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Multiple Trading Accounts?

post #1 of 6
Thread Starter 
Is there anything wrong with having more than one trading account?

I'm new to this, and started with an account at Ameritrade a couple weeks ago.

I just opened an account at TOS and started the funding process today.

TOS is much cheaper for trading small quantities of options ($1.50/contract), as well as stock orders of 400 or less shares ($5 flat fee). Ameritrade is cheaper for buying large quantities of cheaper shares and options ($9.99 flat fee + $0.75 per contract).

Anything wrong or even illegal with using them both? (Besides the obvious downside of having my capital split up)

Thanks in advance for your input.
post #2 of 6
Nope, nothing wrong with having multiple accounts
post #3 of 6
nothing wrong... i actually have an ameritrade account that ive never funded. its been several months now and i just use their strategy desk and online tools but i don't even trade with them. they called once in the beginning and i told them id fund it when i can clear some funds and they never said anything again haha
post #4 of 6
At one point this year, I was using 5 different margin accounts with different brokers.

You cannot however have 2 margin accounts with the same broker. You can have a margin one and as many cash ones as you want.
post #5 of 6
I have 5+ brokerage accounts. Nothing illegal or unethical about having multiple accounts, its a free country.
post #6 of 6
Thread Starter 
Great, thanks for the info guys.
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