PROS / Customer services is helpful and very quick to respond.
CONS / When placing an options trade, there is a $34 minimum order fee no matter how many contracts you trade.
VERDICT / While this service offers many standard features, its fees are significantly higher, making it of lesser value than higher-ranked products.
SiebertNet provides an online trading platform where you can trade stocks, options, ETFs and bonds; monitor the market; and manage your positions. The platform is user friendly and easy to navigate, though it lacks some features that other services include. However, the most significant disadvantage to this online stock trading service is its fees.
The fee for trading stock online is $14.95 per trade, which is the highest of any service we reviewed. In addition, no matter the number of contracts you trade, there is a minimum order amount of $34. While some other services also have a minimum, it is closer to $13. The price per contract is also higher, at either $1 or $2. This service’s commission schedule for options pricing is more complicated than with other services, including charging higher prices for more expensive options, which no other service does. However, the fee for an options exercise or assignment is average at $14.95.
The lowest broker-assisted fee with this service is $21.00, which is average for comparable services, but the fee increases and changes depending on your order. Although fees are significantly higher relative to other services, SiebertNet has the best margin rates of any service we reviewed, starting at only 2% and dropping to as low as 0.75%.
SiebertNet provides you with some investment tools within the platform, including reports and graphs. There are alerts so you can set your desktop to notify you when a change in a stock occurs. This online broker offers streaming news, newsletters and analyst research reports so you can make educated decisions and better plan your trading strategies. Siebert offers research tools, including screeners, an ETF tracker and real-time analyst actions.
You can access the online platform from any smart phone browser, and you can download apps for the iPhone, iPad and Android phones. With this mobile access, you can manage your account, trade stocks and options, monitor your positions, and utilize research tools.
There are fewer help and support options with this service compared to the best stock trading sites. However, the turnaround time for emails is impressive. Both times we contacted the service via email, we received same-day responses. You can also call customer service and read the FAQs page for general questions. The website provides some basic education on complicated investments, such as ETFs and options. There are also research tools and calculators at your disposal.
SiebertNet is a service that offers tools and features that are standard and expected from a discount broker. However, its pricing is notably higher than any other service on our brokerage comparison, making it a less desirable service.