Online Broker List

Have you ever noticed how hard it is to dig through online broker webpages to find out if they offer the important things that matter to you in a broker? Like Fees, Minimums, Extended Hours and if you can Sell Short? Well I have done the dirty work for you and found this information for you. This is not a complete list of course. I have sent several emails to request more information about some of the brokers listed because their website was unclear to me about what exactly was offered for extended hours and shorting. Please keep in mind that this represents only a small part of what these brokers may offer, so please do your own research when selecting a broker. Also, if I have listed anything that is not correct, please leave a comment and I will correct accordingly. I can't guarantee the accuracy of the list, but this is how I interpreted the information I found.
Broker Fees Account setup and minimums Hours Short Selling
TD Ameritrade

(US)

Flat rate $9.99 commissions on all Internet equity orders with no share limits. No maintenance fee.  A $2,000 minimum deposit is required to be considered for margin and options privileges. 8am - 8pm ET

Exchanges: AMEX, NYSE, NASDAQ

Yes.  $5.00 price minimum for the stock you are shorting.
TD Ameritrade Izone

(US)

Flat rate $5.00 commissions. $5,000 minimum maintained balance 8am - 8pm ET Yes.
E-Trade Financial

(US)

(Canadian Available)

$12.99 per trade with less than $50,000
in assets and 0-29
trades/quarter
$1,000 minimum for cash accounts and $2,000 for margin accounts 8am - 8pm ET

NYSE/AMEX, Nasdaq NMS, SmallCap, OTC Bulletin Board, and Pink Sheet securities.

Yes.
TradeStation

(US)

100 shares for $1.00

500 shares for $5.00

1000 shares for $8.00

First 500 shares, $.01 per share.
Over 500 shares $.006 per share

Non-Day Trading Accounts (an account that has never placed 4 day-trades in a 5 trading day period) must maintain a minimum daily equity balance of at least $5,000. Non-Day Trading Accounts are restricted to 3 opening transactions per day, less the number of day trades made in the preceding 4 trading days.

Annual net income of at least $50,000 and liquid net worth of at least $75,000

At least 2 years of active trading experience

8:00 a.m. ET until 8:00 p.m

The Nasdaq National Market, The Nasdaq SmallCap Market, and listed securities (such as the NYSE and AMEX markets) electronically

TradeStation Securities attempts to provide a robust short sale inventory via direct relationships with lending counterparties, as well as participation in the Loanet sytem.
OptionsXpress

(US)

(Canadian Available)

 

Stock Trader Rate

$9.95 up to 1,000 shares
$.01 / share @ 1,001 shares+ 

To qualify for stock trader rate customers must make 9 or more trades within a quarter.

Standard Stock Rate

$14.95 up to 1,000 shares
$.015 / share @ 1,001+

Commission on Penny Stocks will be capped at 5% of total purchase price, subject to the $14.95 minimum.

No minimum is required to open a cash account, however there is a $2,000.00 minimum required to maintain a margin account. 8:00 AM to 6:00 PM ET Yes.
Scottrade

(US)

$7.00 for market or limit orders.

Stocks under $1 are just $7 + 1/2% of principal.

Open an account with a $500 deposit or $2,000 for a margin account.

No Inactive Account Fees or Account Maintenance Fees

Sent email May 7th 2006 Sent email May 7th 2006
Cybertrader

(US and Canada)

 

 

$9.95 per trade AND $.006 per share for the first 2,000 shares AND $.003 per share above 2,000 shares. $5,000 for cash accounts

$10,000 for non-day trading margin accounts

$25,000 for day trading margin accounts

7:00am - 8:00pm EST; pre and post market trading is available through several ECNs.  Yes.
Fidelity

(US)

Bronze: $19.95 - Standard rate

$10.95 with $50,000 in household assets OR 36+ trades/year and $25,000 in household assets OR 72+ trades/year

Minimum to open account: $2,500

Minimum account equity of $5,000 when placing orders on margin.

8am - 8pm ET

No assistance for extended hours trades.

During Extended Hours sessions you can trade all Nasdaq (National Market and Small Cap) and listed securities.

Yes, but only during the regular market hours, not pre-market or after hours.
Schwab

(US)

Less than $50K Household Balance:

0-8 Trades per quarter: $19.95 (plus $0.015 per share above 1,000 shares)

9-29 Trades per quarter: $12.95 (plus $0.015 per share above 1,000 shares)

30 or More per Quarter: $9.95

Account opening minimums of $2,500 for brokerage accounts or $2,000 for IRAs. Pre-Market Trading: Orders can only be placed between 8:05 p.m. (previous trading day) and 9:15 a.m. EST and will only be eligible for execution between 7:30 a.m. and 9:15 a.m. EST

After Hours: Orders can only be placed between 4:05 p.m. and 8:00 p.m. EST and will only be executed between 4:15 p.m. and 8:00 p.m. EST

Extended hours: All orders will be processed through NYSE Arca

Sent email May 7th 2006

Email responded to on May 9th 2006.

