Scottrade Review: Pros and Cons for Beginners


TD Ameritrade has acquired Scottrade. Scottrade has an impressive list of accolades and awards such as winning the TNS Choice Award for Investment Services for the third time in four years. Although, in this case, Scottrade really doesn't have any major negatives we believe you should be wary of.

Scottrade clients have moved to TD Ameritrade


You will enjoy branch appointments, online educational resources, portfolio review services, retirement and financial calculators, online banking through Scottrade Bank and real-time streaming quotes and charts for non-professionals.

These products and services are all provided at no cost and are designed to help you meet all your financial goals. Additionally, Scottrade does not charge any account maintenance fees. Scottrade offers innovative technology across all of their websites. They also offer mobile apps for Android, iOS and iPad devices and a downloadable platform.

They boast execution speeds in the milliseconds, straightforward commissions, and competitive margin rates. They also seek to find new trade ideas and evaluate and analyze the market daily.

You will enjoy their after-hours commentary brought to you by Learning Markets and you will get a free subscription to Recognia's Daily Market Report that offers daily trade ideas. Additionally, you can listen to two traders debate the market in their Trader Podcast series, also brought to you by Learning Markets. It doesn't matter whether you are comfortable handling your portfolio on your own, or whether you need professional guidance, Scottrade has complete solutions to match any need and skill level.

Scottrade also offers online banking making it easy and convenient to move and manage your finances between your banking and brokerage accounts all with a single login and via their mobile app. With Scottrade, you will also have access to an impressive knowledge center where they offer in-person local events, online events, investment education that allows you to learn at your own pace, help and how to's complete with screenshots and simple instructions, videos and calculators and a monthly newsletter that brings you fresh, timely articles, expert perspectives, strategy insights and quick tips for success on their trading platforms.

Just as with all our company reviews, we like to present you with all the information you need, the good and the bad, in hopes that it will help you make an educated decision about whether or not any given company is the right fit for you.

So let's take a minute to go over a few of the things we think you should know. Although, in this case, Scottrade really doesn't have any major negatives we believe you should be wary of. Scottrade recent reported that approximately 4. They claim that the purpose of the attack was to take that contact information. Luckily, passwords were not breached due to their encryption and no fraudulent activity was noticed on the site with trading.

This is a misfortunate event for Scottrade and the 4. Considering the security of your stock broker is an important aspect. Additionally, Scottrade's broker assisted fees are high compared to other online stock trading sites in the industry. So these are just a few things to keep in mind; however, they are probably not going to be deal breakers for most.

Scottrade has been a well-respected investment firm for 35 years. Therefore, we feel Scottrade is worthy of the highest recommendation if you are considering them as your investment broker.

However, with that being said, we do encourage you to perform your own due diligence, before making any decisions about whether or not Scottrade is the right fit for you. As part of our service, we attempt to partner with all the companies that we review, and may get compensated when you click or call them from our site; however, regardless of any current, past, or future financial arrangements, companies listed on Best Company cannot buy their position, nor do we manipulate or inflate a company's ranking for financial gain.

This can save an active trader a lot of time: You can also set up your pages with research, market data, and a Portfolio Review Tool, which will help you choose an investment geared specifically towards your own investment strategy. Also part of Scottrade's resources are live seminars and interactive webinars , real-time streaming and quotes, video tutorials, podcasts, investment calculators and a variety of other helpful educational tools available on a well-designed page called the Knowledge Center.

It's a more intensive layout that allows for more analytics, advanced quoting, more sophisticated research, scanning, and a deeper customization of the information you need. One of the most unique features of the Scottrade platform is SmartText. It can analyze charts and earnings for you and give you a simple explanation of what the research implies.

This is generally considered to be an indication of a bullish trend. Not wanting to miss a beat in the mobile trading market, Scottrade offers apps for iOS and Android devices. Knowing that some people might be skittish trading their finances on the same device they play Angry Birds on, Scottrade assures your security by requiring you to log in with a 4-digit passkey.

You can then make trades, analyze the market, chart, and even do online banking. Customers rate the app an average of two stars on iOS and three stars on Android platforms, which is better than many of Scottrade's competitors. You can also synchronize your mobile homepage with your computer's to make seamless trades from one device to the next.

Another perk is that Scottrade has created a mobile website that is basically a carbon copy of its regular website for those who like consistency in their desktop-to-mobile world. Scottrade has earned high scores for customer support from both Barron's and J. One of the benefits of a Scottrade account is that you are linked to a live broker at one of its branches.

Any time you call the customer service hotline during normal business hours, you are connected to someone locally to assist. If you prefer, you can visit a local office or contact an investment consultant through social media, live chat, or over the phone service center that handles telephone inquiries outside normal business hours.

In addition, Scottrade offers education for investors through its blog, webinars and live presentations. Scottrade is known for its superior customer service, and no online brokerage more seamlessly integrates its online presence with its network of local offices. It also has over physical locations you can visit for help.

For those looking for a one-stop financial services shop, Scottrade offers both IRAs and bank accounts to customers. Most online brokerages offer some selection of commission-free ETFs, and many have a list of at least different funds. For clients interested in ETFs, the fact that Scottrade doesn't offer any commission-free options could be a major downside. Not the most technologically advanced: While the tools are certainly adequate, users who want the latest and greatest financial services technology might not be satisfied.

It took major upgrades over the last two years to bring their mobile apps and flagship trading platform up to par with competitors, and even after the upgrade, other brokerages still offer applications that are flashier, more functional, and more pleasing to the eye.

Investors interested in futures will have to look to other online brokerages to purchase them as Scottrade does not currently offer futures trading. Before you start making moves in any brokerage, you should make sure it's the right one for you.

See how Scottrade stacks up to the competition:. From a technology standpoint, ETrade definitely has the edge, though - if you're someone who places a lot of importance on the functionality and flash of mobile apps or trading platforms, ETrade might be the better choice.

Checking account offers no minimum balance requirements, free online bill pay, and unlimited debit card and check transactions. Seminars In-person branch seminars, online events and live webinars Live events and educational seminars at local branches. Please visit the product website for details.

Another platform that's very beginner friendly, Fidelity offers much in the way of tools and educational materials to get new investors up to speed on the basics of investing.

However, Fidelity has a tendency to restrict access to its better trading platforms to only those clients who are active traders, which could be a major obstacle for those pursuing "buy and hold" - or long-term - investment strategies.

TD Ameritrade might be the right choice for some long-term investors. Take a look and see how they compare:. Cash Management account offers free ATM withdrawals, no monthly maintenance fees, free online bill pay, and free check writing. TradeKing now Ally Invest: TradeKing is a no-frills platform for those who understand investment basics while Scottrade is much more friendly to those who need a little extra assistance. Integrated with banking on ally.

Manage your Ally banking and investment accounts in one place. If you're looking for a no-frills online brokerage with a solid reputation, low pricing, and a full array of investments, Scottrade is a good choice. Scottrade Review With low trade fees, excellent resources, and superior customer service, Scottrade is a highly trusted online broker.

Read on for our in-depth review. The days of manually balancing a checkbook are slowly fading away. Today, it's all about automation, which can be good news for those who look at a check register as if it's in a foreign language. Brokerage Promotions Bank Promotions. OptionsXpress vs Scottrade In short: OptionsXpress' mobile app is noteworthy.

Scottrade's stock trading is noteworthy.

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