|Scottrade - User Comments and Reviews|
"Do not put any money into Scotttrade unless you are sure you will not need it for a while. I transfered money into my Scottrade account electronically and it took 4 days to appear in my account. I then decided not to do business with them due to the slowness of their system. When I called to have them send me a check, I was told that it was company policy to not send a check for two weeks. When I called again to ask that the check be held at the local branch for me to pick it up, I was told that it had to be mailed. All in all my money was tied up with them for over three weeks."
R Akers (Apr-2007)
"Through my brief 5 yrs of trading - Scottrade has been exasperating in terms of keeping their servers up, running, and available. (Note, however, I am still there.) They need at least one additional hardware expert and one additional senior programmer in their central offices. My active, not rapid, trading style is mildly disrupted by the very frequent general site failures. But, these problems are, no doubt, horrendous interference for rapid or "day" trading styles. But, they do not invite, or encourage, rapid or "day" trading, and they do seem to be trying to debug their software. ("Hope springs eternal--"). Scottrade upper management must take the blame for losing their web site far too often, and for tolerating obvious flaws in their software; however, it is really unfair to blame them for many of the complaints you present. Many sound a bit like the results of unsuccessful decisions (especially "timing"!) by inexperienced, unlucky, or insufficiently schooled traders. Scottrade makes a point of not offering guidance. They should not(!) since their local offices seem to suffer an extremely rapid turnover of phone-assisting personnel - albeit led by a more permanent broker experienced in the use of their system. Their best value is not in their speed, nor in their low transaction fees (real), but rather in the access they offer to A)legitimate, otherwise very expensive, information: Dow Jones, S&P, etc.; B) very close to real time trade streams, and C) to extensive charting possibilities. One additional, very meaningful, point - because they are both readily available and inexpensive, I've had the not previously available opportunity to access the 'market', not only to exercise my understandings and efforts to increase my own resources dramatically, but also to launch and to improve the future plans and hopes of several younger persons in my family (currently ~10 accts.) That being the case, as long as they appear to be working on improvement of their support for the small investor (that's me and, probably, lots of others), and as long as they avoid hiding costs and limits in their dealing with me (several brokerage houses go out of their way to hide alternative prices, and what triggers them!), it's easy to tolerate their imperfections. I actually appreciate them."
K. Irwin Keating - New Jersey, USA (Sep-2006)
"Hey moron, they hold your check for 10 days because it's a new account and they don't know who you are. Certified checks can be forged too! Are you so stupid that you think it not possible for someone to counterfeit a certified check? Let me guess you were in a hurry to by SIRI because your a financial wiz. You sir are an idiot."
Tim - Pennsylvania, USA (Sep-2006)
"It seems that management hasn't taken the Scottrade website seriously b/c of problems I've seen such as broken links, inaccurate account information and general lack of functionality. I'm extremely surprised that a financial institution has failed to implement an online deposit function 9 months after they took it off (was told it would be available at the end of summer). It’s obvious that management hasn't applied the necessary resources towards managing and maintaining the site. What does this tell you about them managing your money?"
J R - New York, USA (Jul-2006)
"After reading all the comments from Pa residents I agree and give Scottrade the highest recommendation. Could your service depend on the office you deal with?"
Donald Thomas - Pennsylvania, USA (Jun-2006)
"Charlie is a moron. First off, Nite not Knight. Yes, Rodger is on the board but they do not route to nite every time. You need some education. Check out the order execution system at Scottrade .com."
Jason - Wisconsin, USA (Jun-2006)
"Using Scottrade (especially streaming data like in Elite) in a busy market is an experience in frustration. They have inadequate capacity planning for networks and servers. If you don't have stop losses in and the market crashes, you might as well forget about your money."
Wray Smallwood - Florida, USA (May-2006)
"Scottrade is the 2nd best decision I have made investing. The first was leaving my full service broker."
Lee - Georgia, USA (May-2006)
"Read an article stating to use Scottrade only if do a few trades each month but if trading more often, not to use Scottrade as you would loose money. Stated Scottrade did not handle their on traces."
Coalson - Florida, USA (May-2006)
"Scottrade is the best online broker, period. It is very inexpensive, and I can call and talk to the same office/brokers every time I call. No automated recordings, just real people, who will do whatever it takes to help me out and answer my questions. If you haven't given them a try, you are definitely missing out."
