Is Scottrade the way to go?

[Big TR]

I'm going to take some of my IRA (presently all in Vanguard Mutual Funds) and put it into a brokerage IRA. As far as I can tell, Scottrade has the best setup, ie no annual fees and $7 per trade.

Thoughts?

[Jasonfp]

this may not make a difference in your decision, but scottrade [censored] me over when I opened an account with them. They told me I could option trade and then said I couldn't once I sent them a check. I use the new TDameritrade now.
-Jason

[Big TR]

This is the type of feedback I was looking for. Did they say you were under-capitalized or something? Did they keep your money?

[Jasonfp]

they just said they couldn't authorize me to have long option positions. I got the money back, but I was bitter because the whole bs took a couple of weeks and I missed out on a trade I wanted to make.
-Jason

[AvivaSimplex]

I think there are certain regulations about which investors are allowed to trade options. Scottrade asks you to fill out a form that asks you how many years experience you've had in the stock market and options markets. If you put zero, I'm guessing that's why they denied you. Also they won't let you trade options in an IRA account.

[blendedsuit]

you can buy calls, sell covered calls, and buy puts in IRAs. If you fall under the guadlines as an informed trader with experience. Ameritrade, scottrade, and fidelity wont let you sell uncovered calls or sell puts in IRAs because they aren't allowed margin rights.

[Jasonfp]

It was a cash account, and I put the same information on their application as I did with ameritrade and they gave me option trading. My problem with scottrade wasn't that they denied me, it was that they said it was no problem and then said no once I sent the money.
-Jason

BTW they did send me 37 cents interest too when they closed the account

[Toffler]

.

[MrBlue]

I switched away after they sent me a letter saying their e-check processor lost my bank account info, drivers license id (or ssn if you used that), and other personal information.

http://www.fatwallet.com/forums/arcm...hreadid=545457

I was becoming a more active trader anyway and Scottrade no longer suited my needs.

[Uglyowl]

Scottrade is good for me. Been trying to find out more about:

www.tradeking.com

They are only $4.95/trade, but don't know much about them