I was just wondering if that is a fee to use the service, or if I get to trade with that deposit. I'm new to investing money so any advice would be much appreciated! Thank you in advance.
2007-06-25 06:42:33 · 3 answers · asked by know it all 2 in Business & Finance ➔ Investing
at scottrade, the fee for a stock purchase is 7 bucks and a mutual fund purchase is 17 bucks. so if you start with 500 bucks, you might buy 10 shares of xyz stock at 20 dollars a share...that would cost 200 bucks plus the 7 dollar fee, or 207 bucks all together for that transaction. then you would have a cash balance of 293 dollars left, plus your 10 shares of xyz company (which will hopefully go up in value and also pay you dividends) .
2007-06-25 15:35:40 · answer #1 · answered by njyogibear 7 · 0⤊ 0⤋
Absolutely, Jon. That money is yours to trade with as you please. It is merely a minimum deposit required to activate the account.
If you have any other questions I would be happy to help, just let me know.
Scottrade
www.Scottrade.com
1-800-619-7283
2007-06-25 15:18:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You get to use it....the fee is $7 per trade.
The $500 is just the min. deposit.
2007-06-25 13:46:51 · answer #3 · answered by k g 3 · 0⤊ 0⤋