StockCross Broker Review
StockCross is a full service online broker that focuses on providing the resources need to grow your portfolio over the long run. Their website is professional and user-friendly with a ton of resources for retirement planning, tax guides and educational purposes. They offer all the standard financial products like stocks, options, ETFs, Mutual Funds and fixed income products. To open an account you must have at least $1,000 in equity for IRAs and $2,000 for all other account types. Their commission schedule is a bit on the expensive side but they do offer a lot in return, which I’ll cover more below.
One thing that really stood out to me was their customer service. You can when a company prides themselves on having good customer service and that is exactly what you will find at StockCross. They were quick to answer phones and answer my questions with very little wait times and they have a chat service for those of you may not have the time to call in. For those of you who value customer service, you will not be let down with this broker.
Commission & Fees
I was kind of surprised when I saw the commission rates for StockCross. They make finding the commission rate hard to find and once I found it, I knew why. They are much higher than other discount brokers with stocks and ETFs costing a eye popping $19 per trade and options have a base rate of $19 with a $2.50 per contract fee tacked on top that. That is a lot and after fully reviewing this company, I haven’t really found anything that justifies their higher commissions. You obviously can’t consider this broker if you’re an active trader as commissions would you crush your profit and loss. Looking at their commission rates for options, if you traded 10 contracts with StockCross would cost you $44! If you took that same trade with TradeKing then you will only pay $11.45, that is a drastically lower and will save you a ton over the course of a year.
They also require a $2,000 minimum to open an account that could deter new traders opening an account up and they charge $50 if you don’t meet their minimum trading requirements and a 50 maintenance fee. Even with their excellent customer service, I can’t really justify all these extra costs and fees associated with having an account at StockCross as they don’t really offer anything different from their competitors.
Trading Platform & Tools
Stock Cross has a decent amount of different tools and a more advanced trading platform that has some great features and is fairly powerful. The platform is customizable with time and sales, charting, watch lists, alerts, position and balances page, news and more. I did find it to be lacking compared to other more powerful platforms like Trade Station and Lightspeed and is more directed to investors rather than active traders. They do not offer hotkey capabilities or direct market access so you won’t have the speed you would have with other platforms but I did like the layout and ease of use.
Overall, I found StockCross to be an average broker. They have excellent customer service and an easy to use platform but with their commission schedule and the added on fees it just doesn’t make sense to open an account with them. There are plenty of other brokers out there that offer what they have but at a more competitive price. I don’t recommend this broker but if you would like more information on this broker and can check their website here.
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