Scottrade also requires a $500 minimum balance for a new brokerage account. Fees and commissions are generally lower than with E-Trade. However, there is an additional 0.5% of the principal value commission for penny stocks. Scottrade also charges slightly higher margin rates.
Like its stocks, E-trade charges $9.99 for under 149 trades per quarter and $7.99 for 150 or more trades/qtr. for ETFs. Scottrade charges $7 for stocks and options if ordered online, and $32 if ordered by phone or via broker.
Online platforms are used by consumers, wealth advisers and other investors to trade securities outside of traditional brokerages. The brokerages have been squeezed in recent years amid competition from automated investment systems known as robo-advisers and a shift away from stock picking and day-trading toward passive vehicles.
To calculate the cost basis for a stock, you can go online to find out historical stock prices; for example, the historical sectionat Marketwatch or Nasdaq. It's generally acceptable to take the lowest and highestprice from a given day and average them to arrive at a cost basis. These freeservices may not include events that affect basis, such as reinvesteddividends, spin-offs and stock splits.
Alternatively, you could enter nothing for your cost basis, since you don't have any records and can't getany information from the stock company or the investment houses, but you would be paying more tax.
Scottrade has a per-trade commission schedule for online, broker/phone-assisted trades as well as trades executed through the Scottrade Elite platform. Stock trades cost of $6.95 for online stock and ETF trades. Broker-assisted and phone supported trades are $32. Options trades cost $6.95 plus $0.70 per contract online, broker and phone-assisted trades cost $32 plus $0.70 per contract.
Scottrade.com is the gateway client website access point for account details, educational tutorials, support and research. Trades can be made online from this point forward. Scottrade has a useful tool called SmartText that will apply any selected indicator(s) to any stock and provide an interpretation of the analysis. Nifty tool for newbies to learn about specific indicators, however, always take generic automated programs with a grain of salt.
Scottrader Streaming Quotes is a Java-based platform with real-time quotes and charting with over 30 common technical indicators including stochastic, moving averages, Bollinger Bands, MACD and On-Balance Volume. The $10 monthly fee is waived for customers who make more than 10 trades a month.
Kuhns v. Scottrade arose after hackers accessed the internal customer database of Scottrade, a securities brokerage firm. The hackers acquired sensitive personal information of over 4.6 million customers. They then used that personal information to operate a stock price manipulation scheme, illegal gambling websites, and a bitcoin exchange.
You can also avoid ACAT fees by being strategic. If you only have a few stocks in your portfolio, and have losses in them, you can sell them. Once you're in cash, you can transfer the cash, for free, to a savings account electronically. Next, you can set up the new brokerage account and transfer the cash in. You can then buy the stock back at the new brokerage, as long as you wait more than 30 days after you sold. If you have stocks with unrealized capital gains, this strategy might not make sense in light of the tax ramifications. Also, if you have many stocks to buy and sell, it might have been less costly just to pay the ACAT fee.
Online brokerages have done an admirable job pushing down the costs of investing, particularly commissions. Investors can buy stocks for less than $10 a trade and several brokers offer free trading of exchange-traded funds.
Anyone with an Alexa-enabled device, such as an Echo, Tap, Dot or Fire TV, can visit the Alexa App and download the TD Ameritrade 'skill' - or simply ask their device to enable it.Then, users can verbally ask for a market update or for quotes for more than 75,000 symbols, including stocks, mutual funds, exchange-traded funds and 3,800 indices, covering all the major US exchanges.The 'skill' can recognise multiple variations on questions so it is not flummoxed, for example, when a user request a stock price using a company's name or its symbol. Alexa immediately responds with \"clear, intelligible responses that provide exactly what the user requests with no extraneous or unnecessary information,\" says TD Ameritrade. Currently, prices are on a 15 minute delay but the company says it is working on real-time quotes a well as adding the ability for customers to access some if their account information.\"Voice-enabled search and virtual assistants aren't the wave of the future - they're part of today's lifestyle. We expect the trend to build among those who want easy market access and updates,\" says Vijay Sankaran, CIO, TD Ameritrade.
User Interface and Real-time Quotes. There are three basic interfaces to choose from. The default web interface is about par with other brokers, you have little modules like Positions, Watch List, and Orders that you can move around to your liking. Alternatively, all users can get free real-time streaming quotes including NASDAQ Level II through the Scottrader Java-based interface (screenshot below). If you have a minimum account equity of $25,000, you can use the ScottradeELITE platform targeted at active traders.
TD Ameritrade and E*TRADE charge the same amount for regular stock trades, $0.00. TD Ameritrade and E*TRADE both charge $0.65 per option contract. For a complete commissions summary, see our best brokers for free stock trading guide.
One day I saw my dad trading on eTrade. It looked interesting so I wanted to do it. I had always saved my allowance money and birthday money, and the first thing I bought was Apple stock -- when shares were only $100. I now have an eTrade account and a Scottrade account. In addition to Apple, I've also invested in other stocks like Google, Microsoft and Rim. I have some money in a savings account, too. But most of the money I plan to use for retirement is invested in stocks. This January, the New York Stock Exchange was sponsoring a competition where the challenge was to create something to teach other kids how to save and invest. I decided to make an iPhone app called Oink-a-Saurus targeted at kids and teens who want to learn ways to save money, and I ended up winning first place. I want to help other kids learn to save and invest more responsibly. The current generation cannot rely on Social Security, so we have to save for our own retirement and can't depend on that. When I was 7 years old, all the kids would get trophies whether they won or lost and I thought they were worthless. I asked my mom, who would actually pay for the trophies and how much they cost. When she said they were $10 apiece and parents paid for their child's trophy, I asked if I could keep the $10 to save in a bank account instead of receiving the trophy.I'm not planning on spending most of the money I have invested for a very, very long time. I'm not that scared about investing most of it in stocks, because when you're a kid it's not that big of a deal if you lose a little money -- you still have time to get it back. NEXT: Chana Goldstein
OMAHA, Neb.--(BUSINESS WIRE)--TD Ameritrade Holding Corporation (Nasdaq: AMTD) and Scottrade Financial Services, Inc. today announced that they have entered into a definitive agreement for TD Ameritrade to acquire Scottrade in a cash and stock transaction valued at $4 billion.1
Scottrade Financial Services, Inc. is a privately-held financial services firm with four key lines of business: Scottrade, Inc., a leading brokerage company; Scottrade Advisor Services, a division of Scottrade, Inc., which serves registered investment advisors; Scottrade Bank, a provider of online retail banking products and services, commercial lending and commercial equipment financing; and Scottrade Investment Management, providing investment guidance services. Scottrade, Inc. works with more than three million retail clients to provide the trading services and investment solutions they need to overcome barriers to financial success. Scottrade pairs its large nationwide branch network with advanced online products and services to help clients gain insight into the market and react quickly to trading opportunities. Scottrade Financial Services, Inc. is based in St. Louis, Mo. For more information, visit about.scottrade.com or www.scottrade.com. 59ce067264