Scottrade has had an Online Community where clients can chat about trading and investing ideas since 2008, but the company has announced that the Online Community will be shut down on August 1, 2014. Scottrade sent an email out to Online Community members letting them know of their decision earlier this week. The online broker said that member participation has dropped dramatically of late, and the quality of the posts that were made in the community had also gone downhill. There were fewer posts in general, and many of the posts had now become non-trading related. Because of this, Scottrade decided it was time to shut the doors of their Online Community.
In their email, Scottrade also mentioned an overall migration to public-facing social media channels as a reason for the closure of the Online Community. It is important to keep in mind that there are still going to be plenty of ways to give feedback to Scottrade. Scottrade is encouraging clients to follow the company on Facebook and Twitter. This will be an alternate way to stay in touch with traders as well as receive updates about company products and services.
In the StockBrokers.com 2014 Online Broker Review, Scottrade was ranked #1 for Overall Client Experience.