Scottrade Elite – Is the all-singing, all-dancing trading application that equals the hardcore trading platforms of the competition with streaming quotes, customizable and recorded sessions as well as real time news headlined continuously. In Summary, Scottrade has good value for the money, very few extra fees, excellent platform options, but some may argue – they maybe a little patchy when it comes to personal service.
Signing up for an account with Scottrade was easy enough; it took a little over 12 minutes which is about average for an online broker these days. As most top end brokers do these days Scottrade offer a number of different trading platforms to their clients depending on their experience and average trade size.
This is actually a good idea because a smaller trader who trades part time with limited funds needs a completely different set of tools than a more experienced options trader. Next up is the Scottrader® platform; this is a downloadable platform that you can personalize to your own liking. Then comes ScottradeELITE®, this is for the more advanced traders amongst you, available as a free download to clients with a balance in excess of $25,000, it gives you access to professional style tools and in depth analysis.
Finally there’s the OptionsFirst® platform which as the name suggests is for serious options trading.
Scottrade offers a full range of investment products including: stocks, options, mutual funds, IRAs, ETF, and ESAs.
Scottrade offers a competitive investment service and at $7.00 a trade they are hard to beat. It offers the full range of services around mutual funds, bonds, certificates of deposit, options and stocks. Available to all account holders as a free download, it’s a good options platform with some excellent tools available. Yes I would, they offer a full range of services to all levels of traders from beginners to advanced options traders. Yes the full ScottradeELITE® platform is only available to traders with $25,000 or more, but the other platforms are plenty good enough for smaller accounts. They continue to push the envelope with their ScottradeElite trading platform (but you need $25K to access it).
If you invest heavily in dividend stock and like reinvesting the dividends Scottrade might not be for you.
If you are an experienced trader executing non-traditional trades Scottrade might not be equip to help you much.
The biggest complaint with Scottrade is that they don’t serve the more sophisticated or advanced trader very well. Scottrade does not charge an annual account maintenance fee nor a fee when the account is dormant.
It’s a good idea to have a separate options platform as options traders have a unique set of requirements which most other types of investors are unlikely to use. So, if your strategy is to focus on these kinds of funds, Scottrade’s commission in this niche will be good for you.
Compared with its big 3 competitors (Ameritrade, Interactive and E*Trade) Scottrade has the lowest commission option. Two such repeated stories are being unable to get online when trades are about to peak, missing out on profits, an unsympathetic response and no compensation and perhaps worst than this are reports of long delays in getting settlement payments out of Scottrade.
Scottrades biggest downside is that they are more expensive than other brokers with comparable service.
With no electronic transfer to and from a bank account you need to send your money to a Scottrade office for processing. Five other services that come as a standard part of the Scottrade account are the Dow Jones real-time news, real-time streaming quotes and charts, cost basis accounting, incoming and or outgoing Direct Registration System and Direct Withdrawal at Custodian. Scottrade aims to attract the small investor too, with a low minimum $500 account opening sum.
With electronic transfers it cuts the time to a third of what you’d expect at Scottrade.
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