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Strategies & Market Trends : Online Trading - An Oxymoron? (EGRP, AMTD, NBD, DLJ, SCH)
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To: Bob Duncan who wrote (21)1/24/1999 6:03:00 AM
From: JB2  Read Replies (1) of 50
 
If a broker were to assert supremacy and begin charging primo prices for super service, it would be almost impossible to maintain stability and stay on top unless they were to operate like an exclusive mutual fund i.e. "closed end". I think what is happening is like the Yogi Berra phenomenon (where he says "now I know why nobobdy ever goes to this restaurant---it's too crowded"). As soon as a co. gets a rep for good service they get swamped and quality suffers. Also if you go to many of the brokerage sites you'll see employment opportunities, Everybody is looking for technical help. I've even heard of a company offering $5K bonuses to employees who can recruit programmers.
So given these parameters, who do you use? I read Gomez and D. Johnson and thestreet.com's survey and chose thestreet's #1 pick: Datek. Here's what I don't get: they're called "online" and don't have any offices per se, other than their Jersey headquarters, yet after you fill out the application online, they don't accept transfers of funds from banks via the internet. So they're mailing me some paperwork and then want me to mail or wire them a check. Just seems sort of backwards somehow. Also have heard it takes up to a month to get funds dispersed from them. Otherwise they are known for fast (60 second) executions, $10 trades, and free real-time quotes, and no options trading. I don't think they are a public company. Will follow up with more as I get experience with them.
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