Mike - Iowa, USA (May-2006)
"Their web site is really really messed up. Especially when you want to place a crucial trade. The web site will not respond or will be down or be slow as molasses. I will not recommend this to any one"
Tom - Ohio, USA (Mar-2006)
"Apple computer users beware. I built up my account and qualified for their Scottrade Elite account, but when tried to download the software for this account, suddenly I notice that their Elite account software works on PC only. Frankly, that is a little deceptive. It should be clearly stated that you need 25000 dollars in your account and a PC to qualify to use their Elite software, not discovered later. Also, their streaming quotes locks very often on my Apple computer because it is basically designed for PC and optimized for Internet Explorer. Also, going to their office to deposit money each time is lame. Their on line service of depositing money online has been taken away. All of these issues can be corrected and a good company would do it fast. Let us see if Scottrade would do that. I doubt it."
R. H. - California, USA (Feb-2006)
"I have been using Scottrade for about 6 months. Have been happy so far, trades have been executed promptly, and they were able to answer all my questions. Unless something changes will stay with Scottrade."
Calvin Gooch - USA (Feb-2006)
"System was down all day and keep losing money, the broker put wrong order for my stock and never correct 'til Sunday. Scottrade trade sucks and I keep loosing money... worst customer support I have ever seen in the trading."
Stock - California, USA (Feb-2006)
"They have performed flawlessly as promised; all info accurate and timely. Local branch perfectly cooperative and investor friendly. $7 flat rate commission on all market and limit/stop orders."
Don Eylat - Virginia, USA (Jan-2006)
"I started an account with Scottrade ten years ago to invest money from my son's college account. I've looked at other brokers (such as Buy & Hold back before it became a subscription service) and I've not had any reason to switch. Scottrade is just what I want: a no-frills, easy-to-use online broker with low fees and no inactivity fee and no one calling me up saying, "Buy this! Buy that!" Months or even a couple years may pass between our trades, and no extra fees apply. Frequent traders and people who obsess about buying now this minute as some stock or another rises may want a different service. For infrequent buy-and-hold traders who don't want or need a broker advice, Scottrade works just fine."
Karen Bledsoe - USA (Jan-2006)
"You couldn't be more wrong. When a brokerage firm sells you a mutual fund they are taking over the records keeping and tax reporting. That is something the fund company would normally have to do but now it's in the brokers hands. Fund companies used to reimburse brokerage firms for this service but fewer and fewer do so now. It is a business and in order to keep afloat Scottrade must pass the cost onto the customer. What do you expect when there is no quarterly fee or annual fee and a low commission cost?"
Ron - Pennsylvania, USA (Jan-2006)
"Bill, if the change in site is a problem for you what do you expect with a new broker? Do you think E-Trade will offer you the old Scottrade website? Besides you only pay $7 a trade and no fees, try finding a better deal else where and don't go with BrownCo as they are becoming a part of E-Trade. From where I'm sitting you don't have much to complain about so stop being a baby and move on. Things change, websites get updated, go with it or get left behind you dinosaur."
Jon Byrnes - Pennsylvania, USA (Jan-2006)
"Please help me understand what you mean when you say "the prints are going off on the buy?" I use Scottrade and it is interesting, and occasionally frustrating, on the order fills. Sometimes the orders are executed excellently, other times, I see orders executed at my bid, however, my order is not executed. Usually these anomalies occur with thinly traded securities."
Lew Holt - Indiana, USA (Jan-2006)
"I used to like Scottrade but I do more options now and they don't do options and I have found execution is not good. I traded the same stock on both Scottrade and E-Trade and got faster trades (2 days faster on GTC orders) and better price ($.75 on a stop order) with E-Trade."
Dave - Washington, USA (Dec-2005)
"Wonderful. Extrtemely reasonable commissions."
Thomas Crow - Massachusetts, USA (Dec-2005)
"Fortunately, I've not had any issues with my current broker. Though I wish, the spread would be a lot leaner. But they are prompt, and have provided plenty of features such as streaming quotes, IPO listing, gainskeeper, alerts, market research, etc. free of charge."
Bipin Noble - Maryland, USA (Dec-2005)
"Great support. Fast trades. Good prices. Probably not a pick for options broker though. Never a problem."
Mark Barrack - Illinois, USA (Nov-2005)
"I have been pretty happy with Scottrade's assistance and vision for the personal investor. Immediacy is very important because I am dealing with mostly short puts and can loose a lot of money in a hurry. Scottrade's tools help me predict how long market outlook will remain neutral and when volatility outlook may begin to fall. So far, so good."
Philip Warbasse - California, USA (Sep-2005)
"Intensely unhappy with the new Scottrade trading system. The old system much better but they have also modified it so that it doesn't perform like it used to. I'm about ready to drop Scottrade & pick up a 3rd Broker."
Bill DeKeyser - Nevada, USA (Sep-2005)
"Answer to Otto Vanburen - Nevada, USA (Dec-2004) when he wrote: Spyware will make both your computer and internet access slow down more and more until both are barely functional- if at all. An 'Apple computer' a day keeps spyware at bay."
