Siebert is an old school style brokeridge with no charting software. Although Siebert has excellent customer service they have extremely high fees. Seibert is meant to target high net worth individuals.
Siebert’s brokerage services are only a small part of the services that it offers to its generally wealthy clients, and it shows.
While Siebert’s broker service may be adequate for wealthy investors who are looking to manage some or all of their portfolio themselves, it is inadequate for the contemporary day trader’s needs, and features some of the highest commissions and fees in the industry.
Let’s take a look at Siebert’s broker services, and see why it is better left to casual investors than hardcore and committed day traders.
• Some of the best customer service in the industry.
• Broker services connected to a wide range of wealth management products and services.
• No account minimum required.
• Mobile functionality.
• Very expensive commissions and fees.
• Archaic trading execution platform.
• No analytical or charting software.
• Takeover concerns.
Fees and Commissions
• Stocks and ETFs – $14.95 per trade up to 1,000 shares, then an additional per share price depending on trade volume above 1,000.• Options – $34 minimum regardless of order size, and then a per contract charge up to a maximum of $370.
• Corporate bonds – $2.50 to $3.50 per bond depending on order size with a minimum $35 per trade charge.
• Foreign securities – an additional $75 per trade on top of any other fees.
Siebert’s trading platform is among the least sophisticated and aesthetically appealing on the market.
It is simply a trading window that allows you to input your order without any kind of charts, analysis, research, newsfeeds or any of the other features that are standard on all other contemporary trading platforms.
That said, the platform does allows the user to input a range of complex orders and trigger conditions, so users will feel comfortable that they can create and execute the same complex positions that they can expect to on more sophisticated platforms.
While investors who make a small number of long-term trades may appreciate the simplicity of Siebert’s trading platform, the average day trader will find it flatly inadequate for their needs.
Charting, Analysis and Research
The bare-bones trading platform that Siebert offers has no charts on which to perform any kind of technical or statistical analysis. Therefore, users will need to employ outside charting software and data feeds if they want to perform any kind of analysis for their trading.
Siebert does offer a range of market research, but it is quite limited compared to what most day traders would expect to receive from a paid or free research service.
Because Siebert is a client-centric wealth management firm, it offers some of the highest quality and most personalized customer service in the industry.
Not only are Siebert reviews full of extremely positive comments on the quality of their customer service, but Siebert has even been noted in popular financial magazines for its industry-beating levels of customer service quality.
It is important to note that Siebert has long been eyed as a willing acquisition target, with discussions stretching as far back as 2014 as noted by Bloomberg News.
Considering the niche services provided by Siebert and the extremely dated nature of many of its broker services, it is difficult to tell what the firm would look like in the event of an acquisition, and what sort of clients, if any, the acquiring company would keep.
Any acquiring broker service would be likely to switch all clients over to its existing digital trading platform, but this may mean reapplying to the new broker from scratch.
Alternatively, a wealth management acquirer would be more likely to scrap the broker services altogether, leaving existing broker service clients starting from scratch in the search for a new brokerage.
Neither future scenario in a takeover situation offers much hope for the long term prospects of Siebert as a strictly broker service.
Therefore, traders are cautioned against using the broker services of Siebert without also using their wealth management services as the primary reason for maintaining a client relationship.
Siebert As a Full Service Firm
To understand Siebert’s broker services, it is critical to understand that they are merely an extension of Siebert’s role as a full service wealth management firm.
This means that the entire set-up of their broker service is designed to serve wealthy clients looking to input a small number of trades as a long term investor, either as a partial or complete direct management of their portfolio with Siebert.
Clients of their wealth management services have access to input and advisory services to guide their trades that straight broker service clients will not have, so the wealth management clients have little need for the robust range of analytical tools that most retail traders have come to rely on.
Similar in the range of fees and commissions that Siebert charges its clients, these are designed for wealthy clients who are inputting a small number of high value trades, where the fees and commissions will be next to insignificant when compared to the total trade value.
While day traders making a number of small trades each day will find these prices prohibitive, they are next to meaningless for a wealthy individual making a few large block trades each month or year.
From this perspective, the arrangement for Siebert’s broker services makes perfect sense, and is well-reviewed by the wealth management clients who choose to use it.
