• Report: #363986

Complaint Review: Scottrade

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  • Submitted: Mon, August 18, 2008
  • Updated: Thu, February 19, 2009

  • Reported By:oklahoma city Oklahoma
Scottrade
scottrade.com Nationwide U.S.A.

Scottrade gives higher prices on the fill to make more money than the 7 dollar fill Oklahoma City Oklahoma new york new york

*Consumer Suggestion: Do your homework or place a limit order

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scottrade fills opening prices different than what the exchange shows as the opening price. it is always higher. then they state that the price was the opening price of the primary market. then when confronted they say it is an average of all the exchanges. Always dancing. This is how they make their money offsetting the 7 dollar trades. it could be thousands of dollars if you put orders in on the opening of the exchange because the price fill will always be higher than the actual fill price

Pat
oklahoma city, Oklahoma
U.S.A.

This report was posted on Ripoff Report on 08/18/2008 07:44 AM and is a permanent record located here: http://www.ripoffreport.com/r/Scottrade/nationwide/Scottrade-gives-higher-prices-on-the-fill-to-make-more-money-than-the-7-dollar-fill-Oklaho-363986. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

Do your homework or place a limit order

AUTHOR: David - (U.S.A.)

All brokers are required to disclose how they place orders. If you've noticed a difference in opening price, I doubt it is more than a penny or two. If you want a specific price, place a limit order, otherwise it will be a market order and the broker tries to get you the best price available, which is shown as the ask price and is always above the bid price. When the bid and ask prices meet, a trade takes place.
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