March 13, 2000
Here's a brief list of some of the features of the 27 online brokers Barron's tested. For full details, check their respective Websites.
| Commissions* | 3 Round | Proprietary | Other | High Account | Touchtone | Live | ||||
| Broker Name / Web address | Market | Limit | Trips** | Research | Research | Balance Benefits | Trades | Broker Trades | Pluses | Minuses |
| AB Watley http://www.abwatley.com/1 | $9.95 | $9.95 | $59.70 | None | Zacks, Briefing.com, Market Guide: Others (Market Guide, Lipper, S&P, etc.) carry fees. | Checkwriting, money market sweeps. Most benefits aimed at frequent traders | Not yet; planned for near future | Add $14 per trade | Aimed at the frequent trader with free quotes and direct access to exchanges | Aimed at the more fequent trader. |
| Accutrade http://www.accutrade.com/2 | 29.95 | 29.95 | 179.70 | None | S&P quotes and stock reports, Big Charts, news headlines, Market Guide, Zack's | Private broker assigned to top accounts | 500 shares: $38 | 500 shares $38 | Clean site design | Same fees as Merrill & MSDW but much less service |
| American Express americanexpress.com/trade3 | 0.00 | 0.00 | 0.00 | Buy-side research, online planning | S&P reports, Zack's, Vickers, Dow Jones, Smart Money, TheStreet.com | Free stock trades, no-fee Amex Gold card | $19.95 | $44.95 | Much-improved, nice perks for high-asset clients, such as Stock Search for ideas | Only 30 days of history for transaction reports |
| Ameritrade http://www.ameritrade.com/4 | 8.00 | 13.00 | 63.00 | None | S&P Comstock, Big Charts, Briefing.com, newswires, Mkt Guide, StockQuest, Zack's | Dedicated 800 number for trades or customer service | Add $4 | Add $10 per trade | Good value for services offered | Numerous complaints about customer service from readers |
| Brown & Co http://www.brownco.com/5 | 5.00 | 10.00 | 45.00 | None | Links to CBS MarketWatch, MoneyCentral, Moringstar, Quicken.com, etc, | None, but volume rebates offered when monthly comm. exceed $350 | Yes, same fee as online | Add $7 | Aimed at the high-asset experienced investor. Low margin rates | Complaints about slow account transfers |
| BUYandHOLD.com http://www.buyandhold.com/6 | 2.99 | NA | 17.94 | None | StockPoint, Dow Theory Forecasts | None | No | No | A service that focuses on long-term investors | No market buys or sells |
| Datek http://www.datek.com/7 | 9.99 | 9.99 | 59.94 | Investor's Insight newsletter | Smart Money Univ., links to Bloomberg, Briefing.com, Morningstar, etc. | None | No | $25 | Rebates payment for order flow. Good trading screens and execution reports. | Few services, portfolio reports weak. Servers often busy. |
| DLJ Direct http://www.dljdirect.com/8 | 20.00 | 20.00 | 120.00 | DLJ research. | Briefing.com, Lipper, newswires, S&P MarketScope & reports, Thomspn, Zacks | IPOs, premium research, real-time news, TheStreet.com, no-fee IRAs | Yes, same as online | Yes - no surcharge | Info-packed portfolio performance reports | Densely packed screens difficult to read |
| E*Trade http://www.etrade.com/9 | 14.95 | 19.95 | 104.70 | E*Offering for IPOs | Reuter's Briefing.com, TheStreet, Zacks, FirstCall, S&P, BigCharts, ClearStation, CBS Marketwatch | Power E*Trade, discounts for frequent traders, E*Trade Intl research, IPOs | Add 27 cents per minute | Add $15 | Wide range of products | Site slows to a crawl during busy trading periods |
| Fidelity http://www.fidelity.com/10 | 14.95 | 14.95 | 89.70 | None | Lehman Brothers, Baseline, Market Guide, S&P Reports, Vickers, First Call | Investment review, priority phone svc, Amex Gold Card | 38.35 | 59 | Excellent mutual fund screening tools and wireless access | Portfolio performance reports nonexistent |
| Firstrade http://www.firstrade.com/11 | 6.95 | 9.95 | 50.70 | None | Stock and fund screeners, MarketGuide, Edgar Online, Briefing.com, Zacks | None | 11.95 | $29.95 | Firstrade Express allows for quick order entry (no confirmation screen) | No portfolio analysis, but you get what you pay for |
| Merrill Lynch http://www.mldirect.com/12 | 29.95 | 29.95 | 179.70 | Merrill Lynh Research | S&P Reports, Big Charts, news wires, CNBC stories | IPO participation | No | $50 and up | Extremely deep research and access to live broker network | Can't add online trading to Merrill account w/o annual fee |
| Morgan Stanley http://www.msdwonline.com/13 | 29.95 | 29.95 | 179.70 | MSDW | Zacks' Thomson, Reuter's,Big Chrts, MarketHistory.com, WSJ Guide, online calculators | MSDW IPO participation, premier research, tax lot accounting | Add'l fee depends on lot size | Add $10 per trade | Blue Chip Market Basket, buy 10 stocks for one $39.95 commission | Many formerly free Discover amenities now involve fees |
