Dreyfus

6 ratings (6 Epinions reviews)
Epinions Product Rating: Excellent
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Great for Option Traders!

Apr 18, 2000
Review by  
Rated a Very Helpful Review

Pros:The cost. Stocks $15/trade, options $1.75/contract with a $15 Minimum per order (this is over the internet). Order execution and conformation is fast. Great for Covered Calls. No fee IRA.

Cons:The monthly statements are a little hard on the eyes, and the web site is not the easiest to navigate. Narrow scope of service.

My Background: I have been using Dreyfus to trade stocks for the past 12 years, trade options for the last 3 years (I was a member of Pacific Brokerage Services which was taken over by Dreyfus). I have never had a problem getting onto the web site, initiating my order and obtaining confirmation. I have had previous accounts with Charles Schwab, Waterhouse, and currently have an account with Datek, and Vanguard.

I'll spare everyone from every little detail about Dreyfus, but will point out a few interesting facts. In general, their rate for option trading is the best that you'll find. They also have a nice feature whereas is you have multiple accounts with them (I have a normal account, and two IRA's under Dreyfus), you can link the accounts and sign on to their web site with a single username for all the accounts.

One negative that I've heard regarding Dreyfus is the lack of real-time quotes. The trick is, if you get a quote from their "Quote" link, it will be 15 minutes delayed, but if you start to initiate the trade, before you put in the final OK for the trade, they will give you a real-time quote on the underlying security. If that's not good enough, you can open a Datek account, they have a nice streaming real-time quote system that I use in conjunction with trading on Dreyfus.

Bottom Line: It's a no frills service with a more narrow scope of service than a Charles Schwab, but you can't beat the price and performance for option trading.




Recommend this product? Yes


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