I have access to both tdameritrade and scottrade (although I only use ameritrade to actually trade) and I have to tell you that scottrade is absolute and total garbage. Poor quality charts, their screeners are so so. One minor thing that will highlight the differences immediately if you make a day trade on a non pattern day trading account ameritrade will notify you immediately on the home page (displaying number of day trades in a 5 day period) while scottrade won't. I like advanced analyzer from td ameritrade that I get for free and I use it to screen stocks I want to trade. Only good thing about scottrade is that it is cheap. Ultimately your choice of broker will depend on your: 1)Capital 2) Style of trading(includes how often you trade/size of trade) 3)Type of instrument you want to trade (could be included in 2) If you have considerable cash and are a day trader direct access platform may be a good idea. I am a purely positional trader and I don't care whether my order takes 1 second or a nanosecond to execute.
Scottrade Ranks Highest in Self-Directed Investor Satisfaction in 2008 J.D. Power and Associates Study Oct. 28, 2008 Business Editors ST. LOUIS--(BUSINESS WIRE)--Oct. 28, 2008--Scottrade, the leading branch-supported online investment firm, has been ranked "Highest in Investor Satisfaction with Self-Directed Services" in J.D. Power and Associates' 2008 Self-Directed Investor Satisfaction StudySM. The study included 5,796 self-directed investors, the majority of whom trade online. Scottrade received a total satisfaction index score of 787, which is 59 points higher than the industry average score of 728. According to J.D. Power and Associates, Scottrade ranked higher than all of its competitors in the study, which examined six key drivers of customer satisfaction: * Convenience * Account offerings * Information resources * Trade execution * Trading charges and fees * Customer service Scottrade was first recognized by J.D. Power and Associates for highest online investor satisfaction in 2001. This award marks Scottrade's eighth investor satisfaction award from J.D. Power and Associates. This year, J.D. Power and Associates updated the study's title and focus from "Online Investment Services" to "Self-Directed Investing Services." As mobile and other media channels become more popular with investors, expanding the focus ensures a broad but clear distinction between self-directed and full-service, full-fee investment services. "We are honored to have earned the trust and confidence of our customers," said Rodger Riney, founder, president and CEO of Scottrade. "In today's tough economy, it is more important than ever for investors to have confidence in their financial services firms. We continue to foster customer satisfaction by making significant investments in our customer service and local branch network." Scottrade helps self-directed individual investors by providing easy-to-use trading platforms and advanced research tools that help them find opportunities in the market more quickly. In addition to $7 online trades, Scottrade offers customers a nationwide network of more than 375 branch offices, the largest branch network in the online brokerage industry. The firm's branch network has grown 15 percent in the last 12 months and the firm plans to grow the network another 15 percent in 2009. Additionally, Scottrade regularly enhances its trading platforms with new tools and research. In early 2008, Scottrade launched OptionsFirst(tm), an advanced platform designed to offer options traders easy-to-use, comprehensive tools that help estimate market risk and test strategies. In June, Scottrade became the first brokerage firm to offer customers access to a new, real-time market data tool called NASDAQ Velocity (r) and Forces(r). The tool helps traders measure pre-trade order activity to determine the momentum of trading interest and make better-informed trading decisions. Scottrade has also placed a significant focus on customer education. In addition to the wealth of information and research available on Scottrade's trading platforms, Scottrade hosts User Summits in cities across the country, giving investors the opportunity to learn more about Scottrade's tools and platforms as well as general trading information, such as advanced orders or options strategies. In 2009, the firm will host 24 User Summits. The J.D. Power and Associates award is one of many awards the firm has received in the last year. In 2008, Scottrade was named to FORTUNE's list of the 100 Best Companies to Work For in America and was ranked No. 16 on Computerworld's Best Places to Work in IT. In addition, Scottrade was named to the InformationWeek 500 as one of the most innovative users of information technology. Scottrade was also named as the online brokerage with the highest customer loyalty for the fourth consecutive time by Brand Keys. About Scottrade As a leading online investment firm, Scottrade offers a full line of investment products, online trading services and market research tools to help investors take control of their financial future. Scottrade provides customers the convenience of buying many stocks online at just $7 per trade and the support of the largest branch network among online investment firms, with more than 375 nationwide branch offices. Named Highest in Investor Satisfaction by J.D. Power and Associates, Scottrade is dedicated to exceptional customer service and unprecedented value. Scottrade is also one of the FORTUNE magazine's "100 Best Companies to Work For" in America. For more information, visit www.scottrade.com. About J.D. Power and Associates Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The firm's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on cell phone ratings, car reviews and ratings, car insurance, health insurance and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies. About the 2008 Self-Directed Investor Satisfaction Study The 2008 Self-Directed Investor Satisfaction Study is based on responses from 5,796 investors who make more than half of their investment decisions without the counsel of an investment adviser. The study was fielded between August and September 2008. CONTACT: Scottrade Patricia Lee, 314-965-1555 x3581 pllee@scottrade.com or Weber Shandwick Ann Geppert, 314-552-6750 ageppert@webershandwick.com
Great link! Clicked through on NASD site and then it also says this: "Scottrade, Inc. may receive payment from Knight Capital Markets LLC (Trimark), a subsidiary of Knight Trading Group, Inc., for orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2008 averaged at or below $0.001 per share. Scottrade's principal shareholder and President is a director and shareholder of Knight Trading Group, Inc." Wow, that's some serious conflict of interest.
"Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The firm's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on cell phone ratings, car reviews and ratings, car insurance, health insurance and more, please visit DPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies." The McGraw-Hill Companies also owns S&P and we all know how good S&P ratings are.
YES YOU SAID IT! now tell me knight or citidel will not trade against you or sell shares to you from their own pool ? and their inicators lies on their charts etc etc front running! they are nothing more than a BUCKET SHOP!!!!!!!!!!!!!!!!!!
Belatedly...in defense of Scottrade. I have found that the majority of my problems were on my end and not Scottrade's. My router, for one, was to blame for the stuttering quotes. I don't really have any other complaints like the others. Only once or twice in about 3500+ trades have I been able to honestly say Scottrade was the blame for my loss. I've been with them and remain for 6 years. street carp
As a non-day trader, I haven't really had any problems with Scottrade. My one beef with them is that they make it difficult for you to get your money out. I can transfer money into my account without problem, but, to get it back I have go to the office and have a check written or have the money wired and be charged a $20 fee.
I write a check to myself from Scottrade checking book and my wife is happy to deposit it into our regular banking (checking) account.