#6 Scottrade

Scottrade Reviews

Service Review
Opening an account with Scottrade is hassle free and least cumbersome. You don’t need any printed mails or forms and electronic signature will suffice in account opening. Scottrade Money Direct features helps customers to transfer cash directly from bank accounts in a moment. Customers are trained on stock trading, mutual funds and exchange traded funds, Options trading through free tutorials, live workshops, and free webinars.

Moreover, customer support is available round the clock through email, telephone, and you can also visit the local branches that are 500 in number located throughout the United States. Customers can avail mobile trading on iPhone, iPad, Blackberry, Mobile Site, and Android. The trading platform is user friendly and navigation is easy.

Although Scottrade does not offer virtual trading, there are times when it does through the Scottrade Fantasy Portfolio Challenge. Nevertheless, you will have to make a deposit in your account in order to participate in the competition which is offered from time to time. Since it is not offered on a regular basis, it is not included in the regular account types.

Types of Investments
The investment vehicles you can opt for with Scottrade include Mutual funds, ETFs or Exchange Traded Funds, Options, and Equities. As far as fixed income investments are concerned, you can opt for CDs, US Treasury and Agency Issues and Bonds, and IRAs.

Commission and Fees
With regard to fees and commission of Scottrade, the margin rates are between 7.5% and 5.25%, no platform fees, broker assisted USD$27, touchtone phone orders USD$17, mutual funds USD$17, equities USD$7, and Options USD$7 plus USD$1.25/contract. For stocks below USD$1, Scottrade takes into account and adds 0.5% of trade’s principle value. You will also not have to pay for account transfers and account closing or inactive accounts.

Highlights
Scottrade has 3 different trading platforms that are Scottrade OptionsFirst, Scottrade Elite, and Scottrade. You don’t have to shell out any money for inactive accounts or maintenance. Enjoy free IRA accounts, Scottrade has as many as 500 branches locally. It has trading community online. Offers banking services like money market accounts and checking accounts, savings, and CDs. You can enjoy the facility of reinvestment of mutual funds without any extra charge. You need USD$500 for opening account. Investors get exhaustive educational material for investment strategies.

Investing and Trading Tools
Trading and investment tools include interactive learning material, Dow Jones news and research analysis, screening and research tools, streaming quotes, real time updates, graphing tools and charting, watch lists and automated trading, Level I and II quotes, and mobile trading. Also included among tools for trading and research are breaking news, market analysis, trader community, and market commentary.

Summary
Scottrade is undoubtedly a perfect trading platform for investors who do not want to raise their investment limit and are what we call ‘low balance investors’. This is also an ideal trading platform for active investors.

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Rating: 4.1/10 (18 votes cast)
#6 Scottrade, 4.1 out of 10 based on 18 ratings

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