2.6
47 reviews
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Scottrade

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Scottrade
 
2.6

(based on 47 reviews)

Ratings Distribution

  • 5 Stars

     

    (9)

  • 4 Stars

     

    (9)

  • 3 Stars

     

    (3)

  • 2 Stars

     

    (8)

  • 1 Stars

     

    (18)

45%

of respondents would recommend this to a friend.

Pros

No Pros

Cons

No Cons

Best Uses

No Best Uses
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Most Liked Positive Review

 

Great online system to invest

Have been using ScotTrade for 3 years now and have nothing but great things to say about using the website. Of course the $7 trades are great but also that you have thousands of...Read complete review

Have been using ScotTrade for 3 years now and have nothing but great things to say about using the website. Of course the $7 trades are great but also that you have thousands of Mutual Funds to invest in if you so desire. One tip I have is they are suppose to be up to the minute on trades but if you watch and compare there price quotes to the ones on CBS Marketwatch they are just a few minutes behind which is great. You can see the stock you are about to buy if it is going down so you can wait or if is going up you need to purchase right away. If you just compare how much you can save with that (easily over $7) the trades are basically free. You can do market trades or stops and also using trailing stops with points or percent.

Have had to call them twice because of splits or one of my stocks being bought out and they were able to answer my questions.

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Most Liked Negative Review

 

Looking for a good broker? Then don't pick Scottrade.

So far this week I could have made $600-$1000 in my investments. The problem is, Scottrade restricts your money for up to 4 days if you intend to buy penny stocks. I...Read complete review

So far this week I could have made $600-$1000 in my investments. The problem is, Scottrade restricts your money for up to 4 days if you intend to buy penny stocks. I made a deposit yesterday but they won't let me touch it for OTC:BB stocks.

Last week my local broker told me that if I wanted to buy penny stocks immediately (within 2 hours), all I had to do was give them a cashier's check. I went to my local bank to pay $5.00 for a cashier's check, gave it to Scottrade, and I was reassured that I could start buying pennies. However, it was still 3 days before I could buy a single penny stock.

I know what you may be thinking, "You're a sucker if you want to buy penny stocks." And if that be the case then, so be it. But once my bank account has been verified and my Scottrade account established, and I am able to make direct deposits, I should be able to spend my money as I see fit.

Note to the thugs at Scottrade: It's MY money, not yours. I pay YOU to be my broker, not the other way around. I don't need your protection, nor do I want it. I should be able to spend my money when I want, on what I want, and I shouldn't have you breathing down my neck telling me otherwise.

There is not a word in any language in the known Universe to accurately describe how stupid and inane your rules regarding "Restricted funds" really are. I can understand the rule if somebody is just getting their account set up because of risk of bounced checks and things like that, but after an account is established these rules should be completely suspended. If you insist on having this rule imposed, at least allow a waiver for those of us who don't want it.

So far in the past weeks you've cost me about $2,000 and that's about to end. As soon as I am able, I'm taking all of my money out of my Scottrade account and taking my business elsewhere.

Reviewed by 47 customers

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1.0

I was forwarned but didn't listen -- SCOTTRADE SUCKS

By 

from Puyallup, Washington

Comments about Scottrade:

I was warned not to invest at Scottrade unless I wanted to get stonewalled, lied to, and disappointed whenever I tried to get a distribution on my IRA account. I didn't listen. Don't make my mistake -- I find it very hard to believe that it's a coincidence that so many people experience the same tactics. GO SOMEWHERE ELSE or be kicking yourself like I am right now for not heeding the warnings.

  • Affiliation:
  • I am an employee or otherwise affiliated with the brand

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1.0

look elsewhere if you are looking for reliability

By 

from Pasadena, Tx

Comments about Scottrade:

Their " new" elite platform still has problems that they have not been able to fix since it's introduction. Already twice this month the system has crashed and was not usable at the market's open. When I sent them a message complaining about their poor service, it took over 30 days to respond to my concerns.

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(1 of 1 customers found this review helpful)

 
1.0

security breech, bad service

By 

from Seattle, wa

Comments about Scottrade:

have a small account with a few worthless securities and one mutual fund.
They have sent an email about a security breech, so I asked to transfer my account holdings to Vanguard, routine stuff. They make me fill a form to remove my worthless securities from my account, charge me $17 to do it, sell my mutual fund, pay commission,
and then they will send me a check, and charge me for it. Mind you, they had a security issue and should accommodate for free, as far as I am concern. Would not use them again ever, even if they paid me.

