Scottrade is a veteran in the discount broker niche after more than 30 years in business. They’ve gained a consistent reputation for having an insanely high level of customer satisfaction. They offer a wide range of investment vehicles and personal support at 496 branches across the U.S.
What they offer: $7 trades, fast executions, low margin rates, mobile trading tools, and the highest level of customer satisfaction we’ve seen. Especially good for their no fee IRA accounts.
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The Verdict: Scottrade offers a very competitively priced service and it seems everyone who uses them absolutely loves them. $7 trades aren’t the cheapest around, but expect them to make up for it in service.
Where to join: Get up to $100 back when you open an account. Learn more (follow this link to claim special offer)
In Depth Scottrade Review
Setting Up An Account:
Opening an account takes about 10 minutes if you have your personal information handy. Fund your account via direct deposit with Money Direct (ACH), wire transfer, paper check, deposit stock certificates, or transfer from another broker.
Fees/Commissions:
- Stocks: $7 per trade (non-tiered).
- Options: $7 + $1.25 per contract.
- For stocks priced under $1 add 0.5% to principal value.
- Broker assisted trades are $27.
- Margin rates: (Base – 0.25%) – (Base -2.75%)
- No ACAT fee.
- No hidden maintenance or inactivity fees.
Investments Offered:
Stocks, options, no-fee IRAs, mutual funds, fixed-income (CDs, treasury & municipal bonds), ETFs and education savings plans. Access to international stocks.
Ease Of Use:
Scottrade is easy to use whether you’re a beginner, novice or experienced trader. Video tutorials are offered to hold your hand at the beginning, but the basic platform is very intuitive. Scottrader and ScottradeELITE offer streaming quotes and allow you to customize your trading experience with the tools you need.
Trading/Investment Tools:
- Mobile trading.
- Fast execution.
- Level I & II quotes.
- Automated trading, watch lists.
- Great charting and graphing tools.
- Real time updates and streaming quotes (w/ Scottrader & ScottradeELITE).
- Solid research & screening tools.
- Dow Jones news & research analysis is free.
- Interactive learning resources.
Customer Service/Support:
No LiveChat feature
Phone, email and face-to-face support in one of their 496 branches.
Scottrade also offers service and support in Chinese.
Awards:
#1 for Investor Satisfaction with online investing services by J.D. Power & Associates Online Investor Satisfaction Study (2008-2009) – Scottrade has placed #1 eight times since 2001.
#2 in CEOWorld Magazines rankings of “Best Online Stock Brokers” (April 2010)
The Final Word…
Scottrade ofers a very well-rounded host of investments and tools to get the job done, and they seem to be making all their customers very happy, so if you’re tired of being disappointed by your broker, go for the safe bet.
Current Scottrade Promo Codes:
Get up to $100 back when you open an account. Learn more (just follow the link to claim this promo)
Also Read: Scottrade reviews by J.D. Power & Associates, SmartMoney and Barrons.
Update: If you’re on the hunt for Scottrade promo codes, we’ve set up a page for just promo codes. Visit it here –> Scottrade Promotion Codes!
I like Scottrade. I’ve never had any troubles with my account. I have a new referral code IXFV9382 Use it if you open an account . You and I will get 3 free trades. Buy didvidend stocks every month and you will do ok..
IXFV9382 — Click here to grab your free trades! Thanks!
Posted by Brent | February 28, 2011, 4:25 pmEJQA6571
Posted by John | September 28, 2011, 9:12 pmThanks Brent. I opened a Scottrade account yesterday. I got my 3 free trades already in my account. I am going to buy 3 different stocks on Friday. I hope you enjoy your free trades also. Anyway, thanks.
Pam
Posted by Pam | March 28, 2011, 11:17 pmNew Scottrade code — KFOK6706 — get you 3 free trades ($21 value!) Thats a O not a zero after the F. Thanks!
Posted by Sean | April 7, 2011, 3:24 amThanks Pam. I did receive my 3 free trades from you.
Scottrade refer/code IXFV9382
New 2011 and 2012 code
Brent
Posted by Brent | April 16, 2011, 12:40 pmYou may use WQAB6991 as the referral code. Happy Trading!
Posted by Gaurav | May 19, 2011, 7:04 pmNew 2011 and 2012 Scottrade referral code: IXFV9382 will get you 3 free trades.
Posted by Lynn | August 10, 2011, 12:29 amHave been using Scott trade for a while now, platform seems to have everything that is necessary for a good trading experience. After first opening the account I received a call from costumer service, they were friendly and helpful and offered to schedule an appointment to visit a nearby branch to discuss how to properly use website/platform.
