Prior to the advent of the Internet, investors had to call up their stockbroker and place an order on the telephone. The brokerage ferm would then enter the order in their system which was linked to trading floors and exchanges. In August 1994, K. Aufhauser & Company, Inc. (later acquired by TD Ameritrade) became the first brokerage f!rm to offer online trading via its ’WealthWEB’.1 Online investing has experienced significant growth since that time. Investors can now enter orders directly online, or even trade with other investors via electronic communication networks (ECN).but how to buy shares online? Some orders entered online are still routed through the broker, allowing agents to approve or monitor the trades. This step assists in the protection of both the client and brokerage firm from unlawful or incorrect trades which could affect the client’s portfolio or the stockbroker’s license. Online brokers are most often referred to as discount brokers. Their popularity is attributable to the speed and ease of their online order entry, and to fees and commissions significantly lower than those of full service brokerage firm§. Two types of online brokerages have emerged. One type of brokerage offering Direct-access trading to exchanges, such as Interactive Brokers. While the other type of brokerage, such as TD Ameritrade route orders to Market maker firms to have their orders filled. An example of a Market Maker firm was Knight Capital Group , now known as KCG Holdings. purchase shares
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