Scottrade Review

by David Ning · 97 comments

Scottrade is one of the more established discount stock brokers in the industry, but I have to give them another praise after what happened since I wrote a review about them. This article outlines why Scottrade brings customer service to the next level, and what the brokerage firm offers.

Click Here to Open a Scottrade Account.

But First, What are the Commission Rates

scottrade commissions
Scottrade has always advertised its pricing of $7 per trade, while options are $7 per trade plus $1.25 per contract. Compared with its direct competitors who offer similar services, they are clearly one of the cheapest options out there. However, on a strict per trade level, they aren’t the cheapest.

Scottrade’s Different Trading Platforms

Like many of the premium brokers, Scottrade offers multiple platforms that all have their unique advantages. Here’s a brief description of each:

  • Scottrade Trading Website – The web platform is great if you are paranoid about installing anything on your computer. It’s also comparable to most discount broker platforms and offers a solution that meets the majority of investors’ needs.
  • Scottrade Mobile – A special mobile application that simplifies the clutter to allow for faster trading on a mobile device. I will never know why you need to make trades on the go, but this option is there if you need it.
  • Scottrate Elite – The full blown trading application that rivals the hardcore trading platforms other brokerages offer. Streaming quotes, customizable and savable sessions as well real time news that is pushed to you.

Scottrade Knowledge Center

In order to help investors, Scottrade put together one of the most comprehensive investment resources online. With nearly 2,000 educational articles and interactive tools, investors can learn about everything from the basics of options to an explanation of the yield curve of a bond.

Scottrade Branches and Customer Service

scottrade branch locatorThere are actually more than 400 Scottrade branch offices nationwide, so you can get your questions answered either on the phone or in person. The company is one of the top 100 companies to work for (according to Forbes) and it shows in the attitude of the employees. Everyone I spoke with were genuinely helpful and happy.

Why I’m Seriously Considering Scottrade

I’m beginning to become a Scottrade convert. I wrote a review about two weeks ago, and not only did the company tweeted about it, the PR spokesman of the company also personally emailed me to clarify my concern on their physical locations and offered to answer any questions I had.

scottrade webinarAt the time of the review, I noted that the local branches didn’t provide much more than what a phone conversation would do. As it turns out, each Scottrade representative can walk you through the whole trading platform in person as well as make trades for you (if you choose, or if the website goes down for whatever reason).

I also learned that within the branches, they are hosting live seminars to teach Scottrade customers how to better invest in these times. This is what they have to say about the seminars.

This year we are hosting 24 User Summits across the country. User Summits are free workshops for customers to learn how to easily manage their accounts and use the functions and features of our trading platforms. There are two sessions, one in the morning and one in the afternoon. Each session focuses on a different topic.

I’ve repeatedly said that while good customer support is always nice, I seldom take advantage of this and therefore it’s low on my list of priorities when I look at a new broker. However, Scottrade seems to take customer service to the next level (the helpfulness and positive attitude of the employees were very apparent once I spoke with them). In fact, I’m so impressed that I’m thinking of moving my funds over to a Scottrade account. While there are cheaper solutions out there, I’m sure that the customer reps would be glad to help me if problems were to arise.

Is Scottrade Right for You?

At the end of the day, this is a personal choice that you have to make. Compared with any other broker that has all the higher end services of Scottrade, this broker is one of the cheapest. However, there are less expensive alternatives out there if you are looking strictly at per trade cost. Is the few dollars a trade worth the piece of mind of knowing you are in the perfect hands? The decision is entirely up to you.

If you decide to go with Scottrade though, click here to get started.

Resources:

Scottrade Videos

They say a picture is worth a thousand words, but I bet a video is worth a thousand pictures. Here are a few videos that not only show you a glimpse of the Scottrade interface, it also teaches you to perform several functions from within the website.

Placing a Stock Trade with Scottrade

Scottrade Reimbursement Bonus

Scottrade is currently offering everyone up to $100 to switch over the account. This reimbursement will cover the transfer fee that many brokers charge when you switch, which is a nice touch.

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{ 97 comments… read them below or add one }

Joeseph August 18, 2009 at 3:37 pm

I love Scottrade. They also have the highest customer satisfaction according to JD Power and Associates. Whenever I’m in the branches, everyone is very helpful and I found myself just wandering into the branches to chat because they welcome me every time and I usually learn a new thing or two.

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MoneyNing August 18, 2009 at 7:08 pm

Good to know that the experience doesn’t only pertain to me. Although I was greeted with a smile when I went in the branches anonymously as well, the other people I talked to at Scottrade knew about my website, which might affect their interaction with me.

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Johnny H August 18, 2009 at 4:48 pm

Scottrade is much more expensive than Sogo. SogoElite is .004/share, with a minimum of $1. So unless you are trading more than 1750 shares on average SogoElite is a much, much better deal.

ScottradeElite, is a very weak “advanced” trading platform… The lag during volatile, high volume periods is several seconds. Unacceptable. However, it does give you access to some nice tools.

This “review” reads much more like an ad.

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MoneyNing August 18, 2009 at 7:06 pm

Thanks for the input. I’m not familiar with Sogo (I assume SogoElite is offered by SogoTrade), but a quick search turns up a few bad stories on customer support. Every brokerage has its pros and cons. If cheap trades is your thing, then there are other options out there like I said in the review. If you are more like an investor who trades a few times a month (or even a year), then there are different options that would be a better choice.