The referral program is pretty interesting too you can use someone’s referral code when signing up and get 3 free trades, which is pretty useful. Overall great service.
In case any of you guys are interested in the 3 free trade here’s my referral code: FDUK8950
Posted by Dan | August 11, 2011, 2:24 amCan I put in a new Scottrade referral code into the pot also. 2011 Scottrade referral code: ATTJ8587 Will get you 3 free trades when you opoen any type of account.
Thanks guys..
Dave
Posted by Dave | August 18, 2011, 10:02 pmI think Scottrade is a good broker for the new investor. If you’re more experienced and looking for sophisticated tools, I would look elsewhere. This is a good video review for further analysis.
Posted by Stewart | September 21, 2011, 12:19 pm
Get 3 FREE trades when you open a new Scottrade account using the code – INZT2984. You save $21 and its a latest code and does not expire.
Code –> INZT2984
Posted by Manmada | September 22, 2011, 9:54 pmIf you are serious about opening an account with Scottrade and want 3 Free Trades use my Referral code: OUZZ8741. We will both recieve 3 free trades how awesome is that!
Posted by Shamis | October 5, 2011, 3:24 amI thought very highly of this company for several years. Then an error appeared in my acct and then I had to start dealing with Scottrades poorly trained, entry-level customer service reps. First I would have educate the reps about my acct and how it worked. I’m not kidding! Most reps I spoke with didn’t now the difference between a a Roth Ira and Traditional IRA. Finally I wrote a letter to the CEO of the company. After a month I received a form letter back saying they were sorry but they couldn’t look into the details of my complaint.
Posted by Be careful! | October 12, 2011, 5:25 amCan I put a new SCottrade into the loop with everybody’s. I have a new Scottrade referral code that will give you and I both 3 free trades when you open any type of account.
Scottrade referral code: IXFV9382
Thanks everybody… Happy trading
Lisa
Posted by Lisa | October 15, 2011, 8:40 pmI love Scottrade. Having a real person at my local office is great. I don’t have to wait forever on hold talk to someone on the phone. I can walk in and get help face to face right away. That’s great now days. If your serious about opening an account, here’s a Referral
Posted by Brian | October 19, 2011, 2:38 pmCode: CSSB3919 We both get 3 free trades. You save $21.00 You can’t beat that, Happy Trading!!!!
I have been using Scottrade for months now after switching from another brokerage. My experience with scottrade has been good so far. The only thing is if you are a daytrader, it would be a bit inconvenient because after selling your stock, you can purchase another stock but then you can’t sell the new stocks that you just bought within 3 days. Scottrade requires 3 days for sales and purchases settlement. So you will have to wait about 3 days to sell your new stocks. Another thing is when it’s time to withdraw your money, you can’t just do it easily online as you can do when deposit. Other than that, it’s pretty good.
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Posted by Ann | October 27, 2011, 4:56 amIf you decide to sign up and start your investment, this is my referral code: SRTF6655. You’ll get 3 free trades to start with (I also get 3 trades, win-win situation here
Good luck everybody!
Been with them for month now. Customer service is super nice and helpful. Good for beginner to intermediate investor with no hidden fees. 7 dollar per trade with no inactivity fees.
Posted by greg | December 23, 2011, 6:58 pmGive it a try.. XQEG5958 use this code for 3 free trades. and see if it works for you
3 free trades at Scottrade with the code FVEW4170
Posted by Charles | March 18, 2012, 4:43 amScottrade is VERY BAD on tax reporting. I had a transaction last year (a Tender sale and lost $$$), but they did not provide me a 1099 for to report the item. I called in late Feb. After hours of investigation, they would call me back and say that they made a mistake and a 1099 will be mailed to me in 2 to 3 weeks. In Mid- march, still not receiving it, I called again, and got the same answer in the end – sorry, we made a mistake, you will receive the 1099 in 2-3 weeks. In earlier April, I called again, and got the same answer again, and this time I was told the 1099 would be printed on April 16th, and I will receive it the week after the tax form is due. Today is April 23, a week after I filled the text without the 1099, I still did NOT receive the form. Just called again, and was assured again, this was a mistake on Scottrade, and they will correct it by mailing me a 1099 by the end of April.
Posted by Pat | April 23, 2012, 3:59 pmI understand mistakes do occur, but 4 times in a roll, and still pending? I really lost my confidence on Scottrade and wonder why the company could even allow the same mistake repeats 4 times and still counting. I asked to spoke with the branch manager and the complaint department, but was only told I was not the only one in this situation; and that they are sorry but could NOT do anything about it.