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7 AWESOME PERKS OFFERED BY DISCOUNT STOCK BROKERS

When choosing a discount stock broker, you probably compare commission fees and opt for a broker who offers low-cost trades. But commission fees aren’t all there is to choosing a discount stock broker. In addition to low-cost trades, it’s worthwhile to compare the perks offered by various discount brokers. If all else is equal, then choosing a discount stock broker who offers tempting perks can help make trading a cinch and save you money. Here are 7 cool perks to look for.

1. Sign-up Perks.

Some discount brokers will fully or partially refund your transfer charges when you switch your account from another broker. Others will offer a certain number of free trades for new accounts. If no sign-up promotions are currently running, tell the broker you’re considering giving them some business but are reluctant to switch. They just might make you a special offer.

2. Online Tools and Calculators.

Some discount stock brokers offer nifty tools to help you calculate your target prices for your trades. These types of tools are useful and can save you loads of time and energy.

3. Multiple Customer Service Gateways.

All discount brokers offer some form of customer service, but those that provide several options can make your life a whole lot easier. Look for instant live chat, onsite email, IM, and easy 800 numbers with no long delays. Also check the working hours–it’s frustrating to call customer service only to find that they closed the doors at 4 p.m.

4. Referral Bonuses.

If you like your discount brokers, you’re going to want to refer your friends and family to them anyway, right? Getting paid for doing so is a nice touch and makes you more motivated to keep sending along referrals.

5. Free Trades.

Free trades are sometimes hard to come by unless you’re opening an account with a good-sized chunk of money. Look around for a discount broker who offers free trades at a minimum you can handle. If you have limited financial resources to start with, you can also look for a broker who offers free trades as a reward for being a frequent trader. For example, some discount brokers offer 10 free trades for every 25 trades you make each month.

6. Help with Taxes.

April 15 can be the most stressful day of the year for some people. If you are one of them, you’ll be glad to know that some discount brokers offer extra help with your taxes. They provide all the information you need to accurately include your stock trading information in your tax return.

7. No Sneaky Charges.

This isn’t really a perk, but it’s worth mentioning because the additional charges and invisible fees that some brokers tack on can be a real headache. Look for a discount broker who promises not to smack you with a hefty commission fee every time you need extra help, and who doesn’t charge “inactivity fees” if you don’t trade regularly.

Does your current discount stock broker offer any of the above perks? If not, it might be time to explore other options.