How to Use a Scotttrade Account

Learn how to use Scottrade to trade securities.

Investing in the stock market can be very tedious and aggrevating for new traders, especially if they are using an online broker. However, Scottrade's local offices, helpline and customer support email makes doing business relatively easy. In addition, Scottrade offers numerous services, such as a knowledge center, to help new traders.

Instructions

1. Fill out an online application or travel to your local branch office. Scottrade offers a search function on its website, scotttrade.com, to find the nearest branch office. Have a valid photo ID and Social Security card with you to fill out the application. Note: the minimum amount to open an account with Scottrade in 2010 is $500.

2. Fund your scottrade account through a check, bank transfer or money wire. This process takes one to three days. The minimum amount allowed to be transferred is $500.

3. Check your email for your account username and password. If you filled out an application at a branch office they should have provided you with your username, and your password should be your Social Security number. If the branch office did not provide you with your username, contact your local scottrade office, call the scottrade's helpline, or email customer support to receive your user name and password to begin trading.

4. Determine which securities you would like to buy and sell. Carefully consider which companies you would like to trade. Ninety percent of traders lose money according to Allbusiness.com due to haste in making decisions and lack of education.

5. Log onto your online Scottrade account and select "trade." Fill in the appropriate information and click "buy" to purchase the security. You can also place trades by calling Scottrade, however, the company charges higher commission rates for telephone purchases.

References

• Scottrade: Homepage