There are a lot of online stock brokers out there but one that stands out is Scottrade, which I find to be a great all around broker that caters to both new, beginning investors and those who are much more experienced.
What I like about Scottrade is that beyond the trading platform that it offers, they also have a comprehensive collection of educational material and free online resources for investing and trading. If you’re a new investor without much knowledge in the stock market, you’ll be pleasantly surprised that an online brokerage like Scottrade can, over time, provide you with a very good understanding of the trading process, as well as a high level of knowledge about the subject of investing.
Now if you’re already an experienced stock investor or trader, you’ll also be able to appreciate this discount broker for its more advanced online trading tools (they’ve got the ScottradeELITE Advanced Trading Platform and trading tools for options strategists, among other things). This broker is a great fit for investors of all experience levels.
Scottrade Review: Best Online Brokerage Features
Let’s take a closer look at Scottrade to see what features they offer:
1. They have low commissions. If you trade stocks online, you’ll get pretty good commission rates: it’s $7 a trade (for stocks priced over $1) for online transactions. You’ll be charged more if you trade over the phone or through one of their live brokers. But there are no fees to buy or sell no load, no transaction fee mutual funds — which is a great benefit for mutual fund holders. Other purchases (e.g. if you trade load funds) may lead to additional fees. Trading options online will cost you $7 + $1.25 per contract.
2. They have a number of tools to help the investor. The trading website has a stock screener that alerts you to investments that fit your strategy; it has real time quotes and charting, gain/loss tracking, interactive tutorials, and educational seminars. Their ScottradeELITE Advanced Trading Platform, available with a minimum account value of $25,000, allows you to track market momentum and detect potential trading opportunities in the market, and has unlimited customizable charts and other advanced tools for the active trader.
3. They’ve got top notch customer service. Scottrade has been recognized for having great customer service. They won the J.D. Power and Associate award in 2008 for “Highest in Investor Satisfaction with Self Directed Services.” They have more than 427 local branches, including three in my hometown! They have free monthly workshops to help you understand how to invest and/or trade, and also an online community, where you can discuss investment issues with fellow investors.
Good customer service is important to me, especially when large amounts of money are involved. You want to be confident that you’re using the online tools and platforms in an optimal way and that you aren’t going to make mistakes with managing your investments. I can appreciate those online stock brokers that take the extra step to provide you a lifeline through people who can answer your questions online, by phone, and in person.
4. It’s easy to get started and easy to switch! You can open an account either online or by mail. And you only need $500 to get started. If you already have an existing account elsewhere, Scottrade will refund you up to $100 to transfer your account with them.
Nice Web site. Question? Do you know if Scottrade has the ability to help roll over a 401K into an IRA account?
Yes, I believe they do! You’d want to give Scottrade a call about this at:
Call (800) 619-SAVE (7283)
Your call will be routed to your local branch office during normal business hours. After business hours you’ll reach their central call center.
Scottrade mentions that you can expect “hassle-free” rollovers with them.
You mentioned the tools and customer service. They are decent, but I love Scottrade Elite and the $7 trades 🙂
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).
I’ve been using scottrade for almost a year and have had a pleasant experience do far. (Even in a crappy market) Low commission and no fees always make the experience better. They also have some great tools. If you’re a beginner when it comes to investing you should definitely open an account. Its also great if you’re an advanced trader as well.
I Have been with Scottrade for over 10 years without any troubles at all. Not the lowest in trade cost, but reasonable for what you get. Their research site is the best on the net. Money transfers are instant. Buys go through within 15 seconds. They have an office within 15 miles of most people. Why wouldn’t you invest your money with people that will still be here the next 10 years.
They are giving out 3 free trades when you open an account.
Happy investing.