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Scottrade customer reviews: complaints, feedback from clients, pros and cons. Is the broker good/safe?


Scottrade Review

Scottrade Brokerage Review »

Scottrade Account

  • Stocks & ETFs: $6.95
  • Options: $6.95 + $0.70 per contract
  • Mutual Funds: $17

Minimum to open: $2,500 for a cash account, $0 for an IRA.


About Scottrade Brokerage

A leading investment services company founded in 1980, Scottrade’s mission is to improve lives by helping people overcome barriers to financial success.

In late October 2016, TD Ameritrade announced an agreement to acquire Scottrade. TD's purchase of Scottrade is expected to close in the second half of fiscal 2017.


Scottrade/TD Ameritrade Offer

Trade free for 60 days + get up to $600.


Open TD Ameritrade Account

 

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Scottrade Customer Reviews

by Jeff L., 6/30/2017

Pros: Used to be great... Scottrade Elite is a joy.

Cons: Condescending Ameritrade personnel coming on board as Scottrade vets bail, stoneage deposit & withdrawal procedures, getting fee happy.

Loved them when I first went there, the elite platform is great and more than worth putting up with their antiquated mail a check deposit & withdrawal procedures. News of their sale to Ameritrade made me feel like I'd been re-diagnosed with cancer. Thanks Roger! (Riney founder of Scottrade) Guess you got the gold mine & gave US the shaft! Local branch staff bailed, replaced by condescending Ameritrade types no doubt with backgrounds in used car sales or payday loans. Call their 800 number, ask anyone who answers how job hunting is going, the nervous laugh you'll hear says it all! I'm sure Ameritrade will do away with Elite like anything else that made me loyal to Scottrade, now to escape these hucksters without being scalped $75 per account.

by Martin, 6/17/2016

Pros:

Cons:

I like Scottrade as a broker when you pair it with their banking functionality. You can move funds between your investment account and checking count seamlessly. Also they reimburse ATM charges!

by Mel of Surprise, 5/22/2016

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Cons:

Helped someone open an account online. Very user-friendly. Everyone in Customer Service with whom I have spoken, has been helpful and professional. Manager at the Surprise, AZ branch (13869 W Bell Rd), ** has been extremely cooperative and accommodating. In a word, "exemplary". Scottrade has a good system. If you call the branch and they are busy with other customers, the call is routed to their Customer Service Call Center.

by Gone Wild, 2/24/2016

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Cons:

I personally find Scottrade pretty good to deal with. I have not encountered any difficulty as of yet and hopefully I will not. I find they are very professional and knowledgeable when you call or email them and quite prompt with response time as well.

by TopRatedFirms @ Dave, 2/22/2016

Pros:

Cons:

Full account transfer cost $75 at Scottrade.

Level II Quotes are FREE with 10 commissionable trades per month. Otherwise it is just $10 per month.

Level II Quotes are an optional service. Initially, you will be charged $10 to activate Level II Quotes. This activation fee is non-refundable, and will be charged to your account immediately. Thereafter, you will be charged a monthly access fee of $10 for your continued access to this service.

by Dave, 2/2/2016

Pros:

Cons:

Scottrade has named me a "professional trader" and restricted my access to real time quotes. I am NOT a professional just a working staff outside the equity markets. These lousies wanted $120/ mo for quotes. They lied that the SEC & NASDAQ made rules they had to do it. No other firms are charging. What a load of Bull. I transferred out of Scottrade and the lousies charged me $75/ acct. saying it's a new rule. I had been told by client associates and local office personnel there was no charge to exit Scottrade. Rat ba**s lied. Enough need to bite the bullet and leave these liars to fold.

by Peter, 11/23/2015

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Cons:

Website is down this morning. Tried to call customer service about this, but no one answers due to inordinately high call volume. Missed out in trading opportunities. Can't imagine what a predicament I would be in if I wanted to exit/enter a position. I have found Scottrade’s service to be erratic over the past couple years.

by William, 4/18/2015

Pros:

Cons:

I use the Elite software from scottrade and I have had no problems for the last 3 years I have been using them. They have an amazing amount of features and the whole system is really easy to use. Customer reps are always helpful if you need to speak to them for any reason..

by Westerntrader, 4/10/2015

Pros: Good for buying funds

Cons:

Good for buying mutual funds. Don't have a lot of the fees others have, but do not like their active tools for investing.