| Muriel Siebert http://www.siebertnet.com/14 | 14.95 | 14.95 | 89.70 | None | S&P Stock Reports, Baseline, Nelson's profiles, Morningstar | Negotiable fees | 10% off assisted rates | $37.50 and up | Great rep. for customer svc, especially working large trans. | Broker-assisted rates are high. Position reports updated overnight |
| mydiscountbroker.com http://www.mydiscountbroker.com/15 | 12.00 | 12.00 | 72.00 | None | Stockpoint, Bestcalls.com, Hoover's, Dow Theory Forecasts. | None currently; RT streaming quotes and analysis planned | No | $25 and up | Portfolios updated in real-time. Excellent up-to-the-second trading reports | Research offerings are thin |
| Natl Discount Brkrs http://www.ndb.com/16 | 14.75 | 19.75 | 103.50 | StockPulse, NDB Select | Wall Street Transcript, briefing.com, Zacks, BestCalls.com, Market Guide, Vickers, news wires, TheStreet.com | Concierge Customers: >streaming quotes, IPOs, asset management. | 19.95 / 22.95 | 24.95 / 27.95 | Well designed site with instant account updates. Tax reporting is terrific | Screens are densely packed with information. Buying power updated overnight |
| NetStock Ð Sharebldr http://www.netstock.com/17 | 5.00 | 19.95 | 74.85 | None | Hyperfeed quotes | None | No | No | $1 commissions for custodial accounts, $2 regular invstmnts | Site still feels like it has a "Wet Paint" sign on it |
| Charles Schwab http://www.schwab.com/18 | 29.95 | 29.95 | 179.70 | Schwab Center | Hambrecht & Quist, Credit Suisse First Boston, First Call, Dow Jones | Signature Services, priority phone, research fees waived | Minimum $35 | Min $39 +9 cnts/shr | A wide variety of investment options. Good customer svc | Can be difficult to locate specific information on Website |
| Scottrade http://www.scottrade.com/19 | 7.00 | 12.00 | 57.00 | None | Zacks, news wires. | Access to a personal broker | Add $5 per trade | Add $10 per trade | Continuous account updates | Limit orders on transactions of more than 100 shares only |
| SureTrade http://www.suretrade.com/20 | 7.95 | 9.95 | 53.70 | None | Baseline, Briefing.com, Digital Inv., Mkt Edge, newswires,INVESTools, Stock Finder, Fund Finder | None | Add $4 per trade | Yes - Add $25 | For the price, a good value | Numerous complaints regarding customer service from our readers. |
| Wall Street Access http://www.wallstreetaccess.com/21 | 25.00 | 25.00 | 150.00 | BT Alex Brown | MarketData, theStreet.com, Briefing.com | Active traders get rebates on data and computers. | $25 | $45 | Good choice for option traders | Position report as of prior day close |
| Wall St. Electronica http://www.wallstreete.com/22 | 14.95- 19.95 | 19.95 | 134.70 | None | IQC.com, FreeEDGAR, MarketGuide, news wires, Zacks, quote.com, bond quotes, Insider Trader, StockMaster | Valet Service -- combo of online and personal service | No | Add $20 | Price improvement strategies | Limit order commissions are on the high side with the per-share fee tacked on |
| TD Waterhouse http://www.waterhouse.com/23 | 12.00 | 12.00 | 72.00 | Port. Planner and asset allocation worksheet | Money.com, Quote.com, Morningstar, Briefing.com, MktGuide, Mkt Edge, BigCharts, newswires, Bus Intell, Smartmoney.com | Dedicated trading desk, futures trading, additional research, flat-fee trading | $35 | $45 | Good value | Portfolio analysis is limited. Named a problem broker by Don Johnson |
| Web Street Securities http://www.webstreet.com/24 | 14.95 | 14.95 | 89.70 | None | First Call, S&P, newswires, Baseline, Morningstar, IPO.Com, mutual fund selector. Streaming RT quotes for $29.95/mo | $250,000 and 25 trades/mo: access to IPOs, free R/T streaming quotes, One-Click Trading | 17.95 | 24.95 | Active equity traders are the focus here, and services available reflect that. 24-hour cust svc | Site viewing can bog down with all the streaming tickers |
| Wingspan http://www.wingspan.com/25 | 19.95 | 19.95 | 119.70 | Electronic Research | News wires, S&P reports, StockScan, FundScan, Instant Edgar, Rateboard, Zacks | None | No | $26.25 + % of trans. amount | Linked to an online bank with a full range of services | Limited amenities for fees that are higher than many other brokers |
| Wit Capital http://www.witcapital.com/26 | 14.95 | 19.95 | 104.70 | Research tracking IPOs | CBS MarketWatch, FreeEDGAR, Red Herring, IPO Central | None | Yes | $50 per trade | Research examining e-comm, online content & media | Not much depth to other research offerings |
| WR Hambrecht http://www.wrhambrecht.com/27 | 19.95 | 19.95 | 119.70 | Equity & Pvt. research | Stockpoint, Market Guide, IPO Monitor. During Q2 will offer | Access to IPO auctions and traditional IPOs | 24.95 | 24.95 | Access to quality IPOs and research | Outside IPO offerings, services are limited |
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