Yes, no minimum share price to short.  Shares must be available to borrow (as with all brokers).

 

Trading Direct

(US)

$9.95 for up to 1,000,000 shares, placed over the Internet, regardless of order type, for exchange listed, NASDAQ, bulletin board, and pink-sheet stocks. There is no minimum account balance required for a cash account. There is a $2000 minimum equity requirement to initiate margin trading. Sent email May 7th 2006 Yes, most stocks above $4.00 are shortable.
Noble Trading

(US)

Equities (per trade) as low as $7.95 per trade (up to 5 million shares)

Equities (per share) as low as $.009 per share with a $2.50 minimum

The minimum account size for accounts opened through Computer Clearing Services is $5,000. Sent email May 7th 2006 Sent email May 7th 2006
Investrade

(US)

Stocks (Unlimited Shares):

Market Orders $7.95

Less Than $2 Per Share $29.00

No Hidden Charges

No Annual Maintenance Fees

No Inactivity Fees

No Volume Requirements to Qualify for Our Low Commissions

No Minimum to Open an Account except for international accounts

8:00 a.m. to 6:00 p.m. EST

Only unconditional limit orders on exchange listed and NASDAQ securities are eligible for execution, any size.

$25 up to 5000 shares, .003¢ per share over 5000.

Yes, stocks below $3 may not be shorted.
Interactive Brokers

(US)

(Canadian Available)

 

For U.S Stocks: 

USD 0.005
per share.  USD 1.00 minimum and .2% of trade value maximum.

For Canadian Stocks:

CAD 0.01
per share.  CAD 2.00 minimum and .2% of trade value maximum.

USD 2,000

 Account Minimum

CAD 3,000 Account Minimum

Monthly Activity Fee Minimums apply.

Sent email May 7th 2006 Yes.  List of all shortable stocks given broken down by Country.
Harris Direct On January 11, 2006, Harrisdirect accounts were automatically transferred to E*TRADE Securities      
BrownCo  On May 8, 2006 BrownCo accounts will be transferred to E*TRADE Securities      
Questrade

(US and Canada)

WebTrader & AxisPro platforms:

Canadian Stocks: $9.95 up to 2000 shares.  $0.005 per share thereafter up to a maximum of $17.95

US Stocks: $9.95 flat

In order to receive margin you will need to maintain at least the equivalent of US$1000. Questrade does not enforce US style Pattern Day Trading Rules.

Questrade client margin accounts generally receive 3:1 Margin on eligible securities.

7:30 a.m. to 7:00 p.m. ET Yes, no minimum stock price.
Royal Bank Action Direct

(Canada)

Up to 1,000 shares: $29.95 (Cdn. or U.S.) per transaction

Greater than 1,000 shares:

$0.00 - $2.00 1.5% of trade

$2.01 and over $0.03/share

New, lower commissions Effective May 22, 2006

Investors who trade equities & options at least 30 times per quarter

U.S Equities: Flat rate of $9.95

Canadian Equities:
Up to 1,000 shares: Flat rate of $9.95
Greater than 1,000 shares: $0.01 / share

Investors who trade equities & options less than  30 times per quarter:

Up to 1,000 shares $28.95 (CDN or U.S) per transaction

Greater than 1,000 shares

$0.00 to $2.00 1.5% of trade

$2.01 and over $0.03 / share

Nothing mentioned.  $2000 minimum is typical for Margin Trading. Sent email May 7th 2006

Email answered May 10th

Yes to after hours trading on the TSE, NYSE, AMEX and 
NASDAQ. After hours trades can only be entered on the phone and will be subject to trader assisted commissions.  

 

 

Yes.  $3.00 stock price minimum.
TD Waterhouse

(Canada)

Stock price from $0 - $2.00

1.5% of principal trade
$29.00 minimum 

Stock price from $2.01 and over:

$29.00 flat fee

New Fee Schedule Coming Soon.

Nothing mentioned.  $2000 minimum is typical for Margin Trading.   Yes, share price greater than $1 only.
Muriel Siebert & Company

(US)

$14.95 per trade for up to 1,000 equity shares, market or limit orders.

1.5 cents per share for each additional share over 1,000.

At the current time, there is no minimum required to open a Siebert account. There is an annual maintenance fee for IRAs with account equity less than $10,000. 8am - 8pm ET through Archipelago ECN (ARCA). Sent email May 7th 2006

Email answered May 9th 2006

Yes, no minimum.

Merrill Lynch Direct

(US)

$29.95 up to 1000 shares.  $0.03 per share above 1000. $2,000 minimum for a Cash Management Account® or $250 for an Individual Retirement Account Site does not say.  No contact information to ask. Yes.
ShareBuilder

(US)

Limit Orders: $19.95

Market Orders: $15.95

Automatic Investments: $4 per investment

No Minimum Opening Balance

No annual maintenance or low balance fee

No Margin accounts mentioned.

No extended hours trading. No.
Updated June 25th.

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