Mainland From United States of America, joined Jun 2004, 309 posts, RR: 0
Reply 3, posted (4 years 9 months 4 weeks 1 day 5 hours ago) and read 1188 times:
I've used Scottrade for about over a year now and am generally pleased.
For background, I'm not a very active trader (once or twice a month), looked around at virtually all the other discount brokers, and my only comparison for other brokers is T.Rowe Price.
I haven't had any issues transferring funds. There was the standard wait time when you first set up your bank accounts with them, but moving funds in and out hasn't been a hassle and has been within the prescribed time they allot. Moving my account and its holdings from T.RP wasn't a hassle either, it just took the standard wait time. The branch manager was a little pushy post account transfer (Well, to be fair, I wasn't expecting follow up calls to be sure everything was correctly in my account and I had no problems with their service...) but that's hardly a negative.
Their platform is pretty easy to understand. I haven't dug too deeply into some of their research / news offerings, but what I see I like and I'm pretty sure you can set up alerts for stocks you may be tracking. Using their calendar tool I was able to input my portfolio and see dividend dates, earning dates, etc., which I like. They offer an enhanced trading platform for download, which I suspect has more detailed graph / trend capabilities, but I haven't used it.
The only slight negative I have is that some stocks, usually sub-$5 and/or thinly traded I've found, must be on some sort of watch list for them and you will not be able to execute an online purchase order for them. This has happened to me twice. When it does, I call my local branch office (haven't had any wait, though I suppose their 800 number would do as well) and tell the representative what I want to buy and they execute the trade. (At no extra cost) It should be noted, however, when you move to sell that same stock you will be able to place your sell order online with no problem. I'm not an active enough trader for this to be a big issue though.
Overall, I find them to be a low hassle, easy to understand discount broker. Consider Scottrade recommended.
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