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Online Brokers Who Offer Autotrading | Series, Part 2 of 3
At stockbrokers.com we are currently in the middle of a three-part series about autotrading. In the first article, we took a look at exactly what autotrading is and how it got started. In this second part of the series, it is now time to investigate which online brokers offer special autotrading platforms. These online brokers are at the forefront of a movement that I believe is here to stay. Expect more online brokers to get autotrading platforms over the next few years. Let’s take a closer look at which brokers offer autotrading and examine some details about their specific systems.
The Brokers Who Offer Autotrading
1. OptionsXpress- OptionsXpress is well-known for having an impressive trading platform, and this is an online broker who has taken the lead in the move toward autotrading programs. The Xecute program was designed specifically for automated trading purposes. There are no extra fees on each transaction using the Xecute system. There is no minimum necessary to begin using this program and OptionsXpress has done a very good job establishing a relationship with a lot of different investment newsletter publishers. OptionsXpress isn’t the cheapest when it comes to transaction fees, but Xecute is an investor-friendly program.
2. thinkorswim- thinkorswim has the kind of tools that a trader absolutely loves, and its Autotrade program is just another tool that helps set it apart from other online brokers. thinkorswim has done a great job making their Autotrade program extremely thorough, but still easy to understand. The Autotrade platform here gives investors six different allocation methods to utilize. The six methods are: specified dollar amount, specified quantity, percentage of available buying power, percentage of net liq, entire account value, and fixed account value. This allows the investor a plethora of different options for allocating Autotrade transactions into his or her portfolio.
3. TradeKing- TradeKing received high marks in the stockbrokers.com 2011 Online Broker Review. TradeKing has firmly established itself as a major player in the industry because of high-quality customer support and low-cost transactions. The TradeKing AutoTrade platform is a fairly basic one, but it is extremely cost-effective. TradeKing’s AutoTrade system allows the investor to make automated transactions based on a newsletter’s recommendations for just $4.95 per trade. There isn’t another online broker where you’ll be able to find autotrading transactions for such an affordable price. Many of the leading newsletter providers are available through this platform.
4. tradeMONSTER- The tradeMONSTER Autotrade system is a user-friendly platform that allows investors to receive autotrading services for a low cost. This an online broker that has done a good job listening to its customers. This broker has added many investment newsletter publishers over the last few months as customers continue to recommend new publishers. While this is not quite the high-tech system that OptionsXpress or thinkorswim offer, tradeMONSTER does a good job executing trades in a timely manner.
You can read more about each of these brokers in our online broker reviews. A select few were also acknowledged in our 2011 Online Broker Review for Autotrading as a Most Unique Tool.
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