Scottrade Login


Scottrade clients can safely log on into their Scottrade.com account by hitting "Scottrade Login" button link below which will take them to the Merrill Edge login page (member sign in screen).



Scottrade Login


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Although Scottrade has certain advantages in some areas, the broker nevertheless has some notable weaknesses. In particular, the firm has bearish signs in the following areas:

- There are zero commission-free ETF's at Scottrade. Many other brokers today do offer at least a few exchange-traded funds that are free to trade. For example, Firstrade has 12, and TD Ameritrade offers over 100.

- Fidelity, Schwab, and Firstrade all recently lowered their equity commissions to $4.95. Scottrade only reduced its trading fee from $7 to $6.95. While Scottrade used to be considered a low-cost broker, it doesn't look as inexpensive anymore.

- E*Trade has more no-load, no-transaction-fee funds than Scottrade—in fact, about twice as many. USAA Brokerage and Vanguard have more total funds.

- Scottrade requires a $500 securities account balance to open a bank account with the company. Many other firms that offer cash management features do not have this type of requirement. Fidelity, Merrill Edge, and TD Ameritrade are good examples.

- To open a brokerage account at Scottrade, a $2,500 deposit is mandatory. Nowadays, many firms require nothing to open an account. Firstrade is one example.

- Oddly, cash balances in a Scottrade brokerage account cannot be moved to an external account using the ACH system. This is the only broker we know of who has this strange and inconvenient policy.

- The broker does not offer 24/7 customer support. Many other brokers, including WellsTrade, can be contacted around the clock.

- The Scottrade website does not have an on-line chat feature. Schwab and OptionsHouse, by contrast, do offer this convenient function.

- While Scottrade does have a large branch network, Edward Jones and Raymond James both have more brick-and-mortar locations.

- Scottrade's services are limited only to securities trading. The broker does not offer any forex or futures products. Other brokers, such as TradeStation, do offer these investments.

- Financial services such as estate planning and insurance aren't available. By comparison, Fidelity customers can receive assistance in these areas.

- Investment advice is available with Scottrade Investment Management. However, the broker does not seem to have much emphasis in this area and does not publicly provide much information on this affiliated company. It also does not have a robo-advisory package. Other brokers, such as Schwab, have better offerings for investors who are interested in managed accounts.

- ScottradeELITE, the broker's flagship platform, requires a $25,000 account balance or an average of 3 trades per month. Schwab's StreetSmart Edge only has a $1,000 balance requirement.

- Traditional DRIP service is not available at Scottrade. The broker has its own system called FRIP. Dividends are sent to a pool, and the funds are later used to buy other securities. Some traders might prefer the DRIP system instead.

- A graph on the Scottrade site does not fill the width of the monitor. Fidelity's charting program, by comparison, does do this. Also, TD Ameritrade has more technical studies than Scottrade offers.




Scottrade Log On


You could see Scottrade Login screenshot above and the link on top of the page will take into Scottrade's log on screen.








Investors who are interested in saving for retirement should take a look at Scottrade, a low-cost broker offering a range of no-fee IRA’s. With a selection of financial tools in addition to retirement products, this company is ideal for traders who are on a budget saving for retirement, and it is often rated one of the best brokerage firms for an IRA account.


Individual Retirement Accounts


Scottrade offers a selection of IRA’s, including Traditional, Roth, Rollover, Simplified Employee Pension (SEP), and SIMPLE. The firm's IRA’s carry no setup fee, no annual fee, and no inactivity fee. The retirement accounts also have no initial deposit or on-going balance requirement. It's a perfect fee schedule.

After the IRA is opened, users can trade a variety of securities, including stocks, bonds, mutual funds, options, ETF’s, and CD's.

Unlike many other brokers, Scottrade does not charge a fee for closing an IRA.


Trading Commissions


Scottrade’s commission for trading stocks and ETF’s is $6.95, definitely making it a mid-range cost brokerage firm. Options are an additional $0.70 per contract. Placing a trade over an automated phone system or with a live broker is an extra $25.

Scottrade offers its clients the ability to trade on margin. Currently, margin debits of less than $10,000 cost 8%.

The broker has more than 14,000 mutual funds, nearly 3,000 of which come with no load and no transaction fee. Load funds are free to buy, but cost $17 to sell. No-load funds that come with a transaction fee are $17 on both the buy and sell ends, if traded on-line.


Research and Education


The Scottrade website offers educational resources on a page called Knowledge Center. Investors will find articles and videos on a range of securities topics. The broker also has in-person seminars at their many local branches.


Cash Management Features


The brokerage firm has a bank with FDIC insurance that offers checking and savings accounts. The checking account has no setup fee, no monthly account fee, and no minimum balance requirement. It comes with free checks and a free debit MasterCard. Clients must have at least $500 in a Scottrade IRA in order to open a Scottrade bank account.


Customer Service


Traders can contact Scottrade using an on-line chat system, fax, e-mail, or phone. The chat and phone service are available 7 days a week. Scottrade has one of the best networks of local branches of any broker in the United States. Currently, there are more than 500 branches across America, more than E*Trade, Fidelity, or TD Ameritrade. The broker also has Twitter and Facebook accounts, and can be contacted there.

Trading Tools


Scottrade’s most basic platform is the web site. Traders can place orders for a variety of products, such as options, stocks, mutual funds, and ETF’s. For more conservative investors, the web site has a search tool for preferred stock and other fixed-income securities, such as bonds and CD’s.

A more advanced platform is Scottrader Streaming Quotes, a Java-based system. It is launched from the web site and offers charting, order entry, market news, and other services. It offers Level II quotes free of charge to customers who place at least 10 commissionable traders per month. Alternatively, clients can pay $10 a month for the service. The platform is customizable and easy to learn. One example is a stock search function, which displays the top 10 stocks for the trading day sorted by various market criteria.

The firm's most sophisticated trading platform is ScottradeELITE. The system is available to investors who have a total balance of $25,000 in Scottrade financial accounts, or who place 9 equity or option trades in a 3 month period.


Mobile Trading


Scottrade has applications for Apple, mobile web, and Android. The interface is user friendly and easy to learn. Traders can place an order, search for options, read market news, and look over account and position data.


Recap


Scottrade, with low trading commissions and no-fee IRA’s, is perfect for investors who need to save for retirement and who are looking for the best brokerage firm for an IRA account. The company's branch locations should come in handy for clients who want some personal guidance in their retirement planning.


Updated on 9/15/2017.



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