Loyal3 and Robinhood

[kc3]

I generally do all investing via fidelity however I've been looking at alternatives that have fewer commission fees or none at all. I tried out loyal3 with a very small amount of money just to test it out though I'm not sure how I feel about it. I'm thinking of trying out the Robinhood app. What do you guys think of using services like loyal3 or robinhood for trading without commission fees?

[JayGatsby]

My hold periods are pretty long so if I get slightly better execution on a limit order it's worth the $7 commission. Running any brokerage costs money so if they aren't making money on the commission they're making money on the spread. Plus I feel a bit more secure with a big FDIC bank than a startup company called RobinHood... Jim Rogers would always invest with the biggest bank in the country on the theory that the biggest bank never goes bust.

[kc3]

Yeah I guess for investing long-term the $7 probably isn't something to be concerned over. I thought the name was weird lol though reviews don't seem bad I do find myself a bit skeptical. Think I'll be sticking with fidelity :) the only thing I think that sucks is that if you want to take advantage of dollar cost averaging and just want to invest a smaller portions every month that the $7 can add up. Aside from commission free ETFs are there any suggestions for handling this sort of thing without having to continuously pay commission fees? Sorry if this is a NOOB question, I am still pretty new to this lol

[Jurgis]

Lot of people here like Interactive Brokers for their low commissions.

 

I prefer Fido for a bunch of reasons ( search for IB thread if you want to read old discussions ).

 

I don't DCA with small sums though.

[kc3]

I can't seem to find anything on Fido, is there anywhere I can find more information on this? I did a search and didn't find anything useful, not sure what you mean by IB thread, I feel like I'm missing something lol

[constructive]

I can't seem to find anything on Fido, is there anywhere I can find more information on this? I did a search and didn't find anything useful, not sure what you mean by IB thread, I feel like I'm missing something lol

 

Fido = Fidelity

IB threads = http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/brokerage-recommendation/

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/i-am-thinking-about-switch-my-broker-to-ib-any-risks-there/

[kc3]

Oh okay, thanks for the help

[CONeal]

Yeah I guess for investing long-term the $7 probably isn't something to be concerned over. I thought the name was weird lol though reviews don't seem bad I do find myself a bit skeptical. Think I'll be sticking with fidelity :) the only thing I think that sucks is that if you want to take advantage of dollar cost averaging and just want to invest a smaller portions every month that the $7 can add up. Aside from commission free ETFs are there any suggestions for handling this sort of thing without having to continuously pay commission fees? Sorry if this is a NOOB question, I am still pretty new to this lol

 

Instead of buying every month why not just wait till you have 2k saved up and then make the purchase?  The commission has less bit then.

[kc3]

I definitely have been trying to invest bigger chunks, I was mostly just concerned with dollar cost averaging which sounds like has some potential use. I've been doing all the research I can so hopefully I can get to a point where I can confidently put a large some of money into a single trade.