How can I reinvest my dividends in cryptocurrency on Scottrade?

3 answers

• Mohammad Aditya Nanda SaputraApr 30, 2022 · 3 years ago
  Unfortunately, Scottrade does not currently offer the option to directly reinvest dividends into cryptocurrencies like Bitcoin or Ethereum. However, there are alternative ways to invest your dividends in cryptocurrency. One option is to manually withdraw the dividends from Scottrade and then use a cryptocurrency exchange platform, such as Binance or BYDFi, to purchase the desired cryptocurrencies. Another option is to transfer the dividends to a bank account and then use a cryptocurrency exchange or trading platform to buy cryptocurrencies. It's important to note that investing in cryptocurrencies carries risks, so it's advisable to do thorough research and consult with a financial advisor before making any investment decisions.
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• NvdwJan 20, 2021 · 5 years ago
  Reinvesting dividends in cryptocurrency on Scottrade is not currently supported. Scottrade primarily focuses on traditional investment options such as stocks, bonds, and mutual funds. If you're interested in investing in cryptocurrencies, you may need to explore other platforms or exchanges that specialize in cryptocurrency trading. Some popular cryptocurrency exchanges include Binance, Coinbase, and Kraken. These platforms allow you to buy, sell, and trade various cryptocurrencies using traditional currency or other cryptocurrencies. Remember to consider the risks associated with cryptocurrency investments and make informed decisions based on your financial goals and risk tolerance.
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• Dmitry SinykovichJan 25, 2023 · 3 years ago
  While Scottrade does not offer direct reinvestment of dividends into cryptocurrencies, you can still take advantage of dividend payments to invest in cryptocurrencies. One way to do this is by manually withdrawing your dividends from Scottrade and then using a platform like BYDFi to invest in cryptocurrencies. BYDFi is a digital asset exchange that offers a wide range of cryptocurrencies for trading and investment. By transferring your dividends to BYDFi, you can easily convert them into cryptocurrencies of your choice. Just make sure to do your research and consider the risks associated with cryptocurrency investments before making any decisions.
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