Hi Profit.ly,
Im a high school student that is going to open a trading account in the summer. The problem is i don't know what broker to open up with. I will most likely be opening up a custodial account. I know that with TDameritrade they have the think or swim platform that is free and with etrade you have to pay like $100 per month. Also because ill be using a custodial account im not able to short.
If you could give the positives and negatives of both in my situation would be great. Also which you would recommend for me
Thanks
I have an Etrade and TDAmeritrade account (my way of getting around the PDT rule), I love the ToS platform ... it has everything you need imo ...
@TheKumar I really like the mobile app. Ive heard that Ameritrade isn't great for finding shorts, but I like going long anyways so it works great for me.
ETRADE pre is free if you make 20 or 30 trades per quarter, it might be 30, check that. So, even under the PDT rule it will still be free. ETRADES charts are hard to work with and not very customizeable but they do have more shares to short vs. TOS. TOS has the best charts but their Level2 is not the greatest, but useable. Best way to go is trade through IB and use TOS for charts at some point
ToS IMO is better, it offers free level 2 data, which is important when starting out... I also like their mobile trading platform better than E-Trade's. I use both brokers to allow more trades, I get 6 in fibe days rather than 3
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