Again, as I noted, it’s all based on what’s important for you. What works for you may not work for someone else, and vice versa.

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Nick August 19, 2009 at 9:00 am

This is very helpful information for me. MoneyNing can you email me a few suggestions on what would be a good company for me to work with based on my experience of being brand new to the stock game and just want to do small trades a few times throughout the year?

Thank you in advance,

Nick

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MoneyNing August 19, 2009 at 9:13 am

I started with ETrade Financial, and they were awesome for me (although they are a bit pricey, especially if you don’t meet their high account balance requirement).

If I had to start again, I would probably go with Scottrade and/or TradeKing because of their customer support. It’s ultra important when you start out that you get helpful people who won’t look down on you even if you have very basic questions, and it’s at those times when the phone support (or Scottrade’s in person conversations) is really useful.

With Scottrade, you get a physical branches for face to face Q&As plus they are one of the kindest people customer reps on the planet.

With TradeKing, they don’t charge you extra for phone assisted trades, so you can always call them up every time to help you with the first bunch of trades without paying an arm and a leg for it.

For more information on them, you can read my TradeKing review and see which one you like. For the most part, you probably won’t regret going with either, especially considering that you only plan to trade a few times a year.

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Pietro February 26, 2010 at 2:54 pm

I trade 2000-10000 shares at a time, so something like Scottrade with a flat rate makes way more sense for me (and a lot of people I talk to) rather than a per share basis. Also, I’ve been using ScottradeElite for over a year now, and I have never experienced any lag, my trades always go through at the exact price I bid or ask, and because of it I’ve made a ton of money. Also remember ScottradeElite is more for trading, not investing, so that is where a flat rate also saves you money (although the platform definitely helps investors who use it properly).

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dandy44 August 18, 2009 at 10:52 pm

I have a very similar experience as the author, so I wouldn’t call this an ad at all. With so many companies outsourcing customer support to india, it’s nice to see a company that actually puts it as a top priority.

The Scottrade experience is really amazing, and I would never hesitate to recommend them to anyone.

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Rick Carstens August 19, 2009 at 4:09 am

Scottrade is really expensive. I prefer Sogo because of the cheaper rates, and i think every newbie like me will go for the cheap stuff. After all Sogo is not so bad, it’s easy to trade and it functions fine.

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Tom P August 19, 2009 at 8:13 am

It’s true that Scottrade has tons of branches but I would’ve liked the broker to provide retirement services. Since they have the branches already, it would be perfect if they can offer financial planning type advice.

As it stands now, the trading platform seems to work okay so the branches don’t help me much since I don’t need to talk to anyone ever.

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Jose August 19, 2009 at 11:05 am

Optionshouse has nice rates for options and stocks. Done mostly options so far and no problems.

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Jason August 19, 2009 at 4:56 pm

I like OptionsHouse as well, but Scottrade is just not the same. For the average investor, there is no question that the latter offers more help. OptionsHouse is more for someone that already knows what they are doing while Scottrade is more for the people starting out. However, many advanced traders still use Scottrade, as apparent in the polls that they have the highest customer satisfaction.

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Brian August 20, 2009 at 11:03 am

My time is limited to respond, so I’ll do brief and quickly.

I’ve used Scottrade for years and am a happy customer, but I must say it’s a brokerage for the buy and hold investor. Recently I showed interest in “writing” put and call options, which scottrade does not allow, so I opened a Charles Schwab option account that does have this feature. Not sure why Scottrade does not allow writing of options.

Some other cons are withdrawing cash and no dividend reinvestment. You must have a $5000 equity to use the visa check card to withdrawl or else you get a $15 charge. Without the use of a debit card to make withdrawls, you have to wait atleast a week to receive a check in the mail after stopping in the branch and asking for a withdrawl.

If you’re buying none dividend paying shares and holding for longterm, scottrade is ok, but I’m sure you can find cheaper brokerage houses.

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Paul February 26, 2010 at 2:57 pm

Scottrade does allow writing calls, not puts however, which I agree is lame. But an intermediate investor can buy a call in a bull market, and write a call or buy a put in a bear market, so 3 out of 4 isn’t bad for non-advanced traders.

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Robert Brakensiek August 24, 2009 at 4:53 am

I am not an active trader but when I do, I use Sharebuilder. I like the fact that it links to my ING account and trades are around $9.99. I have used Etrade, Ameritrade, and now Sharebuilder. Really Etrade seems the best to me, but I closed that joint account several years ago for personal reasons.

I have never tried Scottrade, so this was an interesting read. Should I switch again it will probably be to them. Thanks for the info.

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Jet Jackson August 24, 2009 at 2:30 pm

I use TD Ameritrade and I really don’t like them much. Thanks for the Scottrade review. I will look into them and see if I like what I see.

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C August 31, 2009 at 10:57 am

To offer a different perspective….

I trade my own funds for a living, usually doing a few trades per month. I also teach people how to trade.

After having taught lots of traders, they often have a big concern about which brokerage to choose….do they choose based on commission rates; customer service; ability to visit their money as well as see a smiling face in a branch; trading platform; etc.

In actuality, while all of these are important – not a single one of them will make you a better investor…nor a better trader. You must always keep that in mind when you are thinking of switching brokerages.

