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anthony_lvnv | Is it worth making a very small investment with these fees? |
My bank offers an investment account with no maintenance fees, but I have to pay 10$ for purchasing a stock, and $10 for seliing it.. It seems a bit much, but even though they allow you to keep an investment account with no minimum does this justify these charges??
https://www.baisidirect.com/Static/SelfDirected/Commissions/commissions.html
For the record.. Im trying to invest in a stock that is selling for 20$. I have high hopes for this stock. But with 10$ both ways, im bascially starting at 0.00. |
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Brendan Prewitt
|
A couple quick thoughts, Scottrade offers $7 trades, I have included the link below, they do not have any maintenance fees, however, like all other brokerages, their minimum account balance is $500. Therefore, you may want to consider waiting until you have $500 or so, and buy 25 shares at $20, as a $7 commission fee then only represents 1.4%, meaning both purchase and sale commission fees would be recovered at a return of only 2.8%, which is much more feasible than the 60% return you would need to earn just to break-even on one share. Good luck getting started!
Just some thoughts, I hope they help some. |
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General Custer
 |
You may find somewhat cheaper charges elsewhere, but $10 per trade is reasonable. |
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Common Sense
 |
A basic rule for experianced investors is;
Never use a bank or insurance company for investment products.
Check out;
http://www.fool.com/DRIPPort/WhatAreDRIP...
http://www.dripadvice.com/all_plans.html
http://www.cibcmellon.com/Contents/en_CA...
https://www.stockbny.com/UI/AboutDetail....
http://www.dripcentral.com/directory/age...
http://www.dripinvestor.com/bookshelf/in...
http://www.dripinvestor.com/index.asp
These copmanies may not be the one you want...... but it's a great alternative that's very cheap. |
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Kay
 |
$10 fee is average fee scale for discount brokerage companies. You would be better off opening Roth IRA account or savings account, put money in the account regularly (automatic debit certain amount to your checking and deposit into IRA account at discount brokerage company; ie. Charles Schwab or TD Ameritrade. When you have accumulated about $5,000 (minimum), you can begin to invest in stocks. It would be ridiculous to buy 1 stock and pay $10 fee. Generally, stocks are purchased minimum of 100 shares. Any shares less than 100 are consider "odd lot." I maintain Roth IRA at brokerage and buy stocks, mutual funds and bonds with the money I saved in the account.
Another option is open a savings account and bring the balance preferably to $10,000. You then can invest in stocks (no more than 5 different companies) in a more meaningful way using the savings.
So, start saving. |
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JohnGalt
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You want to keep commissions and other costs less than 1% of your overall investment. So a $20 stock is not the issue, how many shares you can buy is the issue. To be a stock investor, you should have at least $20k so you can buy %3-4k in at least 5 stocks. If your capital is less than that, stick with mutual funds. |
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Shaun R
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That sounds about right but keep in mind that price isn't per share.
.If you buy 100 shares of stock it will cost you $2000 to buy it plus a $10 brokerage fee.
Now if you are only one share $10 stocks that is a different story. I would recommend saving up some money before you do. |
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