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We have awarded ScotTrade our prestigious Bronze Award in this category, having reviewed 13 US Online Stock Trading Websites. Read our review below to find out why...
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Scottrade has been in the investments business since 1980 so it knows what it's doing when it comes to looking after your money. However, if you want to execute your own ideas and strategies with the expert advice Scottrade can provide as backup, then taking advantage of their online trading platform could be an excellent decision. It does everything an experienced investor could want as well as catering to people coming to it for the first time. The software is extremely easy to use and the research and analysis top notch so Scottrade puts the essential tools in any investor's belt.
Scottrade provides an excellent service to all level of investor, but we think it is particularly helpful for those coming fresh to the game. On the very first page of the web site you can access savings planner calculators to get an instant idea of what you might hope to achieve with a sensible investment, which is a great incentive to start saving. If you decide Scottrade is the right choice you can then open an account in minutes with only $500. Better still there aren't any maintenance fees so that your money can sit there as long as you like until you are ready to do something with it. Combine this with over 500 offices around the country and a range of information services for new customers, Scottrade provides an excellent environment for new investors.
If you know what you are doing you can jump right into making the most of the range of tools Scottrade offers to allow you to manage your portfolio. Those with a standard account get access to the web based set of tools which means you can log in from any PC to check your investments and even access the mobile version of the site from any mobile phone with a web browser (although for a richer mobile experience there are a range of mobile apps too). The web based tools will be enough for most casual investors and allow you to analyze different options, check market data and place trades. The mobile apps offer pretty much the same functionality and run very smoothly.
If you are a more serious investor with over $25,000 in your account Scottrade will invite you to download their Elite platform software. This is a desktop application which provides even more functionality than its web based counterpart. The main screen is completely customizable, allowing you to arrange tickers, charts and in-depth analysis in a way that you find the easiest to use. It is very fast on a decent PC and will help you react to changing market conditions much more quickly than the web based tools. There is also some extra functionality that allows you to execute more complex strategies.
Scottrade offers a worthy online trading platform and we would highly recommend it to any level of investor. The different levels of access it offers means things don't get too complicated for a new user, while experienced ones can find all the features they need. With a wide range of investments to choose from Scottrade provides everything you need to make your money work for you. With only $500 required to open an account it's well worth checking out.
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