The other thing to watch out for is fill execution. Most brokerages will tell you that they use a NBBO in order to get the best execution. I have multiple internet connections in my office. Once or twice per year, I enter identical orders, simultaneously, at a well-known brokerage that everyone has heard of..and at a brokerage that the trading public has heard of. 9 out of 10 times, the well-known brokerage gives a worse fill (both buy and sell) than does the other. Sometimes as little as a penny or two..the biggest difference I saw was 10 cents (using IBM in each case). That is not too big of a deal when you’re buying 100 shares, but it starts to add up when the trade size increases.

This is not meant to be a knock against Scottrade. However, keep that in mind when you visit a brokerage branch office and see the cadre of smiling faces, greeting you at the door….makes you wonder why they’re smiling.

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Brian February 26, 2010 at 3:22 pm

I place some very large orders, where a 1 or 2 penny difference equals $100′s of dollars in gains, but I always use limit orders with Scottrade (been with for 2 years, made hundreds of trades), and I’ve never had a single problem, never lost any money.

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Joe September 16, 2009 at 11:38 am

Scottrade is pretty good and I’ve been using them for a while now. $7 isn’t the cheapest but it’s cheap enough for me to worry about features and functions rather than strictly on the deal. The customer service is good, so even though I don’t call them much, it’s nice to know that it’s there if I need it.

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John September 29, 2009 at 9:57 pm

I find that Scottrade is really good with customer service, even better than other brokers that rank high in the SmartMoney broker survey that comes out every year. That’s why even though it’s more per trade than others, I still stick with this firm.

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Sara September 30, 2009 at 10:53 am

I thought the commercial with the helicopter and the Scottrade CEO was a little goofy but the broker is pretty solid. Like everyone else say, the consumer experience is excellent there.

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Wilson October 2, 2009 at 12:15 am

Funny you mention that because I was thinking about the same thing. The message of the whole thing seemed to be simple though – $7 a trade regardless of how much money you have.

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Jessica October 2, 2009 at 12:19 am

I like how I always see Scottrade branches. There’s something about seeing a real person when you are having problems. You can really explain your issue properly when you are talking to them face to face.

I actually go there so much that they know me by first name now and one of the ladies (I won’t name names because I don’t want to get her in trouble) and I go have coffee sometimes.

I feel like I have the inside track sometimes and I like that.

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George23 October 2, 2009 at 12:20 am

Everyone seems to like Scottrade but I’m not digging the $7 a trade. It seems a little too high for me when there are other options that are giving out $3 or less per trade.

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holu333 October 3, 2009 at 3:22 pm

$7 is a thing of the past. I believe it comes down to whether people like the physical branches and solid customer service or not. If you want a no frills broker and you trade often, there are many other options that offer a cheaper trade like OH, TK or J2T.

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Jimmy October 4, 2009 at 3:59 pm

Been a Scottrade customer for a long time and their platform works well for me. I rather stick with them than try to pay a couple bucks less to trade when I am not a day trader. This one works for me.

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Warren Ogren October 5, 2009 at 5:59 am

I cannot access my account through Firefox. I have been receiving the message copied below for weeks.

“Unfortunately, we are unable to complete your request at this time. We apologize for any inconvenience this may cause.

Please return to Home page and try again at a later date.

If you require immediate assistance, please contact your local Scottrade branch.”

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MoneyNing October 5, 2009 at 9:09 am

As an IT administrator, I can say that it’s almost impossible for Scottrade to help with this issue because it’s computer specific and probably related to either a) your cache or b) something you installed (plugin, trojan, other software).

If something is wrong with Firefox, you may want to clear your cache, reinstall firefox or as the very last resort, restore your Windows system to a previous state.

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John May 19, 2010 at 11:29 am

I’ve been having this problem for months, but it got a lot worse in the last 3 weeks. I called Scottrade support and they say it is a security and cookie problem and had me adjust my browser settings. That seemed to help for a few days, but now I get this error message all the time again and will have to call Scottrade technical support again. I think they have a problem with their website, because if you keep hitting the return to homepage link and then try again to access the page you want, eventually it will let you get where you want to go.

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Amber May 24, 2010 at 2:42 pm

John, After speaking with Tech Support, this seems to be a system-specific issue. Are you trying to access the trading site at home or at work? If you are attempting to access at work, the security of proxy settings your employer uses may be interrupting the connection. If clearing the cookies and cache do not fix this issue, you may want to speak with your employer’s IT team about changing the settings to allow access to Scottrade’s online resources. If you are accessing from home, clearing the cookies and cache will correct this problem. Should you have any additional questions, don’t hesitate to contact us at 800-619-7283 and ask for Tech Support.

Best, Amber
Online PR Specialist, Scottrade

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Don January 24, 2011 at 8:33 pm

This “it’s YOUR problem not ours” attitude is exactly why I left Scottrade last year. Their customer “support” called me a liar over the phone, telling me that they could find no records of my problem; after about a week of unhelpful and snide emails, they finally acknowledged that they discovered the problem at THEIR end and fixed it. Needless to say I left them for good and couldn’t be happier with TDAmeritrade. A little more expensive, but I’m not an “active” trader and they at least treat me with respect and dignity.

mark May 31, 2010 at 10:46 am

i see no such problem when i use scottrade…i do find that if i call their office for any advice that they really do not have a clue…so i email them ..it takes more time but the answer is usally what works…now that is me not you…good luck

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Henri May 30, 2013 at 6:19 pm

I have been with them 20 years, and I don’t remember having trouble with their website, beside at night when they do some work on it, so it has to be on your end.

