THE BOTTOM LINE

Comparisons of Fees and Services of On-Line Investment Firms

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A Brief "Commercial" Word:

I have gotten together some of the data I need to do my comparisons. Before actually deciding which firm to use, be sure to request their forms and READ THEM CAREFULLY. All Commissions I have listed are for orders up to 5000 Shares (additional fees may be charged over that number of shares). Date in ( ) is when I last checked out the site. Indicates what I consider to be *BEST VALUE*

Waterhouse Minimum Account $5000.00. Following all for up to 5000 Shares: $12.00 on line (WARNING: this is a *TEASER RATE* only good until 10/98 ); $35.00 Touch tone phone; $45.00 Human. (7/30/97) DELAYED Quotes. POOR Charts. Be prepared for a LONG WAIT at their toll-free number to call to activate the account (I was on HOLD FOR 20 MINUTES). WARNING: There is also a potential *hidden* fee - read the agreement carefully - $5/month charge if % of trades done on-line/touch tone is lower than regular phone trades. Also you can incur a fee if your account balance falls below $5000 (watch out for falling markets if you are close to that limit).

Discover Brokerage Direct (Formerly Lombard) Great Charts! Market Orders: 14.95 Limit Orders: 19.95 (Listed & OTC - via Internet or Instatrade Phone) "Registereed Visitors" can get delayed quotes (15 Min.), charts, and other info. Account Holders can set up "Baskets" (5 maximum) containing 10 securities each which will be updated every 2 minutes. Being bought out by Dean Witter - Don't know if anything will change.(1/15/97)

Datek Securities Market & Limit Orders: $9.99 (NY and NASDAQ ONLY). If order is marketable and not executed in 1 minute - NO COMMISSION. Account Minimum is $2000. You can still sign up for an account (and fill out the appropriate exchange forms) and get REAL TIME QUOTES (only 1 at a time) and not send any $$$ - you just can't buy or sell unless you have "activated" your account with $$$ or Securities. If you want to talk to a human to place an order - $25.00 Commission. (1/15/97)

JB Oxford Up to 3,000 shares - $15.00 + 3.00 = $18.00 (2/09/97)

$14.95 for Listed Market Orders. $19.95 for OTC and "Other" Listed Orders (Limit, etc.) (2/09/97)

Accutrade $28.00 + .02/sh. Want to talk to a human: add $7.00 (2/09/97)

Pacific Brokerage WWW Trading: $11.00 (Market & Limit); Proprietary Connection: $15.00; Human: $25.00 (2/09/97)

Ameritrade $8 On-Line. $12 Touch Tone Phone. $18.00 Human. LIMIT ORDERS ADD $5.00 (Be sure to check out the "Fee" Schedule)$2000 miminum equity to open account. (11/01/97)

SureTrade Internet and Touch Tone Phone: $7.95 Market and Limit orders (Listed and OTC) for up to 5000 shares. Want to trade with a human: $30 (11/15/97) SPECIAL NOTE: You could get Trapped in their Frames! I encounter a browser problem when trying to use my "Back Button" to return to a previous site - they just won't let you leave once you get there. They may have a problem with their Frames set-up.