If you have a Scottrade account, you may wonder, can you trade forex with it? That s a common question, and one that many Scottrade reviews have pointed out, but it s not entirely true. If you have an account at the brokerage firm, you can also trade forex on its platform. You don t need to change anything, though. It s just a simple process.
Forex is traded in pairs, which means you can buy one currency and sell another. For example, if you re trading euro/dollar, you re buying one currency and selling another. The euro is expected to increase in value compared to the dollar, but you can lose all of your money, or even more. When you sell the euro and buy the dollar, you ll have unwinded the trade.
In the past, Scottrade was the go-to brokerage platform for retirees, students, and beginners. The firm boasted 500 locations and excellent customer service. However, the firm closed shop following the consolidation of brokerages. Now, Scottrade users can access the same account at TD Ameritrade. While many users were initially resistant to the merger, most were pleasantly surprised by the changes.
While the commission fees are relatively high, the bank services offered by Scottrade are excellent. They offer free checking accounts with no monthly minimum, free ATM withdrawals, and a Visa check card. They also offer free EFT withdrawals and a Visa check card. The platform fee for international wire transfers is $125. You can even transfer full accounts using this broker. You just have to remember to use an alternative broker.
Although forex trading may seem complex and difficult to understand, the rules are relatively simple. All you need to get started is a brokerage account, a computer, and an internet connection. There are several reliable forex brokers available online. Most of these brokers follow the law, and some of them operate outside of the law. If you re interested in learning more about forex trading, check out the websites of your chosen broker.