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King October 6, 2009 at 2:01 pm

Is there a Scottrade review of the branches? I’m looking for opinions on their experiences when they go into the branches and what exactly you can get help with over and above what can be done over the phone.

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MoneyNing October 9, 2009 at 5:30 pm

I’ve been in the Scottrade branches before and the employees are happy and willing to share information in general. However, I suggest having specific questions with you when you walk in just in case the person you find aren’t very talkative and start telling you everything right off the bat.

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co November 4, 2009 at 7:51 am

I almost prayed that my call would be routed to national, unlike what the commercials say. The manager at my local office had a “Hey, we’re discount brokers — can’t help ya with that (anything).” Another site I was just on had others complaining about local offices where they are.

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co November 4, 2009 at 7:47 am

These guys cost me a alot more than any other broker I’ve used, because of bad trade executions, inaccurate quotes (by up to 10 or so seconds behind), and a site that goes down at busy market times — more than any broker I’ve used. NONE of the other broker’s was bad — try any other.

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Brian February 26, 2010 at 3:10 pm

I’ve been with Scottrade for years, and I’ve never experienced the site down, never had any lag (you should use their free java Scottrader platform if you’re making trades; I never use the website, and I don’t know why you would unless you’re making a market order for a long-term investment, where you wouldn’t care about a few cents difference in the buy price).

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DuWayne Burnett November 19, 2009 at 9:21 am

I’m reading all of the online trade forums to try and find one to invest with. E-trade only had one good review and a ton of bad ones. This one seems to have just the opposite but I’m still searching. It helps that some of the replies give other companies names so I can look those up. Thanks for everyones comments. It will hopefully help me make a choice in investing that I won’t end up regretting.

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jkmt November 19, 2009 at 9:23 am

I opened a Scottrade account as so far I love it.

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jgw December 12, 2009 at 12:37 pm

I tried to open a Scottrade account and became exasperated. The direct-ACH link to my checking account didn’t work (I tried over and over), so I went to the two-small-deposit route. After three days with no “small deposits” hitting my bank account, I emailed them to find out what was going on. They replied that they HAD made the two deposits, but that if they weren’t showing up on my end, it was probably because I didn’t enter my bank account number right. I move $ around daily and am hardly a novice at setting up and using these kinds of financial accounts (as I had told them), so this “help” came across as condescending and a little snotty. I promptly linked an e*trade account perfectly and easily. I haven’t heard back from Scott, but if both of their set-up methods fail (as they did for me) them I’m less than impressed with their online system and I’m really not interested in entrusting them with my $.

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ALS December 19, 2009 at 6:31 am

I am new to the trading arena and appreciate all of the comments. For a beginner, which site offers the best tutorials and guidance in learning trading techniques? Also, what is the best avenue to learn trading the correct way?

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Sandy December 27, 2009 at 10:24 am

I don’t know why it didn’t work for you jgw but my ACH transfer with Scottrade worked fine. The customer service was the easiest to deal with as well so maybe you just found a bad rep that day? Have you tried to call another person?

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James January 19, 2010 at 1:45 pm

I used to have an account with Scottrade.
I will tell you why I closed the account:

1. The web site is very slow. I placed an buy limit order and changed my mind and tried to cancel the order before it was executed. The web site does not move for a few minutes, and I could not cancel and I lost a lot of money.

2. The stock information it offers was not sufficient enough. I had to use Google Finance and Yahoo Finance to get more information about the companies I was interested.

3. You have a lot of unreasonable limitations. One example is that I once tried to trade TGX, it says “Please contact your local branch about placing an order on this security.” I trade it online without any restriction with the brokerage I am using now.
So, I decided to find another discount brokerage.

Oh, one more thing. When I tried to withdraw my money, it does not allow me to use ACH which is free even though I used it when I deposited the fund. They required me to pay $20 for wire transfer. I wonder why they do not offer ACH withdrawal that is faster, safer and cheaper. Free ACH for deposit only. So, you might want to consider that too, if you withdraw your money often.

James.

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JM January 28, 2010 at 12:03 pm

I had a serious communication conflict after calling my Maryland Scottrade office contact, attempting to ascertain accurate information regarding an account transaction of mine. After several email requests to the National Service Center and two telephone calls over a period of two weeks, the Maryland office in question was unable to clearly answer my questions and even developed a defended unresponsive posture, as I grew increasingly frustrated. As I continued my quest for an accurate answer, I was able to speak to a very capable broker in the Scottrade Compliance Department, who LISTENED to me and was able to focus on my issue. If one of the local offices cannot satisfy a query, I recommend the Compliance Department at Scottrade. If that doesn’t work, one might try the Branch Administrator, which is where I finally lodged my complaint.

Scottrade does not permit clients to access a current monthly statement, which can thwart a customer from accessing a detailed account of the “Total Money Balance”. In order to secure a detailed account, one has to step back to the previous month’s ending balance and add up each transaction during the current month to access each transaction which flows into the “Total Money Balance”. If that sounds confusing, it is. Moreover, it is unfortunate that I had to go through great pains over a period of six weeks which included numerous emails and phone calls to secure this information. Given that my trust level in general has been seriously breached by the banking industry in a general context, I want current detailed accounts of all my monetary transactions from all banking and brokerage institutions with whom I deal in a timely way. Notwithstanding the fact that I will no longer deal with the Maryland office, I am sticking with Scottrade, as my overall experience over the last ten years as been on balance, positive.

