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Pay-per-share brokers

Online brokers with lowest pay-per-share commissions stock trading


Discount pay-per-share stock brokers: list of online brokerage companies offering the lowest pay-per-share trading commissions costs plans in 2014.




TradeStation review 2014


TradeStation Pay-Per-Share Commissions


InvestmentsCommissions
Stocks and ETFs flat-rate plan 1 to 9 trades/month - $9.99/trade; 10 to 29 - $7.99/trade; 30 - 99 - $6.99/trade; 100 - 199 - $5.99/trade; 200 or more - $4.99/trade
Stocks and ETFs per-share plan first 500 shares $0.01 per share, $0.006 per share thereafter, $1 minimum per trade
Options $1 per contract with no ticket charge, or $4.99 per trade + $0.20 per contract
Futures 25¢ - $1.20 per side, per contract + exchange, regulatory & overnight fees
Mutual funds $14.95
Bonds $14.95 + $5 per bond
OTCBB $9.99 (100,000 share position maximum)
Pink Sheet Stocks $9.99 (100,000 share position maximum)

Investments stocks, options, mutual funds, bonds, futures, T-Bills, OTCBB, Pink Sheet Stocks, Forex, ETFs
Tradestation minimum deposit to open account $5,000 for non-daytraders, futures and forex accounts, $5,500 for futures and forex IRA accounts, and $30,000 for daytraders
FeesTradestation fees

TradeStation Pros

  • Great direct-access platform
  • Trading modeling functionality
  • Rich selection of investment products
  • Active online user community

TradeStation Cons

  • $99.95 fee if not traded at least 5,000 shares in previous month (or 50 options contracts a month; or 10 round-turn futures or futures option contracts; or 50 round-turn single stock futures). Excluded are also accounts with $100,000 balance
  • High stock and ETF commissions for those who don't trade a lot
  • Lots of fees for market data
  • Direct routing up to 1,000 shares is no additional charge, $0.004 per share thereafter
  • $35 annual IRA fee
  • Steep learning curve: trading platform is too complicated for beginner investors
  • Poor research amenities
  • Excluding the first 10 free cancels, if the total number of cancels is more than the total number of contracts executed per day, per account, there is a $1.00 options cancelation charge per each cancel that is over and above the number of contracts executed
  • Minimum amount to open account is high: $5,000 for non-daytraders and $30,000 for daytraders

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TradeStation Review





Interactive Brokers review 2014


Interactive Brokers Pay-Per-Share Commissions


ProductPrice
Stocks and ETFs $0.005 per share with $1 minimum per trade for SMART routed orders
Options $0.70 per contract if Premium => $0.10; $0.50 per contract if $0.05 =< Premium < USD 0.10; $0.25 per contract if Premium < $0.05 + exchange fees
Mutual funds $14.95 (minimum size on initial fund order is $3,000, subsequent minimum order size is $100)
Corporate and Municipal Bonds0.1%* Face Value (10 bps) if <= $10,000 Face Value; 0.025%* Face Value (2.5 bps) if > $10,000 Face Value
Treasuries (Bills, Notes, Bonds)0.025%* Face Value (2.5 bps) if <= $10,000 Face Value; 0.005%* Face Value (0.5 bps) if > $10,000 Face Value; $5 minimum
Metals0.15 basis point * Trade Value; minimum $2; storage cost 0.10 % per annum
Forex0.20 basis point * Trade Value if <= $1,000,000,000; minimum $2
US SSFs$0.30 if <= 20,000 contracts
EFPs$0.50 if < 100 contracts; $0.30 if 100 to 499 contracts;

Investments stocks, options, mutual funds, ETFs, bonds, futures, currency transactions, US SSFs, EFPs, metals
Interactive Brokers\IB minimum deposit to open account $10,000 for non-IRA account, $5,000 for IRA account
FeesInteractive Brokers fees

Interactive Brokers Pros

  • Low stock commissions on orders with 1,000 shares or less
  • Professional trading platform
  • Best margin rates
  • Access to many markets
  • Rich selection of products for trading

Interactive Brokers Cons

  • $10,000 minimum to open most accounts
  • $30 per month minimum commission requirement to avoid $10 monthly fee (rises to $20 monthly if account balance is less than $2,000)
  • $10 monthly for market data feed (waived if trade commissions are more than $30 per month)
  • $7.50 quarterly fee for IRA accounts ($30 per year)
  • Extremely complicated fee structure. Huge number of various fees
  • Fees on modified or canceled orders
  • Trader Workstation is designed for professional traders; it is not intuitive and difficult to learn
  • Expensive to make trades with over 1,600 shares
  • Lots of customer complains about snobby customer service (and yes, we experienced it ourselves)
  • Merciless margin tightening and fast margin calls - IB apparently doesn't care if their customers get completely wiped out
  • Minimum size on initial mutual fund order is $3,000 (subsequent minimum order size is $100). Only no-load funds with no early redemption fee are offered

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Interactive Brokers Review





MBTrading review 2014


Broker Pay-Per-Share Commissions


InvestmentsCommissions
Stocks and ETFs $4.95
OR $0.0075 per share with a $4.95 minimum per trade (proprietary order routing through MBTX system)
Executions on foreign stock exchange $4.95 + 0.01 per share
Options $0.95 per contract (1-10 contracts)
Mutual funds $15 Transaction Fee + $25 Commission
Bonds Corporate/Treasuries $25
Bonds Listed $2 per bond ($25 minimum)
Bonds Allocation $25
Futures $0.45 - $0.85 per contract
Pink Sheets & OTC BB $8.95 per trade, no limit to number of shares
Forex $2.50 per 100,000 traded

Investments stocks, options, mutual funds, Forex, futures, bonds, ETFs
MB Trading minimum deposit to open account $1,000 for cash account, $2,000 for margin, $400 for a Forex, $500 for IRA
FeesMB Trading fees

MB Trading Pros

  • Good commissions on market and limit orders (regular hours only)
  • Excellent trading tools
  • Great customer service
  • No ECN and exchange fees
  • No maintenance, inactivity, or hidden fees

MB Trading Cons

  • Surcharge of $0.005 per share for extended hours and orders executed using the Reserve, Discretionary, or Pegged order types
  • $30 annual fee for IRAs
  • High margin rates
  • $0.01 per share fee to exercise options contracts
  • Very long and privacy-intrusive new account opening process

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MB Trading Review
This article was updated on 5/1/2014.



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