Scottrade Review 2014
- Founded: 1980
- Total Staff: 3,300
- Securities Traded: Stock, Options, Mutual Funds, Bonds, CDs, Fixed Income
- Stock & ETF Trades: $7
- Better Business Bureau (BBB) Rating: A+
Scottrade is one of the leading online stock brokers in the market, helping individual investors making their own investment decisions. This company offers customer the convenience be it online or any easily accessible branch location, so the customer can place many orders for just $7 per trade.
Here are some reasons why choose Scottrade for online stock trading:
- $7 limit trades. Online markets and limit equity orders are just $7 for stocks over $1 regardless of trade frequency about balance or number of shares. The commissions are charged on a per order basis. Limit orders executed over multiple days and orders modified after a partial execution on the same day will be treated as separate orders for commissions calculation purposes.
- No inactivity or Account Maintenance Fees. Perhaps the best thing about Scottrade is that it’s no fee broker. You can trade every day or once a year, and you’ll never be charged with any hidden fees. Also, Scottrade does not charge a fee when you transfer money out or closing your account as well as terminating your IRA.
- Free Gainskeeper. This service tracks your stock lots and helps you file your taxes at end of year. It usually costs extra for other brokers.
- Low Account Minimum: Just $500 to open, but if you have $5,000 in account equity, you get free checkwriting, which you can then link up with other accounts.
Is it Easy to Open a Scottrade Account?
It took about 10 minutes to open for a new account. You will be asked for the usual ID verification questions including name, address, date of birth, and other information that will allow them to identify you. The signup process is pretty much industry standard.
Former Scottrade CMO Chris Moloney did a segment for ABC News Good Money. There is some good content on opening a brokerage account and pitflaws to avoid. Watch it now:
Scottrade Mutual Fund Center
Scottrade has industry leading mutual fund research tools. You can search by strong performing mutual funds, mutual funds screener or fund comparison tool.
How Good is Scottrade Customer Service?
Customer service is one of the important factors in choosing an online stockbroker, most especially for those who are new to online trading. It is a good thing Scottrade comes with excellent customer service. Whether it be by phone or e-mail, clients don’t need to wait longer than 30 seconds on hold to speak with a representative.
Clients will also expect a follow – up call or e – mail when they encounter problems to make things right. According to Forbes, Scottrade is among the top 100 companies to work for, and it shows in the attitude of the employees.
Founder & CEO Rodger Riney talks about achieving goals, customer support, and long term education in this one on one interview:
Scottrade Security: Is Scottrade Safe?
Scottrade offers a 100% backed Online Security Guarantee that provides security and reimbursement in the event of a problem. McAfee Virus Scan protects Scottrade.com from common virus scams like phishing, pharming, trojan horses, and spyware. Your personal information is safe and secure when dealing with Scottrade.
Scottrade’s Different Trading Platforms
Scottrade are offering three different trading platforms with different advantages to make trading a lot easier. Here’s a short description of each platform:
- Scottrade Trading Website – Their website is easy to navigate with online tutorials on how to use different tools. The site can load fast during peak with minimal downtimes. It is very important that you feel comfortable navigating your online account.
- Scottrade Mobile – It is a mobile application that works on all versions of iPhone, Blackberries and other mobile phones that are Internet capable. This trading platform allows for faster trading using a mobile device.
- Scottrate Elite – It is considered as an advanced platform where you are allowed to add the windows and tools that provide all the information you need. It also comes with Dow Jones and Comtex news as well as top performers scanners, charting ability and access to Level II quotes.
Scottrade Trading Tools
Among its awesome platforms, Scottrade boasts two impressive tools for the active investor:
- Scottrade Mobile – 100% mobile app for Scottrade iPhone, Blackberry and smartphone users only. Trade anywhere with only your smartphone and Scottrade. Quickly monitor your account, make traders and relax.
- Scottrade Options First – Advanced options trading strategies to help you protect your position and increase your returns.
Recent Scottrade Awards & Honors
- Fortune Magazine 100 Best Companies to Work for, 2011
- BrandKeys Customer Loyalty Engagement Winner, 2011
Are there any Scottrade Promotion Codes or Offers?
Scottrade has a few promotional offers for new accounts holder. You can grab the coupon codes on the Scottrade promotional codes page.