10 March 2010
E*TRADE Financial (ETFC) announced today a new pricing promotion for active traders. Open a Power E*TRADE account with a minimum of $2,000 and you can trade free for 60 days. The offer is for new accounts only and caps out at 500 free trades. The fine print indicates you will actually be charged for your trades but will then be credited for those trades within eight weeks. The first 149 stock or option trades will be charged, and then credited, at $9.99. From 150 to 500 trades you'll be charged and then credited at a $7.99 per trade rate (plus $0.75 per options contract).
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In didn’t take long for both firms, in their own way, to congregate the requisite critical mass of participants. Through its efforts on Facebook, MySpace and eventually on their own Web site, kaChing had gathered a massive 350,000 virtual portfolio managers. That number would climb to 400,000 by the end of last year. Now it was time to see what sort of business they could create.
If there’s a consistent refrain among new start-ups in the financial space it’s that they are going to “change the rules of investing.” We suppose that when an industry is as insular and broken as, say, the mutual fund industry, challengers are bound to line up.