Features
  • Over 500 physical offices for customer service
  • Easy transfer of an account from any other broker to Scottrade
  • Great emphasis on in-Person online education
  • Excellent Mobile Trading and Account Access
Mobile Interface
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Web Interface
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Scottrade User Review Author: 18 February 2013

Overall Rating

Recommends Scottrade for:

  • Long Term Investing
  • Penny Stock Trading
  • Options Trading

Traders looking for a broker with low commissions and exceptional customer service should seriously consider trading with Scottrade. Started in 1980, they have 505 physical retail locations across US, which gives them a competitive edge. Opening an account with them is like a breeze and it takes less than 10 minutes.With a Scottrade account, you can trade in the US and 20 nations worldwide. One interesting thing that you must know about Scottrade is that they are registered with Securities Investor Protection Corporation, that means in case they face bankruptcy, the money in your account will be safe. Each customer is insured up to $24.5 million.


For detailed information, browse through our detailed reviews below.

What Type of Accounts can you open with Scottrade?

Popular brokerage accounts are Individual, Joint accounts.

The list of all accounts that one can start with Scottrade is:

  1. Individual Accounts
  2. Joint Brokerage Accounts: Maximum 3 individuals
  3. Individual Retirement Accounts (IRAs): Traditional IRA | Roth IRA | Rollover IRA | SEP | Simple IRA's
  4. Business Accounts :Investment Club | Corporate | LLC | Partnership | Sole Proprietorship |
  5. Speciality Accounts: Trust Accounts |
  6. Custodian/Guardian Accounts: Coverdell Education Savings Account | Custodial (UGMA/UTMA) | Guardianship | Conservatorship |

Scottrade brokerage offers the following selection of investing products:

  1. Stocks
  2. Options
  3. ETF's
  4. Mutual Funds

Scottrade Fees & Commissions

They truly live up to the name of a discount broker as they offer one of the cheapest commissions in the industry.
With a mere $7 per trade for any number of stocks traded in US or any other country, the traders really dig it. But, for stocks priced under $1, an additional .5% fee of the principal value will be added to the $7 base commission rate. If you are an active options trader, they might seem to be expensive. In that case, I would suggest taking a look at Optionshouse or OptionsXpress.

Scottrade Platform Performance and Tools

Compared to their peers, they lack behind in 3rd party research. Technologically speaking, they aren't the best when it comes to the trading platforms. The flagship trading platform "Scottrade Elite is available only to premium customers. The web based platform is not so advanced.
Scottrade offers the following trading platforms:

  1. Scottrade Trading Website: All you need is to open an account with Scottrade and fund with a minimum of $500. This platform is easy to use and contains Free Streaming Charts, Real-Time quotes, Market News, and stock trading tools - available in English and Chinese. Scottrader Streaming Quotes is an application that neither runs in a browser nor is a full desktop app.
  2. Scottrade Mobile: The mobile version enables the user to be connected to the market wherever they are.
  3. Scottrade Elite: It is a desktop based application, is fully customizable and designed for the active traders, ScottradeELITE gives you access to your online stock trading and other trades with advanced tools, flexibility and in-depth analysis. Scottrade customers with an account value of $25,000 or more can download ScottradeELITE. It is available in English and Chinese..
  4. Scottrade Options First: To Trade options, open an account with Scottrade and you can start trading options.

Scottrade Mobile Platform

They offer mobile platforms for iPhone, iPad, Blackberry and Android based devices. On top of that - they also offer a mobile trading website which can be accessed from any mobile device which supports a web browser.

How good is their Customer Service and Support?

They offer one of the best customer support among the discount brokers.You can call the customer service or should you wish to have in-person support you can locate the nearby retail office on their website and pay them a visit . Even your calls are routed to the nearest office. With more than 500 local branches, you need not worry. They operate during standard market hours: 8:30 a.m. - 5:00 p.m., Monday to Friday.

Education & Training for Traders

Scottrade’s Knowledge Center is quite a comprehensive educational section which covers information ranging from trading basics, fundamental analysis, technical analysis, to taxes; trading topics like order types, dictionary and many more. They have webinars which are online webcasts that you can watch on various topics. If you prefer in-person events, you can attend their user summits hosted at their branches all over the US.

Miscellaneous information about Scottrade

Scottrade's USP is best summed up by 'Low Commissions' and 'Great Customer Service'. In 2007 and 2008, J.D. Power and Associates ranked Scottrade “Highest in Investor Satisfaction with Self-Directed Services". Scottrade is headquartered in St. Louis, Missouri. Its Founder, former President and the current CEO is Rodger O. Riney.

What is Scottrade Bank's routing number?

The routing number for Scottrade Bank is 081086674.

