Low commission brokers

Recommendations for low commission brokers?

Long story short, someone wants to avoid frictional costs when dollar cost averaging into individual stocks.

(Please, no opinions on the strategy itself :-))

I believe IB has a $100K minimum to avoid $10/month (or $3 for young people); BofA has free trades if you keep $25K in cash (not securities). Anybody else?

I wouldn’t worry too much about $10 per month if you have a sizeable account, even if that amount is less than $100k. If you make 10 trades a month (or 5 back and forth trades), your commisions are counted against the $10, I believe. That’s a pretty low barrier. Do just one or two trades on several other platforms and you’re already out the same.

I’d agree with recommending IB. You can’t do any better than $1-2 commissions on stock/ETF trades and if you are DCAing, the $120/year (which is likely to be a max charge since as bchad mentioned commissions are subtracted from the monthly fee) IB would cost you is equal to only 17 trades as scottrade. That’s a pretty low breakeven if you ask me.

My firm only let’s me have accounts with certain brokers, but if I had my choice, I would use IB. Low fee and from what I’ve heard they have a solid API.