Stock Broker Reviews


Scottrade



Scottrade - best brokerage firm for long-term, buy-and-hold investors


Commissions


  • Stocks and ETFs: $7
  • Options: $7 plus $1.25 per contract
  • Mutual Funds: 2,800+ for free, $17 for all others
  • Investment products: stocks, options, mutual funds, CDs, munis, Canadian stocks, ETFs
  • Minimum to open account: $500
  • All Scottrade fees and margin rates

Scottrade offers flat rate $7 trading commission for stocks over $1. But what we really like are over 2,800 no transaction (free) mutual funds, which allows mutual fund investors invest for free.


Account Application

Scottrade made the account opening process easy and painless. Their Money Direct feature allows you to instantly transfer cash from your checking account. Minimum to open account is a reasonable $500.


Pros

  • No inactivity, account maintenance or hidden fees
  • No-fee IRAs
  • Highest customer satisfaction according to JD Power and Associates
  • 450+ local branches
  • Great support for beginner investors with massive amount of educational resources
  • Margin rates are among lowest of national online brokers
  • Online community
  • No ACAT fee
  • Only $500 minimum to open account


Cons

  • Additional 0.5% of the principal value commission for stocks under $1


Summary


Scottrade is one of the veterans of the discount stock trading -- a solid, well-established company that has been around for over 30 years. The firm has $7 flat rate commissions (with exception for penny stocks). We ranked Scottrade #1 Brokerage Firms in 2010.

Scottrade keeps customers happy by avoiding unnecessary fees for things like IRAs, maintenance or account inactivity. It's also the only firm that does not charge account closing and transfer (ACAT) fee. Scottrade is a leader in customer service and investor satisfaction according to JD Power and Associates.

Scottrade is an excellent choice for beginners, those who invest in mutual funds, and long-term, "buy and hold" investors. No-fee IRAs make the company one of the Top IRA Brokerage Firms.

Because Scottrade is a stable, seasoned brokerage firm with a good reputation, it is also the natural choice for people who don't trust their money with newer companies but also don't want to pay $10+ for trades (and multiple fees!) with other established brokers.


Open Scottrade Account:


Scottrade


Share |

Stock broker promotions:
Copyright ©2009-2010 Brokerage-Review.com. All rights reserved.
The stock brokerage firm you select is solely responsible for its services to you, the user. Brokerage-Review.com shall not be liable for any damages or costs of any type arising out of or in any way connected with your use of a brokerage house's services. Brokerage-Review.com has partner relationships with other companies. As a partner, we often provide reviews of products and services based on our personal opinions. We are not compensated for positive reviews. While we strive to make sure that the information we present here is true and accurate upon publication, the rates and offers that we share with you may change without notice, so please visit the sites we reference for more up to date information.