The brokerage accounts at Etrade or Scottrade are those that offer similar features but they do vary according to the usage of the traders and their preferences. The recent review of comparison between the two has led towards distinguishing which account suits what type of trader. When it comes to Scottrade which is seemingly popular suits those part time infrequent traders whereas Scottrade account suits more active and experienced traders. Which is why Scottrade lets you practice without actually investing your money as it offers virtual training while Etrade has no specific training forum.
When you begin to trade from your Scottrade account where the fees are comparatively lower you also have fewer trading and research options which suit an infrequent or basic trader. When you trade from your Etrade account you get varied trading and research options. The investment products provided at Scottrade are more basic which includes Stocks, Options, Futures, ForEx, Bonds, and EFTs while along with some basic products Etrade has mutual funds, IRAs, CDs and more advanced trading products. Although Etrade doesn’t accommodate all the basic investing products like ForEx or Futures. The account minimum you need to begin trading is same in Scottrade or Etrade; $500. A particular deadline to make the deposit at Scottrade is an initial $10,000 deposit and you will get 60 days free trade for up to $500, on the other hand, Etrade will give one free trade on the minimum deposit of $10,000 and you need to execute this within the period of six months.
The Etrade is worth the advancement as it better research and analysis tools, real-time stock charts, insights on the depth of company for the comparison along with that educational videos and online seminars. You can get suggestions on the type of industry you invest on and find the opportunities to invest as per your strategy. You can even conduct a quick search for stocks that suit your preferences by advanced screens that filter search options at your Etrade account. When it comes to Scottrade the research tools are more basic and user-friendly, it has a virtual trading by the name ‘Scottrade Elite’. Then the research options such as relevant data on the stock, news, analyst report, third party reports and ratings.
When it comes to comparison of banking and transfers from Etrade or Scottrade, Etrade has a wider lineup of financial resources that service all types of full-time brokers. Banking services at Etrade include credit and debit card, retirement or college saving plans. The fee for full account transfer is $60 and partial transfer is $25. Banking services by Scottrade include saving accounts, money market, CDs, free account checking, free ATM withdrawals, and free EFTs check withdrawal. Account transfer fee at Scottrade is not to be paid unless it is an international transfer for which the fee is $40.
Scottrade is widely known for its extensive customer service and has 500 local branches, which is why traders from all over the world provide 5 starts to satisfaction coming from Scottrade.