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Before we get started, we feel it is important to note that we were not asked by Scottrade to conduct this review nor were we compensated in any way for doing so. This review is part of a series of reviews of many different stock and options brokers we are conducting for the benefit of our readers. I also feel I should disclose that I have used Scottrade as one of my brokers for a few years now.
Scottrade is a privately held company that was founded in by Rodger Riney—you may have seen him flying through his commercials in a helicopter. Scottrade consitently ranks highly in broker comparisons. However, we are not too concerned with other outside ratings. We are more concerned with how Scottrade may or may not fit with your trading objectives and style.
The target audience for Scottrade seems to be experienced semi-active stock traders and those who are branching out from buy-and-hold investing strategies in mutual funds and exchange-traded funds ETFs and into individual stock trading for the first time. Of course, Scottrade, or any other broker for that matter, will say that they would love to work with any investor, regardless of their holdings, but the product offering and commission and fee structure seem to benefit semi-active stock investors who are looking to trade anywhere from a couple of times per month to a couple of times per year.
The product lineup at Scottrade is quite similar to what you will see at most other discount brokers. You have access to all of the following products at Scottrade:. While you do have access to all of these products at Scottrade, you will find most of the benefits Scottrade provides come when trading mutual funds and stocks. Commissions and Fees at Scottrade Scottrade has an extremely competitve commission and fee structure for small mutual fund and stock investors.
Some discount brokers provide low commission rates if you trade all the time but ding you if you stop trading. If you are just getting started as a stock trader, the ability to sit down and talk with a person can be quite helpful. Scottrade also has a simple intuitive online trading platform that makes it easy to enter, monitor and exit your stock trades. Scottrade also offers an advanced client-based stock-trading platform with more bells and whisltes, but we think the added features are drawbacks, not benefits.
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