Except for needing to post the W8-BEN form which took about 2 weeks, I generally ok with their service.
Their chat system usually reponses within minutes and emails within hours. I phoned them sometimes.
But they charge me US$6.95 per trade, which is quite high for me. (compared to sogo)
Firstrade can do cash, margin, option, mutual fund and grants, they are already decades in business.

Yeah.. you are right: no single best broker. firstrade offers free streaming. I think if you are going to trade professionally, firstrade should be to the standard. No minimum is required. No forex.

I did think of changing to Sogo, but according to them, $500 is the minimum and they only allows $50 wire out for international investors like us.

I am not confident with $2 dollars trade brokers, since they receive bad feedbacks.
Perhaps I will leave my money in firstrade until it grows.
After that, I may deposit my new money to Sogotrade, which I will keep for long terms.. What is your opinion?

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Added on October 11, 2009, 3:24 pmYou must use account outward transfer, unless you have a normal US Bank account to do so. Or you can wire back the money then wire out again.
ACH only to US Bank normal account, not trading account. Of course no such facility to ease their competitors to get the money without some transfer fees (e.g. US$50 for Sogo).

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Added on October 11, 2009, 3:37 pmApparently I don't want to simply transfer my fund as each of them cost hundreds.. until it grows.

This post has been edited by epalbee3: Oct 11 2009, 03:37 PM

SOGO did have option trading.

I think almost all brokers can do free ACH transfer.

Sorry to spoil your party, but first trade is not a choice of trading professionally. So, to compare with other broker, let's evaluate what First Trade have to offer :

- Margin requirment is strict, and high fees
- no Forex - duh,sometimes professionals need to HEDGE against USD
- no choice of alternative currency - ie trade in EURO
- poor news platform, charting
- $6.95 - expensive, unable to scalp
- For stocks at or under $2.00 and trades over 5,000 shares, add 1/2 cent per share for the entire order.
- Nasdaq Level II Streaming Quotes & Charts $19.95/Month
- Wire Out Funds - Domestic / Foreign $30 / 35
- Smart (Valet) Account Annual Fee $75
- E-Documents - Receive statements and confirms online FREE
- Dividend Reinvestment Plan (DRIP) FREE
- no POWER USER tools : Download to Ms Excel and direct trade from there, No Ninja Traders,Turbo Trader, J Trader, RAN etc etc)
- No FUTUREs? Can't really find it where...

MBtrading also have some of the above listed. So, to sum up, Professional don't use FirstTrade, or TD, or MB - they will use Banker's platform directly.

I guess its okay if small time traders which hardly execute trade will use First Trade, Sogo, TD, MB, IB like us.

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Added on October 11, 2009, 4:32 pmAdd-on : try to get a book on :
Professional Stock Trading
by Mark Conway & Aaron Behle


This post has been edited by zamans98: Oct 11 2009, 04:32 PM

Anyone using Interactive Brokers here? It seem like they have $1+ fee only. Just wonder whether they have any hidden fee. $1 fee is very nice for small trader.

well.. you are right. the main downpoint should be US$6.95.
So.. I will use Sogotrade for next money transfer.

Want to use IB, but do not have that much balance.

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Added on October 11, 2009, 5:12 pmIB needs at least US$10k to open an account. Their service range is the broadest and cross-national like Hong Kong, Europe, India, US ++

For small investor like me, I will use Sogo in future..

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Added on October 11, 2009, 5:31 pmOk lar.. since my sogo is already activated. I might use it for next round.

GHz, are you sogo user now? Can you briefly elaborate your experiences and how much cost involved?
Have you tried to withdraw money before?


This post has been edited by epalbee3: Oct 11 2009, 05:31 PM

yes I notice that IB need $10k initial deposit & also there is monthly fee for streaming price. Just wonder is there any other fee?

I been using SOGO for the almost 2 months now. I am happy with their service so far. Its $3 brokerage fee per trade so you get you paid for. Just get my account with Zecco & MBTrading approve as well. Zecco platform seem worst than SOGO but MBTrading seem to be impressive to me but with higher brokerage fee.

So for the time being I stick to SOGO until I found out whether IB is really the cheapest & I accumulate enough USD to open with them.

For small investor like us, brokerage fee is sometimes the most important thing, as long as we can trade, even though the interface is basic only. let me know if anyone found the cheapest with no minimum requirement and no conditions..

