#1 Scottrade Review
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Scottrade

One of the most recognized and respected names in stock and commodities trading, Scottrade has been developing industry-standard tools for over three decades. The company offers several trading platforms and research tools, which could help you stay informed and ahead of the curve in several trade scenarios. With online trades starting at $6.95 per transaction, Scottrade also offers incredibly low pricing to entice new customers to join. You can also benefit from online, telephone and in-person specialists that could help your initial investment grow.

History

When Rodger Riney moved to Scottsdale, Arizona in 1980, he founded Scottrade Securities to help provide easy access to commodities trading. Five years later, he split with his initial partner to open a second branch in his home of St. Louis, ultimately keeping the Scottrade name while lowering commission costs to attract more customers. This tactic obviously worked, and, by the early ‘90s, Scottrade had 15 different locations across the United States. Later in the ‘90s, Scottrade launched its website, which helped usher in the era of online trading and investments. Scottrade is also characterized by its impressive business practices, having never closed a branch or laid off an employee, making it consistently one of the best employers according to annual surveys.

Pricing

While some companies offering the same features will make you pay handsomely, Scottrade actually charges some fairly competitive prices. For starters, your options and stock trade fees start at $6.95 per transaction, which is a few dollars lower than some other respected online brokerages. The mutual fund trade fee is also among the lowest in the industry, starting at $17.00, which could make trading even more rewarding.

FEES AND FIGURES
  • Stock Trade Fee $6.95
  • Options Base Fee $6.95
  • Options Per Contract Fee $0.70
  • Mutual Fund Trade Fee $17.00
  • Number of Mutual Funds 14,000+
  • Broker Assisted Trade Fee $32.00
  • Broker Assisted Per Contract Fee $0.70
  • Commission Free ETFs N/A
  • Minimum Deposit $500
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Interface

We all know that the most important feature of effective trading, especially if you’re moving commodities several times a day, is keeping up with the market. With Scottrade, you’ll have tons of options that could help you stay up on everything that happens with your holdings, potentially allowing you to capitalize on any strategy you employ. This starts with the client website, which is a basic but impressive web-based trading platform that can show you stock performances, track your ticker data and give you quick access to quote look ups.

For more advanced options, Scottrade offers a couple of desktop platforms that will launch from your computer to hopefully give you some expanded access. Streaming Quotes is the more basic of the two, and probably a great fit for someone who’s looking to get started. Its all-in-one interface could make it amazingly easy to assess a stock’s growth and adjust accordingly. Scottradeelite offers an even more impressive interface built off the success of Streaming Quotes. Displaying ticker data, candle stick charts and stock performance history, you could easily assess the market and implement an effective day trading strategy.

Of course, though, you want the freedom to live your life while you pursue lucrative transactions on the open market. Especially if your financial success hinges on your ability to trade all day long, even going to the grocery store could be nerve wracking, knowing that you’re powerless to respond to market movement. Fortunately, Scottrade has devised a mobile trading platform to help you control your assets wherever you go. With any smart phone or tablet, then, you could conduct transactions using up-to-the-moment information without having to worry.

Resources

Another big part of an effective trading technique, though, is tracking market trends and staying on top of important developments that occur. Scottrade has your back again, offering market news and analyst advice that could help inform your trading decisions by giving you the guidance you need. You can also look up information by sectors and industries as well as world markets, meaning that you can follow the areas of the market that you are most interested in pursuing. You can also look up a stock’s history, or compare it to other stocks to see what your options are and possibly determine your best opportunities.

If you need more personal assistance, you’ll have a huge number of options to reach out to one of Scottrade’s trading specialists. One very helpful option is phone service, which is available from 5 a.m. to midnight on weekdays and 8 a.m. to 6 p.m. on weekends (CST). Using telephone assistance while you have one of Scottrade’s platforms open could allow you to receive guidance and assistance on the problems that you’re having in real-time. You’ll also have the option to send an email if you have less pressing issues that need to be resolved. Or, for some face time with a real trading specialist, you can visit one of over 500 nationwide Scottrade branches to help you figure out your investment strategies.

The Good

Tons of platforms and communication tools to help you get trading ASAP

The Bad

Customer assistance is not offered 24 hours a day

The Ugly

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