Do you like the idea of buying and selling stocks? Can’t afford to meet the minimum starting funds for the traditional stock brokers? Well there are alternatives. They call themselves dollar based stock purchase brokers.
- No Account Minimums
- No Inactivity fees
- Invest any amount(minimum purchase applies)
- Only $4 a trade
- $6.99 a month
- 2 trades included
- No minimums($20 minimum stock purchase)
I have personally used BuyandHold before but ended up closing the account because I wasn’t making use of my 2 free trades each month and essentially turned the $6.99 a month fee into an inactivity fee. If I were to start again, I would most likely decide how much activity I was going to partake of and decide on that. Both have a limited number of stocks that you can choose from in comparison with a true broker, but you should find that most of your standard stocks and a many others will be available. At last count each had roughly 2000+ stocks available. Both give you the ability to buy a dollar amount in a company instead of a share in a company. So instead of buying 1 share of Google at $360, you can buy $20 for .056 shares of Google. It’s a good way to begin dabbling in the Stock market for the person who cannot afford the $1000+ startup cost that most common brokers require.