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LER February 10, 2010 at 9:21 am

I was not aware of $20.00 wire transfer fee for withdrawals. So far, Scottrade
has executed all my transactions online without a single glitch. Sharebuilder was unable to complete a buy request for CONX (Corgenix Medical, $0.17) because they do not offer it or it is not on their list of securities). Scottrade completed my request at the requested price (limit order, placed the night before). One good thing about sharebuilder, they transfer monet back to my checking with no charge. They (sharebuilder) also were able to complete a buy request for Bershire (BRK.B) when Scottrade could not do it. This was the night before BRK.B was open to everyone at a fair price ($73.00 vs $1300.00+.

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Miles February 10, 2010 at 2:36 pm

I am looking for someone to sort of become a mentor in order to learn how to trade and what to look out for so that I dont get burned trying to learn. Anyone have any ideas on how to network to find someone you can trust.

Thanks

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LER February 11, 2010 at 4:18 pm

Miles, check out better-investing.org. There may be an investing club close to where you live. You can find no better place to guide you on how to select stocks. There is a membership fee (but well eorth it). A disclaimer in in order: I’m not an officer nor an employee of Better-investing.org.

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Scott March 2, 2010 at 10:44 am

I am a buy and hold investor and would like to find an on-line broker that is “friendly” to this type of investing. I don’t do more than a couple of trades a year. Have tried to look at websites for all the brokers out there and things get very confusing, as well as, who’s going to tell you their downside. Can anyone provide names of companies to look at for someone who holds their positions for a longer period of time.

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Thecapitalist May 8, 2010 at 8:55 pm

Scott,

Try Scottrade or Fidelity. I have used both and they are good for your type of situation.

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Cathie May 12, 2010 at 9:15 am

You might also look at Vanguard’s brokerage services for personal investors. Definitely geared toward buy-and-hold approach, using mutual funds and ETFs. You can trade individual stocks too, of course.

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ALT April 9, 2010 at 1:25 pm

I think Scott trade is great on execution and fee but at the end of the year, their reporting leaves something to be desired as they can’t produce a gain or loss schedule for my taxes

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Thecapitalist May 8, 2010 at 8:57 pm

Alt.

I am surprised because I have never had that problem. Use TurboTax and you should be fine with Scottrade.

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mark May 31, 2010 at 10:41 am

they are inexspensive…butt,,,,i find when i have an issue that when i phone it in ,,they have a problem solving the issue….that their answers are not factual or up to date…if i email them i do get action..i have been using scottrade for over one year and i am still trading with them,,,that says something..

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DrDon1000 July 19, 2010 at 8:36 pm

After a number of incidents with Scottrade we have moved all our business to Charles Schwab. We find Schwab provides better and faster service, and are far more professional, especially in the world of investment. Scottrade employees on the other hand seem to be more budget low end types with little to no ability and of little real value in the important area of one’s finances.

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Simeon July 27, 2010 at 12:07 pm

I’d like to complain about their customer service. I never want to deal with the people of Scottrade again. I have had an awful expereience everytime. The online service itself is lack luster (slow or sometimes doesn’t work), but I’m not expecting speed. I’m not a day trader. If you use Scottrade I hope you don’t have to deal with their offices.

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Jessica July 28, 2010 at 1:47 pm

Hi Simeon,

I am sorry to hear that you are not happy with your experience at your local branch. I understand that you have spoken with us and will be moving to a new branch office that opened this week. I hope you will have a better experience at that branch and that we can work through any unresolved issues you might have. We value your business and want to provide you with quality customer service, online and in-person. Should you have any additional feedback, don’t hesitate to contact us at 800-619-7283.

Best,

Jessica
Social Media Specialist, Scottrade

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myardor August 4, 2010 at 8:31 pm

1. Scottrade Elite sometimes LAGS, shose fault is it? Theirs or my ISP?

2. Like the flat rate since I sometimes trade 10,000-40,000 shares at a time so savings are good
3. Customer service is ok, most of the time they are professionals and know what i want to know but I do not normally call for help. (Houston- Nasa Area)
Very friendly. and very helpful even when I bought my RX-8 ( they did all paperwork and sent payment to out of town car dealer)
4. The online community forum SUCKS big time, I quit them, Seems to be run by ppl from Yahoo Chat forums from the 70′s. SO unprofessional.
OVERALL I am happy with ScottradeElite. Yes, there could be some improvements but overall, its ok. Been with them for, well at least 10 years

Just like everything, each of us do not have the same likes/wants/needs.
To me, I will stick with Scottrade and do recommend them to those that ask for a discount broker.
Myardor, ie the Brain ( from Pinky and the Brain)

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myardor August 4, 2010 at 8:51 pm

I have an idea for all those who would like some help/trading.
Why not connect via a chat room/IM /google/yahoo, etc. with a few ppl who use scottradeElite. Would be nice if those ppl could meet in person at a starbucks or public library. This way one could TEACH each other on what to so/setup/etc Something like a small investment club
Individual Smart Investing had that but no puter .

