Comments on: Can somebody tell me about the feeses on scottrade.com or any other online discount brokerage?

By: guardrailjim

guardrailjim — Tue, 27 Jul 2010 07:24:22 +0000

There is no fee to open an account.
Your broker will charge you a commission for each transaction.
Each time you press the buy/sell button, you’re charged a commission.
Scottrade $7.00 to buy, then $7.00 to sell – that’s $14 commission on one stock.
Interactive Brokers charges only $.01 per share up to 100 shares- that’s $1 in, $1 out.
Bank transfers usually cost about $50.
You are not charged for making a profit.
You are required to report your earnings to the IRS (income tax).
Your broker will send your account details to the IRS.

By: Carl L

Carl L — Tue, 27 Jul 2010 07:24:22 +0000

If you are serious about investing. You need help. The simple facts of only 10 dollars a trade (buy and sell) no charge to open an account, no charge to transfer monies (except a wire transfer fee), no charge for profits (except to the IRS…capital gains or losses) I hope you seek some professional advice about what you are about to do be fore you lose your money. You would be better off going to Edward jones and setting up an IRA (roth or traditional) and putting it in a mutual fund or two.