Your email address will not be published. Required fields are marked *

Your Ratings:


  • Overall

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

  • Miscellaneous

*

 

 

23 November 2012

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(false)

I\'ll start with the bad first, because nobody seems to mention it. their mobile platform is horrible. From the way it crashes when you open it with the latest firmware, to the glitches that delay prices/ orders, it is an absolute nightmare. It got to the point that i just deleted it, because it was simply easier to load the website with one bar of 2g service, in a reinforced cement building. I can recall more than one time where an order didn\'t go through at the right time/ price, which we all know can cost us more than a couple of dollars.

But, on the flip side, the service is excellent. After explaining the situation, my scottrade representative, appropriately named scott, ended up giving the stocks to me at the correct price- when he could have simply said no. I only have one account, cash with level II options trading, so I cannot speak to any other types, such as retirement accounts. I do like their educational seminars and pages, they help me explain things to my family, as they want to know what i am doing, but dont necessarily want to \'learn\', if you get what i am saying.


05 November 2012

Overall Rating

  • Types Of Accounts

  • Trading Fees

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bool(true)

Scottrade platform is pretty reliable and outstanding. However I dont understand the people who keep praising Scottrade for them having local branches.

I have been trading with them for a while now and never ever had to visit any of their branches, EVER!!


14 October 2012

Overall Rating

  • Types Of Accounts

  • Trading Fees

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bool(true)

Scottrade doesn\'t have very good availability of stocks to borrow. I have been called in a few times by them when I was holding a short position.

This is really annoying when you know the stock is just about to drop hard and you get called out by the broker without any warnings either


07 September 2012

Overall Rating

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bool(true)

Just joined Scottrade this weekend and have been kind of pleased with the help available for newbies. I am quite new to stck world and so far it has been an awesome experience and Scottrade made sure to help me get started without much problems.

I have been going through their seminars and other knowledge repositories. Hope to make some monieeesss!


27 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

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bool(true)

You can do this on some accounts, not all. I have an IRA there and I think I am able to use ACH transfers (ACH = Account Clearing House) with that account, however in my corporate investment account deposits can only be by physical check deposit. Minor annoyance. They usually allow me to invest on receipt of the check in the mail. Overall great broker.


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

I have been satisfied with my Scottrade account which I have had for a number of years. I concur with almost all of the review comments. I'm a bit surprised that they were all positive comments. Surely someone would have a negative comment.

My primary criticism is the difficulty in transfering money in and out of the account. Primarily it is done with paper checks. There may be an alternate method for one direction, but, I have not used it. Some don't like it becaused they do not have provisions for dividend reinvestment. This is not of concern to me.


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

I'm pretty sure you can get around this by treating the checks like any other bank account and then using electronic transfer with routing number and account number.


I have a raft* of accounts at Scottrade and have been happy with them.


rad


*Taxable, Trad IRA, Roth, SEP, had Coverdells, had UGMAs, Roths for kids(both minor and after)


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

I love Scottrade, but their commission is a little high, $7/trade, but certainly less than others. I also have the glitch about the transfer of money in and out on paper checks. Their customer service is flawless. I use them some, mostly for mutual funds since their fees for the ones which are not NTF is substantially less than other firms.


For example, I bought into Dodge and Cox global fund thru Fidelity, $75 transaction fee. Thru Scottrade it would have been $17 initial fee and then $2 for repeat transactions in the same fund. Pretty substantial difference.


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

I like their windows based trading platform, ScottradeELITE (free for investors). It makes trading really easy


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

you get $25,000,000 Account Protection with Scottrade account. I think thats really great


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

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bool(true)

Exceptional service ... however one thing I dont like is that I can€™t buy fractional shares. Oh well


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

Best thing I like about Scottrade is thier local branch offices for easy contact and for putting a face to the customer names. I personally love talking to people instead of just talking to menu prompts :P


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

Been with them for about a year now, and things work well. Haven€™t used another broker, so I have nothing to compare with though.


I think they make a great €œfirst timers€ broker because: 1) they don€™t have any/many fees, including fees to transfer out if you don€™t like the service, 2) they have local offices all around if you have questions/issues, and 3) they have fairly cheap rates.


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

"Have been with Scottrade for a year with a large account. Excellent personal customer service and no concerns with trade execution."


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

"I've been with Scottrade for about 3 years, and I've had flawless service from them. If you call, a human will answer within 2 minutes every time. One on occasion, I was absolutely strapped for cash and a broker helped me liquidate my account and get a wire transfer to my bank without any fees or charges beyond trading costs. If that's not superior service, I don't know what is. I recommend this broker for buy/and/hold trading, since their realtime tools might not be as fast as needed for day trading. My only complaint about Scottrade would be that I'm having trouble getting my account enabled for options. Short-selling was easy, but options seem to be off limits for some reason."


26 August 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

  • Customer Service

  • Education

bool(true)

"Scottrade has always been there when I needed a question answered and help doing any online trading. I am very pleased with their service."