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Jessica August 10, 2010 at 12:47 pm

Myardor,

Thank you for sharing this feedback. Our tech support team would be happy to look into your ScottradeELITE question. Please call us at 800-619-7283 so we can assist you. This article may also help http://bit.ly/b4KWfg.

You bring up some great ideas about connecting with other ELITE traders. I would suggest that you visit the live events page http://bit.ly/ariUFf Our local branches hold seminars that cover a variety of topics, including ScottradeELITE. Our user summits also cover ELITE in the afternoon sessions. Attending any one of these events would be a great way to meet other ELITE users who live in your area.

Thank you again for your suggestions and for being a valued Scottrade customer for over ten years. Please let us know if we can assist you with anything else.

Best,
Jessica Becker
Social Media Specialist, Scottrade Inc.

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Steven January 11, 2011 at 12:05 pm

Scottrade has treated me well and I enjoy their service. It’s easy to use and theres a tutorial that teaches you the basic fundamentals to navigate through out the website. Moreover, I would like to share 3 free trades with the new community of scottrades. So, receive 3 FREE TRADES with the coupon code ADUT5556 . Well, enjoy and have a beautiful day.

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Vish August 7, 2012 at 2:20 pm

I too got 3 free trades with Scottrade. I enjoy it. You too can get 3 free trades by using YHOO2713

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susan January 21, 2011 at 12:59 pm

I just started trading 2 days ago and decided to use Scottrade. So far, so good. I’ve called the office quite a few times at first and they were all very helpful in getting me set up to where I could begin trading. They also provide demonstrations for you in person if you visit their office, but their website is user friendly enough to where I figured most of the basics out for myself. One great thing about Scottrade is that they do offer free trades if you refer someone. The referer and referee both get 3 free trades. I actually used one of the referalls from a poster on this site and it’s legit. If you want, you can use mine or anyone else’s on this site.

SRNN2840

Happy trading.

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Jacob Peterson January 26, 2011 at 1:06 pm

????After opening my account I put about $7k in right away using the electronic transfer. I then bought some stocks using most of that money after the account said I had that amount available to trade. Three days after buying the stock I get a message from scottrade saying that the money didn’t go through and that if I don’t rectify it within the next two hours they will sell my stock. I wasn’t able to get this message in time so they sold the stock. Also, the stock happened to go down ~3% overall in those three days so now I owe scottrade the amount it went down. Other than that the company seems alright, although I won’t be keeping my account after this experience.

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Aashiq in Dallas March 3, 2011 at 7:38 am

Jacob, this seems like a problem with your initial money transfer. Scottrade did what any other broker would have done. I do use several brkers so I know. Give more time to get used to trading and its ins and outs. You will feel better.

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Ken January 30, 2011 at 10:03 am

I have had an account with Scottrade for a couple of years. I have had some minor problems but nothing major. My question is do you know if they are ever able to get their clients shares of an IPO?

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David January 30, 2011 at 7:52 pm

Does anyone out there use a Mac. You can’t access any of their premier features because they only work with Windows. During normal trading I can stay on the site for 2-5 minutes before it kicks me off. During heavy trading days it is 20 to 40 seconds. I’ve been cut off several times just as I executed a trade. Some of the time the trade goes through, sometimes not.

I’ve had it. I’m closing all of my accounts over the next few weeks.

Maybe their tech guy at the Scottrade conference I attended last year had it right. He was rude and embarrassed me in front of the entire group during a question and “non” answer session, but at least he was honest when he told me; “Scottrade does not and will not do anything to accommodate Apple users.” Wish I had listened then.

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Leon February 20, 2011 at 3:08 pm

I’m pretty new to the world of online trading and decided to open a Scottrade account and all I can say is it’s been an amazing experience. Scottrade has very useful tutorials that will guide you along so you can learn everything possible about trading and there programs. On top of all the great things Scottrade offers they have offices all around where you can go to talk to someone, No more impersonal phone calls but a dedicated group of customer service reps that will always be there for you. If anyone decides to open an account if you place this referral code

HCMS1913

You’ll get 3 free trades on top of an already great service. Hope to see you trading.

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Hank February 23, 2011 at 9:31 pm

The people whining about technical support on these threads are hilarious. Just because you don’t know how to administrate your own computer doesn’t mean an issue is on their end. When a corporation that big has an issue, their phones blow up. They will be aware if something is on their end. If it’s not, it’s on YOUR end.

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Brent March 8, 2011 at 2:50 pm

I’ve never had “any” troubles with any of my Scottrade accounts. I have 3 different accounts. I just got a new referral code if anyvody needs 3 free trades. Referral code: IXFV9382 3 free trades for you when you open an account.

Stay with Scottrade.. they are one of the top brokers out there.. Open an account using the referral code and you will see, there platform is very well put together.

Code: IXFV9382 When opening your account.

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Al Schmotz March 9, 2011 at 4:18 pm

I wish Scottrade would have some analysis tool for decomposing a stock based on risk factors. I found a site, http://www.stockfront.com that seems to do a good job of this. Do you know of any other brokers that have this type of analysis?

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Jose April 12, 2011 at 1:08 pm

I have been using scottrade for about 2 months now and i have made about 3000 dollars. which is about 1500 a month, its kind of like a part time job for me. However, thiers this new thing they have called scottrade smarttext and what it does is analyze stock charts for you and interprets them so you can understand them easily, which has helped me make money. if your thinking about opening an account you should put in my referall code: RZRE2373, therefore you will get 3 free trades and i will get 3 free trades.