Day traders, on the other hand, would be much better served by seeking out a full service broker than can offer them the advanced trading platform, analytical tools and pricing structure that will allow them to operate their day trading strategies effectively.
Siebert’s broker services are designed to be an extension of its wealth management services, and they are meant for wealthy individual to input a small number of long term trades.
The extremely simplistic trading platform, lack of charting and analytical software and very high fee and commission structure makes Siebert’s broker services effectively unworkable for the average day trader.
Unless a day trader also required the full services of a wealth management firm, it is recommended that they seek out an alternate source for broker services.
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Value For Investors Value For Day Traders Customer Service Platform & Tools Commissions & Fees 4.5 Futures Online Broker Review Futures Online is an online discount broker that focuses on providing superior technology for the active futures trader. I know the name seems like they would only offer futures trading but they do also offer FOREX […]
Value For Investors Value For Day Traders Commissions & Fees Platform & Tools Customer Service 4.2 QuesTrade Broker Review Questrade is an online discount broker that offers Canadian residents access the U.S. markets through their flagship trading platform Questrade IQ Edge which includes streaming quotes, market data and direct market access (DMA) with competitive […]
Value For Investors Value For Day Traders Commission & Fees Trading Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 3.9 Summary Firstrade has come a long way since its founding days. The discount broker has been able to transform its website to be user friendly, integrated its new trading platform with intuitive […]
Value For Investors Value For Day Traders Customer Service Innovation User Experience 4.5 Simpler Options is an online trading community that was founded by John Carter, author of Mastering The Trade, in 2010. In the chat room, John and his highly experienced traders provide the community with real time market analysis, actionable trade ideas and […]
Value For Investors Value For Day Traders Commission & Fees Trading Platform & Tools Customer Service 4.8 Summary Cobra trading is a sophisticated direct access broker designed to fit the needs of institutional and retail traders. Note that futures trading with cobra is only available via venom. Overall Cobra is a quality broker for traders. […]
Value For Investors Value For Day Traders Commissions & Fees Platforms & Tools Customer Service 4.7 eOption Broker Review eOption Broker is a discount online broker that focuses on providing very competitive commission rates with excellent execution speeds. As the name implies, eOption focuses on providing superb services for the option trader while still offering […]
Value For investors Value For Day Traders Cost Customer Service User Experience 4.5 Summary This is a great trading resource that will definitely put you on the fast track to making more money and teaching you great strategies that you can use for a long time in your own trading. Dan’s expertise and experience over […]
Value For Investors Value For Acitve Traders Customer Service Platform & Tools Commissions & Fees Order Execution Mobile Trading Options Trading 3.3 Summary Capital One Investing is a broker suited for casual investors. It lacks the necessary tools for active traders to succeed like hotkeys, direct market access and a powerful platform. Capital One Investing […]
Value For Investors Value For Day Traders Customer Service Commission & Fees Trading Platform & Tools 4.2 Summary Merrill EDGE is a versatile broker accommodating to new and experienced traders. Competing with other big name brokers such as T.D. Ameritrade and E-trade, Merrill EDGE has won the Barron’s 2018 Best Online Broker Survey for 5 […]
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 4.7 Summary TradeStation is an excellent broker that provides industry-leading trading technology accompanied with exceptional customer service and commission structures. We highly recommend this broker whether your an active trader or passive investor. TradeStation […]
Value For Investors Value For Active Traders Commission & Fees Platform & Tools Customer Service Order Execution Mobile Trading 3.8 Summary Overall, OptionsXpress proves to be a solid broker for traders looking to trade options, however, there are cheaper and better brokers out there. OptionsXpress is an online discount broker that focuses on providing top […]
Value For Investors Value For Day Traders Customer Service Commission & Fees Platform & Tools 4.2 Scottrade Inc. is a discount broker that offers both online services and brick-and-mortar offices with hundreds of locations all over the nation where you can get professional in-person service for a very competitive commission rate. They were founded by CEO […]
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 3.4 SoGoTrade is an discount online brokerage firm that has been servicing its clients since 1986 and focuses on keeping a very low commission rate compared to its competitors. They offer all the major asset […]
