When it comes to online shares trading, it is impossible to overlook E-Trade and Scottrade as they are among the biggest brands in the market. We will look at the features of both platforms to help you decide the best option for you.
- Trade fees: both platforms charge a flat fee which is charged on any trade that is conducted on the platforms. E-trade charges $6.96 per trade whereas Scottrade charges are $7 per trade. This makes Scottrade more expensive to trade in.
Besides charging a flat fee for any trade, both platforms charge a contract fee which is $1.25 for Scottrade and $0.75 for E-Trade.
- Opening balance: A person who wishes to open a Scottrade account must pay a minimum balance of $2,500. You will not be required to have an opening balance when opening an E-Trade account.
- Investment on bonds: A person who wishes to invest in any bond through Scottrade must pay a brokerage fee of $35. For E-Trade, you will be charged $10 to invest in every bond with the exception of treasury bonds.
- Banking: With Scottrade, you will get a fully operational account where you can save as well as trade in the money market. You will also get a certificate for the deposits made into the account. For E-Trade, there is no option for a savings account; you can, however, get to pay your bills online, access to a debit card and also FDIC insurance which will be calculated according to your account balance.
- Customer service: The customer service offered by Scottrade is friendlier where you will be assisted every time you are in need through their social media platforms which is either face book or twitter. You will also be able to make direct calls to their local offices during working hours. For E-Trade, you will get your questions answered through e-mail or a chat feature.
- Research: For a novice or an experienced stock trader you will get access to trade information from more sources which include Thomson Reuters, Standard & Poor’s, Smart Consensus, Research Interface, and Market Edge and you also have a chance to interact with a community of online traders where you will get investment ideas from others. Scottrade has only three external sources which are Standard and Poor’s, Second Opinion as well as Thomson Reuters.
- Physical location: Scottrade has over 500 physical offices in the United States which makes it easier for a trader who wishes to have a one on one conversation with the management. E-Trade has only 30 physical offices and this may make it difficult to those who wish to have a personal contact with them.
Having the right platform to trade in is vital for any person who wants to succeed in the market. This is the platform that will guide you when to sell, when to buy, and when to stay on hold. Any wrong move could result in huge losses and many have lost their lifetime investments in the process. Both E-Trade and Scottrade are great platforms which offer a good platform to invest. They, however, charge an exorbitant fee on any transaction and this has led to massive shifting from these platforms to ht more user-friendly mobile investment apps.