Siebert Broker Review
Muriel Siebert & Co. is an online broker that has been registered on the New York Stock Exchange since 1967 and was founded by Muriel Siebert, the first woman to become a member of the Exchange. They are headquartered in New York but also have offices in Beverly Hills, Jersey City, West Palm Beach and Boca Raton. Siebert has focused on providing excellent customer service over the years while providing the tools and resources necessary to make informed decisions. They consistently rank high in customer service surveys and I do have to say that I was very happy with the level of service I received from them. The only thing I wish they provided is chat window, which I always find to be useful but other than that I was satisfied.
Their trading platform is average compared to most of its competitors and their commission schedule is one of the higher ones I’ve seen but I’ll cover both in more detail below. They have a decent educational section that covers a wide range of topics but what I really liked was their tax section that offered tips and advice for your trading account and how you can invest tax smart. They also have a lot of information on options and the different trading strategies you can put on depending on your risk tolerance and market conditions. At first glance, their website seemed basic but was user friendly with plenty of sections to check out.
Commission & Fees
Siebert’s commissions are higher than most discount brokers with equities starting at $14.95 per trade for the first 1,000 shares and anything over 1,000 shares you can add on another $0.015 per share. So if you trade 1,500 shares your commission will come out to $22.45 (14.95 + (500*.015)). For options, it depends on the size of the trade but typically between $1 and $2 per contract with a minimum charge of $34 per order. This is a lot higher than most brokers especially with that minimum. Mutual Funds are free of charge if they are apart of the FundExchange and have a no-load feature. If they don’t, then you are looking at $35 commission per trade.
One fee to take note of if you are opening a retirement account is they do charge a $30 per year fee if you have less than $10,000 in the account and a $50 fee to close a retirement account. Overall, Seibert’s commission schedule is on the higher end of the spectrum and for what they offer in return doesn’t make up for it. Commissions are a big part of trading, especially when you trade a lot and often, so when you’re looking at a broker it’s important to understand their commission and fee structure so you can make a more informed decision.
Trading Platform & Tools
Siebert’s online trading platform is fairly basic with the standard features of real-time quotes and market data, balances, order statuses and basic charting features. Customization is limited and the charting is slow with not many options or indicators to add. I found it to be slow and unimpressive with little to offer for active day traders. The user interface was adequate but nothing special and the charting and screening tools were some of the weakest I’ve tried out. It would be near impossible to use this software everyday to trade the markets for a living and is why I would recommend avoiding it unless you are a swing trader or casual investor and even then it might not be worth it with the commissions.
Siebert has been around for a long time but it seems to be having trouble catching up to modern times. Their website looks like it was made in the 90s and hasn’t been updated since and their commission schedule is just too much compared to its competitors. They seem to be more focused on attracting wealthier clients that are focused on retaining wealth and not so much on active traders like myself. They do, however, have excellent customer service that was professional and quick to respond to my questions when setting up my account. They are a solid broker that has been around for a long time but I can’t recommend them as a good broker for active traders. Their trading software and website is outdated and their commission schedule is just too much for active traders to take on.
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Reviews by Warrior Trading