I did a quick review of online discount broker Scottrade a few weeks ago. In the post, I mentioned that Scottrade, which charges $7 for each online stock order, market or limit, isn’t the cheapest option out there for trading stocks. There are quite a few cheaper alternatives, including those I listed in the TradeKing promotion post last week.
Despite the relatively high commission cost, I have been using Scottrade for years and it’s my primary stock broker, not only because of its excellent customer service, but also that I can actually trade with Scottrade for free. That’s right, I don’t pay any a penny when trading stocks with Scottrade. No, there’s no special deal for me. Rather, I take advantage of Scottrade’s ReferAll program that allows me to earn 3 commission-free trades each time I refer a new customer to Scottrade. Three free trades don’t sound a lot, but what if you can keep earning free trades without a limit? That would mean something, right?
Actually, the best part of the ReferAll program is that it allows you earn unlimited number of free trades, as long as you keep the account active. So the more people you refer, the more free trades you earn. The only drawback of this program is that you have to use the free trades earned in 6 months; otherwise, you will lose them. However, if you have the free trades constantly coming in, this shouldn’t be a big issue. I used to use Zecco to trade stocks for free when they offered free trades to everyone with at least $2,500 in the account. Now I am using Scottrade exclusively.
Here how you can start free trades from Scottrade:
1. Open a Scottrade brokerage account if you don’t have one;
2. Use promotion code KGKP0724 to get 3 free trades for yourself;
3. Once your new account is active, use your own reference code to refer new customers to Scottrade;
4. Receive free trades and trade stocks for free.
Since there’s no limit on the number of free trades you can earn, you can keep referring new customers to Scottrade and essentially trade stocks with them for free, forever (of course, to the point when Scottrade cancels the program, if that happens). Sounds pretty cool, doesn’t it?
2 Comments
Open a new Scottrade account and use this code at signup: KGKP0724 …and get your first 3 trades free. A $21 value.
Open a Scottrade account and click on “Referred by a Friend” then type in code: JLXF6771 and you get first 3 trades (buy/sell) free. They expired approx 7 months after you get them. A $21 value. This is a valid code as of 6-25-11.