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 firm derives its name from its founder, Ms. Muriel “Mickie” Siebert. Popularly known as the "The First Woman
of Finance", Ms Siebert was the face of the company. The Chairwoman and President of Siebert Financial
Corporation, she has been inducted into the American "Business Hall of Fame". She was the first woman to step
inside the New York Stock Exchange as a member, and Muriel Siebert & Co. was the only female-owned brokerage
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 many other discount online stock brokers.
The firm also does not offer the advanced stock screening and charting tools that is considered imperative for investment research.
Muriel Siebert Review: Pros
- Very low margin rates: from 0.75% above Broker Call Money Rate for balances with $25,000+, and up to 2% above Broker Call Money Rate for balances under $5,000
- Good customer service
- Free DRIPs (dividend reinvestment plans)
Muriel Siebert Review: Cons
- Extremely high commissions for 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- Website design is outdated and not intuitive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 stock brokers we reviewed.
Its pricing, website (Siebertnet.com) and trading tools design are more reminiscent of
1999 than 2015. The company seems to be stuck in the past, not realizing that the industry has
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 it falls behind in the selection of services offered compared to its competitors
like 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.
One positive thing about the company that really stands out is low margin rates. The rates are some of the lowest in the industry. The company charges just
0.75% above Broker Call Money Rate for balances with $25,000+, and up to 2% above Broker Call Money Rate for balances under $5,000.
The company has hard time competing in fast and dynamic world of online investing. We think it will soon be bought
by a more successful brokerage firm. There was an article in Bloomberg that mentioned that this option is already on the table -
Muriel Siebert was rated Most Expensive among brokerage firms for frequent traders by Barron's magazine.
Because of the unusually high commissions, we can't recommend it for any type of account.
There are much better online brokerage houses,
that offer more to their clients without charging so much in commissions and fees.
None right now.
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