Thanks, and Happy Trading.

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Raul G. April 15, 2011 at 12:56 am

New 2011 referral code:

VSKB9108

It will give you 3 free trades when you sign up for a new account, it doesn’t work for existing accounts though.

Good luck trading.

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Matt May 4, 2011 at 2:31 pm

I have been using Scottrade for a little over a year now and have had a great experience. With low commission and absolutely no fees Scottrade has made investing simple and stress free. Their website has a myriad of advanced trading tools that even a beginner investor, like myself, can use. Their customer service is also top notch. Whenever I had a question I just called my local branch and a person would answer every time. Whether your a beginner or an advanced trader, Scottrade has plenty to offer.

GET FREE TRADES WHEN OPENING AN ACCOUNT WITH THE ReferALL CODE: DJHS3215

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Gaurav May 20, 2011 at 1:48 pm

You may use WQAB6991 as the referral code. Happy Trading.

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Darryl June 24, 2011 at 7:44 am

I am a new trader who has been using Scottrade for a couple of months now. Overall I have been satisfied with them. The website is simple and easy to use. The home page shows all pertinent information in well-organized form: your account balance, current positions, order status, alerts, and watch list. More account and order details are easily accessible with a single click. Placing an order is very simple and straightforward: You can do it either from the website (“Trade” tab) or using the streaming Scottrader Java applet, which shows real-time changes. I have made several trades and experienced no problems whatsoever. The $7 per trade seems reasonable and is cheaper than several other online brokers.

The website has plenty of ways to research stocks. Usually I type in a “Quick Quote” and get a summary page for a stock. Interactive charts can be constructed with just a few clicks and information about fundamentals, earnings, and financials is available by clicking tabs above the summary. The summary page also has direct links to analyst reports from S&P, Thomson Reuters, and Second Opinion. It also provides a few recent news headlines, although I have found that the stock pages on Yahoo Finance are better for finding news articles about a specific stock.

There is an online knowledge center that has various help pages and FAQs about trading. Much of the information is very basic and generic, but it is helpful for a new trader. A supplement to the main website is the Scottrade Community, which is a forum where Scottrade members can post about stocks and trading. I have found it to be a good resource, especially when I’ve had questions for which I couldn’t find the answers anywhere.

Beyond the website, I like that Scottrade has local branch offices all over the country. I visited my city’s downtown office to set up my account and I had a very good experience. The branch manager answered all my questions and my account was up and running in almost no time. He also called me a while ago out of the blue just to see how I was doing and whether I had any questions. It’s nice to be able to have that kind of personal contact.

In summary, I recommend Scottrade if you plan to start trading or if you aren’t satisfied with your current broker and want to switch. I did a bunch of research prior to starting with Scottrade and it seemed to be one of the best options out there. Now that I’ve had some experience with them, I am confident that I made a good decision.

If you decide to set up a new account with Scottrade, you can use ReferALL code UTXB2961 to get 3 free trades to get you started. I hope my review has been helpful.

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Sodbuster July 3, 2011 at 3:13 pm

small trades are $7 , larger trades are more. I bought around 25000 shres of a penny stock and the price was $27.00. this was n OTC buy, does that make a
difference??

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Darryl July 3, 2011 at 6:52 pm

Re: Sodbuster’s comment

For stocks priced $1 and above, you can buy/sell as many shares as you want for just $7 per trade. For stocks priced below $1 (penny stocks), each trade is $7 + 1/2% of the total trade value, so if the commission was $27 you must have bought $4000 worth of the penny stock ($7 + 1/2% of $4000). In other words, the commission is based on the stock price, not the size of the trade. This information comes directly from Scottrade’s Knowledge Center.

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Lyn August 9, 2011 at 5:55 pm

New 2011 and 2012 Scottrade referral code: IXFV9382 will get you 3 free trades when you open any type of account at Scottrade. Open an account at Scottrade and invest in stocks and ETF’s. After this weeks sell off….. Every stock is on sale… If gas goes on sale for $2.5o a gallon we’d all go buy all the gas we could store. So….. go and buy some stocks this month and in 5 years you will be very happy..

Scottrade referral code: IXFV9382 (3 free trades when you open anytype of account)

Happy Investing.
Lyn

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LILLY September 16, 2011 at 8:32 am

Very Happy with Scottrade. You can get 3 free trades when joining Scottrade by using this code: ONCD0171

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Jake Miller September 23, 2011 at 4:51 am

Do you often write reviews about products you’ve never used? How can you make a judgement call if Scottrade is right for someone when you yourself don’t even use it?!

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Jason September 24, 2011 at 10:28 am

Did you read the review at all? Though he did have some nice things to say about Scottrade, he never asked anyone to join. I found the information here and the user comments quite relevant as a review.

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Roy October 18, 2011 at 3:23 pm

Scottrade has been good for me but their ad that says $7. a trade is misleading. They broke one of my trades
into 4 trades. Cost $28.

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Mark November 18, 2011 at 10:24 am

Scottrade’s reputation is going downhill faster than any stock I have seen. Their website is a joke, their trading platform crashes constantly, and their so-called brokers are as professional as a 6 year old child. I will never again trust any part of my nestegg to a company who’s response to daily internet problems is answered only on Twitter with “oh, I’m so sorry”

I for one will vote with my wallet.

