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. First up comes the basic Web Trading account, this is an entry level web based platform perfect for beginners or smaller traders with around $2000 invested. 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.
Add to that they have an excellent trading community, with plenty of experienced traders willing to share strategy tips and advice and you have a very accomplished broker offering services which are hard to beat.
Scottrade provides you with two options to filter your Trade data for downloading data under specific condition. If you want to download the data in specific transaction type, you can choose one specific transaction type from its drop down list. If you want to download the trade data in specific time range, you can click this tab to select date range.
Your downloaded file must be in this format as shown below, otherwise, you should set your profile in profile wizard dialog box to import your data into TradeMax. As a leading online brokerage firm, Scottrade offers a full line of investment products, online trading platforms and market research tools to help investors take control of their financial future. Scottrade has three different trading platforms, which, for the most part, work fine… while the website itself could be more intuitive and easier to look at. Scottrade Trading Website – The web platform is actually web based so you don’t have to install anything on your computer.
Scottrade Mobile – A mobile phone application that strips down the web based version to allow for rapid trading on the go. 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. 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. Scottrade provides customers the convenience of buying many stocks online at just $7 per trade and the support of the largest branch network among online investment firms, with more than 400 nationwide branch offices. It offers the full range of services around mutual funds, bonds, certificates of deposit, options and stocks.
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.
Scottrade does not charge an annual account maintenance fee nor a fee when the account is dormant. For funds outside the NTF program, the fee is $17 per transaction which is still cheaper than many other brokers. But these are small complaints; overall they’re a very accomplished broker with a good reputation and an excellent trading platform. 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. 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.
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