Online brokerage companies like Charles Schwab, TD Ameritrade and E-Trade now have to differentiate themselves in an increasingly crowded market where price is no longer a selling point
New York There is no such thing as a"discount broker" anymore. In the span of just a few days last week, nearly every major online brokerage company eliminated commissions. It's now essentially free to trade.
So what will companies like Charles Schwab , TD Ameritrade and E-Trade do now to differentiate themselves in an increasingly crowded market where price is no longer a selling point?"In a world of equal footing, it's all about what you are offering," said Steve Quirk, TD Ameritade executive vice president of trading and education, in an interview with CNN Business. Quirk said that there is more to investing than just free commissions.
Trading app tries to fix a 'rigged' financial system 04:09Webull, another commission-free online trading platform, makes money from lending products, such as margin loans to customers who want to borrow money to buy more stocks, according to CEO Anthony Denier. Webull also issues stock loans to short sellers who sell borrowed shares with the hopes of buying the stock back at a lower price. Webull also generates fees from routing orders to the exchanges.
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