Anonymous
Anonymous asked in Business & FinanceInvesting · 1 decade ago

I use Sharebuilder, anyone know how easy it is to switch to Scottrade?

Any thoughts to which is better? Scottrade has cheaper real time trade fees, and you get a month's free trades if you switch.

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  • 1 decade ago
    Best Answer

    It's not a fair comparison

    Scottrade is a full service broker/dealer and has all the products, services of any of the major firms. Sharebuilder is not a full serve B/D and doesnot proivde most of the services of other firms not does it permit one trade in any registered securities, you can only select from their list of registered securities.

    You will be much better of with Scottrade. Don;t worry about the differences in fees, the services alone will more than make up for it.

    Two ways to move your account

    1- Open an account at Scottrade, then liquidate everything at Sharebuilder, take your check and send it to Scofftade

    2- Tell Scottrade you need ACATS forms, (may be able to go on-line and print them from Scottrade's site) when you receive them, just sign them and attach the most recent copy of your Sharebuilder statement and send it all to Scottrade, they'll finish the rest.

    good luck

  • 1 decade ago

    There are two ways you can go about switching. You can either sell all your shares out of sharebuilder, take the cash out and start an account with Scottrade, or you can set up an account transfer through Scottrade when you open your Scottrade account. If you have a small account, you're better to stay with sharebuilder because they invest in fractional shares, which should give you better diversification. Scottrade is not particularly cheap on fees, I'd say they're about average. The cheapest is interactive brokers, and they charge 1 cent per share with a $1 minimum for stocks and .65 per option contract with a $1 minimum. You won't find anything cheaper than that.

  • 1 decade ago

    It's very easy. Scottrade will do the work for you. Although Scottrade is a mediocre broker..... they are most likely better than Sharebuilder. You should do more research. Two weeks ago Barron's did a great article on Brokers.

  • 1 decade ago

    Is there a reason you want out of Sharebuilder? I know the real time trades are 9.95$,but it is about average as anything else out there.I use sharebuilder and like it. I pay for the advantage package and invest in my 6 stocks every tuesday for free.It works for me because I am a long term investor.

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  • 1 decade ago

    I have Scottrade and it was very easy to set up, and is very easy to use. Good charts, info and user friendly. 3 day turn around time for funds to post to account after you sell. Only $7 a trade, more for penny stocks

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