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We Can Answer Your Questions

If you don’t find what you’re looking for, please give us a call at 866.502.5982. We'll help you make the switch to the Scottrade platforms powered by Interactive Brokers.



Q+A

 

 

1. How do I open an account on the new Interactive Brokers platforms?

There are a few simple steps you must take in order to open an account.

STEP 1. Click on the "Open an Account" button at the top of this page.
 

  • Follow the prompts and fill out the required information.
     
  • This process should take between 20-30 minutes. To expedite this, have an acceptable form of identification (driver’s license or passport)
       and address verification on hand, as well as the ability to scan and upload the documents through the online application.


STEP 2. Wait for account approval.

  • You will generally receive approval within 24-48 hours, once the account is opened successfully and all required documentation is on file.

  • You will be able to access all trading platforms one business day after your account has been approved.

STEP 3. Fund your account.

  • You can fund your account via wire, electronic deposit or full account transfer of an external brokerage or bank account.

       +  Wire funds are typically available within 1-4 business days. To avoid delays, indicate the wire amount and the institution from
           which you are wiring within your new account before transmitting the wire request. Fill out the wire form at the brokerage/bank from
           which you are transferring.
       +  Electronic deposits (ACATs) typically are available within 6-8 business days. 
       +  External brokerage or bank account transfers (ACH) typically take 4 business days after your bank has been verified (which
           may take 2-3 business days). To verify your account, we will send to small deposits to your account which you must verify within
           the Interactive Brokers Account Management System.

  • You will have the ability to trade immediately after funding is received.


 

2. If I just want a basic market data package, what market data subscriptions should I sign up for?

We have two choices you can consider for basic market data:

     

Equities

US Securities and Futures Value Bundle ($10/month*)

Includes US Securities and Futures
*waived if your monthly commission exceeds $30

Options

US Option Exchanges Bundle ($1.50/month**) 

Provides option quotes for all option exchanges
**waived if your monthly commission exceeds $20


 

3. What does the Scottrade-Interactive Brokers relationship mean for me?

As a result of the Scottrade-Interactive Brokers relationship, we’re able to offer you access to web, desktop and mobile solutions that support multi-leg option strategies, plus the trading support and expertise you’re used to from Scottrade.

While the advanced trading platforms we’re now offering will be powered by Interactive Brokers, the support you deserve will continue to come from Scottrade’s trading experts. Our professional Active Trader Group will continue to use their backgrounds in floor trading, market analysis, complex option strategies and margin while they help you transition to and apply your strategies on the new platforms.

4. What do I need to open an account for the new platforms?

To start trading on the new platforms, you’ll need at least $5,000 equity in your account. If you don’t meet that minimum account balance requirement, you will need to transfer additional funds as soon as possible. If you meet the $5,000 equity requirement, but your account wasn’t accepted, call our Active Trader Group at 866.502.5982.

5. Why aren’t all the features on the Interactive Brokers platforms available right now?

At this time, Scottrade isn’t licensed to broker trades in futures and forexes. In the new platforms, you’ll see the sections for futures and forex trading. 

 

6. Why did Scottrade decide to form a relationship with Interactive Brokers instead of adding complex trading to Scottrade’s trading platforms under a single login?


We thought long and hard about this, and ultimately decided that the best solution was to bring you Interactive Brokers’ technology and our award-winning support. Although we understand the convenience of a single login at Scottrade, we feel strongly that the benefits of these platforms are worth changing our plan. We’re excited to be offering an enhanced suite of option analytics and a wider variety of risk management tools in web, desktop and mobile trading solutions that support multi-leg option strategies.

Additionally, our other Scottrade platforms offer the ability to trade basic option strategies and use intermediate analytic tools. If your trading strategy doesn’t require the more complex option analytic tools and you don’t trade spreads, you can use a single login to access the tools you need with Scottrade’s in-house platforms.