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Glen Bradford
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Glen Bradford, MBA is the CEO of ARM Holdings LLC; a Hedge Fund Advisory Company and emphasizes risk averse investing. His lifelong goal is to empower success. Glen is NOT an investment advisor. Never let school interfere with your education. Make uncertainty work for you. Likes: Autotelic,... More
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  • I'm Stuck in E*Trade Land 9 comments
    Jun 28, 2009 3:40 PM | about stocks: FITB, ETFC, BAC


    The purpose of this article is to outline my quest for the cheapest broker that lets me “do what I want” with the least amount of hassle and how the real hassle is always behind the scenes. I’ll also outline the public companies from the perspective as an investor.

     I currently can trade with Firsttrade, Schwab (NYSE:SCHW), Ameritrade (NASDAQ:AMTD), E*Trade (NASDAQ:ETFC), Merrill Lynch (NYSE:BAC), and I have checking accounts with Fifth Third (NASDAQ:FITB), and a savings account at Bank of America (BAC). So, what’s the scoop and why am I writing this article? I’ve been setting up a new E*Trade account for the past month and my patience is wearing thin. Why did I choose to open another account with E*Trade?

    Merrill Lynch (BAC) won’t let me buy stocks less than $1. This is to protect me from myself, I suppose. But what happens when a company that you value over $10 goes below $1? Odds are you’d like to buy more and now your left buying it at a higher price of at least $1, whenever it surfaces back above that waterline. All for $29.95 a trade. What a great deal! Not.

    Ameritrade (AMTD) has the best interface and is honestly in my opinion the best, except for that it won’t let me buy certain penny stocks because it doesn’t like the transfer agent. I fought Ameritrade on this a little bit, because if they would simply let me buy the companies that I want to buy, I’d push all my accounts to them.

    Firsttrade also won't let me buy all the securities that I want to buy. It is also in my opinion "less pretty" than Ameritrade.

    Schwab lets me buy pretty much anything I want, but Schwab has proven to be a little more hands on than what I’d like them to be. I got a margin call on a $30,000 account that was over half marginable securities and we were sitting on about $1,000 of margin. That’s pretty ridiculous. Also, Schwab is more expensive than E*Trade.

    So, here I am, setting up another account with E*Trade (ETFC) because I know it will be the most flexible once I get it going. I’ve been trying to set up this account for over a month now and have made a frustration timeline that you can see below. I’m still in limbo and haven’t received a phone call from E*Trade. I’ve had to take the initiative to call them up and follow up as to where exactly the money I sent them is. They still aren’t sure, so there is roughly $115,000.00 floating out there in E*Trade land.



    Alright, how do these companies stack up as far as investments go? I would say that Schwab (SCHW) and Ameritrade (AMTD) are reasonably priced. Bank of America and Merrill (BAC) still appear to have over 100% upside potential within the next year and so does Fifth Third (FITB).

    Lastly, I’ll note that I’ve been asked by a couple Fifth Third employees what I would consider investing in. I asked them if they had ever considered buying Fifth Third (FITB).

    Disclosure: Glen and his investors own FITB and BAC.


    Stocks: FITB, ETFC, BAC
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Comments (9)
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  • Glen Bradford
    , contributor
    Comments (717) | Send Message
    Author’s reply » I have a couple suggestions for E*Trade that I wanted to write, just not in the article itself:


    1. Set up an email that I can email pictures to. Faxes are black and white still and are significantly lower quality than email. Also, based on my conversations with E*Trade employees, it sounds like most of the paper faxes are actually paperless and you're dealing with digital copies anyway.
    2. Don't send potential clients outdated paperwork.
    3. Call or at least send a confirmation Email to people when they open up a new account or send in a check over $100,000.
    28 Jun 2009, 04:06 PM Reply Like
  • Paul Price
    , contributor
    Comments (1514) | Send Message
    Try InteractiveBrokers and TradeStation,


    $1 minimums on stock trades will buy you 200 shares at IB.


    Very low margin rates and huge flexibility to trade.
    28 Jun 2009, 09:58 PM Reply Like
  • Benjamin J. Garber
    , contributor
    Comments (15) | Send Message

    29 Jun 2009, 10:27 AM Reply Like
  • Glen Bradford
    , contributor
    Comments (717) | Send Message
    Author’s reply » I am avoiding those types of structures because I tend to put in orders buying somewhere around 200,000 shares at a time


    interactive brokers charges:
    USD 0.005(1)
    per share


    thinkorswim charges per share over 5000 shares.


    so thinkorswim looks too expensive, tradestation is the same thing "up to 5000 shares no additional charge, $.005 per share thereafter." and interactive brokers is too expensive as well.
    29 Jun 2009, 12:09 PM Reply Like
  • Glen Bradford
    , contributor
    Comments (717) | Send Message
    Author’s reply » Etrade found the $110,000 this morning, now just need to figure out where the other $5000 is.
    29 Jun 2009, 12:19 PM Reply Like
  • Glen Bradford
    , contributor
    Comments (717) | Send Message
    Author’s reply » E*Trade returned my $5000 check to .... some guy, who claims to have torn it up.


    We'll see. Good job E*Trade.
    8 Jul 2009, 05:24 PM Reply Like
  • Karl Glazier
    , contributor
    Comments (117) | Send Message
    Try, they let you trade anything over the web and charge a $2.50 flat commission and have extremely low margin rates.
    17 Jul 2009, 01:36 PM Reply Like
  • OlegfromWA
    , contributor
    Comments (2) | Send Message
    About BAC, what is the worth case scenario and the best in 2 month?
    5 Aug 2009, 04:08 PM Reply Like
  • CoolWatch
    , contributor
    Comments (399) | Send Message
    How about ScotTrade? Is it a reliable?
    21 Sep 2009, 11:40 AM Reply Like
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