Scottrade reviews, ratings, pros and cons, complaints from brokerage customers

Scottrade Ratings

Scottrade average user rating: brokerage firms reviews

Scottrade BrokerageReviews.org rating: 5-star brokerage firm rating

Scottrade Review: Stocks, ETFs & Options Trading Commissions

Stocks and ETFs: $7
Stocks and ETFs broker assisted: $27
Stocks and ETFs Interactive Voice Response (IVR) Telephone System: $17
Options: $7 plus $1.25 per contract
Mutual Funds: 2,800+ for free, $17 for all others
CDs, OTC Secondary Corporates, OTC Secondary Municipals, U.S. Treasury Bills, Notes, Bonds and STRIPS, New Corporate Offerings: subject to a markup or markdown
Listed Corporate Bonds: $35 fee + $3 per Bond (minimum investment $1,000)
Unit Investment Trusts (UIT): $50 liquidation fee

Minimum To Open Scottrade Online Brokerage Account

$500

Scottrade Promotional Code/Offer/Bonus 2012

Scottrade Reviews


by Blueblade, 12/30/2011 Pros: Great site, great service, low commissions, no service fees, free extras Cons: None to speak of Ive been using scottrade for 3 years now and I'm very happy. The office staff is always very friendly and helpful. They have free seminars from time to time that cover more complex topics, etc. The web site is intuitive and also educational as well. I've had no problems with trades and they seem to happen very quickly. They seem to have the right balance of value and service.
by John, 12/19/2011 Pros: Everything! Cons: Nothing yet! I love Scottrade!
by Alex Sampson, 11/22/2011 Pros: Cons: Have been a Scottrade customer for six years. I value execution quality as a top criteria for selecting a broker. So far I would rate Scottrade as a B+/A-. As a comparison I would rank my accounts with Merril Lynch is a D and E*Trade as a B. While I would prefer electronic funds withdrawal, I haven't had any problems, at all, with withdrawing funds via fax to my local office. The only delay in withdrawals is the settlement period, but that is not something that electronic fund withdrawal would change. So far I have interacted with two different local offices and each was very professional and provided quality customer assistance. Also, I have worked with the St. Louis-based customer service center and have had positive experiences. The Scottrade Streaming Quotes (Java-based) has worked just fine for me on multiple systems. Scottrade Elite is an acceptable trading platform, I would rank its relative strength in comparison to other platforms as a B+. As a comparison I would rank TradeStation as an A-/A. My one criticism, though, is that I would like to see some form of automated trading. My trading strategies are evolving to the point where automated trading is fast becoming a necessity. This may be the one reason I leave Scottrade, which I would hate to do as they have been a quality broker all these years.
by Ann, 10/26/2011 Pros: reasonable price, local branches Cons: no electronic withdraw, sales/purchases settlements take some time I have been using Scottrade for months now after switching from another brokerage. My experience with scottrade has been good so far. Good luck everybody!
by bigtuna, 10/23/2011 Pros: Fast Trades Cons:
by John, 9/29/2011 Pros: Cheap, Easy Cons: None! I love Scottrade!
by Kelly, 9/27/2011 Pros: Reliable, Inexpensive, Customer Service, Easy Setup Cons: Slow interface
by T, 8/13/2011 Pros: Cons: They don't tell you if you did something wrong before hand, until after the fact, makes you look bad to them. I sort of new to trading, and I caused a mistake that I didn't know about that it has severely impact my account for the future with them, I caused a regulation T violation, they did not bother to tell me before hand. The broker doesn't even let you know about the problem before it becomes a problem, so they let you know after the fact, and the violation sits on your account permanently. My recommendation: Do NOT do business when them, its just not worth it. Go somewhere else. My rating of them is a F- (Total and Complete Failure).
by brokerage-review.com, 5/8/2011 Pros: 500+ local branches, Free real-time streaming quotes and charts Cons: Additional 0.5% of the principal value commission for stocks under $1 The firm offers $7 flat rate commission on stocks and ETFs (with exception for penny stocks). Scottrade keeps customers happy by avoiding unnecessary fees for things like IRAs, large orders, after-hours trading, account maintenance or inactivity. It's also almost unique among brokerage firms by not charging account closing and transfer fee (ACAT) and IRA termination fee. Read full review at Scottrade review.
by Matt, 5/4/2011 Pros: low commission, no fees Cons: none so far I have been using Scottrade for a little over a year now and have had a great experience. With low commission and absolutely no fees Scottrade has made investing simple and stress free. Their website has a myriad of advanced trading tools that even a beginner investor, like myself, can use. Their customer service is also top notch. Whenever I had a question I just called my local branch and a person would answer every time. Whether your a beginner or an advanced trader, Scottrade has plenty to offer.
by Dave, 4/15/2011 Pros: Scottrade is reasonable with $7.00 a trades cost. Cons: No reinvestment of dividends. Which they need to start.!!! Everybody else has them. I have been with Scottrade for over 10 years with out any troubles at all. Money transfers go through as planned. Trades go through fast. I really haven't had any troubles with them at all. Dave
by Sean, 4/6/2011 Pros: Friendly Cons: none Great website!! Thanks!
by Jason, 2/8/2011 Pros: Cons: The "Scotttrade options first" is aweful. The customer service is no good. The wensite is like a garbage.
by AnonReviewer, 1/26/2011 Pros: Cons: After opening my account I put about $7k in right away using the electronic transfer. I then bought some stocks using most of that money after the account said I had that amount available to trade. Three days after buying the stock I get a message from scottrade saying that the money didn’t go through and that if I don’t rectify it within the next two hours they will sell my stock. I wasn’t able to get this message in time so they sold the stock. Also, the stock happened to go down ~3% overall in those three days so now I owe scottrade the amount it went down. Other than that the company seems alright, although I won’t be keeping my account after this experience.
