I am not a day trader and would consider myself a buy-hold type of investor. I trade through other brokers as well, but recently, I dumped scottrade and moved my account to another broker. Here are my reasons
1. The trading platform is not that great if you compare it to other brokers. Tradeking IMO has a much better trading platform.
2. The transaction fee for stocks/mutual funds is decent but you can get lower transaction fees at other discount brokers, without compromising quality and customer service.
3. They charge you a fee in addition to the $7.00 if you try to buy stocks below $1. Fidelity charges a flat $7.95 for stocks of any value, even penny stocks.
4. There are some stocks which cannot be bought online and I have been asked to contact the brokerage office near me. When I tried to place the same trade through another online broker, no such restrictions were placed.
5. The worst part about scottrade is that even though you can deposit money online, you cannot withdraw online. This, I feel is just too big an inconvenience. I have other brokers and all of them allow online deposits and withdrawals.
For the above reasons, I have decided to move my account to another broker.
Hope this review helps in deciding about Scottrade
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