Archive for April, 2011

Scottrade Review

Thursday, April 21st, 2011

Scottrade is a piece of trading software which provides you with three different trading platforms: Scottrade, Scottrader, and Scottrade Elite, so it facilitates a wide range of trades. It also offers training support for everyone, from beginners to expert traders. It may not have level 2 software but it does include columns for both Comtex and Dow Jones, and level two quotes. The basic trading plan provides basic quotes and research tools. It is among the best of tools for trading with large stocks, but it is not without its disadvantages too.

Online, this trading team has many investment calculators on their website and so they equip you with the information you need for a good trading strategy. They even provide their clients with free trading seminars to help you to get grips even with complex markets. In terms of the charts and information provided, Scottrade compares well with other brokers such as E*Trade and TD Ameritrade, both of whom are much more expensive. Just as they do, the trading team provides traders with the option to save their chart settings, which can have fundamental and technical indicators incorporated. One downside, though, is that their charts do not offer traders a PE history indicator.

Scottrade’s tools are unfortunately nothing out if the ordinary. The stock screener online gives the opportunity to screen 32 different categories, but one thing it doesn’t allow you to screen for a specific market cap. There are a few other options not available here that are standard in most trading software which costs more than this specific trading tool.

On the good side, Scottrade gives frequent stock market updates with links to Reuter, MarketEdge, and Standards & Poor’s so you are always working with the most up to date market information. They also have good trader support, by telephone or email or through more than four hundred branches throughout the US. Unfortunately, though, they do not offer a 24-hour help service. To mitigate against this, some of their Brokerage special features include Smart Text, which explains all the charts in simple to understand language that beginners will find really useful.

For standard stock and options trades they compare to Ameritrade and E*Trade. You can usually get the best price possible with them as their site is usually fast and reliable. They have now updated their system to accept electronic funding or wire transfers to make the whole process easier, too.

Registration is through an easy online process. You are then sent a conformation email. Having completed the sign-up, you can instantly fund your account via Money Direct. Scottrade will allow your account to be instantly funded, probably as soon as you have read the email!
The advantages offered by this trading company are numerous, one of the main ones being the cost benefit. You can start with just $500 and that gives you access to wide range of investments on international markets, with low margin rates.

Unfortunately, there is also a downside to Scottrade, especially the necessity to use different platforms for trading stocks and options. A big disadvantage is that this software cannot be used to FOREX trading. Also, there is no Live Chat option for when you have a problem.