All the Scottrade clients have moved to TD Ameritrade. Therefore, those who want to log on to their private Scottrade account should only click on the “Scottrade Login” button below. By doing so, you will be automatically taken to the Scottrade/Ameritrade login page.
Although Scottrade trading platform has a number of benefits that make it a decent choice for investors, the broker has also a few disadvantages every prospective client should know about:
- High commissions are one of the most visible disadvantages of Scottrade. In comparison with the other brokers, Scottrade has high commissions.
E.g: Firstrade, which is the US discount stockbroker, has no charges for ETFs, stocks and mutual funds.
- Scottrade does not offer trade-free ETFs (exchange-traded funds). Today there are many brokers that offer ETFs that are commission-free (e.g: Charles Schwab, TD Ameritrade, E*TRADE, Firstrade, Vanguard, Interactive Brokers, and the other).
- E*TRADE has approximately twice more no-transaction-fee, no-load funds than Scottrade.
- Prospective clients who are going to open their bank account with the Scottrade Company should have at least a $500 securities account balance.
- If a client wants to open a bank account with Scottrade, he or she should deposit at least 2, 5K dollars. It is a weak side of this firm because many of the similar firms require no deposit to open a bank account. (e.g: Firstrade or TD Ameritrade).
- You cannot move your Scottrade cash balance to an external account with the help of Automated Clearing House network (it is a funds transfer system used by many firms to handle payments automatically).
- There is no 24/7 customer support. Such discount brokers as TD Ameritrade or WellsTrade offer great full-time customer support.
- An online chat feature is not included. It is a huge disadvantage for its prospective clients.
- Services offered by Scottrade are limited by securities trading only.
- Insurance or estate planning services are not offered. The other brokers (e.g Fidelity) offer these services to their customers.
- You can get investment advice with the help of Scottrade Investment Management. However, take into account that the broker does not pay special attention to this field, as well as does not provide lots of information about this affiliate company.
- Robo advisory package is not available. It is a big problem as it would be very useful for customers who are interested in managed accounts.
- The leading broker’s platform – ScottradeELITE – requires 25K dollars account balance or at least three trades per month.
- Traditional DRIP service is not available. Therefore, users cannot provide personalized marketing to their customers via the marketing automation platform. Instead, the broker uses its own system called FRIP. In comparison with DRIP, the principle of work of FRIP leads in sending dividends to a pool and then using them for buying other securities.
- The number of technical studies is poor. Moreover, the graph of the Scottrade website does not fill the width of the monitor.
Scottrade Login Page Screenshot
This is the scottrade login page screenshot. You could log on to the Scottrade login page with the help of the link above.
Scottrade IRA Overview
This is a great alternative for those users, who are interested in saving their funds for retirement. Scottrade is a low-cost broker that offers a wide choice of no-fee IRA. Having a wide choice of different useful financial tools, Scottrade is one of the best rated and the most well-known brokerage companies offering excellent services for those traders who are on a budget saving for their retirement.
Individual Retirement Accounts
Scottrade brokerage company provides a wide choice of IRA’s, involving Simplified Employee Pension (SEP), Roth, Traditional, Rollover, and SIMPLE. Scottrade’s IRA’s charge no fees for setup, annual or inactivity fee. That is more important, the retirement Scottrade accounts do not require a deposit or initial balance.
Once the IRA is opened, Scottrade users are able to trade stocks, options, bonds, mutual funds or CDs.
If a user decides to close his or her IRA, Scottrade will not charge a fee for its closing (unlike most brokers do).
Scottrade is a great brokerage firm, as it does not charge a commission for trading ETFs and stocks. Additional services are paying 0, 70 dollars per contract and 25 dollars for placing a trade with the help of a live broker or through an automated phone system.
Moreover, every customer can trade on margin (currently the cost of margin debits of less than 10K dollars cost 8 percent).
The amount of the broker’s mutual funds is exceeded more than 13K and 3K of which come with no transaction and no-load fee. Note that load funds are cost-free, but to sell them you will need to pay 17 dollars. No-load funds that are traded online come and come with the transaction fee are 17 dollars to sell or buy.
Knowledge Center is an educational recourse where customers can find lots of useful financial information. A wide choice of topics on securities can be found there. Scottrade also has individual seminars.
Cash Management Features
Scottrade has a bank with FDIC insurance. It provides checking as well as savings accounts. It does not charge any fees as well as does not have any balance requirements. This insurance comes with a free debit MasterCard and free checks. However, to open your own bank account with Scottrade you should have at least $500 in your Scottrade individual retirement account.