Rudy Franklin - USA (Aug-2005)
"I am currently transferring most of my assets from my Scottrade account (to Fidelity) which I've had for about two years. My main complaint is that beginning January 2005, they started charging fees (with little if any notice) to buy and sell many mutual funds that were previously free. This included many funds that I had previously purchased. Even currently, more fund families are being dropped from their NTF system."
David Becker - California, USA (Aug-2005)
"I see the comments stating that Scotttrade has cheap and fast service. If you trade occasionally, I can see how one might get this impression. My experience has been dramatically different and bad, in several areas: 1 Execution platform. Many mornings when I try to log on to the Scottrade servers they are either not working or after logging on they fail at the worst time, when the market opens. Frequently I get the message "trading not available" or "modification is off" from the system. Then when I call to have a broker execute the trade, they are either unavailable (because everyone else is calling in) or they can't even get to their own back office. 2 I was frequently puzzled about a strange execution pattern. On limit orders of several thousand shares, 100 shares would execute immediately at my bid, then the market would back the ask away from me and my order would sit there for minutes causing me to either bump my bid by several cents to get it off or go to a market order (which would fill several cents against me). I couldn't figure this out until I discovered several weeks ago that Scottrade doesn't even execute their own trades! They sell 100% of their order stream to Knight, which makes a profit on "handling" the stream and then shares the profit they made on the client's trade with Roger Riney. Roger happens to be on the board of directors of Knight. Bottom line is if a better broker that does not sell it's order stream charges a penny a share, it is a better proposition than losing 1,2,3,5 or more pennies per share. 3 Scottrade continued to overcharge me for limit orders, after they instituted same price for market or limit orders. 4 When selling a stock short, the broker must obtain the shares to short them "if they are available" you might notice that many stocks are not available to be shorted from Scottrade. This is because they sell their order stream to Knight and do not have a direct relationship to the market makers who must make them available. I have frequently been in the middle of a short trade and either cannot short more shares or am told that my short must be closed out because the shares are no longer available. Bottom line. If you are a 401 account trader and only need to do a few buys and sells per month on a cash account and don't mind giving away a few cents of each trade, Scottrade is the place for you. If you count on your trading to make you money regularly and want to pay a true discount fee with a broker that actually trades your shares with the exchange go somewhere else."
Charlie - Virginia, USA (Aug-2005)
"Scottrade is a no, even less than no, frills. They offer nothing and execute correctly. You want advice? Only a full service brokerage should be willing to provide full service. Fortunately you get what you pay for at Scottrade. Caveat emptor."
Mary Dias - California, USA (Aug-2005)
"I've been using Scottrade but I've noticed that sometimes selling short orders take forever to get executed if at all. Anyone else experience this?"
Jonas Eklund - USA (Aug-2005)
"Scottrade's option quote system is terrible and unreliable. I have matched their quotes with OptionsXpress, BrownCo and Fidelity. Scottrade's option quotes are totally random."
Yogesh Jain - USA (Jul-2005)
"Scottrade killed me last week. When Google announced, initially it went to up to 320! But Scottrade doesn't allow A/H until 4:15! I lost a fortune. They also don't have pre-market where GOOG was at 310 the next morning before opening at 306. I'm so out. Gonna switch to Fidelity. They may be more expensive, but that one trade alone would have saved me thousands."
Matt Barry - California, USA (Jul-2005)
"I have very good experience with this company. Trades are easy, confirmations are e-mailed immediately, and I can call them any time when I don't understand how to do something on the internet or how I will be charged. They are very upbeat and willing to help in any way possible, then I just go to the internet and do my $7 trade. When cash is in the account at the end of the month, there is a small interest paid. When I request a check from them, it is mailed the next day and I get it the next. I can't imagine anything easier or cheaper. My brokers want to charge high fees and argue with me about what I am buying. I even have IRA accounts with Scottrade."
Delores Sonnenberg - Texas, USA (Jul-2005)
"You are so right. They are very helpful and give very good service, but no recommendations."
J V Alexander - North Carolina, USA (Jul-2005)
"The phrase "you get what you pay for" doesn't apply to Scottrade. You get more for your money, just like their slogan says. Great user interface, great customer service (sent in application on a Friday, Scottrade rep called me first thing Monday then received info in mail by Wednesday, so got account up and running in a grand total of about 5 days). Haven't executed a trade yet, but I'm sure execution will be great. Some on here have bashed Scottrade, I don't know why; it's great."
