Scott Trade - Online Trading, Online Investing, Stocks, IRAs, Flat Fees, No Minimums
Invest with Scott Trade to access robust trading tools & market research. No maintenance or inactivity fees for easy online trading and investing.
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Scott Trade Brokerage Review
| Equity Trades: | $7.00 |
| Mutual Funds: | $17.00 |
| Options Base Fee: | $7.00 |
| Options Per Contract: | $1.25 |
| Broker Assisted Trades: | $27.00 |
| Minimum Deposit: | $500.00 |
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In the volatile and profit-oriented world of stock trading, Scottrade is one of the brokerage firms which has proved its worth and earned its place at the top of the list by providing unparalleled service to its clients through a judicious yet optimum combination of technology and customer care. In an arena which is marked by unpredictability the fact that a particular firm has been able to survive for the last 25 years definitely speaks volumes about its credibility and its ability to adapt to the transformations taking place within its domain.
One of the reasons as to why 'Scott' has always been a reflection of trustworthiness is due to its flexibility in accommodating a variety of trading styles while still providing its investors the premium tools and services topped with discounted commissions. The firm's propensity towards growth is evident from the eagerness with which it has embraced online trading and successfully established technologically advanced and well balanced trading platforms which are user friendly as well as informative.
Scottrade is an ideal choice for aspiring traders since it facilitates the opening of a new account with the bare minimum of $500 in addition to the process being simple, convenient and free from unnecessary hassles. An added advantage is the provision of being able to instantly cash from the relevant checking account courtesy of the Money Direct feature.
Fees & Commissions
This brokerage firm is a live example of the adage which quotes that some of the best things in life are almost for free. While opening an account requires a minimal initial deposit, the firm charges a bare $7 for trades which exceed $1, which is again a reasonable amount and substantiates the firm's claims of keeping their margins low.
Investments Offered
An investor who is registered with 'Scott' is likely to enjoy a number of options as regards his nature of investments with some of the common choices being equity stocks, futures and options, the traditional mutual funds and the specialized category of exchange traded funded. So, there is something for everyone as some would opt for fixed income investments and others would like to take advantage 1000 no transaction fee mutual funds and 10,000 load/no-load funds.
Trading Technology
Scottrade is particularly recommended for beginners and novices as it willingly educates them about the different trading tools and the manner in which they can be used. The website and the trading platforms are replete with indications which facilitate easy navigation, contain all the requisite information and have been designed to update automatically.
All information pertaining to the various trading and investment tools offered by this website is compiled at the knowledge center which is equipped with calculators and provides access to research data as well as latest news from their seminars and conferences.
A variety of trading tools are offered through the three platforms namely Scottrade, Scottrader and 'Elite' in the order of increasing exclusiveness. Hence, while Scottrade offers standard and basic tools, Scottrader is a slightly polished version which features customization as well and 'Elite' is the ultimate in terms of trading technology, analysis and news.
Customer Service
The backbone of this successful firm is a reliable, pro-active and well-informed customer service which can be availed through email or via telephone at any of the 400 branch offices. Scottrade is one of the reliable, stable and reputed brokerage firms which are tailor-made for beginners and active traders alike owing to the flat-fee structure and minor charges. A widespread presence through 400+ branch offices and the traditional courtesy shown towards customers are other feathers in its cap which can only be earned after years of consistent and unfaltering performance.
Advantages/Customers like
- Expanding network of over 450 offices with access to a real human help.
- Variety of trading platforms available.
- Streaming real-time data and charting.
- Well designed news searching and sorting.
- Superb customer service.
- Strong focus on education.
Disadvantages/Customers don't like
- Separate site for trading multi-leg options.
- Website doesn't offer much in the way of research and tools.
Written by: Goran Dolenc
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