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Scottrade Online Brokerage Reviews: Make Informed Decision
CompareBroker aims at helping traders to help investors to choose the Best Stock Broker. We partner with different online stock brokers and bring out their value proposition to consumers for a fair comparison. Experts suggest to consider opening multiple accounts... read on to find out why!
 
Scottrade: Exceptional Online Stock Broker with local branch offices

Choose from more than 1,000 No-Load, No-Transaction Fee mutual funds

These can be bought, sold or exchanged online at no charge!

Maintenance Fee: Simple Options fee per contract):
Minimum balance: varies with fund Stocks Purchase Fee:
    Minimum no. of trades/quarter:
 
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Scottrade Editor Review

Scottrade has a reputation for good customer service. They have a friendly and knowledgeable team in place who can be contacted through email, phone or (the best part) their one of the 403 offices spread across the country. They charge a flat rate of $7 per trade be it for market, limit and options trades.

New traders are also initiated well through Scottrade. They are provided with comprehensive educational information so that they can make the right decisions before taking the plunge.

The Scottrade Features:

  1. A flat rate of $7 for market, limit and option trades
  2. Trade execution speed of .66 second
  3. Checkwriting: Scottrade allows you to write checks out of your brokerage account
  4. You would not be charged any inactivity or account maintenance fees
  5. The brokerage charges low margin rates depending on the loan balance
  6. Scottrade also has site in Chinese.
  7. Personal broker
  8. Provides a variety of Standard and Poor's research

Some of the best online brokerage fee is charged by Scottrade, which is only $7 for trades over $1. Small traders are the special beneficiaries of it since they can open an account with $500. The day traders are also happy with the arrangement as the fees are pretty straightforward. The margin rates of Scottrade are also pretty low from negative .25 for balances under 10K.

There are not as many investment options as are available at other brokerage houses, at the same time, enough options are available so that you may diversify your portfolio. All the standard investment products are available which include stocks, options, and mutual funds among others.

Scottrade is especially good for you if you are new to stock trading. The trading platforms navigation systems are easy and the online tutorials are a great help when it comes to using their tools. The brokerage serves the expert traders equally well, with the high–end trading desktop where they are allowed customize the windows and so that they get all the required information. All of the windows automatically change values as per the stock you are looking up.

The Scottrade trader interface is extremely user friendly where you can do your research and it also serves as a knowledge center. There are different types of calculators as well as news and research (free to the Scottrade customers, of course).

Scottrade History

Founded by Rodger Riney, Scottrade started as Scottsdale Securities in Arizona in 1980. In 2000, the name of the company was changed to Scottrade to reflect the domain name of the website of the brokerage firm. By 2002, the number of offices reached close to 150. In 2008, it was named the best company to work for by Fortune.

 
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Gunshow says:  April 16, 2009 6:26 am

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

Helen Haiduck - Deleware says:  August 26, 2009 3:06 am

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

Guy Bluesummers - Pennsylvania says:  August 26, 2009 3:07 am

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.

Guy Bluesummers - Pennsylvania says:  August 26, 2009 3:07 am

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.

Matthew Bowen - Virginia, USA (Jul-2007) says:  August 26, 2009 3:10 am

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

Guest says:  August 26, 2009 3:11 am

"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 “first 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."

Mark says:  August 26, 2009 3:42 am

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

KattieCat says:  August 26, 2009 3:44 am

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

Rambo says:  August 26, 2009 11:34 am

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

JoeTrader says:  August 26, 2009 11:38 am

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

Jaime says:  August 26, 2009 10:50 pm

"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."

reallyalldone says:  August 26, 2009 10:50 pm

"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)"

Cabob says:  August 26, 2009 10:52 pm

"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."

Jaime says:  August 27, 2009 3:38 am

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.

Scott Trader says:  June 3, 2010 8:36 pm

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.




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