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July 25, 2005

Guy - The Day Trader?

I signed up with Scottrade [scottrade.com] today in the hopes of supplementing some large purchases with a little bit of capital from stock sales. I'm already pretty well diversified with my retirement accounts, this is more of a thing for me to play with.

Why Scottrade you ask? Well, out of the three I was considering (E*Trade, Ameritrade and Scottrade) they had the best rates and lowest fees. Compared to E*Trade's $14.99 and Ameritrade's $10.99 trade fees, Scottrade's $7.00 seems like a bargain. Of course I don't plan on making lots and lots of trades, but it's still nice to know it's relatively low-cost to make trades. Also, and this was the real kicker for me, there is no account maintenance fee. Surprisingly, there is an average of $15 - $20 just to keep an account open with other online brokers. However, I'll blog about my future dealings with Scottrade and mention any other (possibly hidden) fees and whatnot.

Posted by Guy at July 25, 2005 8:49 AM