Matt Cline - Tennessee, USA (Jun-2005)
"I'm equally annoyed with the introduction of the $17 charges for most funds. I'm convinced that it's the old bait and switch routine. They're popular, have lured us all in, and now are planning on taking our money from us. After three years of contentment, I'm thinking about taking my money elsewhere."
K. G. - Belgium (Jun-2005)
"The Scottrade Albany, NY offices have incredible service. I am so impressed with Scottrade. I never had to wait longer then 60 seconds anytime I called the main Scottrade number anytime I had a question. Scottrade's website is very easy to navigate compared to other online brokers. I will stick with Scottrade for a long time to come."
P.H. - New York, USA (Jun-2005)
"I had 2 separate trading accounts. I just switched my other account which also had my Roth IRA to Scottrade. What can I say? $7 trade trades mkt or limit. Great trading platform with instant info on all your trades, positions, balances etc. Plus a local office which is very prompt and informative. Sent my forms in to transfer my other accounts to them & a Scottrade rep gave me a call the same day they received them. I'm very impressed! If you know what you want....Why pay more? Scottrade will take care of the rest."
Craig E. Pawling - Pennsylvania, USA (May-2005)
"Of course they fill market orders fast, because they make money on the spread. They are not good for active day traders because they do not fill orders on the buy price. They wait until your buy becomes the ask, and the prints are going off on the buy, then they can make the spread and only then will they fill your order. They're fine for long-term investors, but they suck for day traders."
Greg Kuhn - Missouri, USA (May-2005)
"Trades are done at once. Only problem: Monthly statements are generally more than a week to post on the net. They have been extremely accurate and do not bug me."
Thomas Crow - Massachusetts, USA (Apr-2005)
"I could tell that Scottrade would do their best to hang onto your money when I signed up, but with rates that low I can't complain much. When I get my balance up I will probably switch to a different broker. (That will be a while) An appealing part of Ameritrade is that you can take your money out within 3 business days. Perhaps you should have put it into a bank account before taking it across water. Even then you would have had to wait for the check to come in the mail. All in all Scottrade is a bit behind the times but I've been happy with my limited experience with them."
Mark von Germeten - Utah, USA (Apr-2005)
"I'm very impressed with the great professional service provided to me by the Albany, New York office. I recently rolled over my New York State deferred compensation account into a self-directed Scottrade IRA. The rollover was efficiently done and the trades made have been handled accurately and at lightning speed. I would recommend this brokerage to any retired New York State employees who want to put their deferred comp funds to work to make some serious money. And they won't send you a nasty letter accusing you of being a market timer!"
Bill Heenan - New York, USA (Apr-2005)
"Overall very happy with Scottrade though, upset with getting a corrected 1099 in late February, after already having filed with the IRS"
Mark H - Ohio, USA (Mar-2005)
"I have experienced poor performance from local broker. Office did not withhold taxes as instructed and are dragging their feet in providing help to resolve the issue and provide a revised 1099. Not what I need at tax time."
Ron - Pennsylvania, USA (Feb-2005)
"Scottrade's web service is very bad but @ $7.00 per trade what do you expect. Fidelity is very good but if you trade a lot the fees can eat up your bankroll."
Geoffrey Dean Bunting - Nevada, USA (Feb-2005)
"I am a bit distressed at the beginning of the year makeover of the Mutual Fund trading program. Scottrade has added charges both in and out of a number of previously NTF funds, without notice. I was recently charged a fee to exit a fund I bought prior to the change, which, previously, was NTF."
John Hotchkiss - Colorado, USA (Feb-2005)
"Have met them in person and used many times and they are great. Only complaint is they do not allow a DRIP (Dividend Re-Investmant Plan). I wish they did."
Aaron Clark - Texas, USA (Feb-2005)
"Not bad at first but now if you email support they send back a form answer with no help at all. If the system breaks down forget it. No help at all. I emailed the CEO and got no answer. They do not care if you stay or leave."
P.E. Gross - California, USA (Jan-2005)
"I opened a Scottrade account about 2 years ago. I have been very pleased. It's only $500 to open an account and you can buy stocks for $7. In 2005 it will also be $7 for limit orders. I have since moved all my money I had at AG Edwards to my Scottrade account. It’s much cheaper using a discount broker. I would recommend Scottrade to anyone."
Brett - Massachusetts, USA (Dec-2004)
"(Waterhouse has) High fees. Better service, no fees, and reasonable @ Scottrade!"
Matt Koch - New York, USA (Dec-2004)
"Very good service and a reasonable commission."
