Major Brokers Move To Commission-Free Trades
Today was a major milestone for the investment world. Three major brokerages eliminated the fees to trade Stocks, ETF's, and Options. This is possibly the the most impactful pro-consumer announcement in the history of the financial industry. To put it in perspective, imagine there was a major announcement tomorrow that said the internet is free for everyone. This is just as big. Gone are the days of trading fees imposed by brokers every time you want to buy and sell an investment. They have made it clear that owning stock and investing in the market should be everyone's right. All barriers for someone's lack of investing have been taken away. If you have an extra $5, $10, $20, you can now buy shares of stock without having to pay a fee every time you buy and sell.
Robinhood has led from the forefront since 2013 when they announced commision-free investing. Among major discount brokers, Schwab has always been one step ahead of their peers, being the first to announce they were eliminating trade fees. E*Trade and TD Ameritrade quickly followed suit and now consumers have many great options to choose from among investing platforms.
*It is important to note that currently TD Ameritrade, and Robinhood do not have an account minimum to get started. Schwab and E*Trade both require a $500 minimum to open an account. Robinhood still remains the only platform offering a free share of stock deposited into your account when you register, regardless of whether you have funded your account, or not. Click here to sign up for free.
It is always important to do your research when investing, as well as have a plan. Wealth Legion is here to guide you in your financial journey through our articles, podcasts, books, courses, and coaching. We added this book to our Essential Reading List on wealthlegion.com. This new book is specifically for women that are new to the investing world, written by CPA, Charlene Rhinehart, Editor-In-Chief & Founder of Wealth Women Daily. Dividends Are A Queen's Best Friend