Wednesday, 22 August 2018 08:26

JPMorgan to Offer Free Trading

Written by
Rate this item
(0 votes)

(New York)

It looks like JP Morgan is trying to eat Schwab and Fidelity’s lunch, and the latter’s stock prices show it this week. The mega bank announced that it would offer free stock trading to its clients, allowing 100 free trades a year for most, and unlimited free trades for some. That is a huge change for a bank that formerly charged $24.95 per trade as late as last year. JP Morgan has 47 million online customers, who will now have free trading access. Reacting to the move, the VP of marketing for Interactive Brokers said “Banks and brokers that give away so-called free or cheap trades make their money by paying next to nothing on idle balances, executing trades at inferior prices, and charging exorbitant borrowing fees, which is costly to those that don't do their homework”.


FINSUM: That is a pretty sharp response from Interactive Brokers, and one that sounds true. Still, this is a sign of changing times where trading will soon become largely free.

Contact Us

Newsletter

Subscribe

Subscribe to our daily newsletter

Top
We use cookies to improve our website. By continuing to use this website, you are giving consent to cookies being used. More details…