Introduction of online stock broker – Scottrade
$500 minimum opening balance for a trading account
$7 per online trade with unlimited shares
High customer satisfaction
Top discount brokerage for small investors
Free Real-Time stock market data with no trade requirements
505 Branch offices nationwide (2011, Jul.)
14,500+ Mutual Funds (2011, Jul.)
No-fee IRA accounts (traditional IRA, Roth IRA, Rollover IRA, and SEP IRA)
Basic online trading tools
Advanced trading tools with a minimum account value of $25,000
Scottrade is one of the leading online discount brokers in the industry. It is a privately owned American discount retail brokerage firm headquartered in St. Louis, Missouri. Scottrade has near 500 branch offices around the country. Scottrade is a top broker that many investors highly recommend.
Open a Scottrade Trading Account
Scottrade is small investor-friendly. The minimum of initial deposit to online trade stock is $500, and $2,000 for margin trading account. The request for options trading is easy to be approved. Scottrade accepts application worldwide, and the application of new online trading account can be submitted through their website on internet or in their nationwide branch offices.
Online Trading Fee
Scottrade offers a flat fee of $7 per online trade with unlimited shares. However, the cost of telephone trades is $17, and will rise to $27 with broker expert assistance. Commission rate of options is $1.25 per contract plus $7 per online trade. Scottrade charges $17 for options exercises and assignments.
Real-Time stock market data is free with no trade requirements, and there is no other hidden fees in Scottrade, such as account maintenance fees, account closing and transfer fees.
Scottrade support electronic fund transfer to deposit/withdraw money from the trading account. You can also directly stop by a branch office to deposit a check, and the fund will be available really soon: in the second business day, or call Scottrade to send you a check via mail for withdraw.
Although $7 per trade is low commission, comparing to $500 minimum initial deposit, the fee can not be ignored in low volume online trading. Especially $1.25 per contract of options will cost you a lot when you buy/sell low premium of options
Scottrade also offers no annual fee IRA accounts, which includes traditional IRA, Roth IRA, SEP IRA, and Rollover IRA. There is no opening, closing, annual or custodian fees of Scottrade’s retirement accounts, and no minimal limitation of annual contribution requirement.
Trading Platform and Trading Software
Scottrade’s Trading Web Site is simple, straightforward, and user-friendly for stock trading online. There is an interactive Knowledge Center and integrated help to assist online stock trading.
Scottrade provides ScottradeELITE® Advanced Trading Platform for the active traders with a minimum of $25,000 online trading account. This fully customizable trading application help online traders quickly react to opportunities in the stock market and buy stock online with advanced trading tools, flexibility and in-depth stock analysis.
Scottrade also support mobile trading to let stock traders to access their trading account, get quotes and place orders using internet-enabled mobile device.
Top Customer Service and Satisfaction
There are near 500 Scottrade branch offices nationwide, so stock investor can reach the customer service on the phone easily or directly stop by a branch office to get their questions answered in person.
Scottrade honored #1 from 2001 through 2008 for overall investor satisfaction in J.D. Power and Associates’ Online Investor Satisfaction Survey, and 4 stars for investment products, trading tools and customer service in SmartMoney Broker Survey for 2009. In 2010, Scottrade was awarded as top online stock broker for customer loyalty by the Brand Keys Customer Loyalty Engagement Index for fifth consecutive year.
Furthermore, although Scottrade has no international branch offices, it offers special services to its Asian-Pacific customers with a Chinese service center.
Online Stock Broker Recommendation
Scottrade is one of the best online discount brokers in the country. Based on their low online trading fee, the best customer service, free real time quote, and user-friendly online trading platform, Scottrade is one of the top choices of online stock brokers.