COMMISSSION:
With a basic and easy to understand structure the stocks and options are a flat rate of $7 for online trades, $17 for telephone trades, and $27 for broker assisted trades, with the options having an additional $1.25 per contract. Also mutual funds can be traded and are free, unless they are not part of the NTF program, in this case there is a commission of $17 on each buy and sell order.
CUSTOMER SERVICE:
A basic customer service structure exists in the form of emails via the website, or by phone which is routed to your local branch during office hours, a simple service here, but a good site for carrying out executions unassisted.
TRADE TOOLS & SERVICES:
The site offers three different trading platforms, each with its own comprehensive list of trading tools attached, additional to this there is the ability to execute your trades with the assistance of a broker, as well as a news feature for updates, and a research & Knowledge centre with calculators and the ability to obtain quotes.
WEBSITE & ACCOUNT SECURITY
The site is host to a large security centre section with tips and advice for it´s clients, plus offering the client protection and reimbursement with the online security guarantee, enabling you to trade in confidence that you are in a secure zone and should the undesired occur there is a back up measure in place.
One of the nice things about Scottrade is that they are very inexpensive when it comes to fees. There are no:
- Annual account maintenance
- Inactive account
- Transfer out/account closing
- IRA termination
- Online confirmations and statements
- Dow Jones Real-Time News
- Real-time streaming quotes and charts
- Cost basis accounting
- Incoming/Outgoing DRS (Direct Registration System)
- DWAC (Direct Withdrawal at Custodian)
