Scottrade Review: Opening an Online Trading Account

by Junior Boomer on July 1, 2010

<a target=_blank href=Scottrade is one of the most solidified discount brokers in the industry. They offer competitive trading costs as well as great customer service. Scottrade has a standard fee for every transaction of $7 dollars. They also offer the ability to trade options for $7 per trade, plus $1.25 per contract.

Opening an Online Account with Scottrade

Scottrade offers several different platforms for their customers which offer a variety of options depending upon what you the investor feels comfortable with. They offer their Web Platform which gives you access to strictly their online site, you will not be required to download anything on to your computer. They also have the option for a Mobile plan which allows their customers to make transactions from a cellular device in case you are often travelling.  Finally they have their elite option which is more leaned towards day traders. It offers you real time news as well as customizable sessions that you can save.

Benefits of Scottrade

Scottrade has also taken on the task of teaching its clients how to improve their investment strategies. With thousands of articles and interactive tools accessible online, you the investor have some similar tools at your hands as professionals. Scottrade also offers hundreds of free informative sessions across the United States. The sessions are run by professionals in the field of investments and teach a variety of topics that an investor may be interested in.

There are also 474 actual Scottrade locations spanning across the United States that can help with questions not only on how to use Scottrade, but can inform you on some more advanced trading techniques. Beyond their seminars as well as thousands of articles and branch locations, they offer 24 hour customer service via phone. Their representatives are very friendly as well as helpful. They can take you step by step through the trading process and make you feel safe about how you are investing your funds

What You Need to Open an Account with Scottrade

Opening an account is painlessly simple.  According to their site, here is what you need to get an account open today:

  • 10 minutes of your time (yes, that’s it)
  • Social Security Number  or Individual Taxpayer ID Number
  • Employer’s name, address, phone number
  • Beneficiary’s social security number, date or birth, and address

$7 Online Trades with Scottrade

Scottrade may not be the lowest per trade cost on the market, but with their excellent customer service, as well as numerous trading tools offered they are definitely a good choice if you’re in search of a broker, or considering switching brokers. You will need a minimum of $500 to open an account. There is no limit to the number of trades you can make, and you will not be charged any fees for inactivity. You will also have the safety of $25,000,000 worth of protection from the Securities investor protection corporation (SIPC). I personally have a Scottrade account and have been 100% satisfied since I opened it approximately a year ago.

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{ 1 comment… read it below or add one }

Simeon July 27, 2010 at 2:54 pm

I hope you don’t have the troubles with Scottrade that I have had. Their customer service is pretty bad. Rude people who are way too casual about a customer having a problem. They are way to relaxed about being of no help, they just couldn’t care less. They can’t do this and they can’t do that and they lost the other thing.

I’ve been a customer of Scottrade for a few years now. They make several thousand dollars a year off of me. But whenever I have to deal with an actual person, it’s a nightmare!

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