Commentary: There's No Such Thing As A Free Trade

It had to happen. With online brokers driving down the cost of investing, someone was bound to latch on to the ultimate Internet price: free. In fact, an old-line broker, American Express, was the first to eliminate commissions, but only for clients with lots of dough. Now, three new online offerings aim to bring commission-free stock trades to the masses. "This is the next evolution in online finance," says Andrew Koslow, chief operating officer of San Francisco's Financial, which launched free trading in early May.

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