Advice sought trading US stocks


I posted the following on the ADVFN Premium BB.. this is the response I got so far. For those interested.

Pigsy - 17 Nov'00 - 22:02 edit

I would be very grateful for advice about US brokers.

I have decided to trade the US markets, and am looking for a good, cheap broker service. My requirements are it's web based, that it allows UK residents to sign up without steep application requirements like $15,000 min acc. and $50,000 net worth.

Also ideally it will let me buy on margin and perhaps sell short or buy options, and free level 2 would be nice. And what about buying UK stocks via a US broker, is this possible (and would you incur stamp duty). I am also interested in CFDs.

Because I have no experience yet of trading the US markets and hope to save money on stamp duty and comission costs, and because I don't meet the minimum requirements of CMC which would have enabled me to make these cost savings. Any advice I would really appreciate.

BTW I am a short term trader, looking to hold for short periods of about 5 days.

Many thanks,

ps. Also I would be very interested in any comments or observations about the US markets compared to the UK markets. The obvious advantages been a more liquid market, cheaper costs and no stamp duty.

Thoroughbred - 17 Nov'00 - 22:08 - 1 of 6

try I first saw it advertised in USA, just applied for it here and it looks good.

KeithB - 18 Nov'00 - 08:30 - 2 of 6

I use Mybroker as part of Mytrack. You can trade in the evening until the USA markets close. They charge $12.95 per trade.

Biffer - 18 Nov'00 - 12:33 - 3 of 6

I use Ameritrade for stocks and options. Very efficient, low funding requirements, low dealing rate ($8 stocks, $8 + $1.75 per lot options) freephone number to the US, deal via internet or phone, ability to trade on margin and short, etc etc.

lumpy - 18 Nov'00 - 19:01 - 4 of 6

Am dealing in Europe (antncipating Euro rebound) but receive several daily financial newssheets from USA - mostly small cap. Will post to Free BB if anyone interested.
For France try - - in French though!

mowgli - 18 Nov'00 - 22:05 - 5 of 6

I use the free time delayed MyTrack just for keeping an eye on stocks that are traded both sides of the pond. Its really neat in that you can have US/UK stocks on the same watch list.

Is there a US type ShareScope on the market for offline work?

Haystack - 19 Nov'00 - 14:49 - 6 of 6 is quite highly rated. I have an account but have not funded it yet. Make sure you get the IRS form from them and sign it. It stops the US taking tax at source.
Actually, I was going to say AB Watley. Call Bill Arnold, see if he can help out. You might get a deal like the first "n" trades free or something similar...

Worth a shot.