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Scottrade vs Merrill Edge

Scottrade is a solid choice for cost-conscious traders who are familiar with online investing. How does it compare to Merrill Edge? Read our comparison chart below.

Scottrade offers stock trades at $6.95 per trade and more than 275 branch office locations. There is a $2,500 minimum deposit, no maintenance fee and no inactivity fee.

While Merrill Edge (a subsidiary of Bank of America) offers stock trades at $2.95 standard fee per trade and options trading at $0 + $0.65 per contract. BofA customers can get 30 free trades a month if balance requirements are met. There is no account minimum, no maintenance fee, and no inactivity fee.

Compare Scottrade with Merrill Edge, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 

Scottrade

Merrill Edge

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Benefits and Features

Stock Trading
$6.95 per trade
$6.95 per trade
Options Trading
$6.95 + $0.65 per contract
$6.95 + $0.75 per contract
Minimum Deposit$2,500 for brokerage accounts
No account minimum for retirement accounts
$0
Mutual Fund TradingNo Fee to Buy/Sell/Exchange No-Load, No-Transaction Fee Funds
$17 to Buy/Sell/Exchange No-Load Funds
$0 to Buy Load Funds and $17 to Sell/Exchange Load Funds
$0 for no load, no-transaction-fee funds ($39.95 short-term redemption fee if the fund is held less than 90 days) $19.95 for no load, transaction-fee funds
Commission Free ETFs 
None
Penny Stocks$6.95 per trade + 0.5% principal for any stock trading under $1 
Broker Assisted Trades
$32
$29.95
Customer Service
(800) 454-9272
24/7
Inactivity Fee
$0
None
Maintenance Fee
$0
$0
BankingScottrade Bank has no monthly maintenance fees, ATM reimbursement program, online bill pay, and mobile banking.
Through Bank of America
Mobile App
Yes
Desktop AppScottradeELITE (requires you execute 9 or more stock or option trades during the past 3 months, have $25,000 in your primary account, or have $15,000 in your primary account and combined linked assets of $25,000 or more)
Yes
Forex Trading 
No
Futures Trading 
No
Locations
More than 275 branch locations
More than 2,100 Bank of America locations
Online Community 
No
SeminarsIn-person branch seminars, online events and live webinars
Yes
Virtual TradingScottradeELITE offers virtual trading
No
 

CreditDonkey® Reviews

Stock Trading
Options Trading
Customer Service
Banking
Mobile App
Commissions and Fees
Ease of Use
Research
Trading Platform
Mutual Fund Trading
Online Platform
Pros & ConsPros:
  • Low per trade fees
  • Physical locations
  • Easy-to-navigate website
Cons:
  • No futures trading
  • High broker-assisted fee
Pros:
  • No account minimums
  • Current Bank of America customers experience seamless account integration
  • Robust research opportunities
Cons:
  • Platform is not friendly for frequent traders who execute quick trades
  • No commission-free ETFs available
  • Market research reports can be hard for beginners to understand
Bottom LineSolid choice for cost-conscious traders who are familiar with online investing... Read full reviewAffordable online broker with robust research options for small to mid-size investors... Read full review

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Scottrade: TD Ameritrade has acquired Scottrade. Scottrade accounts will convert to TD Ameritrade on 2/26/2018. Pricing information from published website as of 11/18/2019

Merrill Edge: Pricing information from published websites as of 11/11/2019.

Which is Better: Scottrade or Merrill Edge?

Still need help deciding which investing is better? Read the in-depth reviews below. You may also be interested in comparing Scottrade or Ally Invest.

In short: Scottrade's ease of use is impressive. Merrill Edge's stock trading, banking, mobile app, and research are impressive.


Articles on Scottrade


Articles on Merrill Edge


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