|Investments|| stocks, bonds, mutual funds, options, ETFs|
|Muriel Siebert minimum deposit to open account|| $0|
|Fees||Muriel Siebert fees|
Who is Muriel Siebert?
The brokerage firm got its name from its founder, Ms. Muriel Siebert. Known as the "The First Woman of Finance", Ms Siebert was
the face of the company. The President of Siebert Financial Corporation, she has been inducted into the American
"Business Hall of Fame". She also was the first woman to work in the New York Stock Exchange as a member, and her company was
the only female-owned investment firm on the NYSE.
Siebertnet.com Website/Trading Platform/Tools Review
Muriel Siebert trading tools are adequate but nothing more: they do all the basic stuff well, but lack the sophistication,
customization and wealth of features offered by majority of other discount online brokers. The firm does not provide the
advanced trading platform. There are also no powerful stock screening and charting tools which is widely considered imperative for
Muriel Siebert offers mobile app for iPhone and Android smartphones that allows users to access their account and trade stocks, ETFs, options and mutual funds.
Customers also get quotes and news, and can check balances, positions, order status and history as well as create watch lists.
Muriel Siebert Review: Pros
- Good customer service
- Free DRIPs (dividend reinvestment plans)
Muriel Siebert Review: Cons
- The company is put up for sale - there is uncertainty about its future
- Extremely high commissions on all investment products
- 1.5 cents per share surcharge for each additional share over 1,000
- $30 annual fee for IRA accounts with a balance under $10,000
- $25 inactivity fee for non-retirement accounts where total household balances are under $25,000
- Website design is outdated and not intuitive
Muriel Siebert Review Summary
Muriel Siebert & Co., Inc levies some of the highest trading commissions on all investment products among the online brokers we have reviewed.
Its pricing, website (Siebertnet.com) and trading tools design are more reminiscent of 1999 than 2016. The company seems to be stuck in the
past, not realizing that the industry has moved on.
Muriel Siebert brokerage has very good customer service, and provides clients with access to third-party independent investment research.
The firm seems to be targeting more affluent investors, but in the selection and the quality of services offered it fell badly behind when
compared to most of its competitors such as Scottrade or
The company doesn't impose surcharges for penny stocks or extended hours trading. But it does have the highest surcharge
of all brokerage firms on large orders - 1.5 cents per share for each additional share over 1,000. For a firm apparently aimed at the
affluent investor, penalizing large stock purchases in this manner is rather odd.
It's obvious, the company has hard time competing and attracting new customers in the fast and dynamic world of online investing. We
think it will be bought up by a more successful brokerage firm. There was an article in March of 2014 on Bloomberg that mentioned that
this option is already on the table -
read it here.
Muriel Siebert was rated Most Expensive among brokerage firms for frequent traders by Barron's magazine. Because of the unusually high
commissions, outdated website and tools, and uncertainty about the future of the company, we can't recommend Muriel Siebert for any type
of an investor. There are other online brokerage houses that offer more services to their
clients without charging so much in commissions and fees.
None right now.
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