Scottrade or TDAmeritrade?

[Aharami]

My company's shares purchased via the stock purchase program resides at Wells Fargo. Reading thru the TOS, i found out that sell orders arent executed right away (might take as long as 2 business days). So i want to transfer my shares to an online brokerage. Was thinking about Scottrade but they require a min balance of $500. I dont really play the stock market (but want to...just not sure if this is a good time for that) so im not sure about the min balance.

TDAmeritrade doesnt have a min balance but how does TD compare to Scottrade?

 

[Safeway]

Scottrade > TDAmeritrade. I have used both services. $500.00 can sit around as cash.

Edit: Oh, and it is your total account holdings that must equal $500.00. Your transferred shares will surely be worth that much.

 

[Aharami]

Thanks Safeway. I've never used an online brokerage (or any brokerage for that matter) before. How long does it usually take from the second you click the buy or sell button till it's actually processed? The reason I ask is because I was thinking of buying some VISA stocks once it IPOs but if it's a fast moving stock initially and if it takes brokerages a long time to execute a buy order, i might not get a certain price that I wanted

 

[Safeway]

Not long at all. A matter of seconds on all of my trades. Further, you can set up a buy order before the market opens to buy the stock as soon as the market opens.

Scottrade has brick and mortar locations. Find one close to you and pay them a visit. You can set up your account there, and ask about transferring stocks from WaMu. You can also ask for help with the online interface. Ask them how to set up buy orders.

 

[WildHorse]

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[ponyo]

IPOs are pretty risky especially for new investors. Buying IPO with market order is extremely risky. You should buy with limit order. Buying IPOs at open with market order during the dot com boom was a sure way to the poor house.

 

[Safeway]

Originally posted by: Naustica
IPOs are pretty risky especially for new investors. Buying IPO with market order is extremely risky. You should buy with limit order. Buying IPOs at open with market order during the dot com boom was a sure way to the poor house.

The market today is nothing like the market of 8 to 13 years ago. It all depends on the company. I market ordered Google and VMWare. I'll probably sit out for this Visa game, though. Not sure risky debt is the place to invest, given the current state of credit.

 

[imported_Lothar]

Scottrade

 

[Aharami]

Originally posted by: scott
Scottrade or TDAmeritrade?

I've never used TDAmeritrade.

I have had a Scottrade account for a long time.
Scottrade is very very good.
Scottrade has useful online tools too.

OMG scott likes Scottrade! Who would'a thunk it!

 

[Aharami]

Originally posted by: Naustica
IPOs are pretty risky especially for new investors. Buying IPO with market order is extremely risky. You should buy with limit order. Buying IPOs at open with market order during the dot com boom was a sure way to the poor house.

yea i'm very new at this game. I'm only looking to invest about a grand. Nothing significant. Im still bitter that I didnt get in on the GOOG IPO so I told myself I'd get in on the next big one, and V seems to be it. But I still have quite a bit more reading to do before I decide if I actually wanna go thru with this or not.

And limit order is probably what I will do.

 

[ChaoZ]

Can you transfer money from a savings account? Or do you have to open with a check?

 

[Aharami]

i just opened an acct. you can transfer from both savings and checking

 

[Safeway]

Originally posted by: Aharami
i just opened an acct. you can transfer from both savings and checking

If you want Visa, you should maybe hand them a check.

 

[Aharami]

Money Direct deposits must be in your Scottrade account for 3 business days before you can use the funds to satisfy a margin sell letter or buy stocks under $4, unlisted stocks, IPOs and options. Scottrade reserves the right to impose further purchase restrictions on ACH deposits.

Bah. Looks like I'll have to deliver a check to the local branch if I wanna get in on the IPO on Wed

edit: Safeway beat me to it!

 

[erwin1978]

If you don't plan to trade penny stocks then Scottrade would be the cheaper solution. Otherwise TD Ameritrade is better with penny trading.

 

[imported_Lothar]

Originally posted by: erwin1978
If you don't plan to trade penny stocks then Scottrade would be the cheaper solution. Otherwise TD Ameritrade is better with penny trading.

Why would anyone want to trade "pump and dump" stocks?

 

[sniperruff]

Originally posted by: Lothar

Originally posted by: erwin1978
If you don't plan to trade penny stocks then Scottrade would be the cheaper solution. Otherwise TD Ameritrade is better with penny trading.

Why would anyone want to trade "pump and dump" stocks?

to make money???

anyway, i have scottrade and i have no complains. $7/equity $17/mutual funds i think.

 

[erwin1978]

I trade one penny stock I've found to move very nicely. By that I mean ~30% jumps cycle.