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Scottrade vs. Options Xpress

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His international account cannot be set up properly over years but Scottrade hold the money for years and not giving back to him. The Scottrade international service is a joke! They change the prices of the stock you are trying to buy constantly as you attempt to make the buy, making you pay more and more.

They force the price of the stock down when you are in a margin call so they can collect on your default that they made happen by selling the stock in increments of shares till they get it where they want it and then they buy it back up when it is low so they make even more money when they force it to go up as they want it to go.

This company is all about making money and they do everything to make this happen with no concern for their clients, all they care about is making more money and they are stealing it from people in every way they can. I have seen all kind of account oddities that have caused me to lose a total of If you are a lawyer I would like to talk to you about suing this company for one hell of a lot.

This company was caught in the past trading against their clients and I am sure they are still at it, this is how the head of the company became so rich in such a little amount of time. He is a billionaire, the company has been sold to Ameritrade as of recently and the head of the company of Scottrade is currently not well. This company is being assisted by the crooked market regulations that I can explain.

You have to be aware that when you transfer the money to their account it is within an hour but when you want your money out from the account it's 10 business days or pay 25 dollars for the service. My experience as a Scottrade customer for horrific. During the sign up I was promised an unconditional bonus. Since the trading software and support were of the poorest quality, I later transferred to Fidelity, and bonus was removed. They checked the conversation, and still did not keep their word.

They lied because there is no other way they could get me as a customer. I've had IRA's with Scottrade for about 15 years. I acquired additional money and went to an office in The Villages, Fl. I told him if transaction went smooth I would put more in. I contacted agent three times by email, no response. He left no "out of office" on his email, so I didn't have a clue why he wasn't contacting me. I finally went to the office and got my money transferred back to my bank.

Totally unacceptable, unprofessional and possibly against NASD regulations not sure. I will be moving my three IRA accounts from them.

I wonder why people leave their money in their bank. Every time I go to these people for services, I'm told, "We can't do that. They repeatedly told my account number or routing number was wrong. I wrote a check on my account assuming overdraft would automatically come from my margin account as my previous brokers had done. They bounced the check and charged me I needed to do a wire transfer to pay for a home I was buying; I was used to doing this online through my checking account.

With Scottrade I had to fill out a form and present it in person and wait for them to process it and hope it was done in time for the closing. I've complained and complained and complained about the I've threatened to move my investments to my bank's investment branch and they did not care.

Today I got an email saying I'd exceeded the number of transactions allowed on my Scottrade Money Market account. I've never heard of such a thing in the banking industry. If you want decent service do your homework and find a better brokerage.

Their website is slow, and it often crashes. I've even been told that their stock values are NOT real time so who knows? Maybe they're skimming playing the milliseconds and stock values to their advantage.

I am thoroughly disgusted with this company. Do yourself a favor. Steer clear of Scottrade. This used to be a great company.

Their phone lines are always busy. When you do reach someone at a local branch, they're fairly clueless as to simple matters. I missed the three pm cut off today because I couldn't get a straight answer in the first two phone calls. After being a customer for 15 years my accounts 3 were frozen because I had moved to Israel.

I moved 9 years ago and used my son's address in the city I opened the account. I was never notified and this year they refused to transfer my required distribution to the account even though they transferred my wife's whose address is the same. They told me I had to come in even though I am bedridden. I contacted an attorney who advised me that is against the law to not issue the distribution they reported to the IRS and I reported on my From what I have heard many employees are disgruntled because of the takeover by TD Ameritrade and they don't care about their customers.

In pouring over various websites I discovered that Scottrade had values on their website that were actually the complete opposite of what these EPS numbers were in reality. Understanding there are so many variables that are important when considering buying a stock especially Penny stocks. This stock was PULM. In reality the EPS was The complete opposite of what it truly was.

I immediately printed many examples for many stocks on many websites proving this. And I contacted the Securities and Exchange Commission. They have agreed that there appears there may very well be validity to my complaint.

