USAA  

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Description

USAA investment services is offering two commission plans for stocks and ETFs: $8.95 per trade for Gold members and $5.95 for Platinum members. To qualify for a Platinum plan, customers must execute 25 or more trades in a rolling 90-day period, or have $50,000 or more in their accounts. Mutual funds commission is $45 per transaction at both plans. USAA's own mutual funds can be traded commission free. 

USAA brokerage doesn't have surcharges on extended hours trading or penny stocks, but does charge $0.01 per share more for Gold members and $0.005 per share more for Platinum members for each share in the trade over 1,000. There are no account maintenance or inactivity fees for both IRA and non-IRA accounts. In general, the company has very few fees when compared to multi-page lists of fees at other brokerage houses. As an example, if client decides to move full or part of his/her account to another firm, there is no charge (no ACAT fee). 

USAA is not a firm for traders looking for sophisticated trading tools or investors looking for varied investment research from multiple sources. Their trading tools are basic and the company does not offer an advanced trading platform found at many competitors. Surcharge on large orders further limits any potential for active trading. 

USAA is known for competitive banking services and insurance products which are available not just to military and their families but also to the general public. The services include completely free checking account, low rates on car insurance, as well as credit cards with cash, gas and groceries awards. 

USAA Investments Pros

  • Very few fees comparing to other brokerage firms
  • Good stock and ETF commissions for clients with $50,000+ balances
  • No account maintenance, inactivity or hidden fees
  • Good banking services
  • No-fee IRA accounts

USAA Investments Cons

  • Higher than average commissions for Gold Members
  • Additional $0.01 per share and $0.005 per share is charged for each share over 1,000 for Gold and Platinum members, respectively
  • Poor trading tools
  • Few educational resources
  • Limited research services

Full Broker information

Status
Foundation Year 1922
License
Trading Platforms USAA mobile smartphone application, USAA website
Reliability Rate B-
Authorised Capital
Brocker Fee 8.95
Exchange Fee
Withdrawal Fee
Minimum Deposit 0
Mobile Trading

Contact information

Phone: 210-531-USAA (8722), 800-531-USAA
Address: San Antonio, Texas United States
Website: https://www.usaa.com

Rating

  14%   85%

User Reviews

There customer service isnt all bad, when your just starting out. Once your out they get pretty bad. They should honestly be ashamed of themselves or atleast fire there entire customer service. They have some great perks though.
  A   2016/10/11 19:52    
USAA is worthless for penny stock trading. You are going to pay $.01 or $.005 *PER* share as it states above. Interactive Brokers is much better for any form of trading. TD Ameritrade is a good choice if you will trade infrequently, and is also much cheaper.
  FormerUSAAInvestSale   2016/10/11 19:52    
Do you trade penny stocks? If so, is there any charge to open or maintain an account. What are your fees to handle penny stock trades
  Sue   2016/10/11 19:52    
I think I probably have every possible account one person can have with USAA. I have a checking account, savings account, a credit card, car insurance, renters insurance, and I utilize their financial tools on a regular basis. Now if I could just get them to go grocery shopping for me, I think I'd be all set!
  Anonymous   2016/12/28 17:42