Scott Trade Reviews And Information | Www.scottrade.com
Scottrade Commissions
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Market:
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$7.00
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Limit:
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$7.00
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Options:
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$7.00 + $1.25 per contract
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Rate this Broker
Scott Trade (or Scottrade) has been around since 1980, and has always been at the forefront of technology in the trading business. It is billed as a deep-discount broker, with a flat rate of $7 for most trades, yet it prides itself on its outstanding customer service. It maintains some 318 local offices in 47 states, making it one of the most accessible discount brokerages available.
Scottrade Services
Scott Trade's service selection is excellent. Customers can trade stocks, bonds, options, and a huge selection of mutual funds. Further, Scottrade is one of the few discount brokers to offer preferred stocks to its customers.
The online trading platform is solid and intuitive. Further, customers have free access to research from Thomson and S&P, free real-time streaming quotes, and interactive charts
Scott Trade offers two more advanced trading plaforms as well, called
Scottrader and
Scottrader Elite. These platforms feature integrated level II quotes, and NASDAQ Totalview, which lists market-maker bid/ask spreads in real-time. Further, traders may trade via mobile devices or an auto-response telephone service at no extra cost.
Scottrade also offers CDs, and some limited banking services including check writing and ATM cards.
Scottrade Reviews in the Media
Scottrade is a media darling, having been ranked number 1 in customer satisfaction six consecutive times by J.D. Powers, and receive praise from a number of other providers. Criticisms have dealt mainly with the limited selection of no-load mutual funds and limited reseach resources.
Downsides to Consider
Scottrade is not geared for extremely active traders. Its platform is not the most technically advanced, and its research tools are a bit on the thin side.
Bottom Line
Scottrade is an excellent choice for small investors and affluent investors alike. Its service it top-notch, its expenses are very low, and its executions are solid. Unless you're a day-trader or a hard-core tehcnical analysis afficionado, it's highly unlikely you'll regret choosing them. Still, although their prices are quite low, they are not the absolute cheapest online broker available. Cost-conscious self-directed investors may wish to consider
Zecco.com or
TradeKing.com, instead.
User Rating
Latest User Review for Scottrade
Notable Features
Personalized service, local offices, preferred stocks
Investments Available
Stocks, bonds, mutual funds, options, preferred stocks
Alternate Spellings
Scott Trade
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Scotttrade
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Scottsave
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Scotrade
Based on 7 votes.
Last summer, my husband and I wanted to get into the stock market especially to buy Delphi stock since they were bankrupt. We did all the research into the best brokerages and settled on Scottrade because it was all online and their trades were $7. In setting up the account, I had to go to my bank get a cashier's check and deposit it into the Scottrade account since they didn't do direct transfers. They have since made that feature available. We purchased Delphi stock and a few others. No where in the information on the website did it tell us that once Delphi came out of bankruptcy the stock we had purchased would be worthless. When information did come out about Delphi coming out of bankruptcy and the stockholders potentially getting stock from Delphi, Scottrade knew nothing about it. Everytime I would call to find out information to make a decision to keep or to sell, they knew nothing. I have since started looking at other brokers. My only other complaint was that the other stocks we held that pay dividends Scottrade would not allow us to roll it over to buy more stock.