This page will serve as a living document for things I learn related to Scottrade and other brokerages.
- You can transfer assets between brokerages for free by using the ACATS system
- Commission runs $7 per trade (and potentially more if the share price is less than $1), $25 per tender offer and significantly more for bonds
- Traders must pay commissions on any buy-in that happens, even if it is mandated by the brokerage
- You can pile up a ton of free trades by posting your referral code online. They expire in… 3 months? And will often disappear if you attach them to a trade and then cancel the trade.
- Scottrade will automatically link into TurboTax within TurboTax’s software
– Separation of long and short accounts in calculation of interest
– Scottrader Elite
– VBA Scraper
- Commission is complicated depending on which of two structures you choose, but dirt cheap either way. I pay roughly $.00035 per share
- Margin is also complicated, but essentially there’s a maintenance margin on long positions of typically 25% and variable for short positions, but generally the higher of $2.00 per share and 100% of the short position
- Long and short accounts are also separate for calculation purposes – no interest is charged on the short account, but can be charged on the long account
- IB can produce a tax file that ports straight into TurboTax