Scottrade review

Scottrade Review

Scottrade is a veteran in the discount broker niche after more than 30 years in business. They’ve gained a consistent reputation for having an insanely high level of customer satisfaction. They offer a wide range of investment vehicles and personal support at 496 branches across the U.S.

What they offer: $7 trades, fast executions, low margin rates, mobile trading tools, and the highest level of customer satisfaction we’ve seen. Especially good for their no fee IRA accounts.

PROS CONS
  • High investor satisfaction.
  • Scottrade Mobile for mobile research & trading access.
  • $500 minimum to join.
  • Access to wide variety of international investments.
  • Low margin rates.
  • Separate platforms for trading stocks and options.
  • Scottrader & ScottradeELITE software is not mac compatible.
  • No LiveChat feature.
  • No FOREX trading access.

The Verdict: Scottrade offers a very competitively priced service and it seems everyone who uses them absolutely loves them. $7 trades aren’t the cheapest around, but expect them to make up for it in service.

Where to join: Get up to $100 back when you open an account. Learn more (follow this link to claim special offer)

In Depth Scottrade Review

Setting Up An Account:

Opening an account takes about 10 minutes if you have your personal information handy. Fund your account via direct deposit with Money Direct (ACH), wire transfer, paper check, deposit stock certificates, or transfer from another broker.

Open An Account

Fees/Commissions:

  • Stocks: $7 per trade (non-tiered).
  • Options: $7 + $1.25 per contract.
  • For stocks priced under $1 add 0.5% to principal value.
  • Broker assisted trades are $27.
  • Margin rates: (Base – 0.25%) – (Base -2.75%)
  • No ACAT fee.
  • No hidden maintenance or inactivity fees.

Investments Offered:

Stocks, options, no-fee IRAs, mutual funds, fixed-income (CDs, treasury & municipal bonds), ETFs and education savings plans. Access to international stocks.

Ease Of Use:

Scottrade is easy to use whether you’re a beginner, novice or experienced trader. Video tutorials are offered to hold your hand at the beginning, but the basic platform is very intuitive. Scottrader and ScottradeELITE offer streaming quotes and allow you to customize your trading experience with the tools you need.

Trading/Investment Tools:

  • Mobile trading.
  • Fast execution.
  • Level I & II quotes.
  • Automated trading, watch lists.
  • Great charting and graphing tools.
  • Real time updates and streaming quotes (w/ Scottrader & ScottradeELITE).
  • Solid research & screening tools.
  • Dow Jones news & research analysis is free.
  • Interactive learning resources.

Customer Service/Support:

No LiveChat feature
Phone, email and face-to-face support in one of their 496 branches.
Scottrade also offers service and support in Chinese.

Awards:

#1 for Investor Satisfaction with online investing services by J.D. Power & Associates Online Investor Satisfaction Study (2008-2009) – Scottrade has placed #1 eight times since 2001.
#2 in CEOWorld Magazines rankings of “Best Online Stock Brokers” (April 2010)

The Final Word…

Scottrade ofers a very well-rounded host of investments and tools to get the job done, and they seem to be making all their customers very happy, so if you’re tired of being disappointed by your broker, go for the safe bet.

Open An Account

Current Scottrade Promo Codes:

Get up to $100 back when you open an account. Learn more (just follow the link to claim this promo)

Also Read: Scottrade reviews by J.D. Power & Associates, SmartMoney and Barrons.

Update: If you’re on the hunt for Scottrade promo codes, we’ve set up a page for just promo codes. Visit it here –> Our list of Scottrade promo codes!

Disclosure: Some of the links included in our reviews are affiliate links. This means if you click on the link and purchase the item, we will receive a commission.

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