Scottrade Crypto-currency Trading
Investors who are looking to trade popular cryptocurrencies, such as BAT, Bitcoin, Bitcoin Cash,
Cardano, Dogecoin, Ethereum, Litecoin, Shiba Inu, NEO, Ripple, Stellar, cannot do it on
Scottrade. The broker simply does not offer them. For Ethereum, Bitcoin, Bitcoin Cash, Litecoin, Dash, Zcash, Stellar,
Dogecoin, and many more coins trading, investors can use a
$0-fee Webull.
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Open WeBull Account
Scottrade vs Merrill Lynch Overview
Investors looking for a good value in trading services will find different strengths and weakness at Scottrade (TDA) and Merrill Edge. The following detailed comparison will reveal
what those differences are, and which is better - Scottrade or Merrill Lynch?
Promotions
Scottrade: $0 commissions + transfer fee reimbursement.
Merrill Edge: none right now.
Fees
Merrill Edge clients pay $0 to buy and sell equities. Investors at Scottrade pay
$0 for the same trade. Options traders at Merrill Edge pay an additional $0.75 per option contract,
and Scottrade charges $0.65.
Living, human brokers are available at both companies to help customers execute a trade over the phone. Merrill
Edge imposes a charge of $29.95 for clients who elect to do so. Scottrade, on the other hand, charges $25.
Brokerage accounts at both firms can be opened without any account fees. There are no annual, inactivity, or setup fees. There is also no minimum opening deposit requirement at either broker.
Buying securities with a loan is possible at either firm. At Merrill Edge, a debit under $5,000 is 8.875%. Scottrade charges 9.25% for the same loan.
Scottrade wins here easily.
Fund Investing
Merrill Edge is somewhat weak in the area of fund investing. The broker offers fewer than 5,000 mutual funds. About 800 of these products come with no load and no transaction fee. There is a $19.95 charge for trading transaction-fee funds. Furthermore, Merrill Edge customers are charged $39.95 if they sell an NTF mutual fund in under 90 days after purchase.
Scottrade has more mutual funds than Merrill Edge, with more than 13,000 mutual funds in total. Of these,
4,200 come with no transaction fee and no load. Funds with a transaction fee carry a rather uncomfortable
$49.99 price, and it is charged to both the sell and buy sides.
For investors interested in exchange-traded funds, Scottrade clients can buy and sell ALL ETF's
commission-free. These products have expense ratios below 1.00%. Regrettably, Merrill Edge does not have a list
of commission-free ETF's.
The victory in this category goes to Scottrade.
Customer Service
Merrill Edge customers can reach a company representative over the phone 24 hours a day, 7 days a week. There is a phone number for clients who are temporarily outside the United States. Over 2,000 Bank of America branches have an investment professional available to Merrill Edge customers who need investment advice. There is a fee for this service.
Scottrade also offers 24/7 customer service. Some agents also speak Mandarin, Cantonese, and Spanish during peak hours. The company has a network of branch locations across the U.S. There are more than 100 locations in 34 states.
Scottrade triumphs here.
Trading Technology
Both Scottrade and Merrill Edge have user-friendly and well-designed websites. Trades can be placed and research conducted on either website. Both websites have very good trade bars at the bottom of the browser.
Advanced trading platforms are also available from both firms. Merrill Edge offers MarketPro®, which comes with frequent trader requirements. Scottrade offers
two advanced platforms: Trade Architect and thinkorswim. Trade Architect is a Java-based and web-based
platform that offers charting and free streaming of CNBC. thinkorswim is a desktop platform that comes
with virtual stock trading and very sophisticated charting tools. Both platforms are free for all
Scottrade customers.
Merrill Edge fails here.
Mobile Apps
Scottrade offers three mobile apps. They are compatible with Android and Apple. One of the apps will work on Windows 10. CNBC streams free of charge, and mobile check deposit is available, too. The broker's customers can also buy and sell securities using Apple Watch.
Merrill Edge clients can trade on Android and Apple phones and tablets. Many helpful functions are on the broker's app. These include bill pay, mobile check deposit, and funds transfer. The broker also has an Apple Watch app.
Scottrade wins here for its free streaming of CNBC.
Cash Management Features
Scottrade customers can open a free deposit account, which can be linked to a brokerage account. The FDIC-insured bank account comes with checks and a debit card free of charge. Furthermore, all ATM charges are refunded.
A Merrill Edge securities account can have checks and a debit card attached. There is no charge for this service. Withdrawals from Bank of America's ATM network are free. A maximum of $200 in ATM fees are reimbursed for non-Bank of America machines. Merrill Edge customers can also link a Bank of America deposit account to a Merrill brokerage account.
Scottrade wins here due to its unlimited ATM fee refund policy.
Merrill Edge vs Scottrade: Which is Better?
Scottrade was successful in all categories, and Merrill Edge failed to win even one category.
Scottrade is a clear victor. Despite the outcome, Merrill Edge is a good broker for Bank of America
customers and equity traders who don't need advanced trading and charting tools.
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