16 April 2009

Overall Rating

  • Types Of Accounts

  • Trading Fees

  • Technology

  • Mobile Platform

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  • Education

bool(true)

Scottrade has a user friendly webpage and great real time prices with the platform. My rating A+. No issues what so ever. Trades are $7 for all trades. 3 free trades with a new account with promo code AKID6088


Daniel
18 February 2013
Reply

I have been using Scott trade for about one year now, platform seems to have everything that is necessary for a good trading experience. After first opening the account I received a call from costumer service, they were friendly and helpful and offered to schedule an appointment to visit a nearby branch to discuss how to properly use website/platform. After the visit I was surprised by how much interest they showed in helping me to become as familiar with their services as I could

They have a pretty great referral program too, you can use someone’s referral code when signing up and get 3 free trades, which is pretty useful. Overall great service.

In case any of you guys are interested in the 3 free trade here’s my referral code: FDUK8950

    emoore
    18 February 2013
    Reply

    Hey Daniel,

    I totally agree to your point about Scottrade. They really offer one of the best services in the discount brokerage area.

Eric Moore
30 November 2012
Reply

Scottrade requires you to deposit a minimum of $500 which is considerably lower than some of the other brokerage firms. The platform is pretty quick and transactions are executed within no time. But they do not allow Forex or Virtual Trading.

Scott Trader
03 June 2010
Reply

I’ve had Scottrade since 1993…. I have had no problems with them at all…. Everything else has been fine. The brokers have been knowledgeable on all but one occasion, and he had the senior broker help me. My limit orders have filled at lower-than-limit prices…. I don’t do options and I have high speed. I use… IE, Mozilla Firefox and Mac Safari. Good value for money, there is not doubt about it.

    Punit Gupta
    20 February 2013
    Reply

    Agreed. Scottrade is among the best brokers out there. Highly recommended for:

    Long term investing
    Options trading
    Penny stocks trading

Cabob
26 August 2009
Reply

"I have been satisfied with my Scottrade account which I have had for a number of years. I concur with almost all of the review comments. I’m a bit surprised that they were all positive comments. Surely someone would have a negative comment.
My primary criticism is the difficulty in transfering money in and out of the account. Primarily it is done with paper checks. There may be an alternate method for one direction, but, I have not used it. Some don’t like it becaused they do not have provisions for dividend reinvestment. This is not of concern to me."

reallyalldone
26 August 2009
Reply

"I’m pretty sure you can get around this by treating the checks like any other bank account and then using electronic transfer with routing number and account number.

I have a raft* of accounts at Scottrade and have been happy with them.

rad

*Taxable, Trad IRA, Roth, SEP, had Coverdells, had UGMAs, Roths for kids(both minor and after)"

Jaime
26 August 2009
Reply

"I love Scottrade, but their commission is a little high, $7/trade, but certainly less than others. I also have the glitch about the transfer of money in and out on paper checks. Their customer service is flawless. I use them some, mostly for mutual funds since their fees for the ones which are not NTF is substantially less than other firms.

For example, I bought into Dodge and Cox global fund thru Fidelity, $75 transaction fee. Thru Scottrade it would have been $17 initial fee and then $2 for repeat transactions in the same fund. Pretty substantial difference."

JoeTrader
26 August 2009
Reply

I like their windows based trading platform, ScottradeELITE (free for investors). It makes trading really easy

KattieCat
26 August 2009
Reply

Exceptional service … however one thing I dont like is that I can’t buy fractional shares. Oh well

Guest
26 August 2009
Reply

"Been with them for about a year now, and things work well. Haven’t used another broker, so I have nothing to compare with though.

I think they make a great

Have been with Scottrade for a year with a large account. Excellent personal customer service and no concerns with trade execution.

I’ve been with Scottrade for about 3 years, and I’ve had flawless service from them. If you call, a human will answer within 2 minutes every time. One on occasion, I was absolutely strapped for cash and a broker helped me liquidate my account and get a wire transfer to my bank without any fees or charges beyond trading costs. If that’s not superior service, I don’t know what is. I recommend this broker for buy/and/hold trading, since their realtime tools might not be as fast as needed for day trading. My only complaint about Scottrade would be that I’m having trouble getting my account enabled for options. Short-selling was easy, but options seem to be off limits for some reason.

I’ve been with Scottrade for about 3 years, and I’ve had flawless service from them. If you call, a human will answer within 2 minutes every time. One on occasion, I was absolutely strapped for cash and a broker helped me liquidate my account and get a wire transfer to my bank without any fees or charges beyond trading costs. If that’s not superior service, I don’t know what is. I recommend this broker for buy/and/hold trading, since their realtime tools might not be as fast as needed for day trading. My only complaint about Scottrade would be that I’m having trouble getting my account enabled for options. Short-selling was easy, but options seem to be off limits for some reason.

Scottrade has always been there when I needed a question answered and help doing any online trading. I am very pleased with their service.

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