IRA/Roth IRA self-directed, low/no cost trading?

[The Heretic]

I have significant funds in EDJ IRAs & some in a John Hancock 401K.

EDJ is slow to make changes/etc. (it usually takes a few days to a week, plus the paperwork), and fees are on the high side, with no real options for self-directed investing. But the return and security seems good and I am ok with leaving the bulk of my investment $ there for now. Also their account history reporting is decent - more or less on a daily basis.

JH is better in speed, but still slower than I would like - I can make changes daily, but they do usually do not take effect until daily closing. Also, their history reporting/etc. is basically non-existent - I have to look at quarterly statements to see how the funds do, and only on a quarterly basis - account balance updates take 2-3 days sometimes.

I would like to open an IRA and a Roth IRA where I can do some relatively quick trading to take advantage of a dip in the market. I only want to invest in funds, probably not individual stocks. I want to be able to move from ETF/Index/Mutuals to Money Market and back within an hour or two, and be able to move $ into the account from my checking account.

I would prefer a major firm, like Chase or Schwab, not Robinhood/et. al. - not really comfortable with the security or stability of the startups. I want a decent web client. I don't need a lot of info, just something that is easy/quick for me to get account history data and to be able to move $ from one fund to another, with a decent selection of investment options.

Suggestions?

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[L84Cabo]

Over the years I've had accounts at TD Ameritrade, Fidelity and E Trade. I wouldn't hesitate to go back to any of them. They're all, what I would call, pretty typical of the discount brokerage firms. But you'll need to check on their processing times if that's a concern for you. I never had or noticed any problems.

They also all have banking and/or a connected checking account to your brokerage account. Transferring in money from other accounts was also pretty standard but external transfers all take a little time.

Heard good things about Scott Trade too, but don't have direct experience with them.

 

[Babalugats]

E-TRADE

 

[bolus]

The general rule is any financial company would cut out your kidneys and sell them if they could. So everywhere is going to have downsides.

Fidelity and Vanguard will let you self direct every detail of what is in your IRA. Vanguard is directed to the much older crowd but they are trying to bring their website into the present. Fidelity has great front end customer service but pretty shady back end. They had to hire a ton of people because they took over millions of accounts from Robinhood. E-trade was one of the companies that turned off the buy button just like Robinhood. That lowered the trust I had with them.

TD Ameritrade got caught in a pretty big lie recently (they say they route trades through the IEX exchange but in reality they send the trades to the market makers who claim they use that exchange). Given what has come to light with the market makers basically making themselves the "house" at the casino its difficult to not have them profit off your money in illegal ways. But I digress.

 

[Murphy]

Another vote for ETrade. I buy/sell a few times a week and the trades are instant. Zero fees for my buying and selling as its all stocks but it is my understanding that one could do the same with mutual funds.

 

[gryghin]

Another vote for TD Ameritrade, I got the account when they absorbed Bidwell.

As with any financial company, you need to know what thier funding timeline post transactions. I also have eTrade and have realized that funds show up later in that account than if I did the same trade in my TD Ameritrade account.