Keith Oszuscik - Indiana, USA (Dec-2004)
"Scottrade has been great so far. They have the lowest price, no inactivity fees and great customer service. Reading through the posts below, I would be willing to bet my entire trading account that 99% of the computer/website related issues discussed were due to a problem with the users computer and not Scottrade's website or or trading system. One word of advice- get Ad-aware and Spy-bot! These are spyware cleaners you can download and update for free. Spyware will make both your computer and internet access slow down more and more until both are barely functional- if at all."
Otto Vanburen - Nevada, USA (Dec-2004)
"I have had market orders that have taken much longer than 1 minute to fill. I have also had limit oders (for 100 shares) where the marketmakers have traded around them."
Charles - Nevada, USA (Dec-2004)
Drive clean software removes porn from your disk drives
"I just bought $3000 of no-load mutual fund, when I got my trade, I multiple the price with shares, I found it only worth $2960, in other words, they ate $40. It is supposed to be $0 for a no-load fund."
Norman - Ohio, USA (Nov-2004)
"Fast real-time trades, good internet site. Lots of help via 800 number. Easy to use."
Crystal Thomas - Texas, USA (Oct-2004)
"No problems with Ameritrade at all. Trades almost instant. Datek took stock out of my account and it took a complaint to the SEC to get it back (that company is gone now). On one order they got me a price below the 'ask' price - a real pleasant surprise. Scottrade is good too, but limit orders cost $1 more (market orders $4 less). These seem to be the two lowest cost brokers. (Others have fees etc.)"
Bob Jeffers - Massachusetts, USA (Oct-2004)
"I can't say I am particularly dissatisfied with Scottrade. When one has had as many negative experiences as I have with such brokerages as Ameritrade, Scottrade isn't all that bad. When something does go wrong, and I have had my share, there is a local branch manager you can go look in the eye and tell him/her just how p----- you really are. Actually, Scottrade would probably get an "outstanding" from me if they didn't defer every thing to the local office. Most times I, and I assume, most experienced investors, would prefer to deal with their brokerages on-line with a local contact to go sit down with for an hour or so when things get really f----- u-. With Scottrade, except for trades, it's your local brokerage or nothing. Even if you know more about investing than your local representative does."
Bud Sloan - Nevada, USA (Oct-2004)
"Today I placed a market order to sell 20 S&P Futures options at the market. The bid was 1.40 and the ask 1.50. The execution came back immediately sold 6 at 1.40, 1 @ 1.05 and 13 at 1.00. The time difference between the execution is 1 second. I am currently waiting for an response from Scottrade for this discrepancy and will most likely be headed to an attorney's office, SEC and and local newspaper in town. I will never place a market order again. It's hard enough making money in the market without having to deal with manipulation and theft."
Jack Schiraldi - Texas, USA (Sep-2004)
"I use both Brownco and Scottrade. Both provide good technical support. Both require that you know what you are doing in the stock market. Very satisfied with both in their execution of trades."
Sam Maxam - California, USA (Sep-2004)
"The highest levels of the company are not responsive to serious issues and concerns. The compliance department was no help whatsoever. Additionally, the company retaliated to my SEC complaint!"
Harry Sharpe - USA (Jul-2004)
"Plenty of local offices for assistance, low commissions on internet trades, and telephone assistance has been great. Web site is excellent."
David Talbot - Arizona, USA (Jul-2004)
"Just reinvest you dividend when you reallocate at the end of the year."
Pete - California, USA (Jul-2004)
"I just went to Harry Notaras, the financial adviser at Storm Financial, Brisbane, Queensland, Australia. He provided superb advice and saved me a lot of fooling about with online traders."
Stephen Arlington - Brisbane, Australia (Jul-2004)
"I currently us Scottrade, however they do not reinvest dividends, how would that work if I buy there? Help!"
Rhondar Hopson - Ohio, USA (Jul-2004)
"Hello? You got the price for the time you put the trade in. That's exactly what you're supposed to get. If they have a system problem, they take the time to go back through all of the time and sales to see what the bid and ask was at the time you entered the trade, and give you the fill that you're do. Excellent customer service!"
Brian - Virginia, USA (Jul-2004)
"Market orders are filled instantly. Sometimes when it is real busy it takes the markets a while to get reported back."
Mike the Stockbroker - New Jersey, USA (Jul-2004)
"Market orders are filled instantly. Sometimes when it is real busy it takes the markets a while to get reported back."
James Blanton - Florida, USA (May-2004)
"Simple and cheap."
Richard Esposito - California, USA (May-2004)
"After 2 months of technical issues with the Elite Scottrade Platform I have closed my account today. I have lost several thousands of dollars in one day because the price of a particular stock that I shorted over and over within 2 hours was not a current price but the day before. I called the manager in Walnut Creek California, and after a long conversation of telling him what had happened he could not care any less. He knew exactly that the price was not current and tried his best to get rid of me any way he could. I have filed a fraud complaint on April 20, 2004 with the SEC and I intend to file a Class Action Law Suit against them. If you have been a victim of Scottrade and lost any money because of their system failure please emails me at: email@example.com and give a description of the problem."
