Tuesday, August 23, 2011

Scottrade Account Application GhoniyMughniy 1060-1100

Scottrade Account Application GhoniyMughniy 1060-1100



Scottrade made the account opening process easy and painless. We opened account in less than 10 minutes and thanks to electronic signature there are no forms to print and mail. We could login immediately and after setting up security questions an consenting to few standard agreements, we were free to explore the website. We got a phone call next day from Scottrade customer service asking if we had any questions which is a nice touch.

Scottrade Account Application GhoniyMughniy 1060-1100

Its Money Direct feature allows customers to instantly transfer cash directly from their bank account. Bank account setup and instant account validation is implemented very well (have to supply bank's user name and password) and we were able to use ACH Deposit to transfer money right away. Minimum to open Scottrade account is a reasonable $500.

Scottrade Account Application GhoniyMughniy 1060-1100



Scottrade Review: Website (Scottrade.com)/Trading Tools



Scottrade review



Scottrade
boasts award-winning trading tools. Customers could trade from the website as well as from fully customizable, stand-alone application called ScottradeELITE. ScottradeELITE is an advanced, professional trading platform for active traders with an account balance of at least $25K. Clients could also trade from their hand-held devices using Scottrade Mobile Trading Site.



Scottrade Account Application GhoniyMughniy 1060-1100

Scottrade Review: Pros/Advantages

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

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)

Scottrade Account Application GhoniyMughniy 1060-1100

Scottrade Review: Cons/Disadvantages

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

No electronic withdrawals (but can use debit card or checks)

Money Direct deposits and uncleared check deposits are "restricted" for 3 business days. These funds cannot be used to purchase stocks under $4, non-marginable stock, unlisted stock or any options. For margin accounts, these funds cannot be used to satisfy a margin sell letter



Scottrade Account Application GhoniyMughniy 1060-1100



Scottrade Review: 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 offers $7 flat rate commission on stocks and ETFs (with exception for penny stocks). Scottrade keeps customers happy by avoiding unnecessary fees for things like IRAs, large orders, after-hours trading, account maintenance or inactivity. It's also almost unique among brokerage firms by not charging account closing and transfer fee (ACAT) and IRA termination fee.



Scottrade is one of the leaders in customer satisfaction according to JD Power and Associates. However, we would love to see the company canceling the surcharge on penny stocks and improving its options trading tools and pricing. Also, the absence of electronic fund withdrawals is puzzling (withdrawals could be done by using debit card or check though).

Scottrade Account Application GhoniyMughniy 1060-1100

Thanks to live webinars and events, tons of learning materials and online user community, Scottrade is an excellent choice for beginners. Customers that invest in mutual funds get over 2,800 FREE mutual funds to choose from. Long-term, "buy and hold" investors will be happy with no account inactivity charges. Absolutely no-fee retirement accounts make Scottrade one of the Best Brokerages for IRA.

Because Scottrade is a stable, seasoned brokerage firm with a good reputation, it is 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 brokerage houses. Ability to visit local branch and talk with someone face-to-face is very valuable too. We ranked Scottrade #2 among Top Brokerage Firms in 2011.

Scottrade Account Application GhoniyMughniy 1060-1100

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