In the main, like so many things, it comes down to money. For the first time, investors can deal stocks for less than $15 with the click of a mouse. But is saving money on transaction fees being penny-wise and dollar-dumb? Don't "real" brokerages earn their keep by helping customers with the hard choices?

Carlos Otalvario, president of the electronic broker WallStreet Electronica, argues not.

"The first advantage [to electronic brokering]," says Otalvario, "is that [Wall Street Electronica] charges $19.95 to trade up to 1,000 shares; this costs $250 in the real world. So, we save people money."

But the benefits go beyond lesser transaction fees. Otalvario says, "People don't mistake established institutions for gods anymore. There is information out there now, and the ability to act on it is awesome." He's right. The Internet allows people to monitor their own accounts, and what broker is going to be as fastidious with your account as you are?

On the Internet, in fact, mom and pop investors now have as much financial information at their fingertips as many professional money managers. Where else can you get Securities and Exchange Commission filings on your favorite companies, see detailed reports on the top mutual funds and shoot the bull with other ordinary folks who share your desire for fun and profit?

"People now have the information to make decisions without a broker recommending the blue-light special of the day," Otalvario says. In traditional investment firms, he explains, the retail division gets a daily "blue-light special," or a stock that the institution wants to peddle. "This is for people that value their independence," Otalvario continues. "People now feel comfortable with machines, after the ATMs' popularity. With the 'Net, you can access your account from anywhere, at any time, at a local call rate. No one's trying to sell you anything."

A broker who works at an offline brokerage house -- and wishes to maintain his anonymity -- counters: "Traditional financial institutions add value; how does a person off the street know as much about finance as a professional?"

Otalvario has a differing view. "If you are a big financial house, and you are not providing information as regularly as people can get it on their own, and you are not allowing people to act on their wishes, what is the value you add?"

Still, the offline broker's warnings should be heeded; if you do not know what you are doing, you should not be making any online trades at all. A good way to learn what to do is reading the book How to Make Money in Stocks by William J. O'Neil, the founder of Investor's Business Daily. He outlines a successful method stock picking, in layman's terms.

And think about that process -- people who were once clueless about the nuts-and-bolts of the markets are buying books and teaching themselves. What is happening is a democratization of the markets; information, both on and offline, is smoothing the playing field toward an even plane, not to mention that people can afford to join the fray without suffering a prohibitive transaction fee. The catch? As with any great democratic movement, the attendant freedom does not come without its own price. The Information Age allows people to act as individuals, but to be successful they'll need to have an understanding of the information before them.

Brokers

The granddaddy of this progress is e.Trade. A trailblazer, the site recently boasted some 500 accounts and $10 million in new assets each day. The site was the first to offer trading at such low prices.

But it no longer has the field to itself. Scores of brokerage firms are coming to market: Datek (which is $9.95 per trade), WebBroker, Ameritrade and the aforementioned Wall Street Electronica are coming after eTrade's business with offers of even lower transaction fees. All of these sites are similar -- with Datek and WallStreet Electronica having the edge, due to easy-to-use designs, in our opinion. And while these don't have the experience of eTrade, all are legitimate businesses, with guarantees of security. Still, a number of big firms are betting -- and somewhat rightly -- that people will be willing to pay more for online services from a trusted name whose size and established reputation can add value to its services.

Charles Schwab, the nation's biggest discount broker, introduced its Internet trading page a year ago and features the e.Schwab electronic trading software package. Discover Brokerage, an advanced online trading firm, has been named the best overall online broker for the third year in a row by Barron's, the prestigious weekly financial newspaper published by Dow Jones & Co. And Jack White & Co. has a strong online presence as well, as does Fidelity.