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Liam · 2008-06-20 20:24:12

I signed up an account with scottrade a few weeks ago. so far this is the positives and negatives.

Positives
-Great customer service
-Lots of local branches
-Easy to navigate tools and fast research
-If you have any type of question they'll answer it
-Only $500 to open an account
-No hidden fees at all

Negatives
-No penny stock shorting
- if you want to set up any type of account besides the basic ( example of non basic is shorting, options, and futures) they'll make you send forms requestion to have those options put in, supposedly they don't allow new traders to do anything besides the basic
- Penny stock commission is higher than normal stock commision. They don't list this on the site but it is usually about $1-2 more from my experience

timothysykes · 2008-06-22 10:19:50

good overview

Woodrow · 2008-06-30 18:34:00

I would definately like to add from my experience:

Scottrade is perfect for your average, non-penny stocking casual trader. Non-penny stocks being your $10 and up trades. I've had problems with $5 & $7 stocks even. The charting is pretty sweet. Matter of fact I did sign up with ThinkorSwim (They will open an account with $3k if you transfer TO them) but I didn't like their charting or tools, plus I'm not an options or shorts guy.

The penny stocking nightmare with Scottrade is that they are not a 100% "Online" broker. My last 6 potential trades ended in ruin because as I was watching for opportune buy-ins, I got a message back " Please call your broker to buy this security". Usually it ends up having high buy volume because of SPAM or hype but hell, it's my money, if I want to make more I should be able to. By the time you call the broker the action has already taken place. I don't need someone to hold my hand.

Also I made the mistake of not clicking on AON (All or None) during a sub penny buy and each trade was considered a commision rate, so I bought 50,000 shares of something at $200 and it cost me almost $100 once it bought up to the total requested.

Calling to get help is fairly easy, but in those cases you have a broker, not an "Online" broker.

Oh and one I almost forgot about...SPAM. Once you're with them for awhile, they'll start sending you "suggestions". I had SOL (solar stock)when it went up to $28 and I had sold out right before the tip and fall over. Now I get updates on ESLR and every other solar stock out there. I get about 20-30 emails from them a day, not including my email "alerts". I don't even get that much from Lebed or Beacon when they start SPAMming a stock.

Last edited by Woodrow (2008-06-30 18:42:09)

mostlylucid · 2009-09-16 19:58:27

More thoughts on Scott Trade and execution speed.

First off, I like ST for a low volumn broker, helpful people, good software, great prices.

However, between today and yesterday alone I left close to 10K on the table due to ST habit of making me call the broker for any stock they have on a watch list. Lets face it, much of what we deal with as penny shorters is going to be on a watch list. I was going long today - wanted back in at .51 for 20,000 shares....hit the button...call broker...damn....called...waited (not long, but time is different at that point) -- finally got it filled at .58.

On the sell it was worse -- put the sell in at .77 and watched it drift right past me -- did not skip over, stayed at my number for a decent bit then just .... missed...kept chasing and chassing till I caught it at .60.

Thats right -- I watched a great $5,200.00 trade turn into a boring 400.00 trade. Not two hours before I had the same thing happen when I had a 7,000 profit turn into a 5,xxx profit -- still happy about that however.

yes, I made money still - even good money. But that is not the point.

If you need to move volumn and you need execution speed look elsewhere. When I was dealing with small orders I did not have any issues with them.

#1 2008-06-20 20:24:12

Scottrade Review(s)

#2 2008-06-22 10:19:50

Re: Scottrade Review(s)

#3 2008-06-30 18:34:00

Re: Scottrade Review(s)

#4 2009-09-16 19:58:27

Re: Scottrade Review(s)

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