Scottrade Review


5-star brokerage firm rating

Best brokerage firm for long-term, buy-and-hold investors


Commissions


  • Stocks and ETFs: $7
  • Stocks and ETFs broker assisted: $27
  • Stocks and ETFs interactive voice response (IVR) telephone system: $17
  • Options: $7 plus $1.25 per contract
  • Mutual Funds: 2,800+ free mutual funds, $17 for others
  • CDs, OTC Secondary Corporates, OTC Secondary Municipals, U.S. Treasury Bills, Notes, Bonds and STRIPS, New Corporate Offerings: subject to a markup or markdown
  • Listed Corporate Bonds: $35 fee plus $3 per bond (minimum investment $1,000)
  • Unit Investment Trusts (UIT): $50 liquidation fee
  • Foreign Stocks Transferring In or Out: $60 per transaction
  • Investment products: stocks, options, mutual funds, CDs, munis, U.S. Treasury, Canadian and foreign stocks, ETFs
  • Minimum to open Scottrade account: $500 for a cash account, $2,000 for a margin account
  • All Scottrade fees

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.


Pros

  • No inactivity, account maintenance or hidden fees
  • No-fee IRAs
  • One of the highest customer satisfaction ratings according to JD Power and Associates
  • 500+ local branches
  • Great support for beginner investors with massive amount of educational resources
  • Online user community
  • Banking services: savings, CDs, money market and checking accounts (visa check card and first order of checks is free)
  • No ACAT fee
  • Only $500 minimum to open account
  • Free real-time streaming quotes and charts
  • Free dividend reinvestment for mutual funds (but not for stocks)


Cons

  • Additional 0.5% of the principal value commission for stocks under $1
  • No electronic withdrawals (but can use debit card or checks)


Full Review of Best Brokerage For Long Term, Buy-And-Hold Investors


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). Read Full Scottrade Review.


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