Loyal3, a commission-free brokerage that initially emphasized IPO shares before transforming into a discount broker, announced Wednesday it will close its doors May 19.
Offering a portfolio of 70 stocks, the firm allowed beginner investors to purchase fractional shares and to engage in transactions as low as $10 and as high as $2,500. The strategy relied on batch trading, wherein Loyal3 grouped company trades and executed only once a day.
Unless otherwise directed, all securities will automatically transfer May 22 to FolioFirst, which likewise promises commission-free trades but will charge $5 monthly fees beginning in August. Clients also have the option to transfer shares to another brokerage or sell their positions altogether.
A number of casual T-Mobile US Inc TMUS shareholders relied on Loyal3, the company’s brokerage partner, to secure stock awarded through the Un-carrier 11 program’s Stock Up initiative. Customers retain the same choices as those of Loyal3’s independent investors.Related Links: https://www.benzinga.com/markets/emerging-markets/17/04/9305488/is-trumps-foreign-policy-belligerence-a-diversion-from-a-stal
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