Here is our current review of Scottrade.com:
Thanks to some awesome fellow bloggers, here are some more investment company reviews for you:
Reviewer: Tim @ Grow Rich SimplyInvestment Company Name: VanguardOverall Rating: 9/10Pros: One of the best things about Vanguard is the fees. VG is known as the mutual fund company with one of the longest track records, but also with one of (if not) the lowest expense ratios in the industry. They have a variety of fund families and are well respected within the industry. I would not recommend individual stock purchases though VG as their equity fees are among the highest out there (however, given that they are first and foremost a mutual fund company, this is unsurprising). For mutual funds, VG can’t be beat.Cons: VG is not entirely friendly towards very small investors. Typically their funds have minimums of $3K, but they do allow you to set up an automatic investment (e.g., $100/month) account that will get you started. Additionally, I’ve heard (but not personally experienced) that their customer service hold times can be somewhat excessive. Their website is not very flashy — but again, if you offer the lowest fees in the business, there are going to be tradeoffs.Other Comments: If you’re interested in learning more about Vanguard, check out their unofficial investment forums, www.bogleheads.org, where long-time VG members dole out very solid investment advice.
Reviewer: Free From BrokeInvestment Company Name: ShareBuilderOverall Rating: 8/10Pros: Inexpensive automatic trades, you can buy partial shares, my account is connected to my ING account for easy transferring of funds.Cons: It’s a little tricky to get the automatic trades set up. Real-time trades aren’t as cheap as some other brokers (but there are codes for free trades out there).Other Comments: I love ING products and ShareBuilder is a part of ING. It may not be the best broker of you want to do a lot of real-time trades but if you want a place to set up inexpensive automatic trades ShareBuilder is a great place. I’ve been using them for a few years now and have been happy with them.
Reviewer: Jacob at My Personal Finance JourneyInvestment Company Name: Sogotrade.comOverall Rating: 10/10Pros: Market and limit order stock trades online for only $3. One of the lowest on the internet that I have been able to find. The account minimum is only $500. Reliable at being able to withdrawal money in 3-4 business days (normal) from your investment account. Is a subsidiary of the very well established Genesis Securities. Offer ETF’s and stocks listed on NYSE, NASDAQ, and AMEX exchanges.Cons: Do not have physical offices / stock brokers, if that is what you are used to.
Reviewer: Mark at Buy Like BuffettInvest Company Name: ScottradeOverall Rating: 8.5/10Pros: Low Fees, Great Customer Service, Brokerages in most cities, Quality Investment OptionsCons: No Dividend Reinvestment Option, Trading Tools
Reviewer: The College InvestorInvestment Company Name: ThinkorswimOverall Rating: 8/10Pros: Best option trading platform ever, ease of use for complex trades, charting is amazing.Cons: Steep learning curve (they provide a lot of how-to videos, but it’s plain tough).Other Comments: If you are looking to trade options, thinkorswim is the only way to go. The commissions are reasonable, and they treat spreads and other complex trades as one commissionable event (which saves you money when you really have 2-separate options trades). Their charting of options is the best available. They also have a “Paper Money” system that allows new investors to practice on their platform without using real money.
Reviewer: Car Negotiation CoachInvestment Company Name: VanguardOverall Rating: 10/10Pros: Vanguard has a great selection of mutual funds to choose between that you can buy and sell for free. It’s very easy to setup a variety of different brokerage and retirement accounts and transfer assets between them. It’s also easy to link accounts you have at other institutions so you can use their website as a dashboard and view all of your investments at once.Vanguard has excellent support services that you can reach quickly. The people you talk to don’t work on commission so they typically have your best interest in mind.Lastly, as you invest more your brokerage costs go down. $7 trades to start (for the 1st 25 in a calendar year) and then jumps down based tiers of investment to $2/trade then down to free.Cons: I can’t think of anything bad to say about them! I’ve used Vanguard for twenty years and have had a great experience with them.
Reviewer: Retire By 40Investment Company Name: First TradeOverall Rating: 8/10Pros: $7 trading on mutual funds and stocks. Good customer service. I have mostly positive experiences when I called.Cons: Did not take my pre IPO penny stock certificate so I had to open a TD Ameritrade account.Other Comments: It’s an online discount brokerage and I just use them to trade. I want low fee and minimal hassle and they provide that.Other discount brokerage charges around $50 to trade no load mutual funds and I think that’s too much.
FYI: I worked at a dead end cubicle job from 2005-2011 for about $30,000 a year. I went self-employed in July 2011 and make between $80,000-$100,000 through blogging, a rental home, and professional pet sitting. If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you). I even have all of my favorite tools on a resource page – I hope they help you too.
This all gives me the time to be with my aging family members, the flexibility to stay close with my friends and family, and it should help if we finally get pregnant too! Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!