Best Investment Brokerage For Mutual Fund Investing, 2010
As mentioned in my other articles, there is no definitive answer for who is the best discount broker. The best discount broker for you may not be the best for others — it really depends on your investment style and needs. My previous list of discount brokers focuses on brokerage firms for active traders who mainly trade stocks. Today, the list focuses on investors who invest primarily in mutual funds. The list is sorted from the lowest commission cost to the highest; with additional information about mutual funds where available.
Best Discount Brokers For Mutual Fund Investors
In all cases, no-transaction fee funds mean that you can buy and sell at $0 commission fee. The only exception is Zecco Trading where there’s a $10 flat fee for all mutual funds.
| Broker Name | Online Trade Commission |
User Rating | Special Offers and Features |
|---|---|---|---|
| Scottrade | $17.00 | 5.00 | User’s Choice. Scottrade offers you access to more than 14,500 mutual funds from well-known fund families, including load and no-load mutual funds. You can also trade over 1,000 no-transaction fee mutual funds at no fee. |
| Zecco Trading | $10.00 | 4.71 | User’s Choice. There are no access to no transaction fee mutual funds. All mutual fund purchases are $10 each. Research available on funds is below average. |
| E*Trade | $19.99 | 4.25 | User’s Choice. Access to over 7,000 mutual funds, including 100’s of Morningstar top-rated funds. Access to over 1,000 no-load, no-transaction-fee funds with Automatic Investment Plan. Easy to use tools, such as E-Trade exclusive All-Star Funds List of pre-selected leading funds and free Mutual Fund & ETF Screeners. Three level of advice and guidance available. |
| Just2Trade | $2.50 | - | Offers more than 200 fund families for you to choose from. You also have access to more than 2,900 no load funds to choose from. |
| TradeMonster | $15.00 buy only |
- | $15.00 per trade fee applies to purchases only. No fee to sell. Mutual fund research provided by Lipper. |
| Firstrade | $9.95 | - | Firstrade carries over 10,000 mutual funds. Free trades for No-Transaction Fee (NTF) Funds and $9.95 for No-Load Funds. Devidend Reinvestment and Periodic Investment Plan available. |
| OptionsXpress | $14.95 | - | Limited time offer: Get $100 When You Open a New Account! |
| TradeKing | $14.95 | 4.14 | Access to over 8,000 load and no-load mutual funds mutual funds from about 235 fund families, including well-known names such as Fidelity, T.R. Price, and Vanguard. TradeKing also offers free automatic dividend reinvestment, with the ability to purchase fractional shares. |
| ShareBuilder | $19.95 | - | ShareBuilder offers over 250 no-load mutual funds from several well-known fund families. Many of the funds available are no-transaction fee funds (NTF). When you buy, sell, or exchange shares of an NTF fund, there are no transaction charges. |
| WellsTrade | $35.00 | - | More than 800 well-known no-load mutual funds are available without paying a transaction fee |
| Fidelity | $75.00 buy only |
- | Gain access to all Fidelity mutual funds and other company funds via the Fidelity’s FundsNetwork. There are over 1,400 no transaction fee Fidelity and non-Fidelity mutual funds. Also gain access to the Fund Evaluator tool to help you select the right fund for your need. |
| Bank of America | $45.00 minimum |
- | Access more than 13,000 mutual funds; including 1,900 no load/no transaction fee funds. |
| Charles Schwab | $49.95 | - | Access thousands of no-load, no transaction fee mutual funds through our Mutual Fund OneSource®. You will also have access to ultra-low expense Schwab Equity Index Funds. |
| TD Ameritrade | $49.99 | - | Get access to more than 13,000 mutual funds from leading fund families — including hundreds with no transaction fees (NTFs) — and the tools to help identify which might be right for you. |
In general, you should find a discount broker that offers mutual funds you’d like to invest in for no-transaction fee. Usually, you can get this by opening an account directly with the mutual fund company itself – e.g., Fidelity and Vanguard are the two best examples. If you do not want to open an account with the fund company, Zecco Trading, TradeKing, E*Trade offers the right balance between trade commission, research tools, and funds availability.etrade-broker/">
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Thanks for putting this info together into a chart. It’s terrific – I’d like to link to it from some of our discount brokerage reviews.
Thank you Kristen. I’d love the opportunity to work with FiLife.
I think you accidentally bumped up the tradeking, scottrade, and sharebuilder commissions by $10 in your table.
@BD – These are mutual fund trade commissions. They are more expensive than stock trades.
Great post, this post will definitely help me and other people who is searching for such detailed information.