by 10 year customer, leaving, 11/24/2014

Pros: same as the rest, no particular benefit

Cons: crap trading platform

Updated Elite trading platform is riddled with bugs and has less functionality than prior platform. Old one was a little clunky and had some problems but at least it worked. New one has inane menu system, Neanderthal config tools, and a general disarray of inconsistent tools. Charts won't display the time frame you request if the algorithm decides it doesn't want to, no matter what you request, so, for example, a daily 5 year chart comes up identical to a daily 2 year chart. You can't make it display more than it decides you should see. Incredibly stupid. I have several pages of notes of failings, all of which have been forwarded to their IT department, and have spoken with them extensively on the failings. After several discussions, I have no confidence that they will fix this mess. The general attitude is one of explaining why they left things out, and why things don't work, rather than defining a roadmap to fix the problems. Considering that this platform came out in early 2013 and is still chock full of problems, it is very unlikely they will make significant corrections. I have found data that is simply wrong several times, so I have no confidence in the accuracy either. One one occasion at market open it took over 6 minutes before a trailing stop updated, and it updated to a price that was not correct, failing to capture the proper high on the morning spike. I get that there can be lags at open, but typically it is a few seconds and not several minutes. Scottrade has confirmed the failure and so far has not agreed to provide the trading log - which used to be readily available on the older platform. I just don't trust their software any more, so after 10 years with them I'm moving my accounts. And that is in spite of them cutting 2% off my margin rate to get me to stick around while they 'fix' some of the dozens of bugs I've submitted. Zero confidence.

by R, 9/19/2014

Pros: Easy website

Cons: Cavalier attitude to customer concerns

After over 10 years as a Scottrade customer I left after drastic unwarranted surprise changes to margin rules. Their response, "why didn't you read the margin agreement?, followed by "if you don't cover the margin call today we will liquidate your account."

After years as a customer, covering margin calls when necessary and paying lots of interest, that was their attitude. They won't handle my business any more and I advise that you steer clear.

by Dan, 9/11/2014

Pros: Good customer service, good platform

Cons:

I have been using Scottrade for about one year now, platform seems to have everything that is necessary for a good trading experience. After first opening the account I received a call from customer service, they were friendly and helpful and offered to schedule an appointment to visit a nearby branch to discuss how to properly use website/platform. After the visit I was surprised by how much interest they showed in helping me to become as familiar with their services as possible.

by Arthur, 4/5/2014

Pros: Cheapest among large brokers, great customer service, local offices

Cons: Website design is outdated

People at Scottrade are some of the nicest you'll ever deal with. You could go to a local office and talk with someone face-to-face. There so many NTF mutual funds you could invest in them commission free.

by Dallin, 3/10/2014

Pros:

Cons:

One of the best trading sites I have ever used! If you have not opened an account yet i highly suggest that you do. Trades are only $7 bucks and to open a new account all they ask is $500 They have some of the best tools for researching and staying up to date with stocks, and their local branches are available and willing to help with any questions you might have.



Leading U.S. Brokerage Review Websites About Scottrade


"Scottrade is one of the veterans of the discount online investing - a solid, well-established company that has been around for over 30 years. The firm has been acquired by TD Ameritrade and customers will soon get access to all the features this giant broker provides.
Scottrade offers $6.95 flat rate online stock and ETF trades (with the exception of penny stocks) and $17 rate on mutual fund transactions - these are the lowest commissions among large brokerage houses. The broker keeps customers happy by charging very few fees: there are no fees for things like IRAs, large orders, extended-hours trading, account maintenance, inactivity, or closure. "

Brokerage-Review.com

"Scottrade is like the Philadelphia Eagles of the investing world. They are never the greatest at any one thing, but they do enough small things right to be a contender. Like the Eagles, Scottrade might never be the champion in any given year, but year after year they are consistently good. Scottrade offers inexpensive prices, but you can find cheaper prices without looking too hard. That said, you have to appreciate the consistency of Scottrade's pricing."

Investor Junkie

"Scottrade offers a range of trading options with low fees and commissions. However, the broker-assisted fee is high compared to other online stock traders. Pricing is straightforward and you are not charged extra for maintenance or inactivity. The knowledge center is a good resource for both novice and advanced traders with its mix of live events and interactive tools. The trading platform lets you customize which tables are displayed and how they are arranged. If you need additional assistance with your online trading, Scottrade's customer service representatives can be accessed in person, over the phone or online."

TopTen Reviews

"Scottrade, with its network of more than 500 branch offices and fantastic email customer support, offers clients a large selection of investments and quality research to make educated investment decisions. While the broker trails its closest competitors in several categories, such as Platforms & Tools and Mobile Trading, the rates are less expensive overall and the broker is pushing forward with innovative products to keep clients wanting more."

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Scottrade reviewed by former and current clients. Scottrade customer reviews: 14. Rating: 4.