Broker Reviews

stock broker reviews

Scottrade Review

Scottrade has been in the industry for more than thirty years and still counting. Their customer satisfaction is at an abnormally at a very high level and  have been consistently rated as the best customer care team. They have a robust network of four hundred and ninety six branches across the United States of America.

Scottrade offers a complete range of investment opportunities and options for its customers. Its not be on the top for no reason, it claims of wide network, excellent customer service and a plethora of investment vehicles.

Scottrade charges an economical price of seven dollars for every trade. Along with this they have a platform that allows you to do speedier trade executions along with margin rates that are low and innovative technology that allows cell phone trading. These all factors have lead to the highest ratings in customer satisfaction.

Advantages being associated with Scottrade :-

  • Their biggest pearl is their high customer satisfaction reports
  • Their innovative tools which provide trading on the mobile phone. Research study is also available on mobile.
  • There is only a very low joining fee for five hundred dollars.
  • Scottrade also allows you to invest in foreign country investments. They provide a wide bouquet of international investments.
  • Scottrade has the lowest margin rates that are present in the industry

Challenges:-

  • User may have to navigate to two different platforms for trading and a different one for options
  • Users who are on mac may have trouble accessing Scottrader and ScottELITE since it doesn’t run on mac
  • There is no chat feature that connects you to a customer care team. It may be a drawback compared to those online brokerages which provide instant chat features.

Overall glimpse on Scottrade:-

Scottrade provides prices which are very comparable to the market pricing. The customers have great things to say about Scottrade which means that their offerings are great. Pricing of seven dollars per trade may not be the lowest in the market but their excellent customer service makes up for it.

Deep Down analysis on Scottrade

  • Scottrade account opening will not take more than ten minutes. All you need is to have is to keep your personal information and details at hand.
  • You can even transfer money into your account directly thorough Automated Clearing House like Money Direct. Or you can even opt for wire transfer or through check or through deposit stock certificates.
  • Another way to move money easily into your account is to transfer from your old broker to Scottrade.

Pricing and Commissions in details:-

  • Stocks are traded at seven dollars per trade
  • Options are commissioned at seven dollars per contract and an additional one dollar and twenty five cents per contract
  • Stocks which are priced under one dollar ( penny stocks) Scottrade charged and additional point five percent on the principal value
  • Trades which are assisted by brokers come at twenty seven dollars
  • Automated Customer Account Transfer comes with no fee
  • There are absolutely no hidden charges – No hidden charges or no charges for account being inactive

Types of investments being offered at Scottrade:-

  • Stock investing
  • You can invest in Options
  • No fee individual retirement account
  • Mutual fund investments are also offered at Sottrade
  • Fixed income investments include
    • Certificate of Deposits
    • Treasury
    • Municipal bonds
  • Exchange traded Funds
  • Education Saving Plan
  • Above all it provides an easy investment to international stocks

Scottrade interface is user friendly and easy to use:-

Scottrade provide user friendly platform for someone who is just beginning or someone who is a seasoned trader. They have a exhaustive library of video tools which explains in details how to navigate the platform and trade effortlessly. The videos are self explanatory and even if you do not understand them the customer service is always ready to provide you a helping hand.

Scottrader and ScottradeELITE provide real time Wall Street quotations on stocks and are fully customizable for you to understand them better and maneuver the tools as per your trading philosophy

Application tools available with Scottrade:-

  • Trading live stocks on the go with the help of your mobile phone through Mobile trading
  • Speedier execution per trade which means that you save money with time
  • Level one and Level two quotes on Stocks
  • There is also a facility for setting up automated trading and also maintaining a customized watch list
  • The tools for graphs and charts on stocks are great. Once you get used to them you will find great value in them
  • As mentioned earlier Scottrade provides real time live dynamic updates and streaming of quotes with powerful and reliable tools like ScottradeELITE and Scottrader
  • Scottrade provides groundbreaking research and filters or screeners that help an individual to make more informed decisions.
  • Along with an account with Scottrade you get an absolutely free of charge research material and live news from Dow Jones
  • Scottrade also provides high level of interactivity between the user and the platform eapecially with Scottrade’s learning material and resources available

The real gem of Scottrade is its Customer Care department:-

Even though Scottrade does not provide live chat on its portal, care team is easily accessible through various other means like through telephone or through an email and also in person support in any of their branches spread throughout the country. Scottrade boasts of a four hundred and ninety six branches spread across the United States of America.

Accolades and Honor bestowed on Scottrade

  • Scottrade has been awarded number one rank for continuous customer/ investor satisfaction in the online industry by prestigious .D. Power & Associates Online for the year 2008-2009
  • Scottrade has been on this prestigious rank for eight times since 2001
  • Scottrade ranked number two in CEOWorld magazine for the prestigious and coveted prize of Best Online Stock Brokers for the year 2010.

The bottom line on Scottrade

If you are unhappy with your current broker you must give Scottrade a chance since they have been making their customers happy and are in the business for around 30 years. Above all they provide a whole lot of investment options to invest your money in and also have a superb customer service.

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