October 7, 2008 – 3:10 pm
i have been through many online brokers and i liked interactive brokers because they had lower margin costs. well, that’s being penny wise and pound foolish.
first, i had a problem where they liquidated parts of my account because i crossed a threshold. i realized that this was my mistake for overbuying, but i felt i should have been given more warning than 10 minutes. either way, i chalked this up as my mistake and made sure that my account had a signfication SMA cushion. that was six months ago.
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Interactive Brokers,
Personal Finance
I’ve had USAA accounts for many years now, and have consolidated my 401K to IRA accounts to them as I changed jobs over the years. All of my transactions have gone very smoothly and effortlessly. When I didn’t know much of anything about trading, or investing, they seemed very helpful to me.
However, as I’ve matured as an investor I’ve learned that:
A) They don’t tell you anything about your account options when you initiate a rollover. Unless you specifically ask for a brokerage account, they will roll you into one of their extremely limited mutual fund accounts.
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Brokers,
Personal Finance,
USAA Brokerage Services