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WallStreetE review 2010: expensive commissions, lots of fees and poor customer service
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- Equities: $9.99 per trade plus $0.01 a share.
- Options commission: $15 ticket plus $1.25 a contract. Option contracts start as low as $1 depending
on the volume.
- Bonds: minimum charge is $35.
- Investment products: stocks, options, mutual funds, bonds, ETFs.
- High trading commissions.
- Poor customer service.
- IRA Annual Fee: $30.
- Accommodation Transfer (if excessive) and for inactive accounts: $50.
- ACAT Transfers Out: $150. (wow!)
- Closing of Account: $50.
- Yearly Inactivity Fee: $100.
- Options Exercise & Assignment: $25.00
- Visa Card: Free (annual fee apply - Classic $45 and Premier $75.
- Only 100 free real-time quotes per day.
- Account Minimum: $2,500 minimum to open an account; $10,000 minimum for spread trades; $50,000 minimum
for index options; $2,000 minimum maintenance requirement for equity options plus 100% of the option proceeds
plus 20% of the underlying stock value.
If you like paying fees, overpaying for commissions and don't need customer service then WallStreetE is a
brokerage firm for you! $100 Yearly Inactivity Fee? $150 for ACAT transfers out?
Even full-service brokerage companies that target wealthy investors don't charge that much!
This is one of the only two brokerages that got a rating of 2 stars. WallStreetE has no redeeming qualities.
I don't think this firm is going to survive when competition is that fierce.
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