Does anyone use this? Or know anything much about it?
http://www.mystockfund.com/
I am a Recycle bank member and this site is listed on their rewards list, here's the posting:
"Reward Description:
As a RecycleBank member, you have the opportunity to open a MyStockFund account with no annual or monthly fees. Additionally, MyStockFund will give you the opportunity to purchase as many planned purchases per month for the first year for FREE, that’s an additional $12.99 per month discount!"
I don't have an accual brokerage account anywhere, so i have been looking into several different options. The fees and such have held me back from doing any individual stock investing.
Thank You in advance.
MyStockFund ?
April 11th, 2010 at 08:06 pm
April 12th, 2010 at 02:05 am 1271037909
1. They seem to catch you on the sell side of the order (buying is $.99, selling is $12.99). Unless your holding timeframe is forever (and even Buffett sells stocks), that sell fee could take a big bite out of your profit and could even wipe it out all together. This is definitely a feature for the buy & hold and dollar-cost-averaging investor.
2. Looks like the popular stocks/ETFs are .99/trade, while the other ones are, again, $12.99. You'll need to think about what you would want to invest in before coming on board.
3. Although $.99/buy (not sell) looks cheap, you want to try and hold your fees down to 1% (
April 12th, 2010 at 02:05 am 1271037953
1. They seem to catch you on the sell side of the order (buying is $.99, selling is $12.99). Unless your holding timeframe is forever (and even Buffett sells stocks), that sell fee could take a big bite out of your profit and could even wipe it out all together. This is definitely a feature for the buy & hold and dollar-cost-averaging investor.
2. Looks like the popular stocks/ETFs are .99/trade, while the other ones are, again, $12.99. You'll need to think about what you would want to invest in before coming on board.
3. Although $.99/buy (not sell) looks cheap, you want to try and hold your fees down to 1% (less than 1% fee is what you are looking for in a mutual fund). That means that you should aim for $100 buys.
4. I do like the ability to buy fractional shares and compared to Sharebuilder, $.99 (for certain stocks) is a great price point. I also like the AutoVest and the linked to your checking account feature, and that you can invest in bond funds and ETFs.
Bottom line: make sure that you can do what you want to do at $.99, rather than at $12.99.