When you're weighing options for where, how and with whom you're going to invest, it's important to make a well-informed decision. The profusion of options out there don't make the choice easy, but we're here to narrow down the field. Today we're comparing two online stock trading options, MB Trading and SieberNet, to point out their strengths and weaknesses so you can make the right choice.
Fees
The lower flat rate that MB Trading charges is sure to entice any bargain shopper. Market trades run at $4.95, and options and futures contracts are 95 cents. SieberNet, on the other hand, charges a high fee of $14.95 per trade for up to 1,000 shares and 1.5 cents per additional share for online orders. Options trades require a minimum fee of $34. Large account holders are advised to call to negotiate lower fees.
Tools and Resources
Educational resources and analytical tools are other things to consider when looking at discount trading options. MB Trading jumps ahead with its mobile capabilities. A variety of desktop tools are complemented by a powerful mobile platform available on iOS and Android phones or tablets. Real-time quotes and charts, account balances, a stock watch list, and the ability to view, place or adjust your positions make this a capable tool for those who want to trade on the move.
SieberNet allows transactions from phones and tablets, although at a higher commission rate. Don't expect any iPhone or Android apps from the company, though. SieberNet's web-only tools restrict access to phones and tablets connected to the internet via a browser.
SieberNet allows transactions from phones and tablets, although at a higher commission rate. Don't expect any iPhone or Android apps from the company, though. SieberNet's web-only tools restrict access to phones and tablets connected to the internet via a browser.
Investments Offered
Both SieberNet and MB Trading provide access to myriad trading opportunities. With stock, options, futures and FOREX trading, MB Trading provides a robust set of choices for trading. For those looking to invest for retirement or other long-term savings plans, SieberNet has excellent resources for setting up IRAs. Furthermore, its mutual fund selection is admirable.
Customer Service
When so much is at stake, you'll want a stock trading platform with solid customer service. Both companies provide well-ranked service through a variety of media, including email and phone support, but SieberNet lacks a chat-based support that can provide a quick fix for customers who need a response faster than an email or phone call might provide. Moreover, since MB Trading is designed specifically for mobile and web-based training, it lacks the brick-and-mortar locations that SieberNet provides.
It's a close tie between these two solid performers in online investing. Both offer notable tools and resources for investment discovery and education, and both provide stellar customer service, albeit through different channels. The matter really comes down to the mobile functions available and overall cost. For the average investor, $14.95 per trade is a high fee, and SieberNet doesn't allow any way around it. MB Trading backs its lower-cost alternative with a set of outstanding mobile tools for users who want to check their positions on the go. In the end, MB Trading has SieberNet against the ropes.
Check out our other online stock trading reviews to see which companies we've picked for our top spots.
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