Comments on: Scottrade Review

By: tom

tom — Fri, 16 Mar 2012 19:26:01 +0000

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.

By: KathyW

KathyW — Fri, 18 Nov 2011 18:34:10 +0000

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.

By: Mark

Mark — Fri, 18 Nov 2011 18:24:52 +0000

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.

By: Roy

Roy — Tue, 18 Oct 2011 22:23:50 +0000

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.

By: Jason

Jason — Sat, 24 Sep 2011 17:28:30 +0000

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.

By: Jake Miller

Jake Miller — Fri, 23 Sep 2011 11:51:15 +0000

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?!

By: LILLY

LILLY — Fri, 16 Sep 2011 15:32:58 +0000

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

By: Lyn

Lyn — Wed, 10 Aug 2011 00:55:13 +0000

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

By: Darryl

Darryl — Mon, 04 Jul 2011 01:52:14 +0000

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.

By: Sodbuster

Sodbuster — Sun, 03 Jul 2011 22:13:20 +0000

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??