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Scottrade

As a leading online brokerage firm, Scottrade offers a full line of investment products, online trading platforms and market research tools to help investors take control of their financial future.

 
 
 
92 Total Reviews
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5-Star       (9)
4-Star       (28)
3-Star       (32)
2-Star       (13)
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Top Review
 
Good Broker W/Great Customer Service
It's great for those just starting out: great customer service, quick execution, easy to navigate, and decently cheap. It does, however,...
ankitpatel
 
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3 Free Trades Fdch0022
One of the best trading sites I have ever used! If you have not opened an account yet i highly suggest that you do. Trades are only $7 bucks and to open a new account all they ask is $500 They have some of the best tools for researching and staying up to date with stocks, and their local branches are available and willing to help with any questions you might have. If your ready to open an account Promo code FDCH0022 will get you set up with some free trades after setting up a new account. Good luck out there!

3 FREE TRADES

FDCH0022

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The best if not top 3
Had Scott trade for over 10 years and would highly recommend them. Great value and customer service.

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Great advice available
Scottrade offers low fees and broker assisted trades!

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Average at best
$7 commission these days isn't that cheap. They charge 1/2% transaction fee for any stocks under $1 so if you trade pennies fees will add up over time. Trade execution was always pretty good and their customer service is helpful. But don't see much reason to sign up with these guys unless having one of their branches you can walk into to pick up a check or whatever is a big thing for you.

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Bare bones but solid and great for OTC/Pinks
Scottrade does not have the bells and whistles of an E-Trade or an Ameritrade but if you trade penny stocks like I do, I think Scottrade is the better broker.

E-Trade ALWAYS trades against you when you try to buy or sell penny stocks or illiquid securities.

Ameritrade many times doesn't let you buy a wide range of penny stocks.



Scottrade lets you buy anything, their commissions are reasonable and they always route true and fair to NITE to represent your orders, unlike E-Trade.

They're not pretty, they're not fancy but they're solid good: Scottrade.

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Customer service sucks
I had closed my account years ago but for some reason that I still can’t figure out why, a couple of bucks was left in my account. I kept getting statements through the years which I never thought twice about until I was billed for a “paper fee.” I called them and was told to send an email to moneymovements@… to get the account officially closed. So I did and in response I receieved a terse and rude email telling me that address was not where I should be sending correspondence to close an accout that was supposedly already marked “closed.” This email came from Liz Arndt, Chief Operations Officer.

Sometimes you might get treated like this from the rank and file, but you would never expect it from an executive. The environment breeds on itself and if customer service and being treated professionally is important to you, you might want to keep looking for a broker who values you as a customer.



When I was with them I always thought they should make Elite available to everyone since other brokers have at least what Elite offers. But without Elite and the sheer disrespect I received from a company officer, there's no way I would recommend them.

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Good for the swing trader, not good for speed and execution
Just not the best for intraday trading,

Slow executions on penny stocks, that have cost me at least $5,000 in profits because of the bad or no executions.

Good for Swing Trading

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not my choice
There are some ups and down to having scottrade as your broker.. but from my experience mostly downs. Scottrade is a retial broker and requires you to have a minimum of 25k to daytrade. So if you have a smaller account and are starting out then you will only be allowed to daytrade 3 times every week. Scottrade also has horrible short borrows and doesnt allow shorting of stocks under $5. The customer service is good and Sally was always helpful and got me my answers fast. However, there are alot of other great brokers out there that provide you with so many more opportunities than retial brokers. If you are focusing on daytrading stick to prop firms.

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Decent Brokerage
Scottrade has been good for me so far. Coming from TD Ameritrade, I find Scottrade easier to use. I am not a big trader and I get my research from different locations even my old TD Ameritrade account.

So if you are looking for a brokerage that is easy to use then I would recommend Scottrade.

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Good if you trade a couple times a month
I opened an account with them to get my feet wet about six months ago. Customer service is good, and they're helpful when you need assistance. Recently, I've become more active and the commissions were beginning to really add up. I called them to ask if they would lower my rate because I was trading a lot more and they wouldn't budge. I started looking around at other firms and all I can say is I don't know how these guys stay in business. I guess they're ok if you trade a couple times a month, but if you trade every day, it doesn't make sense to trade with Scottrade. I've found several firms that I'm interested in taking a closer look at, and I've calculated I would save about 60% in commissions!!! In this day and age where there are so many firms out there that offer much lower rates and better tools, it just doesn't make any sense for me to stay with Scottrade.

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