Patricia Vermilus - California, USA (Apr-2004)
"They are there and fast when I need them. They actually want to help me. Not pushy at all. Earned my trust. No recommendations from them though."
JV Alexander - North Carolina, USA (Mar-2004)
"I have tried to move cash out of the Scottrade account to an European account. This is just unbelievable... "An international wire takes 3 weeks", not only that - they take the money (40k+) out of the account and leave in the thin air. Every other bank or broker would do it in 3 days max. This broker will end up being more expensive than all the fees to a full-service broker for 3yrs+ due to the G7 meeting."
Klaus Kuhn - Florida, USA (Feb-2004)
"Mr. 0630am is on the west coast. Not all of the US is in the same time zone. In California, trading starts at 0630."
Chris Villar - Texas, USA (Jan-2004)
"I have been with Scottrade since the end of October. Since being a part of this outfit I have saved about $500 in stock commissions. The website is great, and the few times that I have spoke to my broker he has been very helpful. Great job Scottrade."
Eric Sandrow - New Jersey, USA (Dec-2003)
"Customer service is very nice and helpful."
Sandra Schlesinger - Wisconsin, USA (Dec-2003)
"My portfolio is hopping and as usual can't connect with Scottrade. Once everything drops will be no problem to connect."
Sheila - Kansas, USA (Dec-2003)
"Attempting to establish an account for an investment club with a 65K portfolio was an exercise in frustration. After 2 months of trying to fulfill all of Brown Co's added requirements our club gave up and opened a Scottrade account in about 1 week. Local office was a real advantage."
Leonard Douglass - Michigan, USA (Dec-2003)
"Online customer support is excellent. Trades are secured quickly. Overall very satisfied."
Bob Taylor - North Carolina, USA (Nov-2003)
"Satisfied with their service as they offer the ability to do it all myself online, and get telephone assistance occasionally if needed."
Dennis Kagel - Illinois, USA (Nov-2003)
"I am leaving TD Waterhouse because of several reasons. First, their trades are far too expensive. Scottrade's are only $7 each, while TDW charges me about $10 more. Second, TDW charges an IRA maintenance fee of $25, which further reduces my principal. Finally, I wrote an email complaint letter and the response addressed me as Ms. and did not answer my question. My chief reason for leaving is price. My portfolio is not large and $17.95 trades are simply too much..."
Rollin Coleman - Texas, USA (Oct-2003)
"I currently use Scottrade, however they do not reinvest dividends, how would that work if I buy there?"
Martha Martin - Texas, USA (Oct-2003)
"Scottrade's system is great if you only want to buy stocks and sell covered calls. I use Brown to sell puts to get a lower cost basis on stocks that I think are undervalued. Scottrade needs to start allowing clients to sell naked puts."
Richard James - Massachusetts, USA (Sep-2003)
"Sarah at 6:30 on the west coast is 9:30 on the east coast there was a problem that day!"
Richard James - Massachusetts, USA (Sep-2003)
"I've had an account with Scottrade since Oct 2002 and have seen a steady decrease in online reliability. Emailed complaints are answered with form letter responses and after hours trading seems to be farther and farther over the horizon. The problems seem to stem from poor technology implementation and overwhelming the systems with new subscribers before adequately architecting for the heavier load."
Jim Devine - Massachusetts, USA (Aug-2003)
"I've been using on-line brokers since they became available on the Internet and have had my fair share of various Net-Brokers. The best I've seen and used to date is Scottrade. Speed of execution, courtesy. Any problems I have I'm able to reach a local office in Allentown, PA and the commission fee is excellent. So far they have been a Great Company to to business with and I recommend them highly. Stay the way you are guys & gals, I'm 1 happy customer!"
Jack Sheruda - Pennsylvania, USA (Jul-2003)
"After reviewing what was available and finally settling on Scottrade I have to say I haven't been disappointed. Trades have been executed quickly and efficiently every time. I've had zero problems with the site even using a dial up connection. So far, so good!"
Steven Smith - Virginia, USA (Jul-2003)
"Excellent service and tools."
Charles Brannon - Alabama, USA (Jul-2003)
"At 6:30am? You can't trade until 9:30! What does it matter if they are down at 6:30? Know the market hours man."
Sarah - Florida, USA (Jun-2003)
"I love Scottrade. Great commissions and customer service. What puts them over the top is the fact that they have local branches in your area. Granted they have small glitches but what brokerage out there can beat the low commissions with personal brokers in your area?"
