On line trade account?
KUCH
Posts: 1,186
I wish to open an on-line trade account, with Direct Registration and Paper Certificates in my possesion. Scot Tade is the only on line "broker" I can recall. Would appreciate any other suggestions? 
0
Comments
I do the paper markets. The only advantage that I see for paper is the ease and quickness of getting rid of it.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
If a person is primarily interested in ETFs (exchange traded funds) TDAmeritrade has a list of about 100 ETFs that are commission free. Other brokers have a shorter list of company run commission free ETFs. Some long term investors like WellsFargo. There are some hoops involved, but with an account above a certain size (I think it is $25k) that gets 100 free trades a year. For a long term investor that is plenty. For more active traders with $50k or more Interactive Brokers offers $1 commissions. Beware that the IB account application procedure involves a credit check which makes it much more intrusive than opening an account at most other brokers.
Some folks like having a local office, just in case there are paperwork problems, or other issues where face-to-face is more user friendly than a remote office or online chat support.
FYI: Be careful about online reviews. Some brokers actively pay bloggers or others to recommend them, and then give the blogger or poster a kickback when people sign up through a hotlink. Some bloggers are open about their hotlinks, some are not. That's one reason I don't always link in my own blog. For brokerage sites, or pay sites, if there is no active link and a person has to use a search engine to find a site, the reader can be sure that there is no kickback to me.
For those that like getting a "free toaster" there are promotions from time to time. A person might get a cash bonus for opening a new account, or transferring from somewhere else. Do a search for current promotions and compare.
Ditto the comments about holding paper certificates. Paper certificates if available make it that much harder to do anything. In case of a financial emergency, or untimely death, paper certificates make it that much difficult to get money out, upping the cost and time involved.
Who Really Owns Your Gold Stocks?
http://www.resourceinvestor.com/News/2012/1/Pages/Who-Really-Owns-Your-Gold-Stocks.aspx
As the price trend continuous upward there will eventually be risk throughout all types of PMs. My point is: Even holding physical will not be risk free. While you are sure your silver maples are authentic, your potential buyers may not be so sure.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>A few more publicized counterfeit bars and coins and you will also be asking why stack at all? We are now seeing counterfeit silver maples - how long before we see it with American Eagles? As the price trend continuous upward there will eventually be risk throughout all types of PMs. My point is: Even holding physical will not be risk free. While you are sure your silver maples are authentic, your potential buyers may not be so sure. >>
Hmmm, makes slabbed PCGS and NGC MS63-65 Saints sound better every day. The more layers between the you and the counterfeiters, the better.
When choosing your broker make sure to look at rehypothecation/market risk. You don't want to be part of the next belly up commodities or security brokerage.
It's just as important to know who their clearing facility is because if their banker goes down, they go down. Any decent sized brokerage would have on-line trading
facilities, some better than others. Of course if you get away from the very low fee internet-only brokers the trading fees tend to go up...but then again so might your safety net.
I'm ok with $6 to $10 trades if I know my broker is going to be remain afloat when the system is next stressed.
I have been very pleased with Schwab.
No muss, no fuss, excellent research functions, low commissions, nice easy interface. I could go on.
I do not take possession of certificates, for many of the reasons previously mentioned.
Barret Capital Management accused of using client cash for its own purposes
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey