E*TRADE vs. Scottrade: What's the Difference?
Edited by Aimie Carlson || By Janet White || Published on October 20, 2024
E*TRADE is an electronic trading platform for stocks, options, and more, while Scottrade was a discount brokerage firm that merged with TD Ameritrade in 2017.
Key Differences
ETRADE and Scottrade were both key players in the online brokerage industry, offering platforms for individuals to buy and sell securities such as stocks, options, and mutual funds. ETRADE, known for its comprehensive trading tools and resources, caters to both novice and experienced investors with its user-friendly interface and extensive educational content. Scottrade, on the other hand, was recognized for its customer service and physical branch network, providing investors with personalized support and investment guidance.
E*TRADE emphasizes technology and innovation in its trading platforms, offering advanced charting features, real-time quotes, and market analysis, Scottrade focused on accessible trading solutions and face-to-face consultations through its nationwide branches. This approach made Scottrade a preferred choice for those new to investing or those who valued direct interaction with brokerage representatives.
The acquisition of Scottrade by TD Ameritrade consolidated the brokerage industry, aiming to combine Scottrade's strong retail presence with TD Ameritrade's robust trading platforms. E*TRADE, meanwhile, has continued to evolve, expanding its offerings to include managed portfolios, banking services, and retirement planning, making it a comprehensive financial services provider beyond just stock trading.
Both brokerages offered competitive pricing structures, with ETRADE and Scottrade providing tiered commission rates based on trading volume or account size. However, the merger of Scottrade into TD Ameritrade has shifted this dynamic, potentially altering the competitive landscape for ETRADE and how it positions itself against other major online brokers.
The legacy of Scottrade in the brokerage community remains significant, reflecting an era when combining digital platforms with human touchpoints set a precedent in customer service. E*TRADE's adaptation and growth in the rapidly changing financial technology landscape highlight its commitment to providing innovative and accessible investment tools to a broad range of investors.
ADVERTISEMENT
Comparison Chart
Platform
Advanced trading tools, mobile app, online platform
Online platform, emphasis on physical branches
Services
Trading, banking, retirement planning, managed portfolios
Trading, personalized investment advice
Customer Service
Online support, phone, chat
Nationwide branches, personalized service
Educational Resources
Extensive resources, webinars, training
In-person seminars, online resources
Target Audience
Novice to experienced investors
Beginners to intermediate investors
ADVERTISEMENT
E*TRADE and Scottrade Definitions
E*TRADE
A platform offering trading services via the internet.
I used E*TRADE to execute my first stock purchase online.
Scottrade
Personalized advice on building a portfolio.
Scottrade provided me with valuable investment guidance when I started trading.
E*TRADE
Features and resources to analyze and trade securities.
E*TRADE's investment tools helped me develop a diversified portfolio.
Scottrade
Locations where customers can receive in-person service.
I visited a Scottrade branch to discuss my investment strategy.
E*TRADE
The ability to trade securities on a mobile app.
With E*TRADE's mobile app, I can trade stocks on the go.
Scottrade
Software for executing trades online.
Scottrade's trading platform was user-friendly for beginners.
E*TRADE
Services to plan and invest for retirement.
E*TRADE offers comprehensive retirement planning services.
Scottrade
A firm offering lower-cost trading services.
Scottrade was my choice for a discount brokerage because of its low fees.
E*TRADE
Resources provided to learn about investing.
I learned the basics of options trading through E*TRADE's educational content.
Scottrade
Support and assistance for clients.
Scottrade's customer service was always helpful and informative.
FAQs
What made Scottrade popular among investors?
Scottrade was popular for its accessible customer service, physical branch network, and investment guidance.
What was Scottrade?
Scottrade was a discount brokerage known for its customer service and physical branches, merged with TD Ameritrade in 2017.
How does E*TRADE's platform compare to other brokers?
E*TRADE's platform is known for its advanced trading tools and comprehensive educational resources, appealing to a wide range of investors.
Does E*TRADE offer mobile trading?
Yes, E*TRADE offers a robust mobile trading app for iOS and Android devices.
What types of accounts could you open with Scottrade?
With Scottrade, you could open various accounts, including individual, joint, retirement, and business accounts.
What were Scottrade's fees like?
Scottrade was known for its competitive fee structure, offering lower-cost trades compared to some full-service brokers.
How does E*TRADE support beginner investors?
E*TRADE supports beginners with extensive educational content, user-friendly trading tools, and customer service.
Is E*TRADE good for advanced traders?
Yes, E*TRADE offers advanced trading tools, analytics, and research resources suitable for experienced traders.
What investment products does E*TRADE offer?
E*TRADE offers stocks, bonds, mutual funds, ETFs, options, and futures.
What is E*TRADE?
E*TRADE is an online brokerage offering trading, investment, and retirement planning services.
Can I still open a Scottrade account?
No, Scottrade accounts have been transitioned to TD Ameritrade following the merger.
Can E*TRADE accounts be managed online?
Yes, E*TRADE accounts can be fully managed online, including trading, transfers, and account monitoring.
How did the merger affect Scottrade customers?
Scottrade customers were transitioned to TD Ameritrade, gaining access to its platform and services.
How did Scottrade's physical branches enhance customer experience?
Scottrade's branches provided in-person support, seminars, and the ability to speak directly with representatives.
Does E*TRADE have any physical branches?
Yes, E*TRADE maintains a number of branches across the U.S. for in-person support.
How can I learn to trade with E*TRADE?
E*TRADE offers a range of educational resources, including articles, videos, webinars, and live events to learn trading.
Was Scottrade's platform easy to use for beginners?
Yes, Scottrade's platform was designed to be accessible for beginners, with straightforward navigation and tools.
Did Scottrade offer retirement planning services?
Scottrade offered retirement accounts and some planning tools, but with the merger, TD Ameritrade now provides comprehensive retirement services.
What customer support options does E*TRADE offer?
E*TRADE provides customer support through phone, email, live chat, and in-person branches.
What was the minimum deposit to open a Scottrade account?
Scottrade had a low minimum deposit requirement, making it accessible for many investors.
About Author
Written by
Janet WhiteJanet White has been an esteemed writer and blogger for Difference Wiki. Holding a Master's degree in Science and Medical Journalism from the prestigious Boston University, she has consistently demonstrated her expertise and passion for her field. When she's not immersed in her work, Janet relishes her time exercising, delving into a good book, and cherishing moments with friends and family.
Edited by
Aimie CarlsonAimie Carlson, holding a master's degree in English literature, is a fervent English language enthusiast. She lends her writing talents to Difference Wiki, a prominent website that specializes in comparisons, offering readers insightful analyses that both captivate and inform.
