Brokers.
Ron,
I have been an Ameritrade customer since their inception, and was with Aufhauser for about six years before Ameritrade bought them. They had some problems with their web site for the first few months but I haven't had any major problems recently. Of course, it is slow every now and then, but this is definitely an exception and happens so infrequently that I wouldn't even call it a problem. Those are general comments; here are specific answers to your questions.
ease of use:
Ameritrade redesigned their web site a few months ago and it is very well organized, fast, and easy to use. They have separate screens for balance info, equity orders, option orders, fund orders, transaction history, research, order status, and portfolio info. The balance information shows your cash available, margin balance, and buying power (the latter two for margin accounts). They have three tabs on the equity order screen, one for a simple market order, one for a simple limit order, and one that has options such as all or none, do not reduce, etc... You can set up your preferences so that a certain order entry form is selected when you click on equity order. Ameritrade also provides free research including MarketGuide and other data. The order status screen shows the status of all open orders and allows you to change or cancel an order by checking it and pressing the appropriate button. The portfolio screen shows your open positions and the change for the day.
execution speed:
Executions are very fast. Limit orders are almost always displayed on Level I and II immediately if they are between the spread. Ameritrade routes most of their orders through NITE and they also use BRUT on occasion. Market orders are normally filled within a few seconds. Sometimes they have a problem getting fill reports back but most of time the order status screen has updated right after I see my trade cross on my quote screen. They do have a problem with reports on occasion and if I had one complaint with Ameritrade, this is it. Again, this is an exception rather than a rule.
quality of executions:
covered above.
availability of shares to short:
I haven't shorted many stocks but have never had a problem shorting. The only stocks that I can remember shorting are VLSI and PIR and I was able to short both every time. Because Ameritrade is a large company and clears a lot of stock, I imagine it could be easier to find stock to short through them than a smaller firm.
dynamic portfolio balance update:
Yes they do...covered above.
commission structure:
Ameritrade has two types of accounts. One type, which I use, is called a flat rate account. They charge $800 per year and you get 20 trades per month for "free". Trades over the 20 limit cost $8.00 a piece. The 20 trades do not carry over to the next month if you don't use them but I don't think that would be a problem in your case. You can use limit or market orders for the same price and trades can be placed through the web site or the telebroker. They can charge you extra if you call to place a trade with a live broker but they will waive it if the web site is down. The other type of account is $8.00 for market orders and $12.00 for limit orders that are placed through the website. They charge a few dollars more if you use the telebroker and even more if you use a live broker.
Overall level of satisfaction: 9 out of 10
One more thing...Ameritrade offers real time quotes over their automated toll free number. You get a certain number of minutes free for each trade (can't remember how many). I find this useful because I travel frequently and can't always be in front of my computer. Their automated telebroker allows me to get real time quotes and place trades without being near a computer, and for no additional cost.
Good luck looking for a broker...it's hard to switch after being with the same company for a long time.
Dan |
