Over the past 18 years, I've used 8 different stock brokers. They include E-trade, Scottrade, Interactive Brokers, TD Ameritrade, Fidelity, Charles Schwab, M1 Finance, and Robinhood.
In 2002, my very first stock broker was E-Trade. I was just 27 years old. My first investment was Cisco (CSCO). It wasn't until 2008-2009 when the recession hit and caused my account balance to drastically drop from over $16,000 to just under $9,000 in a short amount of time. E-trade started charging me $30 a month because my account dropped below $10,000.
I called and pleaded my case, I lost. I immediately opened a new account with Scottrade and transferred my 26 shares of Google out of E-trade to Scottrade. Once the transfer was complete, I closed the account. I used Scottrade until they were bought out by TD Ameritrade in 2017.
In 2012, I opened a new account with Interactive Brokers as the day trading commission fees with Scottrade were killing me. I estimated that by using Interactive Brokers to make roughly 800-1000 trades one year saved me over $4,000-$5,000 in commission fees. Interactive Brokers is top notch for any serious investor. In 2012, I also opened a new account with TD Ameritrade so I could get access to Quote Tracker and Think Or Swim (TOS). I had no intentions of using TD Ameritrade for investing although I did invest the initial $2,000 in Ford (F) at the time.
In 2013, I opened a new account with Scottrade strictly for a 401k rollover into a new IRA retirement account.
In 2017 Scottrade was bought out by TD Ameritrade and both my Scottrade accounts were sucked into TD Ameritrade. I consolidated my two brokerage accounts into a single brokerage account and kept the retirement account as well.
In 2018, I opened a new 401k Trust retirement account with Interactive Brokers strictly to invest retirement funds as I see fit. It wasn't until 2019 when I tried to invest into some dividend paying companies with DRIP enabled that I realized that Interactive Brokers did not fractional DRIP. I found this to be very limiting and I started to look for a new broker to replace this account.
I opened M1 Finance to start investing in ETF's and also later invest in growth companies like Google, Amazon, Microsoft, and Apple.
Eventually in October of 2019, I opened a Charles Schwab retirement account to replace my Interactive Brokers retirement account. I transferred the cash and positions out of the account and started my one of two dividend portfolios. In December 2019, I opened my second Charles Schwab account and transferred some funds from Interactive Brokers, M1 Finance, and my TD Ameritrade accounts to invest in my 2nd dividend portfolio. One taxable and one tax deferred. Eventually I will close the Interactive Brokers (401k Trust) retirement account. In addition, I will likely close the TD Ameritrade account after Schwab takes the accounts over.
Lastly, in January of 2020, I opened a Robinhood account in hopes of one day owning some crypto currency like Bitcoin. I do have a Fidelity account from an old employer that I do intend to keep just for research purposes.
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