Scottrade formerly known as Scottsdale Securities is a privately owned American discount retail brokerage firm which was founded by Rodger O. Riney in 1980. The company has its headquarters in Town and Country, Missouri and has more than 503 branch offices around U.S. The company also offers its services to Asian – Pacific customers with their service center which has Chinese speaking stockbrokers.
Scottrade charge a small amount of $7 per online stock trade which is the lowest by any online brokerage firm. The products offered by the company include stocks, options, mutual funds, CD’S, IRAs, fixed income etc.
Scottrade Fees and Commission
Having gained the image of the top discount online brokerage firm, Scottrade charges a very small amount from all their traders which work on their platform. Such low trading fee not only attracts new customers but also let professional brokers/traders to rethink of their decision of not joining the company for trading purpose. The fees and commission charged by Scottrade from their customers is shown in the table which is given below.
|Stock Trades||Option Base||Options Contract||Minimum Deposit||Mutual Funds|
To know about other fees which Scottrade charge, simple click on the link.
Scottrade Investment Products and Services
Similar to other online stock brokerage firm’s Scottrade offers wide range of online products and services. Some of them are discussed as follows:
- Online Stock Trading – Anyone can open account at Scottrade so as do online trading at lower trade rates.
- Options Trading – Another service offered by Scottrade for option traders.
- Mutual Funds – Scottrade offers more than 14,000 mutual fund options to all their new and existing customers.
- CDs – Mostly CDs facility offered by Scottrade can be opened at any Scottrade branch offices, one cannot open CDs online.
- IRAs – Scottrade do no charge any fee for opening Roth, Regular or Rollover IRAs account in any circumstances. This adds as a unique feature of the firm as most of the online brokerage firm charge some amount from their customers.
- ETFs – This feature of more fashionable stock/mutual fund hybrid is also available at Scottrade.
- In addition to above feature Scottrade also offer wide range of traditional and exotic investment vehicles.
Scottrade Online Tools
Just like other online brokerage firms Scottrade also offer some online tools which make trading easier for users. Scottrade online “Real Time Trading” tool is the best tool which anyone who is registered with Scottrade can make use of. Some other tools which company offers are:
- Scottrade SmartTEXT
- Drag and Drop tool to customize your trading site
- Scottrade Quick Trade Bar
- Scottrade Portfolio Review Tool powered by Morningstar
- Scottrade World Markets
- Scottrade Market Snapshot and Comparisons
With the help of above tools Scottrade makes online trading easier for everyone, even if you are new in trading field.
With the help of Scottrade mobile you can get quick stock market information with the help of just single click. With the help of sleek design of Scottrade mobile app you can make use of advanced tools which makes comprehensive investment research easier and also saves lot of time. The Scottrade mobile app is available for Iphone, Ipad and android device users. In case you have not installed the required app, even than you can visit the Scottrade mobile trading website which will provide you the same experience which the online website provides.
Minimum Account Balance Requirement
You will initially require minimum of $500 account balance to perform trade transactions at Scottrade. This is relatively a very low amount when compared with other discount online brokerage firms. However there are some firms which don’t have minimum requirement at all such as OptionsHouse and TradeKing. But the amazing thing which attracts new customers in the per trade fees which is quite low as compared to other online brokerage firms.
Scottrade Security and Reputation
When it comes to investing money, there is always a need to cross examine any company in terms of security and reputation which the company owes. Scottrade offer a very high FDIC/ private insurance protection plan to all their users.
Scottrade was also ranked at number one position by J.D.Power and Associates which provides rank on basis of “Investor Satisfaction”. From almost 30 years the firm is serving best security system in terms of online trading.
In terms of customer satisfaction Scottrade is known for their great customer service which the company offers on regular basis.
Scottrade Security and Reputation
Former Name = Scottsdale Securities
Current Name = Scottrade
Founded In = In 1980 as Scottrade, Arizona
Headquarters = Town and Country, Missouri USA
Industry Type = Private Industry
Industry = Financial Services, Self Directed Investing and Discount Brokerage
Products Offered = Stock Broker, Options, IRAs, Mutual Funds, CDs, Fixed Income etc
Key People = Rodger O. Riney (CEO), Jane Wulf (CAO), Ron Wiese (Chief Financial Officer), Ian Patterson (Chief Information Officer), Peter DeSilva (President)
Website = www.scottrade.com