Muriel Siebert Trading Platform Review



muriel siebert

If you are familiar with finance then you might already have heard of Ms. Muriel Mickie Siebert. She was largely regarded as one of the first women to make money in the financial world. This is because she was the first woman to own a seat on one of the largest stock exchanges in the world – The New York Stock Exchange. Muriel Siebert & Co is still the only brokerage firm on the New York exchange owned by a female.

Muriel Siebert & Co also offer a discounted online brokerage service under the name SiebertNet. This is a useful service which allows investors access to international and national markets.

They are quite a traditional brokerage firm and this means that they might not of made a large impact in the online scene. This means that not everyone will know what it is like to use Muriel Siebert. For this article we registered our own account to see what the service is actually like.

Fees

Looking at what a brokerage service will cost you is very important. When trading Stocks and Exchange Traded Funds, the fee is $14.95 per trade, up to 1,000 shares.

If using the integrated automated phone trading platform then the fee will be $29.95 per trade.

Options fees range from $34 to $370.

Mutual funds cost $35 per transaction.

When trading more than 100 bonds, the fee is $2.50 per bond, up to 50 bonds costs $3 per bond, and under 50 bonds costs $3.50 per bond. This has a minimum of $35 commission.

Foreign securities cost $75 plus commission which will depend on the investment.

The minimum amount required to open an account is $0.

What can you invest in?

When you have registered for the brokerage platform, you can trade many different exchange traded assets. These include:

  • Stocks
  • Bonds
  • Options
  • ETFs
  • Mutual Funds
  • Website Experience

The website of Muriel Siebert & Co looks very old fashioned. This makes it quite difficult to use as it looks like it was developed in 1993, and little has been done to it since.

Unfortunately the site is not intuitive and this can make it frustrating to use. There are certain things which look like buttons, but these are just images.

Even finding and filling out the signup forms is a little difficult. You can open most types of accounts online, but certain types of account like the Retirement account require you to apply online, and then print and fax various documents.

The signup form is also very long winded and contains all sorts of information that they don’t really need. This includes asking where you heard about the service. After you have registered you will need to wait a couple of days for the money to clear into your account so that you can trade.

Platform

When you register and log into the Muriel Siebert trading platform you will find that it is fairly basic. The trading platform isn’t very easy to use. There are some nice features though, it is possible to customize the quote streamer and add various watch lists.

While it’s not a cutting edge trading platform, it is rock solid and reliable. This is probably because there aren’t really that many people who are actually using it. The site and trading platform are very quick, and you don’t experience any lags, even during busy trading times.

Siebert offers special discounted trading rates for frequent traders. These do make trading using the platform slightly more attractive.

Advantages

  • Great Customer Service
  • Useful Dividend Re-investment program
  • No fees for account inactivity
  • Low Fees for stocks

Disadvantages

  • High commissions for certain investments
  • Outdated and difficult to use website
  • Additional fees when trading over 1,000 shares

Conclusion

While Muriel Siebert offers a stable trading platform, it’s not that ground breaking. In fact, it’s a little disappointing. Their website and trading platform are very clunky and difficult to use. The best thing that you get from Muriel Siebert is exceptional customer service. They really care about you as a customer and it does appear like they will do everything they possibly can to make sure you are satisfied with the service.

Even though the customer service is a welcome addition, there are plenty of better brokers with better and more up to date websites. They really need to update their platform and add additional tools, they are lacking several tools when trading in options.

The fees are also very high, you can actually find some brokers which charge a third of their fee. While their fees are not extortionate, the trading platform means that it’s not really worth the higher fees.

There are very few reasons to consider joining Muriel Siebert. There are plenty of better brokers and discount online brokers which are perfect for beginners, these include Zecco. If you are an intermediate trader then you will find that the services of TD Ameritrade are much more useful because they are less expensive, and offer an excellent platform.




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