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1.0

Stonwalling & Futility

By 

from Ocala FL

Comments about Scottrade:

Customer service is terrible on all ends.. The local office hardly ever answers the phone, corporate plays dums or stonewalls, email customer support excels in stonewalling and futility.. I had 4 problems in which I contacted email support.. They solved ZERO...
I ordered checks from my Scottrade Checking Acct had to call them back 2 weeks after and they said the local office never ordered them.. When I asked for 2 packs of checks on the phone the said no problem but, only sent one.
I asked for a check from my checking account and it took 3 calls and 3 weeks to get to me..
The will bite and chew to keep your money!

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(2 of 2 customers found this review helpful)

 
1.0

Used to be good but lost the spirit

By 

from USA

Comments about Scottrade:

Website always down "for maintenance". Employees can't seem to understand why folks might want to access it. Nobody seems to care. CEO is a huckster. Company is a complete and utter FAIL. Used to be very good but they've clearly lost the spirit. All hope abandon ye who enter.

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(3 of 3 customers found this review helpful)

 
2.0

Poor CSR training

Comments about Scottrade:

Customer service is terrible. I had a single question to ask Scottrade and called the local office. Phone rang and rang, no on ever answered. So I called the 800 number. After a mild wait time I finally got a CSR and was told that he could not access the information on my account and would have to transfer me to a local office. Transfer last about 30 seconds and the recording says "due to high call volume this call will be transfer to the national call center". After being on hold for an extended period I tried calling another 800 number. Finally got a CSR whom asked the question and he was able to answer and I told him of my bad experience trying to get an answer and he could have cared less and ended up hanging up on me.

  • Affiliation:
  • I received a sample
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3.0

customer service is bad, the platform is pretty good

Comments about Scottrade:

I like the Scottrade platform. I find it intuitive, full of options for traders, and reasonably priced for trades and sales. It is very similar, if not slightly better than, most competing platforms in this regard. However, the customer service for Scottrade is awful. You will be going it alone because they do not support customers in the way you get with an actual broker.

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(1 of 1 customers found this review helpful)

 
1.0

Inefficient operation

Comments about Scottrade:

Trying to get a check. They keep forcing every transaction via local branch. I moved here and there, (temporary). I can't get to my "local branch", so I go to somewhere more local to me. They say, oh it's okay you can get your check within a week. Two weeks past, my "local" branch calls me, and said, "hey your address is different; if you want your check then pay use wire fee". #$%^& Never using scottrade again. Now, I gotta do everything all over again.

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1.0

Summarize this product in one sentence.

By 

from USA

Comments about Scottrade:

the banking services are probably the worst in the hemisphere.. A customer service rep told me they take a conservative approach because they are a private firm.. He was talking about the 5 to10 day hold on deposited checks. Local or not. Also on the 4 day hold on many direct deposit paychecks. I thought regulators were stopping banks from holding funds for no reason at all.

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(4 of 4 customers found this review helpful)

 
1.0

Scottrade is the worst out there, by far.

By 

from USA

Comments about Scottrade:

Scottrade just does not have it together on even the most basic things. Scottrade has no business even mentioning itself in the same paragraph as TD Ameritrade, E-Trade or any of the competent platforms. With those companies, whether it is trading or technical, you are dealing with people who know their business. Not at all the case with Scottrade. There is also the issue of all the ridiculous rules the company has. To be clear, I'm not talking about the ones required by the SEC, which are not the company's fault. I'm talking about the myriad additional rules that other companies don't have and that make life impossible for traders.

Customer Service
Customer service is absolutely atrocious. Scottrade is set up with local branches you have to deal with. It is supposed to make you feel catered to, like you are getting personal service. However, if there is a technical problem, there is no mechanism for anyone talking you through anything. The local will invariably have to call another department and relay an answer to you. That answer is just as likely as not to be wrong. If you get the national call center, and ask them to do even the most simple things, they will be cheerful and polite, assure you that they will do whatever it is you want them to do, then do absolutely nothing.

Product Variety
No comparison with the better companies.

Ease of Use
Glitch after glitch with the site on the most basic stuff, and no one who you can talk to to make it work. In addition, I can't even list the number of things that, with other platforms, I can do from my computer, but with Scottrade, I was required to fill out and deliver forms. It was maddening.

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