LAST UPDATED: June 27th, 2019
Founded in 1971 in Boston's financial district, StockCross has become a popular international financial services company. Its goal since the beginning of its creation has been to understand its customers' needs as well as it understands the market. The firm strives to offer personalized, one on one services to its clients and by doing so, it believes it can provide the necessary resources and expertise to help its clients make informed investment decisions. Currently, StockCross is headquartered in Beverly Hills but it has offices in major cities across the United States. Its online platform caters to both domestic and international investors who use it to place trades and keep track of their investments.
- Trials and tutorials
- Personalized trading
StockCross offer its users several perks for investing with the company. The company strives to provide the necessary resources and counsel that will help its clients make informed decisions, especially in the diverse investment choices they offer their clients. StockCross offers foreign securities, domestic securities, options, ETFs, and much more. For clients looking to diversify their investments, StockCross will have them covered as far as variety goes. Other benefits include:
One major advantage to using the brokerage firm is its good customer support services. The company aims to run its firm on honesty, integrity, and trust. It promises to focus on its customers' wealth for the rest of their clients' lives. In order to accomplish this, StockCross provides comprehensive assistance to tackle whatever the investors' inquiries may be. The firm has investment specialists, customer service associates, and technical support staff on hand to help answer clients' questions. These employees can be reached via a couple of ways, for instance, in person at one of the firm's locations, by phone, by email, or by live chat. This exhaustive customer support service helps the firm rise above its competitors who usually don't offer as many ways to get in touch with their experts.
Trials and Tutorials
Additionally, StockCross offers its investors different ways to test out the brokerage firm before committing to using it. The company provides a site tour to help potential clients become accustomed to the site and the firm's services. The brokerage firm also offers online tutorials on how to use the firm's services, this in incredibly helpful especially for novice investors looking for a firm that'll guide them through the entire investing process. If this weren't enough, StockCross actually promises to provide expert advice from their investment specialists, free of charge. So, whenever investors have questions, the firm urges them to call one of the investment specialists to get their questions answered at no cost.
StockCross also provides a trading platform that can be personalized. Users can customize their dashboards in order to pick and choose the units that they'd like to see, when they'd like to see them, and where they'd like to see them on their screen. These units include market news, third-party research, and real-time quotes, to name a few. The company is also continuously improving its site's resources so that they're more intuitive and successfully evolving to meet the changing needs of its investors.
While there are number of beneficial aspects of the StockCross platform, there are also items prospective clients should be aware prior to using their trading service. These drawbacks and limitations include the following items:
Prices and Fees
StockCross charges fairly high commission rates when compared to the industry average for brokerage firms. The company charges $19 per stock and ETF trades. Options trades are priced at $19 plus $2.50 per contract, making this brokerage firm's fees some of the most expensive we've seen among the competition. When comparing these fees to other discount brokerage firms that charge less than half of these rates for similar stocks and services, it can be pretty difficult to justify the increase in costs. Additionally, while some discount brokerage firms allow users to open accounts with $0 in them, StockCross requires that its investors have at least $2,000 equity in their account. This is far more than what other brokerage firms would charge, even the most elite of them. This $2,000 could dissuade potential clients, especially novice investors, who may feel more comfortable starting out with a few hundred dollars before committing more than $1,000 in funds to their accounts.
Potential clients should also be wary of StockCross' additional fees. Like most brokerage firms, the company tends to add-on multiple costs that could surprise investors if they're not cognizant of these fees. For instance, StockCross charges a $50 maintenance fee for accounts, and while the company is great in that it provides foreign securities, investors should realize that these stocks have a $75 transaction fee attached to them. Canceling a payment is also no free feat, as investors who do so incur a $25 penalty fee. As far as statements go, investors should opt to receive electronic ones. Monthly paper statements are $2 a piece while duplicate documentation is $5 a piece. These fees serve as a severe disadvantage of using the firm, especially since its initial flat-fee rates for securities are expensive on their own. Since other brokerage firms tend to offer similar services at more discounted prices, StockCross may need to adjust its pricing structure to attract more clients.
Another major disadvantage to using StockCross is its lack of a mobile app as an alternative to its site's, web-based platform. For the 21st
century investor who trades on the go, this can be a significant drawback to the brokerage firm's services. This lack of mobile trading can debilitate the brokerage firm as it's competing in an industry where newer and faster approaches to investing are sought-after.
The Bottom Line
StockCross offers a range of investment opportunities in US securities, foreign securities, ETFs, options, bonds, and the list goes on and on. These options can satisfy the needs of savvy investors, everywhere, who require a firm that can help them diversify their investment portfolios. In addition to this assortment of trades, investors also have access to great customer support specialists who can answer inquiries ranging from investment requests to technology related questions. These support specialists can be reached via a variety of ways, which makes the brokerage firm ideal for investors looking for comprehensive customer support services.
However, StockCross' incredibly steep commission rates are too difficult to justify especially when there are so many discount brokerage firms in the industry that charge affordable commission rates. These discount brokerage firms also have fewer additional, hidden fees, which means its users can rest easy knowing they won't be blind sighted with a random add-on fee. Thus, in the sea of brokerage firms, StockCross' fees and services tend to pale in comparison to the fees and services investors can find elsewhere.
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