Kim - USA (Jun-2003)
"I'm very pleased with Scottrade. I opened a small starter account as a test. I've had no problems so now I'm moving my entire E*Trade account over to them. Scottrade doesn't try to FEE you to death like E*Trade. Scottrade's commission is only $7 for market orders versus E*trade's commission of $23."
John - New York, USA (Jun-2003)
"Charts read inaccurate time and interval frame. Constant updating of their system. Many problems the past week. What a waist of time and money. Check out before you sign up."
William Sorden - Illinois, USA (Jun-2003)
"I have two brokers I currently use. Charles Schwab and Scottrade. I find Charles Schwab great for mutual fund investing and Scottrade excellent for stock investing. Both have excellent research tools. I would suggest that anyone interested in maximizing your returns that you take advantage of the many useful tools both have. The best thing of all is the ease of online use both brokers offer. High returns to you."
Pedro A. Paulete III - Georgia, USA (May-2003)
"I transferred some of my portfolio from Fidelity to Scottrader 5 months ago and I am very happy with their online systems. Unfortunately, like the other brokers, once you have an administrative problem, the trouble starts. Recently I transferred $20k in MM funds: Fidelity debited my account, and 5 days later Scottrader still hadn't given me credit---they said they had a computer problem and couldn't project when I would get credit. Last month several unsettled trades were missing from my statement and they gave me the 'its not my department ask someone else' bit. I'm disappointed."
Richard Laudati - Florida, USA (May-2003)
"0630AM, Scottrade is down again for forty minutes. Meanwhile my stock is sinking. They also screw up simple market orders to sell in widely traded well known high volume stocks."
Joe McCullough - California, USA (May-2003)
"I transferred my account from TD Waterhouse due to poor (and rude) customer service. I now enjoy excellent and competent customer service. Trading is a breeze with the streaming display provided. Trades are almost instantaneous. Margin interest rates are considerably lower. Am totally satisfied."
Richard Tallini - Nevada, USA (May-2003)
"Scottrade's new system is now up and running without any problems that I have seen. I use the local NJ Scottrade office and found the service outstanding and a real person picks up the phone in 2 rings, how strange now a days."
Chris Moors - New Jersey, USA (Apr-2003)
"Are you laundering money or something... why the heck would you need your $144K wired back after only a few days?"
Walter - California, USA (Mar-2003)
"I would rate it a fair so far after using it 6 months. I love the streaming quotes and the executions but hate the fact that they messed up the 1099s for 2002. They sent out one 1099 in late Jan 03 as required by law and then on 25 Feb 03 they sent out two 1099s. I called and asked why and was told that the new computer system could not combine the two. I told them that I had already electronically filed my IRS 1040 taxes for 2002 and would have appreciated a note or something that they were going to send a 2nd 1099 in late February. I called and emailed the head office and got no apology so I tried my local office and still no apology. Guess I will try one of my other brokers now like AMEX or Freetrade where I can trade for free. Good Luck."
John - Texas, USA (Mar-2003)
"I just wanted to let my fellow investors know that when I made a trade at a local Scottrade office they erred and charged me an additional $20. The local broker gave me the run around. I called the head office several times and also got the run around. Never did get my $20 back. Good luck."
Andrew Jacobson - New York, USA (Mar-2003)
"I've been using Scottrade for over a year now, and I have nothing but praise for them. I've never encountered any of the problems others on here have reported, and I'm just using a regular ol' dial-up connection."
Joe Davis - Minnesota, USA (Jan-2003)
"Scottrade is the best! 3 time winner of J.D. Power award for customer service. Their brokers know their stuff, and are very easy to deal with. Great service! Trust them totally."
K. A. - Virginia, USA (Dec-2002)
"It is 3:40 p.m. on a Friday and Scottrade is down again. Can't use after hours trading. Scottrade is more aggravation than anything else."
Duffy - New Jersey, USA (Dec-2002)
"I was lured into Scottrade by all the hype and glory reports a little over a month ago. They told me then that their new system was coming on line beginning November, 2002, and that it had been thoroughly tested etc. They glorified the low costs and fast internet trading response and their great customer service. I have lost over $2000 profit because of all the recent crisis and catastrophes of this new system. I am not happy with Scottrade. I think their customer service stinks and they lied to me about the stability of their trading system. I would not recommend Scottrade to anyone at this point."
Armand - California, USA (Nov-2002)
"I was satisfied with Scottrade in the beginning but since they have upgraded/modified their system they are absolutely horrible. In their current state I would tell everyone to beware of opening an account at Scottrade."
