Buying stock

[shardian]

There is a stock I am wanting to buy into, but it would be the only stock I've ever bought and I won't be buying any more any time soon. What would be my best option for a single purchase. My father-in-law used Etrade, but he had to basically sign up for a credit card and a checking account for one frikkin trade. I figure there has to be a better option than that.

So who all here trades and has some good advice for a first timer.

[ChadTower]

Heh.  I'm almost in the same boat, but I own some stock and want to sell it but have never bothered to figure out how.   

[CCM]

I looked into buying a single stock a while back and ended up caning the idea.  All the websites I looked at required way more for the initial funds than I was willing to put in for my one measly stock.

[ClubNinja]

I will depend on how much of the stock you're planning to buy into.  As CCM noted, there's always an initial funds number that you'll have to meet to even get started.  Just before the nasty market activity earlier this year, I dumped my high-risk stocks and haven't had any inspiration to bother since.  If you are able to invest the minimum start-up-funds-amount, I'd probably recommend Scottrade, as they worked well for me.  ETrade itself has been fairly sketchy over the past few months, so I wouldn't go through them.

[DrewKaree]

Shardian, go to www.clarkhoward.com and see what he's recommending.  Then go to www.themotleyfool.com and compare.  I'd go with what matches.  If NOTHING matches, then I'd pay attention to Clark Howard.  He's ALL ABOUT saving you cash and doing stuff the cheapest (and WILL point out when the cheapest thing isn't necessarily the best - a definite plus in my book)

[shardian]

This is considered a penny stock I believe. Shares are at 19 cents, and I'm wanting to buy 2000 shares- which is $380.

[koolmoecraig]

get a scottrade account.

penny stocks are super high risk but $380 isnt much to risk.

I bought a penny stock a few years ago for around .60 cents a share.  It went to $21.  I pulled out about $40k in profit but lost the rest cause the stock was halted by the SEC for issuing bogus press reports.

[Cakemeister]

Personally, I think with such a small amount you should go with a mutual fund.

[danny_galaga]

This is considered a penny stock I believe. Shares are at 19 cents, and I'm wanting to buy 2000 shares- which is $380.

you normally have to buy in minimum parcels. in australia its $500, so more than likely something like that in the US. the easy thing is the buying, when you've bought it, youll find the hardest thing is deciding when to sell 

etrade are well known, but maybe shop around for some other biggies. i the company i use (commsec, no good to you) didnt have any sign up fees or conditions when i started with them. hopefully there is something (reputable) around to suit you.

[quarterback]

I have an ING savings and checking account and recently got an ad from them regarding a new stock service they're offering.  I didn't read all the fine print, but it looked pretty basic, allowing you to just buy whatever out of your account with a single time fee and be done with it.    And for those who aren't sure about how to cash out of their current investment scheme, it also looked like it'd be easy to do by just selling and dumping the money back into your ING account.

Again, I did NOT read all the fine details and this is a quick summary of what the features appeared to be.  That being said, it seemed like a pretty decent way to test the investment waters without having to sink a bunch of time and money or monthly fees (the "basic" version has no monthly fees)

Here, it's called ShareBuilder, you should be able to get there from the www.ingdirect.com page, or try this direct link for more info:
http://home.ingdirect.com/products/redirectMF.asp?s=SBP2&u=OptionA

[shardian]

I have an ING savings and checking account and recently got an ad from them regarding a new stock service they're offering.  I didn't read all the fine print, but it looked pretty basic, allowing you to just buy whatever out of your account with a single time fee and be done with it.    And for those who aren't sure about how to cash out of their current investment scheme, it also looked like it'd be easy to do by just selling and dumping the money back into your ING account.

Again, I did NOT read all the fine details and this is a quick summary of what the features appeared to be.  That being said, it seemed like a pretty decent way to test the investment waters without having to sink a bunch of time and money or monthly fees (the "basic" version has no monthly fees)

Here, it's called ShareBuilder, you should be able to get there from the www.ingdirect.com page, or try this direct link for more info:
http://home.ingdirect.com/products/redirectMF.asp?s=SBP2&u=OptionA

I'll definitely look into that! We have an ING savings account and I was gonna pull the money from there anyways. Too bad the savings rate has been going down huh? I was enjoying that 4.5% rate.

[Samstag]

Sharebuilder has been around a while.  I've never used it, but I remember it was highly recommended for small investors about 10 years ago.

I use Etrade and it's been great to me, but I don't think it's very friendly to small investors except for IRA accounts.

[myntik1]

I use sharetrader and haven't had any problems.  The downside is you get yanked for fees (not sure how much) if you don't trade on a Tuesday.  I just have a set amount taken from my checking account every Tuesday and put into a stock.  I've done this for the last 3 months.  I haven't tried to withdraw any funds though.  I may try to sell $100 worth of my quickly depreciating Sirius stock to see what a hassle it would be.

