The need to be able to reduce your costs when investing is something I frequently mention on this website. Over time, it may hurt your returns more than you realize if the mutual fund firm or brokerage you choose nickel and dimes you to death with fees and expenditures.
Without knowing where to start, you want to open an IRA or brokerage account. With transactions starting at $7, no required minimum opening deposit for retirement accounts, and more than 460 locations nationwide, Scottrade is a good option.
There is a sizable selection of reputable, reasonably priced businesses from which to choose while looking for a brokerage. As I was looking for a company to use, Scottrade was one of the businesses that kept showing up when I searched for recommendations from people I know. They offer excellent customer service, a vast selection of tools and research that are accessible to all users, cheap fees and commissions, and a user-friendly mobile and web interface. So let’s review Scottrade.
Scottrade History
When was Scottrade established, and how did it come to bear the name Scottrade? Citing Wikipedia
Scottsdale Securities was founded by founder Rodger Riney and a partner in 1980 when he relocated from St. Louis to Scottsdale, Arizona.
After moving back to St. Louis in 1981 to start a second branch, Riney eventually left with his business partner in 1985 over divergent business models. The corporation reduced the price of its products and services to attract more customers. Because of the effectiveness of Riney’s strategy, Scottsdale Securities had 15 locations across the U.S. by 1991.
In 1996, Scottrade.com was introduced (along with Scottrader.com to supply streaming online quotes to clients). During the dot-com bubble of the 1990s, Scottrade.com was profitable and expanded quickly.
Due to the popularity of its internet business, Scottsdale Securities officially changed its name to Scottrade in 2000.
The 2000s saw significant expansion for Scottrade, which increased from 200 branch offices in 2004 to 500 by 2010.
Scottrade opened Scottrade Bank in 2011.
They have therefore been in some kind since the 1980s, and their name derives from the fact that Scottsdale, Arizona, is where they were first established. Moreover, Scottrade offers banking, brokerage, and other educational services.
Scottrade Honors & Recognition
Scottrade evaluation: Both traditional and online financial media have consistently recognized Scottrade with honors and accolades. Some of their mentions include:
- In the categories of commissions & fees and banking services, SmartMoney gives Scottrade 5 out of 5 ratings.
- Winner of the 2012 Plutus Prize (exactly like this website!)
- Scottrade was among only 50 firms nationwide to be designated a 2012 Customer Service Champion by J.D. Power and Associates.
- Scottrade receives 4.2 out of 5 stars in Barron’s Annual Online Broker Review for its customer service and education.
- Scottrade receives five stars in StockBrokers.com’s annual online broker assessment for customer service, usability, and investor education.
Just the honors from the previous year or so are listed there. They have constantly received praise for being among the best online brokers, particularly for their customer support. You may also like to read tradestation review.
Fees, Commissions, And Minimums For Scottrade
What the fees, commissions, and minimums are for a new brokerage firm is one of the first things I look into before signing up. Their nature will undoubtedly have an impact on your returns.
Stock Trades
Although Scottrade’s stock trade fees aren’t the cheapest on the market, they are comparable to some of the lowest-priced brokers. They now have $7 worth of stock trading. No of the volume of trades, account balance, or the number of shares, that rate is only applicable to equities valued at $1 and higher. Broker-assisted trades cost $32, and deals made over the phone cost $32.
Options Trades
Options trades cost only $7 per transaction, plus a $1.25 fee per contract.
Fees and Requirements
There are no inactivity fees, annual account maintenance costs, or account closure fees.
To start a cash account with Scottrade, a $500 initial deposit is required.
Choices for Accounts at Scottrade
In addition to brokerage accounts, Scottrade offers a wide range of other account types. They’ve got:
- Rollover IRA
- Traditional IRA
- Roth IRA
- Bonds
- SEP IRA
- ESA
- ETFs
- Checking
- Saving
- Money Market
They recently introduced their banking services, yet websites like Smart Money have given them positive reviews.
Scottrade Education & Tools
For investors who desire to increase their expertise, Scottrade provides educational tools. They provide several seminars, including live webinars, on-demand webcasts, regional user summits, and local branch seminars.
Their website has a knowledge center with resources for market research, real-time quotations, tickers, and everything else you could need when trading.
Scottrade Mobile
Scottrade Applications for Mobile
Across some different mobile platforms, Scottrade released a selection of mobile apps. Get your preferred app for nothing:
Apple iPhone BlackBerry Android Kindle Fire
m.scottrade.com Visit their mobile-friendly website instead!
The following details can be found on the apps:
- specialized charts
- technical examination
- Analyst ratings and market news
- Real-time streaming watch lists and quotes
- Fundamentals for investors and market earnings.
Outstanding Customer Service
According to the J.D., as mentioned earlier, Power and Associates 2012 Customer Service Champion award, Scottrade has received outstanding marks for customer service. They were one of only 50 businesses to receive that distinction. What differentiates them? Unlike many online brokers, they offer a network of local brick-and-mortar branches, more than 500 when this article was written. Having that local presence is convenient if you want to meet someone in person at some point.
You can call (800) 619-SAVE to contact someone if you prefer. Staff members will address your calls at the local Scottrade office rather than a call center in India.
A Reliable, Low-Cost Choice with Outstanding Service
Regarding accessible internet trading and investing, Scottrade is a leader in the sector. In addition to offering $7 transactions, cheap minimums, and no yearly fees, they also have nearby branches and customer assistance in case you ever need it. They should be a contender if you’re looking for a cheap online broker.
Scottrade offers affordable stock trading, minimal or no fees, excellent customer service, and a local presence. So why are you still waiting? Check them out now! Also, visit for webull review investing solution
FAQ about Scottrade
Is Scottrade or Etrade better?
Despite the fact that E-Trade and Scottrade both provide many of the same features for brokerage accounts, the main difference between the two is that Scottrade is more suited for occasional and casual traders, whereas E-Trade is more capable and better suited for highly active or more seasoned traders.
What happened to Scottrade?
Scottrade closed, why? After TD Ameritrade acquired Scottrade for $4 billion in cash and equity, Scottrade Financial Services was forced to close.
Who are the owners of Scottrade?
Riney. American billionaire Rodger O. Riney was born in 1945 and founded Scottrade, a stockbroker that TD Ameritrade purchased in 2017.
How much does Scottrade charge per trade?
Online trading without commissions, platform costs, or trade minimums. applies to stocks, ETFs, and options listed on US exchanges. All online equities trade that involve options are subject to a $0.65 per contract fee.