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reliable broker for long term investment
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reliable broker for long term investment

  #1 (permalink)
Trading Apprentice
Thessaloniki
 
Futures Experience: Intermediate
Platform: Amibroker
Broker/Data: Dukascopy
Favorite Futures: EUR/USD
 
Posts: 23 since Jun 2010
Thanks: 2 given, 1 received

reliable broker for long term investment

I am looking to find a reliable broker where I can create an account for long term buy and hold strategy. My aim is to create something like a personal pension fund. So I need to find a broker that I can trust my investments for the next 30-40 years. Trust and reliability is the number one requirement.

Can I trust the big names of online brokers? Interactive Brokers sound like the most established/reliable, but still I do not know if I can trust this kind of long term investment.

I live in Europe and I have the option of having a local bank as a broker, but I have not examined the options they offer and the commissions/taxes yet.

I plan to start with 2.000 euros and add 1.000-3.000 euros per year.

Other important considerations, in descending importance are:
0 maintenance costs, as the account may be inactive for months.
Access to markets worldwide.
Interest payed on unused cash balance.
Low cost of transactions.

What do you guys suggest?

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
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Personally, I use Vanguard for my IRA which seems more in line with what you are talking about... ?

Mike

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  #4 (permalink)
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Big Mike View Post
Personally, I use Vanguard for my IRA which seems more in line with what you are talking about... ?

Mike

dood.. Vanguard is the worst trustee for IRA's out there... you should look at Fidelity... same goes for the OP as to a long term broker... Fidelity... you wont be able to do futures, but you can do spreads and as long as you have $25K or more you can even day trade on it.. their tools are superb and you can even access them via iPAD...

they have my SoloK...

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  #5 (permalink)
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bgeorge View Post
Access to markets worldwide.

this is going to be your deal breaker... short of going with someone like Merrill or another larger house... your only option might be IBKR given the balance..

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  #6 (permalink)
Site Administrator
Manta, Ecuador
 
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sysot1t View Post
dood.. Vanguard is the worst trustee for IRA's out there... you should look at Fidelity... same goes for the OP as to a long term broker... Fidelity... you wont be able to do futures, but you can do spreads and as long as you have $25K or more you can even day trade on it.. their tools are superb and you can even access them via iPAD...

they have my SoloK...

Yeah I know, just been with them for a long time. I don't actively trade my IRA so the tools and such aren't very important to me. Vanguard had very attractive fees when I opened the account.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #7 (permalink)
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Big Mike View Post
Yeah I know, just been with them for a long time. I don't actively trade my IRA so the tools and such aren't very important to me. Vanguard had very attractive fees when I opened the account.

Mike

my advice... trade your IRA... no other way to make it grow... you have the skills... just trade ETF's instead and as long as the account is north of $25-$30K they wont care about PDT... also, Fidelity will let you buy munis and other bond offerings which will yield a lot more than MM.. and they have all the mutual funds to fit any taste..

all I am saying is, you should not ignore the IRA accounts just because it is "retirement"... trade conservative and shoot for 15-20% per year... and you will be better off than 90% of the people out there who just go into Mutual Funds with Vanguard...

just my 2 cents... I will get down from my soapbox now...

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  #8 (permalink)
Trading Apprentice
Thessaloniki
 
Futures Experience: Intermediate
Platform: Amibroker
Broker/Data: Dukascopy
Favorite Futures: EUR/USD
 
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sysot1t View Post
your only option might be IBKR given the balance..

IB charges min 10 USD/month maintenance fees. I cannot have this.

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  #9 (permalink)
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bgeorge View Post
IB charges min 10 USD/month maintenance fees. I cannot have this.

that is if you have no activity on the account on a monthly basis ... I dont know about your strategy, but if you are only using it for depositing cash, just go with a bank..oh wait, a bank will still charge you fees... or give up the "global market access".. and go with fidelity or schwab who charge no fees at all...

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  #10 (permalink)
Trading Apprentice
Thessaloniki
 
Futures Experience: Intermediate
Platform: Amibroker
Broker/Data: Dukascopy
Favorite Futures: EUR/USD
 
Posts: 23 since Jun 2010
Thanks: 2 given, 1 received

IRA


I may trade the account every month or six months, whenever I see BIG moves.

I think I will open an account for US market only and maybe later another account in Europe for European markets.

Is it worth it to open a "retirement"/Roth/IRA account? I live in Europe and I would not pay taxes in USA anyway (I believe).

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