Description: The passage is about scottrade login, which goes over the sign up process at Scottrade. If you’ve never signed up to an online stock broker, here is the process to signing up to have your own trading account. TradersFly is a place where you enjoy sharing your knowledge and experience about the stock market, trading, and investing.
This is Sasha. Thanks for joining me. I’d like to give you an detailed overview of how you can sign up for your own brokerage account. You can start making trade. If you’re looking to sign up for an online broker, we’re going to go in detail of how to sign up for Scottrade.
The reason I want to share this with you is that a lot of people struggle with setting up an online brokerage account. They don’t know how to go through the registration process and also they have trouble with seeing the tools in the background.
Because there are minimum requirements, they don’t give you a free demo for entering your email address, you have to put money in to get access to some of the trading tools in the platform, that process can be time-consuming.
What I’ve done is that I’m creating a lot of different passages about different brokerage accounts for the overview of the registration process. I don’t like about those trading tools and how to use their different panels.
You get to see an overview of a lot of different brokers how to register for them and also the tools that they have. If you’re interested in looking what a certain tool looks like for a certain broker, you can see that rather than signing up paying the money and then seeing that the tools are not what you expected.
If you want to see those tools or those other brokers, click our link and take a look at some of the other passages that are beyond this. That also goes in detail about the different tools. So specifically I’m going to show you how to go through that registration process on Scottrade.
We’re going to go in detail for Scottrade specifically now. There will be other brokers that are going to be somewhat similar but we’re going to be tackling Scottrade. If you’re interested in opening up a Scottrade account or a brokerage account, it’ll be helpful to show you the process and how you go through in the next couple of passages.
I’m going to tackle the Scottrade streamer. We’re going to put in $25,000 to get the full access to the Scottrade elite program as well, so that way you can see what the elite program looks like inside of that.
We’ll be doing a review of that program or that software tool, let’s get started, let’s get into it. I want to share with you how to go through that registration process in case you have any questions or what the process looks like.
We are on tradersfly.com and we’re going to go over to Scottrade, if you aren’t reading this from tradersfly.com, you can take a look at the resources and you can see all the different brokers that I have listed as well as the training.
This page may change over time depending on when you’re reading it, but you can go over to Scottrade and find the Scottrade or click that link, that link helps me out and gives me a little commission for doing this, it’s a win-win situation, it doesn’t charge you any extra, but in either case what you can do is right from that link to start signing up.
It starts the process of getting you to create an account, it does the same exact thing as if we went to Scottrade.com. We are on the general website, if we go to open a new account, it starts us off with the basics that I showed you earlier.
In this page what we have is that you choose your account type, I’ve in fact signed up first, got trade account, at that moment we’ll be doing a review under a couple of their basic platforms, but I’ll have to deposit 25,000 dollars which I will do for you to tell you how to use the premium version of Scottrade and to see if it’s something you like.
But in either case we fill out our basic primary holder information, your name, your last name, mail address and where you’re living, you also select the type of account that you wish to open such as an individual broker account or a standard brokerage account for yourself.
A joint brokerage account is one that you have maybe with you, your spouse or maybe somebody else. Individual retirement account IRA is where you can trade tax-free, if you have like a Roth IRA, there are some other account types, maybe you like a 529 student plan and so forth.
After selecting and doing all this, you’ll be taken to this investment trading experience, this page is typically the way these brokers use, what are you trying to do it also helps them qualify you for certain programs.
They may block certain functionality in your account if you’re brand new, what I’ve done is that I’ve said that I’m a active trader relatively frequent trading actively trading on a daily basis, I execute 120 to 250 trades, maybe 11 to 21 trades per month.
What’s the estimated value is if you put more than $25,000, this may help you out in terms of getting a non-date trading account, you have to put in the appropriate funds as well for that over $25,000.
But I wrote in more than $25,000 in that field, on the next page what you’ll get is a branch, that’s most convenient for you, what they try and do in Scottrade is to match you up to a local branch, they have a lot of local branches nearby and what they’re trying to do is to get you a dedicated team and support.
It’s great for beginner traders, because you’ll have that initial support from your local branch, you select a branch that’s closest to you, it’s based on where you live, everybody will have different result.
The next page is the employment information, they want to know how you’re making money, this helps, I would assume if you’re able to trade naked options or a margin account, they want to know these kinds of things, they can limit your account or give you full ability to your account.
This will depend on the capital possibly, I’m not a hundred percent sure what they use this for, since I don’t work for Scottrade, but I would imagine that they’re using this to find out their own personal information for tax purposes, for giving you restrictions in their panel.