by viskapur, 11/28/2010 Pros: Cons: Scottrade makes investing easy. Its platform is very easy to use for stock purchase. The Scottrade customer service is pretty good.
by Investortrip, 10/21/2010 Pros: Cons: I trade 2000-10000 shares at a time, so something like Scottrade with a flat rate makes way more sense for me (and a lot of people I talk to) rather than a per share basis. Also, I’ve been using ScottradeElite for over a year now, and I have never experienced any lag, my trades always go through at the exact price I bid or ask, and because of it I’ve made a ton of money. Also remember ScottradeElite is more for trading, not investing, so that is where a flat rate also saves you money (although the platform definitely helps investors who use it properly).
by novaview, 10/16/2010 Pros: User friendly, easy to navigate, Real time streaming quotes, free trades for giving referal, cash withdrawl is easy and quick, $7 flat rate per trade, $500 min to start, good stock reports, Have offices everywhere Cons: Having never been involved with the stock market I was pretty scared when I started. Luckily Scottrades tutorials made learning the stock market venacular simple and their $7 trades made it inexpensive. Scottrade's website is simple and easy to understand. Inside each stock's detailed quote is all of the current information you need for that stock; Bid/Ask prices, volumes, ex-dates, day and 52-week highs and lows, dividend information and live news updates. Don't know what some of this means? Neither did I a few months ago. When you scroll over this information in the detailed quote, Scottrade gives you a short, simple definition in layman's terms so you can teach yourself. You can also view Standard & Poor's Stock reports in the detailed quote section so you know when to buy, hold, or sell. Whether you are looking for a quick view of what your money is doing or you want something more detailed. Scottrade has it all. And your first 3 trades are free just for signing up.
by Jchanyo, 10/16/2010 Pros: Cons: I've been using Scottrade for 2+ years, as it was recommended to me by a financial professional. The $7 fee per trade can't be beat, and the website is extremely easy to use. There is a short graphical account history displayed on your homepage, a tool for building watchlists, and for more savvy investors, some very sophisticated charting tools with excellent explanations of what the different modeling data signifies, and ways to access a lot of information about potential investments, including timelines that reach back 10 years. You can also access a function called Gainskeeper, which can calculate your P&L long and short-term, which will help a great deal at tax time. You can place limit orders with stops, trailing stops, etc. at no extra cost. There are no hidden or additional fees, and no low account balances that I'm aware of, and you also earn interest on cash positions. You can trade almost any financial instrument on the site. Quotes displayed are real-time. There are real people at local branches who are very helpful, too. They seem careful as well, recently calling me about a closeout position I was taking, to be transferred to another investment, to be sure that it was what I had intended, and that no fraud was involved.
by copperz, 8/13/2010 Pros: Cons: 1) Scottrade is great, I use it and recommend it to family. Its $7 for a trade no more. (there are exchange fee's and every single brokerage charges them, and its only to sell a stock oh and they are only a few cents.) 2) no hidden fees, Like I said I manage my family's accounts and sometimes leave there accounts inactive for months... and here is a plus, If there is money in the account scottrade pays you .20% every month on the balance in the account. 3) yes they have candle stick + other indicators, I have the elite and its a strong traders platform. Since you will have 500$, you would use the java one they provide and let me tell you, its better then someothier brokarages flagship platforms. 4) there are no dissadvantges that I can think of.. If I ever have a concern I always call in and they take care of it... Which is very important..
by Scotty has two faces, 8/1/2010 Pros: Cons: The Good. Tradeable website, no inactivity fees, no withdraw fee, no close fee. The Bad. Trading during market upswings is slow and can cost you. The Ugly. They dont respect you.
by fizzziks, 5/17/2010 Pros: Cons: My personal experiences with Scottrade have been very good overall. Customer service is great, fast trade executions, and no website problems.
by Iron Fist, 5/14/2010 Pros: Cons: The good: - Amazing customer service. Every time I've called with a question the person on the phone takes as much time as necessary to help me. - Great fees: $7 per side (sometimes a few cents more). No inactivity fees. No upselling. No fee to withdraw money or close your account. The OK: - Their basic charting program sucks and last time I checked had only 2 studies you could add to it. However, you can use QuoteTracker with a Scottrade feed and it's free. QuoteTracker is awesome. (Note that if your account is over $25k you can use "Scottrade Elite Trader" which is supposed to be an awesome charting program but I've never used it so I have no comment). The bad: - Their fills can suck if you use market orders (I just bought some SPY the other day and got filled at 10 cents above the "last trade" wtf?) Use limits or stops. I mean that's common sense anyway, but still. - Sometimes their data is lagging.
by Gone Wild, 2/24/2010 Pros: Cons: I personally find Scottrade pretty good to deal with. I have not encountered any difficulty as of yet and hopefully I will not. I find they are very professional and knowledgeable when you call or email them and quite prompt with response time as well.
by Ragewizard, 12/29/2009 Pros: Cons: My only beef with Scottrade is sometimes the stocks I want to short aren't available at the time. This usually happens from time to time at all brokers, but it just seems to happen more often with my Scottrade account than with my other accounts with other brokers.
by Albert, 10/12/2009 Pros: Cons: Opened and funded smoothly. Deposits via ACH were available seconds later. Withdrawals (albeit a $20 fee) were done by faxing in a request form and were done the same day.

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