Solid, reliable discount broker for online stock and options trading. Read the full review below for platform tools, advantages and disadvantages. NB: Scottrade Review (Acquired by TD Ameritrade)
SCOTTRADE Investing Platform Review
[Scottrade Review (Acquired by TD Ameritrade)]
Scottrade is an online discount broker that is solid and reliable for any trader. This is a great option that anyone can use when they want to begin buying and selling stocks. The site offers many options for a trader to use and features that will aid in their trading strategies.
This company was started by Roger Riney back in 1990 and is known for $7 unlimited trades. They are a business that has one of the largest branch networks of any brokerage that operates online. If you plan to begin using this site, a new account is required.
One of the key features of the site is the trading platform. Any type of stock trade can be made when on the Internet or over the phone. All traders also have access to a broker assisted trade. Advanced traders have access to Scottrade Elite. This requires a minimum account balance of $25,000.
Users are able to view real-time quotes for free that make trading easier by being able to keep up with a changing stock price. This allows tracking of performance and movements of the market. Tools that are available to users are available in the Scottrade Knowledge Center. Access is also available to a section for Market Information and Market Research.
Fees and Commissions
This company has some of the lowest commissions and commissions of any discount broker. The price for a singe trade is only $7 and is lower than any other online broker. This fee is applied to market and a limit trade. There are also no inactivity fees or maintenance fees that apply to any type of account.
Opening an account with Scottrade Investing Platform is free and requires completing an online application. You will need to provide required information and a minimum of $500. The entire process will take a new user no more than 10 minutes to complete.
One disadvantage of the site is that dividends that are received from a stock or financial product cannot be reinvested. The site does not offer a reinvestment plan for traders. This means that dividends that you have from your stocks are simply deposited into your account.