Tesla Owners Online Forum banner
1 - 20 of 20 Posts

· Registered
Joined
·
314 Posts
Discussion Starter · #1 ·
So I haven't done any investing before in funds or markets, and currently trying to learn what I can. With all the people I see talking about their shares of TSLA, I was wondering what Brokers are being used, and any platforms or if some are still going the real person route.
 

· Registered
Joined
·
314 Posts
Discussion Starter · #3 ·
I'm in the US. Looks like BMO is a Canadian broker then?

I was considering TDAmeritrade. Seen both positive and negative, but the tools looked nice. Have since learned TD Bank is one of the lenders to the Dakota Access pipeline, so that is providing an additional consideration.
 

· Premium Member
Joined
·
334 Posts
I'm in the US. Looks like BMO is a Canadian broker then?

I was considering TDAmeritrade. Seen both positive and negative, but the tools looked nice. Have since learned TD Bank is one of the lenders to the Dakota Access pipeline, so that is providing an additional consideration.
Yes... BMO is Canadian. Excellent broker for us Canadians. ;) Sorry I don't know any in the US
 

· Registered
Joined
·
138 Posts
last year I started using Robinhood. All app based and 100% free trades, free adding funds and withdrawing funds without any minimums. (plus, they are 3 miles away from Tesla HQ in Palo Alto!)
Oh my goodness Melinda. Why didn't you tell me about this sooner? The whole reason I don't buy stock is because the commission erodes all of the profits and then some.

I downloaded it and bought some stock! I can't believe how easy that was! Thank you so much!!!
 
  • Like
Reactions: MelindaV

· Registered
Joined
·
957 Posts
Yes... BMO is Canadian. Excellent broker for us Canadians. ;) Sorry I don't know any in the US
Pretty sure BMO has a US arm too. I use em too and now that I'm used to it wouldn't want to use anything else. They've been a pretty solid bank too.
 

· Super Moderator
Joined
·
10,256 Posts
Oh my goodness Melinda. Why didn't you tell me about this sooner? The whole reason I don't buy stock is because the commission erodes all of the profits and then some.

I downloaded it and bought some stock! I can't believe how easy that was! Thank you so much!!!
exactly! it doesn't make it silly to buy a single share each day of the week if you wanted. ;)
 

· Super Moderator
Joined
·
17,747 Posts
BTW, I strongly suggest that you only invest in stocks for fun. For actual retirement investments, follow this advice:
  1. Make a will
  2. Pay off your credit cards
  3. Get term life insurance if you have a family to support
  4. Fund your 401k to the maximum
  5. Fund your IRA to the maximum
  6. Buy a house if you want to live in a house and can afford it
  7. Put six months worth of expenses in a money-market account
  8. Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
  9. If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio
For part 8, open a Vanguard account, and put 70% in VTSAX and 30% in VBTLX. These two index funds have much, much lower expense ratios than anything else you can find.
 

· Registered
Joined
·
553 Posts
My Model 3 fund is with Schwab and is just "play" money. Light market timing only on SolarCity (when it existed) and Tesla stock. It's done quite well. I don't trade much and don't need much help. Schwab is well known and works. There are other options that could save a few bucks but for the number of trades it didn't matter for me.

As @garsh said, defintely get yourself in order with the important things before goofing in the market or wasting money on things that don't last forever like cars.
 
  • Like
Reactions: Charlie W

· Super Moderator
Joined
·
10,256 Posts
last year I started using Robinhood. All app based and 100% free trades, free adding funds and withdrawing funds without any minimums. (plus, they are 3 miles away from Tesla HQ in Palo Alto!)
Robinhood just started a new signup program that gives you a free share when you add funds to your account. Free stock is randomly selected with a value from $3 up to $150. Check it out if interested...
 

· Registered
Joined
·
553 Posts
Robinhood just started a new signup program that gives you a free share when you add funds to your account. Free stock is randomly selected with a value from $3 up to $150. Check it out if interested...
Just be aware that the free trading isn't free. They're selling your activity to machine learning algorithms to make automating trading engines smarter.
 
  • Like
Reactions: TomT

· Registered
Joined
·
7 Posts
Here in the UK I'm using 'Freetrade'
 

· Registered
Joined
·
123 Posts
Fidelity
 

· Registered
Joined
·
523 Posts
Due to various HSAs, brokerages, 401ks etc, I have Vanguard, Fidelity and TD Waterhouse. I’d say Vanguard has the least ‘sexy’ app for trading detail and all of that, but it def has the lowest fees on everything. In fact, besides the admin expense baked into their ETFs, that’s the only money I’m really giving them.
 

· Premium Member
Joined
·
1,687 Posts
When I retired, my 401(k) was held by Vanguard. So it was fairly easy to transfer part of the 401(k) to a Vanguard brokerage account. Online trades are free and executed quickly. They also approved a margin account. Adding and withdraw of money to my bank account is delayed a couple of business days but not a problem.

I've been moving all of my bill payments to Amazon-Chase as this also gives Amazon points to buy "free" stuff. Then I pay off my credit cards each statement. If it looks like I might come up short, I have some cash in brokerage account to pay off the credit card.

Bob Wilson
 
1 - 20 of 20 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top