I want to open an scottrade account, though I want to know when do I pay for opening stock, and like how does it work? when I buy stock do I pay?
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Scottrade: If I Open An Account, Do I Pay Anything? And When Do I Pay? I Want To Invest In Stocks?
Posted on May 19, 2013.
The technology and pros of today will get ya worse then the odds of Vegas. By definition the stock market is a zero-sum game. Research “zero-sum game”. The finance phd’s, mathematics, and computer scientists on wall st will beat you at that game. Another factor is you don’t have enough money to use a good broker like Merrill Lynch. Think of it this way, even if you had a 50/50 shot, the house will still bleed you on commissions and spreads (difference between bid and ask-which the brokerage house gets). E trade has a huge spread so don’t get fooled by low commissions.
Do yourself a favor. Put the money you can save in a Roth IRA with a discount mutual fund company like Vanguard. Choose an index fund, a bond fund, a foreign currency fund, and 25% in the money market in case the market dips you can buy in low. Also, you can pull the principal out of your Roth any time without paying penalties. Roths are awesome. Research it.
I know this will get down thumbs despite that it’s right so I will say this, just goes to show how stubborn people are about their wrong beliefs. Go take a basic level stats class you down thumbers. It’s a numbers game, just like poker, just like craps. If your bet wins you take money (the exact amount of money) that somebody will lose. Companies do not last forever and over the life of the company there are winners and losers that buy and sell shares along the way until the company dies. There is no special secret formula to playing the market except understanding basic statistics. Sorry……:-/
Source(s):
B.S. in finance. Broker product support for a large investment company
No brokerage firms charge you to open an account but many do have minimums that you must deposit to open the account – usually $500.00. This deposit can be used to purchase securities.
Yes when you buy stock you must pay in full for the purchase. Often for first time buyers, the firm will require to deposit the funds in your account before they let you purchase.
When you visit the firms website they will give you instructions on opening the account and submitting monies to fund the account.
You don’t pay anything to open an account at Scottrade, which is great. You do a pay commission whenever you buy a stock – $7 at Scottrade.
As mentioned above, open a Roth IRA when you open your Scottrade account. When you buy your investments, focus on index ETFs, and don’t try to pick stocks. This will help you invest over the long run.