[JeepMonkey]

I use Zecco.  Set up an account, import money, put in an order.  If you have less than $2k they charge a $4.50 transaction fee.

[SavannahLion]

I've heard about ING. I always assumed it was a type of an account.

I want to open an account and get a few stocks for my son. My idiot bank is pushing hard for me to purchase CD's and deposit money into a no interest "Child" Savings account. My mom and another woman is pushing me to buy Bonds instead. Yeesh. I want him to have earned more than $5 to his name when he turns 18.

I have ZERO problems letting stocks just sit there and earning. Not because I don't care or have the patience, I'm just too damn lazy more often than not to bother checking and worrying.

[quarterback]

I have an ING savings and checking account and recently got an ad from them regarding a new stock service they're offering. 

I'll definitely look into that! We have an ING savings account and I was gonna pull the money from there anyways. Too bad the savings rate has been going down huh? I was enjoying that 4.5% rate.

I have an Electric Orange account and was getting 5.25% for a while.  Oh well, at least my ING account total won't actually drop below the amount I've put into it... unlike my retirement fund 

There are still some higher interest rate checking/savings accounts around, but ING is easy and I hate chasing percentage points.

Sharebuilder has been around a while.  I've never used it, but I remember it was highly recommended for small investors about 10 years ago.

Interesting.  I hadn't ever heard about it.   Maybe I'll look into it more this weekend if I get a chance.  I'd like an EASY way to buy some stocks that doesn't require me to set up a new account or pay any freaking monthly fees.   Shardian, if you check it out, let us know if I mischaracterized/misunderstood how it works.

I've heard about ING. I always assumed it was a type of an account.

ING Direct offers all kinds of accounts as well as mortgages, CDs and (as noted) stock purchases.   They have had competetive interest rates in the past (like I said, I was getting 5.25% interest on a checking account) and even though they aren't the absolute highest rates, they're a solid company with a good web interface.

[shardian]

I signed up for share builder. They have a basic account that has no fees. You pay a flat rate of $9.95 to buy or sell as a one time thing. No minimums. Also, they have a thing that if you schedule your buying or selling for Tuesday, it is only $4. I read the user aggreement thoroughly and looked all around and I didn't see any hidden fees or such. It seems like a pretty good setup. I'll be buying this Tuesday I think.

[pointdablame]

I used ScottTrade and Ameritrade in the past with good results, I'd recommend either to anyone looking for one.

Unfortunately for me, I now have to trade with my company or not at all.  I pulled out all my holdings before I started and haven't even opened an account back up at my job.  Their fees are super crappy too... 

[shardian]

crap, the stock I want is not available through sharebuilder. I could have swore it was when I signed up.
I remember reading that they maintain a list of 6000 stocks, and that it changes. I did not expect it to change that much though.

Guess I will go with someone else. Good thing I waited though, because now the stock is down to 15 cents.

[koolmoecraig]

What is the stock?

[quarterback]

They only offer a certain number of stocks?  Are they all major stocks or what?  Is there a list you can see without signing up?

crap, the stock I want is not available through sharebuilder. I could have swore it was when I signed up.
I remember reading that they maintain a list of 6000 stocks, and that it changes. I did not expect it to change that much though.

Guess I will go with someone else. Good thing I waited though, because now the stock is down to 15 cents.

[danny_galaga]

a lot of online traders wont allow you to buy really 'iffy' stocks- too much risk for such low commissions...

[boykster]

I keep my $$ in a coffee can buried in the backyard......

[shardian]

They only offer a certain number of stocks?  Are they all major stocks or what?  Is there a list you can see without signing up?

You can enter the symbol for a stock, and if it is not trade able there, there will be a little tiny message in red near the top. Thye claim to trade approx 6000 stocks. As per their CS agreement, if you trade in a certain stock and all the sudden Sharebuilder decides to drop support, you can't buy or sell that stock anymore through Sharebuilder - you are basically stuck. I am assuming you could go thru another agent to sell or buy, but I'm really not sure how that works.

[Samstag]

a lot of online traders wont allow you to buy really 'iffy' stocks- too much risk for such low commissions...

Discount brokers like Sharebuilder charge a flat transaction fee, not a commission.  I think the reason they don't carry the penny stocks is that it's a very newbie-friendly service that caters to first-time and small investors.  It's really geared toward someone who wants to put a few bucks a month into large stable companies.  Penny stocks are very volatile and don't have to follow some of the strict rules required by the major exchanges so they tend to be very unfriendly to the small investors.  Investing small amounts over a year only to have the company go completely under isn't the experience Sharebuilder is offering.

That's not to say you shouldn't buy penny stocks, but you should understand that they can be pretty risky.  Other brokers will let you buy them but you'll pay a bit more.

[ChadTower]

That may work for me, though, as I only have one stock to sell off.  CSCO.