Scottrade Mobile App

Review of: Scottrade
Discount Stock Broker:
Scottrade
Price:
$7 per trade

Reviewed by:
Rating:
3
On September 27, 2012
Last modified:October 11, 2012

Summary:

Scottrade Mobile App Review Summary: Scottrade Mobile App for Android phones lets you trade stocks and ETFs anywhere at any time. It is a very convenient tool for most stock trading activities. However, it does have a few flaws such as speed and real-time price update that can affect the overall trading experience. To try the Scottrade Mobile App, open a Scottrade brokerage account (use promo code KGKP0724 to receive 3 commission free trades) and install the smartphone app, available for both iPhones and Android phones.

These days, I find myself using Scottrade Mobile App for Android phones a lot to trade stocks. The main reason is, of course, convenience because sometimes when I am at work, using company computer to trade stocks during work hours isn’t an option. ┬áNot that I trade a lot, but by using the mobile app I can trade anywhere at any time during the trading day without relying on other’s resources as long as the wireless service is available. So as soon as Scottrade released its Mobile trading platform for Android phones, I installed the software and have been using it for trading ever since.

Before I share my experience with the Scottrade Android App, let me first give you a quick overview of its features. With the app, you can

  • Check performance of major indices, such as the Dow, Nasdaq, and S&P, and read market news, and
  • Research stocks and Exchange-Traded funds (ETFs)

These two features are available to everybody, so you don’t have to have an account with Scottrade to use them. But if you do have a Scottrade brokerage account, then you can also

  • Establish a list of stocks you want to keep an eye on (watchlist)
  • Set up alert, and
  • Trade stocks and do other activities that are associated with your account, such as check balance, positions, past account activities, and so on.

While the Scottrade Mobile App is a very convenient tool to trade stocks on the go and I am largely happy with it, there are, however, two major issues I have encountered so far that I hope will be addressed soon. First is speed, not the speed of trading but the speed the app runs. I have a Motorola Bionic phone with dual core and it runs on Version 4G LTE network. So I kind of expect the app run smoothly on my phone. Not so. In fact, the app is rather slow. It takes a long time to load the login screen (before all the data on the home screen is loaded, you can’t tap the Account icon to log in) and once the login screen appears, it then takes an equally long period to log me in after I entered my credentials. Basically, the whole process slows down from the time I start the app. I took a rough measure a few days ago and it took me more than 5 minutes from the time I started the app to the time I made a trade. Even though it hasn’t reached the point that I want to abandon the app, the whole experience isn’t that good and I don’t know what caused the slowness.

Scottrade Mobile App Review

Another issue is the update of stock prices. Normally, you would imagine that once you have an account with a stock broker, you would have access to real-time stock prices (actually, you don’t need to have a brokerage account to access stock quotes in real time. Google Finance, for example, shows real-time stock prices for free). But it seems that Scottrade Mobile App only shows delayed prices. As you can see from the above screenshot that I took a few days ago, 11 minutes into the trading session and Scottrade app still shows most of the stocks I own have zero price change, which are not correct. Even though I can get real-time quote if I want to trade a stock, showing delayed stock prices for whatever reason on the Positions screen doesn’t make any sense.

I don’t know when Scottrade will release the next update of its mobile trading software, but when they do, I hope that these issues get fixed. Plus, another tool I would like to see on mobile platform is deposit. Right now, the only way I am able to fund my Scottrade account is logging into my account on the web and doing the bank transfer from there. It will be nice if I can transfer fund from the phone. That will totally eliminate the need of its website for trading :)

Scottrade Mobile App Review Summary: Scottrade Mobile App for Android phones lets you trade stocks and ETFs anywhere at any time. It is a very convenient tool for most stock trading activities. However, it does have a few flaws such as speed and real-time price update that can affect the overall trading experience. To try the Scottrade Mobile App, open a Scottrade brokerage account (use promo code KGKP0724 to receive 3 commission free trades) and install the smartphone app, available for both iPhones and Android phones.

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