The info that stock brokerage firms provide is critical to our psychologically well being wouldn't you say? If it's absolutely incorrect then aren't they just duping people? This is what I hope to find out. This all took place Friday Feb. Now, this morning Monday Feb. I'd like to think I've done something worthwhile for my fellow investors.

It's not going to stop me from going down the street to the location and letting them know that they're going to reimburse us for the cost of the trade and the money small amount that we lost or believe me it's off to court we'll go. I've used many different trading platforms and this one is by far, the worst.

I bought some shares of a stock but decided to cancel my order immediately after. The platform looks very old and outdated and commissions are high for no apparent reason. Moving all of my funds to another brokerage account and cancelling mine with Scottrade. Scottradepro Scottrade's active trading arm is a complete joke.

Their server is extremely unstable - you would be lucky if you don't get kicked out by their server while you are logged on and are ACTIVELY doing things in the account e.

Also, their IBKey app - developed by InteractiveBroker - doesn't work properly, and they refer me to a number that you can only leave a voice mail and No One ever calls you back even after leaving a dozen voice mails. Many of Scottradepro's staff aren't trained properly to be familiar with the functions of their system, yet they pretend they know when they actually don't. Above-mentioned money wiring is one example: In both cases I was put on hold while the rep checked with their back office or something, indicating they had no idea how the process actually works.

Though the 2nd rep found the correct answer, that is to set up a Withdraw, he was unfamiliar with the detailed steps to complete the process and kept on telling me wrong instructions he obtained from the back office - something about using an emailed code to confirm even though there was no email being sent as I was using a security device. Also, no one seems to know their back office cutoff time for accepting a same-day wire request, and they just say if it doesn't get done today, it will be done the next business day.

Anyway, my request was submitted around 3: Scottradepro's staff also are ignorant of how to calculate tax base for a stock position involving calls or puts, of the exact capital requirement for a long put position, etc. Anyway, I had enough. Wanted to make a trade the next business day and needed to move money from personal checking to brokerage account, Scottrade boasts their "Money Direct" will post same day.

In fact once the money posted Scottrade put a three day hold on it preventing me from making the trade, then when I called and said I want to return the money to my checking account they said there is a five day hold before I could initiate a transfer. After five days I said I wanted to close account and get my money back and they told me they will take another business day to issue a check and I cannot pick it up from my branch and that it must be mailed.

So in the end they tied my money up for more than three weeks. I agree with Joe of Durham. I transferred my accounts to Schwab soon after being informed by Scottrade that they were being taken over by TD Ameritrade. Coincidentally, Schwab contacted me recently to say about an offer for Scottrade customers who switch accounts to Schwab. You get commission-free stock trades for as long as you had your Scottrade account. It's unbelievable but true.

I've been using it. I should point out that I'm not employed in any way by Schwab, just a very happy customer of theirs. I don't know how long this offer will last but long-term Scottrade customers should give it serious thought. Scottrade is a fraud.

The servers will crash or the trading programs will freeze if you are about to make any money. They try to influence trades. A stock I was trading was in a down trend and they "froze trading in that stock due to volatility". They would let you buy it but not short it. I called Etrade immediately.

They said they had no problem with executing my short trade. Then Scottrade said they had no shares to short but again I called Etrade and they had shares. Scottrade offered me free trades for the inconvenience.

I called Scottrade to execute a trade and the guy who answered had a tone of "you sure you want to do that? I am so done with them. Their trading desk makes a market in a lot of securities and rips its customers off. Unless all you want to do is spend time being frustrated while using free trades to lose money while being harassed to open a bank account for their "bankorage.

Bottom line is Scottrade is fraudulent in my honest opinion. I've been a customer of Scottrade for many years with no problem at all. Why on earth would any Scottrade customer agree to this? If we wanted bad service and high fees we could have opened TD Ameritrade accounts ourselves. But now, we receive no bonus, just the increased fees. We are told by TD Ameritrade that we will have access to more research, etc. Well, if you do not already have that, you shouldn't be doing your own investing, anyway.

