What is Scottrade?
Scottrade is one of the oldest discount stock brokers and offers investors local offices as well as online brokerage services. The broker offers services for both the new and experienced stock market investor.
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History
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Scottrade started out as Scottsdale Securities in 1980 in Scottdale, Arizona. The company moved headquarters to St. Louis, Missouri in 1981. In the 1990s, the discount broker starting building a branch network and had 100 offices by 1999. The name was officially changed to Scottrade in 2000 to match the name of the company's website address. Scottrade's signature $7 stock commission was introduced in 2005. By 2010, Scottrade had almost 500 local branches.
Geography
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The large number of local branches makes Scottrade unique among discount stock broker companies. The company has branches in 48 of the 50 states. Only North Dakota and Wyoming do not have a branch. This branch network is an advantage for Scottrade with investors who like to go to a local office to talk to a broker, drop off or pick up a check or turn in stock certificates.
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Features
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The $7 stock commission trade initiated by Scottrade in 2005 is still one of the lowest available. In the Smart Money 2010 Broker survey, only four of 17 reviewed online brokers had lower commissions. The broker also promotes the speed and quality of trade executions through Scottrade's online trading systems. Smart Money notes that placing trades with Scottrade is quick and easy.
Types
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Besides investing in stocks, Scottrade offers investing in other types of securities. Scottrade investors can buy mutual funds, exchange-traded funds (ETFs), options, bonds and bank CDs. The brokerage company offers traditional, Roth and rollover IRAs. Specialty accounts like trust and corporate accounts are available with Scottrade.
Employment
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Scottrade has over 2,700 employees at its St. Louis home office and in the branch offices. The company has been rated as a top 100 best place to work by Fortune magazine in 2010 and Computerworld magazine in 2009. The company hires professionals in the fields of financial services and information technology.
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