Scottrade is an online discount broker which offers self-directed investors a wide range of products and services. Unlike many other discount brokers which operates only online, Scottrade also has branch offices throughout the country, giving investors easy access to Scottrade staff for face-to-face help.
Scottrade offers investors two trading platforms. One is web-based and the other is a standalone, PC-based called ScottradeELITE, which can be downloaded and installed on local computer if the account owner has more than $25,000 in the account.
Currently, Scottrade charges $7.00 for each stock trade. Though the commission isn’t the lowest among popular online discount brokers, Scottrade’s other features, such as branch office, stock research tools, and instant account funding (with restrictions) make it an attractive option for stock and options trading.
The best feature I like about Scottrade is that it shows the total market value of my account graphically right on the home page. Even though the graphic only covers up to 6 months, it give me a clear view how my investments have changed over time. This is a feature that I didn’t find at any other brokers I am using.
Scottrade doesn’t have charts on its homepage. Quotes are given as numbers only, even though it does have a separate page where I can get plots and all the technical analysis tools. To trade a stock, I need to enter the symbol in the Quick Quote first then provide all the necessary order information (or click the Trade tab on the top). What I feel not very convenient is that for those securities I already own, I have to go through the same steps (enter symbol and order info) to make a trade.
Scottrade doesn’t have streaming real-time quotes on its main web platform. However, it does have a free, Java-based streaming tool that opens in a new window (from the Streaming Quotes link on the left) and trades can be made from there as well.
While every broker has a web-based trading platform, not every one offers free, real-time streaming quotes. For most brokers, you can only get real-time quote when you enter the stock symbol and get the quote of the particular stock. With Scottrade, you can not only get real-time streaming quote for free, but also trade right from the window as well, no need to go back to the main interface.