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KathyW November 18, 2011 at 10:34 am

Never in my life have I delt with a company with as many issues as Scottrade. Their brokers are inexperienced, rude, and disrespectful. If I had to guess, I would imagine they hire people from craigslist general employment for $7/ Hour to match their trade fees. Be careful who you trust your money with, especially this place.

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tom March 16, 2012 at 12:26 pm

Customer service is horrendous. The website is awkward, poorly designed, and way more energy than it’s worth.

I’ve just had the experience of realizing that during some system migration a couple years ago they wiped out the cost basis on old trades and expected users to go backfill old data. This resulted in a couple trades showing on my 1099 for tax year 2011 with a $0 cost basis, which terribly over reports the transaction as pure gain. This is nuts, and will likely cause a lot of people to pay taxes on gains that are not real. WTF.

At one point I could not remember which password to enter to login and ended up being forced to call a human to reset it. Mind you that the national call center couldn’t help here, I had to call the local branch to do this (it was after local business hours so I had to wait a day).

Everything with Scottrade was unnecessarily difficult. Maddening really.

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Alex June 11, 2012 at 1:36 pm

I have had an account with ST for the past 5 months and although not an experienced trader by any standards, the site has served me well. The Java Scottrader has worked fine, never had any crash. I trade most on penny stocks varying from 5 to 300k shares. Always had good price, and except for a couple of “too low stock price” never had any real problem.

My real complaint is that the “Positions” frame doesn’t have the actual price paid and keep it there. What the heck ??? It forces me to keep the same entries on Google finance just so I can compare what’s actually happening.
This is the real sticking sore point for me, otherwise, it’s great.

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Jonathan December 12, 2012 at 2:00 pm

I’ve heard good things about Scottrade too but haven’t tried it. It’s great to get an objective opinion of what you consider to be the main pro’s and con’s of using this trading platform, especially as analysis can be difficult to come by. Thanks for taking the time to do such a thorough and objective review :)

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ThinkTrade January 31, 2013 at 8:32 pm

Just like signing up with any broker, it is more about knowing the strengths and weaknesses of that broker. Scottrade’s strengths is that they offer good customer service and have brick-and-mortar offices around the country. Many people seem to be complaining about that their $7 trades are too high, but this is extremely low considering that they have real offices and good service. Most online brokers do not have these benefits. Scottrade is not a bare-bones online-only broker. Ameritrade and E*Trade (the other 2 large online brokers that offer B&M stores) are priced higher.

Although I do not trade through Scottrade, whenever a beginning investor asks me for a recommendation, Scottrade and Ameritrade are the 2 brokers I recommend. Scottrade is a great broker for anyone who is:
(1) a beginner who is scared about picking a broker
(2) wants a do-it-yourself online broker – but with the ability of being able to call someone or talk to someone in person just in case
(3) someone who wants to do long-term investing for a reasonable price
(4) someone who wants to do LIGHT trading (a couple of trade per month)

Scottrade is not good for:
(1) heavy traders – their platform and tools are not as good as E*Trade, etc
(2) Anyone who wants to trade options beyond Level I options trading (simply buying calls and puts). Their options capabilities are not as good as ThinkOrSwim or OptionsHouse.
(3) Someone who wants the cheapest trade without worrying about anything else.

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Vinh February 8, 2013 at 6:22 am

Use this referral code to get 3 free trades on Scottrade:

DLLS4173

I used a referral code when I signed up, and it benefited me as well as the other person on free trades. Scottrade is a good site for beginners.

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John February 17, 2013 at 9:32 am

I have used Scottrade for six months now. It is good for a home trader/investor. My only problem is the mobile apps. They really need improved. If you are interested in creating an account get free trades by using my code. Thanks

JSFV7014

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Dan February 18, 2013 at 8:46 pm

I have been using Scottrade for about one year now, platform seems to have everything that is necessary for a good trading experience. After first opening the account I received a call from customer 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. After the visit I was surprised by how much interest they showed in helping me to become as familiar with their services as possible. Here’s a code for 3 free trades at sign up in case anyone is interested: FDUK8950

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terry March 1, 2013 at 9:21 am

I have had NOTHING but problems with Scottrade and they have cost me TONS of money, they don’t initiate orders you have in, they make excuses as to why the orders didn’t go through every time, you cannot do any foreign orders unless it has an ADR, their website is slow as hell always, do not recommend at all

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John Sunde March 1, 2013 at 2:07 pm

Why do I not get quarterly or annual reports?

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Jon March 14, 2013 at 9:19 pm

3 free trade
VAHR4084

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John July 1, 2013 at 8:58 pm

I have been with Scottrade for almost a year now. I have not been disappointed. They have an excellent online setup for research and stock trading. The only flaw which I have seen is the app on mobile devices. That needs improved. If you are interested in opening an account with Scottrade, use my promotion code and get free trades. JSFV7014

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Dallin December 6, 2013 at 10:13 am

3 FREE TRADES FDCH0022

One of the best trading sites I have ever used! If you have not opened an account yet i highly suggest that you do. Trades are only $7 bucks and to open a new account all they ask is $500 They have some of the best tools for researching and staying up to date with stocks, and their local branches are available and willing to help with any questions you might have. If your ready to open an account Promo code FDCH0022 will get you set up with some free trades after setting up a new account. Good luck out there!

3 FREE TRADES

FDCH0022?

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