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Hi Monica,
I have been trading with Dreyfus for about a year (actually I
started with Pacific Brokerage Services) which was purchased by Dreyfus.
The only change was the name on the web site and how they answer the phones.
The discount brokerage is run in L.A. Dreyfus also offers full service
brokerage and mutual funds out of their Boston Office. The two are
completely separate, you can't even transfer funds from one to another.
My experience with them has been excellent. Their server has been
down only once for 30-45 min. in that time. Since I was in a trade I called
a broker to place stops. When the broker called back to confirm that the
trade had gone thru, HE offered the lower Internet rate. I didn't even have
to ask.
I trade options and market orders are very fast, often I get the
confirmation as quickly as I can change screens. Naturally, limit orders
take longer. Rates, especially for options are very low at $1.75/contract.
For stocks you can probably find lower rates. Customer service use to be
average to poor but has improves immensely since Dreyfus took over.
The only drawbacks are their website offers very little in the way
of information, but loads very quickly. You can not place option orders
over the Internet between 4:00 & 4:15 even though the exchange is open, you
have to call a broker, but get the lower rate. Also you can not place stops
on options over the net (you can for stocks), again you must call.
I have found these to be only minor inconveniences and am a very
satisfied customer with no other association.
Good luck and good trading,
Ray Raffurty
-----Original Message-----
From: Sawyer <monica@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, March 25, 1999 1:21 PM
Subject: Datek
>Hi everyone!
>I am still on a search for a good on-line brokerage firm that is good for
>trading equity options. I have heard that most of them, even if they are
>good on-line, are aweful if their web-page goes down. Anyways, I am now
>considering Dreyfus. Does anyone have any experience with them. Thanks in
>advance for your input.
>Monica
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