Ron Moore - Indiana, USA (Nov-2002)
"I read the rules and all things to date have been as expected. I care not to speak to anyone on a trade and the system does not falter when executed on line."
Jim Rohrer - Minnesota, USA (Oct-2002)
"Scottrade system down the entire day, lost money waiting for someone to place a sell order on a stock. The branch I use of all days, only had a few people to assist their customers. So you wait and watch the stock you want to trade drop."
Davis - USA (Oct-2002)
"Limited options trading opportunities."
PJ Tucker - Texas, USA (Aug-2002)
"Scottrade is great! They're comprehensive, fast and easy to access. They've helped me make money! Which is nice!"
George Sickler - Texas, USA (Aug-2002)
"I made my first trades on August 1st and I was very pleased with their website and conversations I had on the phone with their representatives when I was setting up the account. These were my first stock trades ever and they answered all of my questions. So far, so good!"
Greg Laake - USA (Aug-2002)
"The website is a little sluggish when trading is heavy, but it's easy to use, has enormous amounts of information on it, and thus far (@100 trades) has been extremely accurate and timely. Good buy for $7 per trade ($12 for BB stocks)...and chances are there's a Scottrade office close to you if you're in a city of any size (just in case). I like a real person I can go see when I feel the need."
Bill Heald - Massachusetts, USA (Jul-2002)
"For a company like Scottrade that has a fantastic web site and real-time action with it's Scottrader, you'd expect to pay much more then what they charge, plus no inactivity fee and only $500.00 to open. I can't see how anyone that views their web-site, plugs in their own stocks and watch the activity develop won't sign with this company. Just the speed of executing a trade is worth being with them. 5 stars for this one."
Jack Sheruda - Pennsylvania, USA (Jul-2002)
"Very good on line broker and I tried others several years ago and went back to Scottrade after they improved their whole trading system."
Rod Stoeckel - Pennsylvania, USA (Jun-2002)
"Very satisfied. Local branch office readily accessible and the manager is always available for reliable information. Trading is reliable and fast."
Russ Beckley - Florida, USA (May-2002)
"If your account is set up, there's no problem. But try adding funds to your account. It's been over 26 hours and my check has yet to be posted. It's their 'policy' to have all checks sent to Missouri before they can be entered. The market doesn't wait because Scottrade is so inefficient."
Joel Phillips - Colorado, USA (May-2002)
"Scottrade is my 3rd online broker and in my opinion the best so far. The 'Scottrader', 'Time and Sales' site and streaming quotes used in conjunction give you a genuine feel for the market activities. From an information standpoint and speed of trade with real time quotes you can't miss if you know what you're looking for and want to trade at the best price, and this means options also! My dislike with Scottrade is the inability to get money into my account quickly. Prior brokers used ACH (Automated Clearing House) which would withdraw money from or take money out of my account at my credit union once I gave the go-ahead and was done in 24 hrs. or less. All said, I would give them 4 1/2 stars and a big thumbs-up. Best online broker I've seen yet."
Jack - Pennsylvania, USA (May-2002)
"This is a great brokerage firm. Very easy to do business with online. $7.00 trades which is a steal."
Glenn Scott - New York, USA (May-2002)
"In defense of Scottrade: Rule 407 requires shareowners to disclose their employer. It is an industry regulation in order to open a brokerage account. It mainly applies to people in the brokerage business, this customer's concern is understandable, but the same question is asked at all firms."
Elizabeth - Ohio, USA (Apr-2002)
"Scottrade started offering check-writing and visa check services now. Its interest rate for cash balance is much better than Brown & Company and even E*Trade."
Jeff Lee - Georgia, USA (Mar-2002)
"News stories and insider trading data not up to date. Don't be fooled by low trade fees."
William Sorden - Illinois, USA (Feb-2002)
"Overall, I've been fairly satisfied with the company. But, until Scottrade offers a cash management account, I can't see anyone considering them a serious brokerage firm or maintaining a credit balance with them."
Rick Mehlhaff - Hawaii, USA (Feb-2002)
"Do not do business with them. I deposited 144,000 dollars in an account with them. When I went to have them wire the funds back to me, I was informed I would have to wait 10 days before that could be done because it was their policy. Too bad I didn't know this before hand!"
Ronald Brignole - Tennessee, USA (Dec-2001)
"I switched to Scottrade from TD Waterhouse - Waterhouse gave poor to no service (always on hold) and charged $12. Scottrade is always there - a person answers the phone - and they charge $7 for a trade. Online trading, of course."
Sherry Rodarmor - USA (Nov-2001)
"I have tried several online brokers and I have stayed with Scottrade the last two years. Having an office to visit or drop off deposits is really great. Very good service and at $7.00 a trade they can be beat."