TAS Market Profile Review 2020: Why I Love TAS Market Profile
Value For Investors Value For Day Traders Reliability Cost Customer Service 4.7 TAS Market Profile is a renowned leader in market intelligence, proprietary technical analysis as well as the training of day traders. The company was founded with the following objectives in mind – to develop industry leading charting and financial tools that allow market […]
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 4.7 Summary TD Ameritrade is now commission FREE. This is huge for investors and day traders alike. What we really like about Ameritrade is their sophisticated platform, Think or Swim, as well as their […]
Options House Review Quality Rating Cost vs Value Reliability Coolness Factor Options Trading Quality Stock Trading Quality 4.2 Summary Options House offers a commission structure is fixed and fairly competitive. The options per contract pricing is cheaper than most of the big retail brokerages. The stock pricing is flat rate at $4.95, but most of […]
Finviz Stock Screener Review: A Powerful Trading Tool For Everyone
Finviz Review Value For Investors Value For Day Traders Commission & Fees User Friendly Customer Service Platform & Tools 4.5 Summary Finviz is a relatively powerful, easy-to-use scanning tool that will not break the bank. It should be a tool that all new traders need to have in their toolbox. Once you have established yourself […]
ETRADE Review Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 3.3 Summary A High Quality Online Brokerage firm that charges a premium for the quality. For traders looking for full service and convenience, ETRADE is an excellent choice. For traders looking for […]
Trading King Review Quality Rating Cost vs Value Reliability Coolness Factor Customer Service 3.9 Summary In today’s broker review we will be taking an in depth look at TradeKing, a rapidly growing and popular discount brokerage firm. Can this discount broker satisfy your active trading needs? TradeKing: Broker Review TradeKing is a relatively new […]
TickerTV Review Quality Rating Cost vs Value (it’s free) Reliability Coolness Factor Social Media Value 4.9 Summary TickerTV is a really cool concept. It allows traders to instantly stream their desktop and webcam/mic to an audience of hundreds if not thousands of traders. It take a few minutes to setup the OBS Broadcasting software, but […]
Lightspeed Review Value For Investors Value For Active Traders Commission & Fees Platform & Tools Customer Service Order Execution Options Trading 4.6 Summary In today’s broker review we will be taking an in depth look at what Lightspeed offers and how they compare to their competition. We really liked their platform and commission schedule but […]
Trade Ideas Review Quality Rating Cost vs Value Reliability Customer Service 5 Summary Trade Ideas is an invaluable asset for any trader. Out of the thousands of stocks in the market that you could trade, these scanners will find the small handful that are actually worth trading each day. There is nothing else that compares. […]
Benzinga Review Value For Investors Value For Active Traders Fees Customer Service Mobile App 4.3 Summary Benzinga Pro has proven to be a vital tool for active traders and is one we highly recommend for both beginner and experienced traders. Hey everyone! Today we’re going to be reviewing Benzinga Pro. As many of you know […]
Robinhood App Review 2020 – The Real Cost of “Free Trades”
Value For Investors Value For Active Traders Reliability Customer Service Shorting Platform & Tools Trade Execution Fees 3.4 Summary Robinhood is a FREE “No Commissions” Broker. The first of it’s kind! Unfortunately, it appears Robinhood made the decision to go with zero commissions at the sacrifice of features that have been standard on every broker […]
eSignal Review Value For Investors Value For Active Investors Fees Customer Service Mobile Trading 4.6 Summary eSignal offers the best charting platform for professional traders. At $170/mo it may not be a good option for beginner traders who are on a tight budget. For beginner traders, TC2000 is likely a most cost effective platform. […]
Suretrader Review 2020: The Good, The Bad, And The Ugly
Suretrader Review Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Experience Order Execution Mobile Trading 3.3 Summary Suretrader is a broker more intended for traders who don’t meet the $25,000 requirement for pattern day trading. They do have a decent platform and offer 6x leverage but their customer service […]
Speedtrader Review Cost vs Value 4 We recommend traders check out Lightspeed Financial as an alternative to Speedtrader. Lightspeed is currently offering promotions for all Warrior Trading Students which make them a more cost effective solution.
As a new trader you are often faced with a plethora of choices when venturing out into the retail trading world. Whether you are looking for a broker with cheap commissions, a solid trading platform, powerful mobile app or a broker with top notch trading education, you have got to do your research. Whatever you […]