Some have local offices, and all have lower fees. This is simply a matter of greed. Scottrade could have done a IPO, in which its customers could have perhaps profited. Instead, we were ignored and insulted. And TD Ameritrade is counting their eggs. They are expecting Scottrade's customers to simply act like fools and accept this mistreatment.

But I hope there are enough intelligent, fair-minded Scottrade customers who will show the true results of this sale: And a large increase in new accounts at other online brokerages. Scottrade is an investment firm that offers many types of financial services and investing options to clients, including self-directed online trading. The company was founded in and is headquartered in St. It serves more than three million clients. Account holders can create three different homepages and switch between them whenever they want, each one with a customizable layout.

This feature makes it easy for traders to see the information most important to them as soon as they log in. Clients have access to quick quotes, asset allocation models, market data and other tools to help them determine which stocks or options are right for their portfolio.

The site also has calculators to help clients determine their goals. Scottrade has investment choices with varying levels of support. Self-directed investors can use the site and tools to make trades themselves, but those who want additional guidance can get help. Managed accounts for hands-off investors are also available. All account holders can meet with a Scottrade advisor to review their portfolio and investment goals. Scottrade offers this service for free.

The Scottrade website has basic information to help those moderately new to investing understand the terminology of investing and the stock market. Scottrade also hosts local workshops at branch locations and webinars. Scottrade has tools and options making it a good choice for any investor; for self-directed investors, it is best for those with some level of investment knowledge.

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Compare the top 3 fiduciary financial advisors near you. Are you this business? Learn more about ConsumerAffairs for Brands. Be in the know Get trending consumer news and recalls. Thanks Keep an eye on your inbox, the lastest consumer news is on it's way! Scottrade puts customers first in so many small ways, such as connecting you to a local branch office versus a centralized call center when you phone, offering Chat and Email support with well-informed representatives and constantly refreshing and updating its technology offerings to improve user experiences.

By leaning on its local branch offices for phone support, the drawback of Scottrade is, unlike rivals, such as ETrade which offers round the clock phone support, access to live personnel is confined to market hours. Open a Scottrade Account. Scottrade offers competitive costs, no inactivity fees, and a platform that caters to active, advanced, and options traders as well as beginners but access to advanced areas command high account balance minimums and rely upon outdated technology.

Scottrade has fewer tradeable securities than many peers but Futures and Forex offerings are likely to be included later in the year when the TD Ameritrade acquisition of Scottrade closes. Scottrade has an industry-leading fee schedule, particularly as it relates to options and stocks: Scottrade is a customer-centric platform that caters to beginner traders extremely well with an extensive network of local branch offices, exceptional support staff, and an easy-to-use interface while still offering advanced traders the detailed functionality they want via Scottrade ELITE and serving options traders well through Scottrade Pro.

When TD Ameritrade completes its acquisition of Scottrade in September, , Futures and Forex offerings may be expected soon afterwards, as well as a more extensive list of no-commission ETFs, which are current shortfalls relative to rivals, such as thinkorswim. You've never seen anything like this. His secret to becoming a multimillionaire is so easy that anybody can do it! Within two years from that day, this small shop had opened new stores. But the stock boy didn't stop with predicting store demand, he went on to use the same principles and applied it to the stock market.

His now-proprietary system is called "The Money Calendar" and he uses it as part of his strategy to bring the best opportunities to average people. Click here for the full story on this strategy. May 31, Broker , Investing. InvestorMint provides personal finance tools and insights to better inform your financial decisions. Our research is comprehensive, independent and well researched so you can have greater confidence in your financial choices.

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The trades have sometimes gone through very rapidly and at other times it seems to take forever. Hope this is helpful.

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