Other discount brokerages
such as Redfin and LG Fairmont have been tinkering with commission fees, too, as they face-off with Manhattan big guns Corcoran and Elliman.
In futures, Riot's brokerage would compete with major discount brokerages
that already allow their clients to trade bitcoin futures.
Schwab, Fidelity and Vanguard all charge less than Morgan Stanley for advisor-focused robo services: 0.28% for Schwab Intelligent Advisor, 0.30% for Vanguard Personal Advisor Services and 0.15% for Fidelity AMP.
The sale is likely to attract larger discount brokerages
such as E Trade Financial Corp (NASDAQ:ETFC), TD Ameritrade Holding Corp (NYSE:AMTD) and Scottrade Inc, two of the sources said.
could never match the service and will never gain much more than a toe-hold of the public's trading business.
HB: Discount brokerages
offer all the usual services and expertise at a fraction of the cost.
As an industry, Bidwell estimates that approximately 15% of all securities transactions in this country are now being handled by discount brokerages
, and he sees more coming into the market.
STRIVE: What makes Midland Walwyn different from discount brokerages
Relatively newer online discount brokerages
such as ShareBuilder and TradeKing tout their inexpensive transaction costs and interactive communities.
"The firm was one of the last large discount brokerages
with Manhattan space," said one brokerage source familiar with the company.
Profit attributes its success to the company's online strategy and the repositioning of its financial consultants to go up against competing discount brokerages
. Merrill makes for an attractive buy, should interest rates continue to decline, which may increase share price.
As a result, their commissions are heftier than discount and deep discount brokerages