10-second breakdown:
Scottrade is a familiar name and a trusted brand. Retirement investors and long-haul players will enjoy the security and customer service options. Experienced traders will love the advanced research features and potential to use other financial instruments from a reliable source.
The good:
Scottrade offers loads of ways to put your money to work. This platform isn’t just about the stocks an options play. You can find retirement planning, banking services, small business, savings plans, and other financial vessels/resources to help make you feel in control of the entirety of your money and assets.
There are hundreds (over 500 to be more precise) of local branches that are full of qualified pros always willing to lend a helping hand in your hour of need. The customer support for the actual platform is also outstanding and available to help with any of the web/stock trading needs.
The research capabilities are stellar, which you’d expect from such a noted name in the brokerage industry.
The bad:
To get into their “ELITE” platform your portfolio has to be $25,000 or better There isn’t trade minimum to get you in either, it’s a straight money entry system.
Everything feels a bit outdated. From the website to the software products and even the app could use some overhauling.
How it works:
Scottrade does share a lot of similarities with the other flagship brokers. The research is on the same level as Fidelity and Ameritrade. Their tools are just what you’d expect from such a noted brand. But once you get signed up for an account, it becomes clear just how special you are to this broker and that level of care really sets them apart from most of the competition.
The process for signing up is on the easier end of the spectrum and shouldn’t take you long at all. You’ll need all the standard data (e.g. social). If you complete the application during business hours, you may be approved and ready to rock the very same day. The account minimum is larger than the average online broker at $2500 which may throw some beginners off the trail.
However, if you do have the cash and are approved; it’s possible you’ll get a phone call from a local financial planner from a nearby Scottrade branch. This bonus is unique in the industry to say the least and makes you feel like you have someone in your corner from the start. The customer service overall is fantastic and could be the best in the industry.
Fees are lower than the other well-known names in the online trading space, but don’t reach low enough to be considered a “discount broker”.
There are two platforms in which traders make it happen— Scottrader Streaming Quotes and Scottrade ELITE. Like other brokers, one is intended for the casual investing style and the other a more advanced trading tool. The very few downers come with these platforms. The ELITE platform requires a $25,000 minimum to gain access. Other platforms restrict access, but also include certain trading activity that could get you in. But with this broker it’s strictly financial.
Streaming Quotes is a desktop app that was created using Java, a coding language that is going out of style. That said, it’s not a bad little app. There is some decent customization capability to lay our your battle station the way you want it. Navigation is fairly intuitive and your watch list is super-easy to create with space for up to 40 equities. Everything else may feel like the platform has been left by the wayside, and just a bit of adjusting (on the part of Scottrade) would make a large amount of difference. The update may be coming, but they do seem focused on improving their advanced platform first.
ELITE is also desktop based, but has received a rebuild on shouldn’t have any problems running on a decent computer. If compared side by side, ELITE is better than Streaming Quotes in every way. Not just do to the extra gadgets and features, but it has been put together nicely and is a decent advanced platform. It’s fast and well-laid out to help you gauge your numbers faster.
Some of the features include tools that recognize momentum in trading and advanced charting tools to pick up on price movements. The charting functions are deeper, but not quite to the level as some of the brokers best-known for their researching capabilities. Unfortunately, one of the best tools that they have doesn’t come with either of their trading platforms and will cost you a small monthly fee to use.
It’s called “Trade-Ideas” and as the name indicates it helps you identify trends, come up with investment strategies to capitalize on bullish, bearish, and even flat trading. Sounds useful, but you’ll have to gain access to the ELITE program and pay the $15/mo fee.
If you’re an options trader, there is a relatively new trading system called “Scottrade Pro”. It’s a separate product that allows “advanced traders” the ability to trade single- or multi-leg options, harness some pretty cool tools (like trade simulators, detailed analysis) and take advantage of something they call their “Active Trader Group”.
Basic research with this broker is good, but standard. You’ll have access to three third-party research groups and all the charting data you’d expect. The best part about researching through Scottrade is that caring attitude shines through it as well. Everything is easy to find and there is a feature called “SmartText” that gives you a common language answer and some basic tips or indications that those metrics may be showing you (e.g. bullish trends, volatility, etc.)
Scottrade is a good option to trade stocks. You get better capabilities than most discount brokers at very nearly the same fee structure. Plus, the benefit of having a financial pro nearby that knows your name couldn’t hurt.
For complete rankings of all online trading platforms, go here.
http://authority.org/online-stock-trading/scottrade/ http://authorityorg.tumblr.com/post/149875339407
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