Yes I am, almost 2 months with them now. So far I am happy with them. Although I find out that it is impossible to do live chat, nobody will entertain you. Email is fine though. You get what you pay. hehe.

Cost wise, it just the $3 per trade that's all. You will get 100 free trades when you register with them. You have to utilize within 1 month. I only use 30 free trades. So the rest is gone.

No I have not try withdraw money yet. So far only make $100+ profit. Not justify to withdraw yet. By the way I have US Bank Account so there is no fee on deposit. It will be the same for withdrawal.

Small tips for those who have US Bank account to save transfer fee. You buy paypal fund here in LY. Normally it is cheaper than official exchange rate. So you withdraw your paypal to US Bank account & transfer it to your trading account. SEE no fee ma & get cheaper rate. Its take slightly longer time tough.

Anything else you want to know about SOGO?

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Added on October 11, 2009, 5:48 pmYes I agree, simple interface is OK. To see streaming price just use MBTrading but trade with other account.


This post has been edited by GHz: Oct 11 2009, 05:48 PM

Yeah, it is the point.

I don't have US account, so can't take advantage of ACH. By the way, I am not planning to withdraw too often, unless I really need that money. and also until I earn enough.

How do you open US account? I been to US but never open one there.. now regret..

I open US bank account when my boss send me to US last June. . Manage to open account with Bank of America & Citibank although my stay is US is only 5 days.

I went there 3 months also never thought of open one.
In fact, I was cashing my traveller's cheque at Bank of America.
Now anyway to get one?

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Added on October 11, 2009, 6:09 pmOne more question: When you wire the money there.. how much is the inward wire transfer? Firstrade charges about USD 15 once.

This post has been edited by epalbee3: Oct 11 2009, 06:09 PM

Quite difficult if you not personally at the US unless you have HSBC premier acc or Citigold. Try to look at "How to open US bank ACC thread" Someone give a guide to open an account with Wells Fargo.

I really do not know wire transfer fee as I never did it before.

exactly, i'm also in search of this, cheap brokerage - but there's always a hidden charges elsewhere. Like X number of trade, or chargeable streaming quote. Or high withdrawal fees. lousy platform etc.

IB need $10K.. Hmm. But the fee also not cheap though. Anyway, checking their site now.

Looking for HIDDEN charges.

Update us on your finding.

Look for this link for review on many brokers.

http://onlinebrokerreview.blogspot.com

First, I may need to thank GHz for assistance to open sogotrade account. He do help me a lot.

For information, I open many online trading account. But so far, I like sogotrade interface. But I don't like the US50 tt back to malaysia.

Last friday, I manage to TT from my maybank to sogotrade. Maybank will charge me RM 10 and US will charge US 23. I just check my account, my fund already inside sogotrade. So can start my trade tomorrow.

For those who want to have cheaper way of withdraw money from sogotrade. Another option will be ACH to GHz and tt back to malaysia. But can we trust GHz?

Welcome.

No you can't ACH from your SOGO account to my US account. Even you trust me 100% you simply can't do that because your name in trading account & bank account must be the same. Third party transfer will be rejected.

Sorry my friend, this is not an option.

By the way, how do you fill in the TT form in Maybank2U. Where do you fill in ABA routing number & sogotrade account number? any screenshot?

This post has been edited by GHz: Oct 11 2009, 10:07 PM

ABA routing number should be under fed wire colume. Also, we may need to email sogotrade the detail of fund transfered as maybank do not allow us to fill in the 'to further credit to sogotrade acc no' information.

Btw, 100 free trade also available for one month period. Any recommendation on what to invest using this 100 free trade?



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thanks, SWIFT codes does not require as well?

Recommendation? need our master Zaman & damoncake input.

haha, im small trader onli.

U need SWIFT Code, else expect big-delay in your funding, or will not arrive in some cases. Imagine SWIFT like e-mail system. The receiving back and transmitting back will communicate securely to exchange details/data on the instruction.

So, SWIFT is a must. Period.

In US, they have ABA Routing Number (FEDWIRE in Maybank TT form). With this number they can identify which bank or branch that you are send the money to. Maybe that's why we do not see SWIFT codes column in Maybank TT form.

Well, that is my thought, mynewuser please confirm that.