Scottrade Stocks
Scottrade Stocks
Zecco Versus Scottrade – Which Service Is Right For You?
Zecco versus Scottrade – Which Service Is Right for You?
Investing remains the single best way to build a nest egg for the future. You can choose to hand your money over to an investment broker, who will select your investments for you, but this does not give you the power to grow your own wealth. In addition, there looms the prospect of unethical investment managers – bad investment decisions might be the least of your worries here. A better choice is to invest your money yourself, but how do you do that the right way?
You’ll find several options out there that can give you the tools you need to make wise investments. Two of the best options are Scottrade and Zecco. However, these companies differ considerably. Which is the right option for your needs?
Scottrade is the better option, though only by a narrow margin. This company offers a few advantages over its competitor Zecco, in that Scottrade offers higher customer service, better tutorials and is more gauged for new investors.
Scottrade
Most consumers are familiar with the name Scottrade, thanks to the company’s extensive advertising campaigns. The company also has a well established (and well deserved) reputation for excellent customer service. With more than 400 offices around the nation, you will also find that there is a local office that can serve you.
Scottrade offers a few key differences from others in the investment world. For instance, there are no fees for inactivity or for maintenance of your account (try finding that at your local bank!). Likewise, the company offers very low margin rages. The trade speed of the company is also quite astounding, coming in at just .66 seconds.
The flat $7 fee is also a fantastic innovation, allowing investors to manage their investments for the lowest price possible. In addition, you will find that it takes only $500 to open an account with the company, which makes Scottrade an excellent choice for investors on a shoestring budget, though even investors with considerable capital will find benefits here.
Perhaps the strongest point in favor of Scottrade is their dedication to providing the best customer service and support in the industry. You can use email or call by phone to ask for help with any question that you might have.
Pros:
The best customer service in the industry
Low $7 trades
Extremely fast speeds
Low account creation amount
Cons:
Service hours are limited to regular business hours
No chat support
No cell phone trading platform on option
Zecco
Zecco is a bit of a newer name in the investment world, at least for some investors. However, the company does offer some strong selling points. While they are not as extensive as Scottrade, Zecco does offer some excellent pricing. In addition, the company has a chat feature for support, and hosts their own online trading community where you can find advice and help, as well.
However, you will find a few shortcomings with Zecco. First, while some of their trades are cheaper than Scottrade ($4.50), some are much more expensive. Second, you will find that this company is probably not the best choice for beginning investors. While there are several forms of support available, other companies offer better tutorials and how-to’s. Finally, you will find that Zecco is not quite as easy to use as Scottrade, as the company is more focused toward bargain hunters than toward new investors (or even advanced investors, for that matter).
Pros:
Good bargains can be found
Some lower prices than other firms
Cons:
Support is not as extensive as Scottrade
Not quite as easy to use as others
And the Winner Is – Scottrade
Scottrade comes out the winner in the battle here, but only by a slight margin. The company’s flat fee pricing is a nice thing, which helps avoid the potential high costs found with Zecco. In addition, Scottrade’s commitment to customer service is second to none.
Feedback:
TopTenReviews.com – “This is an excellent choice for new traders or straight traders; they offer all kinds of educational information for new investors and low-priced trades for those that like to trade stock frequently.”
TheSmarterWallet.com – “There are a lot of online stock brokers out there but one that stands out is Scottrade.”
Bargaineering.com – “For at least the last two years, J.D. Power and Associates has ranked Scottrade the “Highest in Investor Satisfaction with Self-Directed Services.”
Scottrade Tour and Review Part 1 of 2
