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 2015.




TradeStation review 2015


TradeStation Pay-Per-Share Commissions


InvestmentsCommissions
Stocks and ETFs flat-rate plan $9.99 (1 to 9 trades/month); $7.99 (10 to 29 trades/month); $6.99 (30 to 99 trades/month); $5.99 (100 to 199 trades/month); $4.99 (200 or more)
Stocks and ETFs per-share plan $0.01 per share first 500 shares, $0.006 per share after that
Options per contract plan $1.00, no base or ticket charge, market or limit orders
Options per trade plan $9.99 + $0.70 per contract (1 to 9 trades/month); $7.99 + $0.50 per contract (10 to 29 trades/month); $6.99 + $0.40 per contract (30 to 99 trades/month); $5.99 + $0.30 per contract (100 to 199 trades/month); $4.99 + $0.20 per contract (200 or more)
Futures $0.25 - $1.20 per side, per contract + exchange, regulatory & overnight fees
Mutual funds $14.95
Bonds $14.95 + $5 per bond
Forexcommission-free with tight spreads and fractional pips
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

  • Low commissions for active traders
  • Great direct-access platform
  • Best charting package
  • Trading modeling functionality
  • Rich selection of investment products
  • Active online trader community
  • Good mutual funds pricing at $15 per transaction

TradeStation Cons

  • $99.95 monthly 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). Fee also doesn't apply for accounts with $100,000+ balance
  • High stock and ETF commissions for those who don't trade a lot
  • Direct routing up to 1,000 shares is no additional charge, $0.004 per share thereafter
  • $35 annual IRA fee
  • Steep learning curve to master the trading platform
  • Only about 100 mutual funds available
  • 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 2015


Interactive Brokers Pay-Per-Share Commissions


ProductPrice
Stocks and ETFs $0.005 per share with $1 minimum, 0.5% of trade value maximum 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. Minimum $1 per order.
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 (Trader WorkStation)
  • 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; waived for $100,000+ accounts)
  • $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
  • Technical problems with trading platforms

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Interactive Brokers Review





MBTrading review 2015


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), $0.60 per contract (11-100 contracts), $0.35 per contract (101-249 contracts)
Mutual funds $9.95
Bonds Corporate/Listed 1 per bond ($10 minimum, $250 maximum charge)
Bond Treasuries free
Bonds Allocation $25
Pink Sheets & OTC BB $4.95 per trade + $0.01 per share, Maximum charge of 5% of principal value
Futures $0.85 per contract (1-250 contracts), $0.65 per contract (251-2000 contracts), $0.55 per contract (2001+ contracts)
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 maintenance or inactivity fees

MB Trading Cons

  • Surcharge of $0.005 per share for each share over the first 5,000, on extended hours trades, and orders executed using the Reserve, Discretionary, or Pegged order types
  • Stocks priced less than $1.00: $4.95 per trade + $0.01 per share, Maximum charge of 5% of principal value
  • $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



Placetrade review


PlaceTrade Pay-Per-Share Commissions


InvestmentsCommissions
Stock sand ETFs $0.01 per share, $1.50 minimum + exchange fees
Options commission $0.75 per contract, $1.50 minimum + exchange fees
Mutual funds $19.95
Bonds <= $10,000 Face value 0.15% trade value, $5 minimum
Bonds > $10,000 Face value 0.0375% trade value, $5 minimum

Investments stocks, options, mutual funds, bonds, ETFs
Placetrade minimum deposit to open account $5,000 for traders aged 26+, and $3,000 for IRA accounts and traders between the ages of 21-25

PlaceTrade Pros

  • Low commissions on trades with up to 600 shares
  • Low margin rates
  • Investment advice
  • Access to global markets
  • Powerful trading platform provided by Interactive Brokers
  • Automatic investment program

PlaceTrade Cons

  • $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)
  • Trader Workstation is designed for professional traders; it is not intuitive and difficult to learn
  • Expensive to make trades with over 800 shares
  • Restrictions on the opening of an account: firm requires a minimum initial investment of $5,000 (valued in securities) for traders aged 26 and better; $3,000 for traders between the ages of 21-25 as well as for IRA accounts
  • Limited selection of mutual funds
  • Technical problems with trading platforms

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PlaceTrade Review

This article was updated on 7/23/2015.



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