E-Trade vs. Scottrade: Which Stock Trader Is Best For You?
5 stars based on
Scottrade was founded in as Scottsdale Securities, by Rodger Riney. Over time it has grown substantially and currently has over local branches throughout the United States. It also offers an online brokerage for those wishing to invest and trade over the internet.
It has a strong reputation and is a broker that we are happy to recommend to those trading options online. There seems to be a focus on getting the basics as well covered as possible and overall this is a broker that is fairly straightforward to use.
Most of the features and tools are user friendly and intuitive, without too many complexities to understand. With that being said, there are some more advanced options for those that want them. We have covered the key aspects of the broker including the costs of trading, the trading platform, the research and analysis tools, the customer service, and the other products available.
Scottrade is a decent choice for any online options trader. Scottrade options account minimum is great for beginners as it so easy to use and it is particularly suitable for semi active or infrequent traders because of the low fixed fee per trade. The fee structure for trading options at Scottrade is straightforward enough and easy to understand.
This can make Scottrade slightly more expensive than some of the alternatives if you are trading a lot of options contracts at a time. On the other hand, it can work out cheaper if you are trading smaller volumes of contracts. It's worth noting that there are no account inactivity fees, or fees just for holding an account. This makes Scottrade a great choice if you tend to scottrade options account minimum infrequently.
There are a number of service fees chargeable for certain things, such as mailed statements or stopped payments. These are kept to the minimum though and none of the charges are unreasonable. There are various types of accounts available at Scotttrade, and the minimum deposit required depends on what type of account scottrade options account minimum open. There are actually several different trading platforms and tools available at Scottrade, each one suitable for various purposes.
From here you can manage your trades with relative ease and navigation; it is both fast and intuitive. This Java based application has customizable layouts and can be set up to scottrade options account minimum your personal preferences. It's an easy way to keep track of current prices and recent changes.
There are a few minor complaints about it, such as not being able to automatically see all your open windows in a grid for easy viewing, but for the most part it does what it needs to do. Nothing about the above two platforms is particularly complex. It could be argued that there is scottrade options account minimum lack of scottrade options account minimum features, but the needs of most traders are adequately provided for.
There are multiple tools available that allow you to test your strategies, estimate market risk, and calculate potential profits and losses. Scottrade offers plenty to help you carry out your research and analysis. In terms of research this broker is perhaps not as thorough as some of its competitors, but most of what you need is pretty well covered. You can access fundamental data such as earnings and other financials, and detailed reports from third party providers. For technical analysis there are a number of charting tools to help you.
They make it relatively easy to analyze real time price and volume data and use over 20 technical indicators and trend lines. You can create watch lists and add alerts to notify you if certain criteria is met. This enables you to analyze specific indicators and provides you with a written, and easy to understand, explanation of what those indicators imply at any given time.
This can be incredibly useful for all traders, but especially beginners who are still getting used to actually interpreting what the data they are seeing means. The customer scottrade options account minimum at Scottrade is impressive, and not only because they utilize their branch offices.
If you phone the support number you will be redirected automatically to your closest branch. You can expect to speak to someone knowledgeable and helpful, who should be able to deal with any questions that you may have. Scottrade also offers live chat on its website, email support, and you can even visit one of their branches if you live close enough.
The only real negative about the customer support here is that it isn't available 24 hours a day, 7 days a week. It's probably unlikely that you will need assistance outside of normal working hours too often anyway, but some other brokers do offer round the clock support. For beginners looking to use their first online options broker, Scottrade offers a couple of significant advantages. In addition to lots of written scottrade options account minimum you also gain access to live interactive presentations and podcasts that cover a range of different topics.
Second, scottrade options account minimum a Scottrade account you are able to visit one of their branches and get some face to face time with an advisor. You can get advice on general investment, trading strategies, and help with how to scottrade options account minimum the most out of your online trading account.
Who We Recommend Scottrade to. Additional Services at Scottrade. Customer Service The customer service at Scottrade is impressive, and not only because they utilize their branch offices. Summary For beginners looking to use their first online options broker, Scottrade offers a couple of significant advantages.