Scottrade Review 2021 (TD Ameritrade merger) • Benzinga
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Scottrade no longer exists, they merged with TD Ameritrade. Read the full TD Ameritrade review.
Who uses Scottrade?
Scottrade, with its extensive network of physical branches and dominant online presence, is ideal for a diverse clientele.
Newbies and passive investors use Scottrade
Among discount brokers, Scottrade is ideal for beginners, given its extensive branch network which makes it easy to communicate one-on-one with real Scottrade advisers. (This is in addition to the excellent customer service provided through live chat, phone, and email.)
Scottrade’s multiple platforms, including a mobile platform for investors on the go, technologies such as streaming quotes, news and analysis and the few third-party research are also big hits with investors.
Retirement planners love Scottrade too
For those considering retirement, Scottrade offers transparent pricing with no minimum account balance requirement, a host of investment products as well as third-party research. The company helps you focus on the right kind of retirement investment option by asking a series of questions.
Scottrade offers roll-over IRAs, Traditional IRAs, Roth IRAs, SEP IRAs, and SINGLE IRAs.
Scottrade investment products
Scottrade offers a wide variety of products, from options to retirement products.
- International investment
- Fixed income, including treasury bills
- Mutual fund
- AND F
- Trading on margin and interest rates
Scottrade commissions and fees
|Command type||Stocks and ETFs||Options|
|Online||$ 6.95||$ 6.95 + $ 0.70 / contract|
|Assisted by a broker||$ 32||$ 32 + $ 0.70 / contract|
|Touchstone Telephone System (IVR)||$ 32||$ 32 + $ 0.70 / contract|
|Options exercises and homework||N / A||$ 17|
Scottrade trading fees for mutual funds
|Funds||Buy||Sell and trade||Broker-assisted purchase||Broker-assisted sale and exchange|
|No fees, no transaction fees||No charges||No charges||25 $||25 $|
|Without charge||$ 17||$ 17||$ 42||$ 42|
|Charge||No charges||$ 17||No charges||No charges|
Scottrade charges a short-term redemption fee for all free shares purchased from it and held for 90 days or less.
Scottrade Fixed Income Options
|CD, new Corp offers, OTC Secondary Corp, treasury investments||Scottrade acts as principal||$ 5,000||$ 1,000|
|Municipal Secondary OTC||Scottrade acts as principal||$ 5,000||$ 5,000|
|Bonds of listed companies||$ 35 + $ 3 per bond||$ 1,000||$ 1,000|
|Unit investment funds||$ 50 clearance||Consult the prospectus||N / A|
Scottrade also charges additional fees such as confirmation by mail to an online account ($ 1), postal statement to an online account ($ 2), next day delivery ($ 25) and certificate deposit. shares before reorganization ($ 90).
Scottrade requires a minimum account balance of $ 2,500, with the exception of IRAs, which are zero balance accounts.
However, the firm does not charge account maintenance and inactivity fees.
Use ScottradeELITE, clients must have either $ 25,000 in their main account or a minimum of $ 15,000 in their main account and combined link account assets of $ 25,000 or more, as well as nine or more stock or option trades in the course of of the previous three months.
Scottrade offers multiple platforms and encourages advanced traders to use TD Ameritrade’s thinkorswim.
Scottrade offers four different platforms, including its Customer website, Scottrader Streaming Quotes, Mobile and ScottradeELITE. The company promotes these platforms for different categories of clients such as long term investors, active investors and traders, investors and traders and trading enthusiasts.
the Mobile app is available for iOS and Android operating systems.
All four platforms offer investment research and market news, watch lists and trades in stocks, ETFs and options.
- Client website (aimed at long-term investors) includes filters, portfolio management tools, and mutual fund, CD and bond trading
- Scottrader Streaming Quotes (for active investors and traders) offers real-time streaming quotes, streaming news and NASDAQ Level II. Besides streaming quotes, the platform allows to create charts, analyze market patterns and identify opportunities with more than 30 different technical indicators and trend lines.
- Mobile (for investors and traders) offers real-time streaming quotes.
- ScottradeELITE (for trading enthusiasts) offers real-time streaming quotes, screeners, streaming news and NASDAQ Level II, access to Intraday trader by Recognia, NASDAQ TotalView. This customizable desktop application also provides access to many third-party tools, including Recognia searches and predefined filters.
The Scottrade Pro is a platform available on desktop, web and mobile modes, is specially designed for options trading and has been built in collaboration with Interactive Brokers. However, the firm’s website currently advises clients to move to TD Ameritrade’s thinkorswim platform for a more elite trading experience.
The types of accounts authorized by the company include standard, retirement, education, and specialty accounts. Bank accounts provided by the company include savings, checks, money market, and certificate of deposit.
Scottrade’s Knowledge Center is ideal for first-time investors who want to learn more.
Scottrade’s Knowledge center provides educational resources under various headings such as articles and ideas, investment training, calculators (investment, retirement savings, IRA comparison and college savings), platform help, and client training events .
Scottrade customer service
Scottrade can be reached at 1-800-619-7283 between 6 a.m. and 1 a.m. ET, Monday through Friday, and Saturdays and Sundays from 9 a.m. to 7 p.m. ET.
Chat and email service is also available on its website at these same times.
Customers can also contact a local Scottrade team for assistance and easily find a local branch on the website.
Scottrade’s social media team also responds to questions between 9 a.m. and 9 p.m. ET, Monday through Friday.
Scottrade and its ease of use
Opening an account is pretty straightforward. Enter basic details such as first name, last name and email address, then choose a password.
Customers can fund their account by wire transfer, external brokerage account transfer, wire transfer, check deposit and stock certificate deposit.
The company also offers online banking, although it has stopped opening new bank accounts since September 14, 2017. Customers who had a banking relationship with Scottrade before September 14 can benefit from traditional banking services such as transfers, deposits and withdrawals, ATMs. / debit cards, online bill payment, online banking and overdraft protection.
Customers can link multiple accounts to the brokerage account, which facilitates quick transfers.
Final thoughts on Scottrade
Scottrade offers a wide variety of services and products, including Getting Started for Beginners. With its multiple and powerful platforms, online support and in-person customer service, its low cost complements the benefits of Scottrade’s unique selling proposition. However, with the integration overhead of TD Ameritrade, new traders may prefer to wait and see how things play out.
Use Scottrade if:
- You are just starting to invest
- You are planning your retirement and looking for the best retirement investment services
- You are picky about excellent customer service
Do not use Scottrade if:
- You are a futures trader
- Looking for commission-free ETFs
- You are an advanced investor, performing personalized research and analysis with sophisticated trading tools and techniques