After that you need to go through and answer your birthdate, your social security number, if you’re a US citizen or not, more for tax purposes and financial information. Once you’ve completed this, you review your application and information.
Most of the stuff is blocked out, since it is private information, I’m giving you a little idea of how the signup process works, you double-check the information and make sure everything looks legitimate.
You move on and continue, after that they’ll ask you a few identity verification questions, they verify it based on your social security doing a credit check, it’s done instantly, they’re within a couple of seconds.
They’ll ask you a few questions, you have to answer them correctly to make sure that you are who you say you are. After you get through all the financial information, you get into the account setup section.
The account setup section is getting into detail about the type of account that you’re going to have for this purpose, because we’re doing a review to see how everything goes, we’re doing a margin and options account.
You can do a margin account if you like or neither if you’re not interested either of those at this time, the margin account allows you to trade on borrowed margin or loan, I think of this like a credit card.
If you’re a new trader, you definitely want to stay away from margin, you don’t want to trade on margin until you have experience, you can flag this as I’m not interested at this time, but for me I flagged it as margin and options to be able to possibly do a review on the options section a little bit later.
As we continue, they’ll look at some options trading privileges, they’ll want to know even more about your information, because options can be more risky, if you don’t understand what you’re doing, they’ll want more information based on your annual income, source of income, what’s your net worth and so forth.
You will have that sheet to fill out as well if you decide to select the option trading privileges. Once you’ve completed that, you’ll look at the forms and make sure you agree to all the policies and read them carefully.
If you’re new of their standard agreements, if you don’t know what’s going on or what’s happening, you have to agree to them to be able to continue. You have to agree to them to be able to use the brokerage platform.
Read them if you want, otherwise click the check mark box and move on, then you’re all set, after that they’ll ask you if you want an electronic delivery service agreement, you can get the documents mail to you, but I chose the electronic delivery standard on this.
This is for your statements, this is for what’s going on with all your documents, they don’t have to mail them, so you can get them all online electronically these days for any broker out there. From what I’ve seen, you’re all set.
You get to create a password that you want to use for your account, you can log into your account. Make sure it’s a good password because they’ll want it to be uppercase, low case the numbers. They’ll want it to be a strong password, so you make your password and then you’re all set.
You get your account number and then you will need to print, sign and return a signature page to be able to fund your account, this goes to your local branch, so technically everything is done with your local branch with Scottrade.
It seems that there is a minimum deposit of $500 on the basic funding account but I will fund twenty five thousand dollars which is weird because they don’t have a demo of their elite trading panel.
I’ll fund the account with twenty five thousand dollars doing a review on it for you, so you can know what that panel is all about, once you’re all set, you got your account number, you got your signature page, you fund your account and then you can play around with the panel.
You will have some security questions that come up, especially the first time you log in you set those up to whatever you want, after that you’ll get to a subscriber agreement page, this is mostly for professional traders or investors.
A lot of these questions are geared towards professional traders, the last key questions such as do you use market data solely for personal non-business use, you’ll answer yes or they’ll ask you if you’re qualified with the SEC, you’ll be probably know if you’re an individual basic trader you’ll probably answer no.
You’re not a professional subscriber, you’ll have a few agreements to double-check and look over, because the stock market is regulated, even though people think there are a lot of corruptions, there are a lot of laws especially with these trading companies that have to go through.
That’s a good thing because we wouldn’t want people to take our money five thousand twenty five thousand five hundred dollars and run away. In that case it’s good that they’re regulated, in either case you agree to those agreements, you have your account set up.
There are a lot of different steps to that registration process only because there are a lot of rules, a lot of regulations that need to be shown, in that you need to agree with prior to making trade, there’s a lot of paperwork that you have to go through to set up an account.
That’s how you do it in Scottrade and that’s the process in order to set up your account. Now you still will need to fund your account in order to make trades. Depending on the amount you put into, your account will give you access to the different tools.
Maybe in the next article we’re going to be reviewing the different tools, the different trades that you can do and learn how the inside of the website looks as you’re looking to put on a trade. We’ll get into that in a minute, but in this case to get your account set up and to get your account going.
These are all the different steps and processes that you have to go through. To set up an account takes about 15 to 25 minutes depending on how fast you are doing all the different paperwork, once you have all the paperwork filled out, you need to make your deposit and possibly sign some other papers and send those in as well.
Thanks for reading. If you enjoyed this and you want to see some of the other brokers that I’ve reviewed and placed real money into, take a look at the backend and the panels. If you have any questions, leave your comment below.