How to access your Scottrade • Benzinga account
Scottrade was once a go-to platform for beginners, students and even retirees. The company has more than 500 branches and excellent customer service, but consolidation of brokerage houses caused the platform to go out of business and merge with TD Ameritrade.
Need to access your old Scottrade account now? Learn more about TD Ameritrade and how you can access your Scottrade account in the new platform.
Scottrade is now TD Ameritrade
In October 2016, TD Ameritrade announced that it would acquire Scottrade Financial Services for $ 4 billion. It represented a tragic turning point in fortune. In 1975, financial regulators prohibits the practice of fixed brokerage commission. Invariably, this restriction gave birth to a new breed of competitors who offered reduced commissions on stock transactions.
Later, the dot-com era saw an explosive increase in discount brokers as individual investors rushed to the markets. After the dot-com bubble burst, many people continued to drive the markets up through popular brokerage services like Scottrade.
However, the 2008 financial crisis, combined with the lingering impact of the Great Recession, soured sentiment towards individual stocks. Instead, retail investors sought the relative safety of index funds and exchange-traded funds (ETFs), which provide exposure to a basket of companies rather than a single organization.
The brokerage probably had the good idea to get into the ETF game in 2011, but by the time TD Ameritrade decided to acquire Scottrade, retail investment had fallen sharply. TD Ameritrade’s takeover of Scottrade left many questions for clients, primarily how to access their funds.
Below are the steps to access your Scottrade account and more details about investing through TD Ameritrade.
Step 1: Go to TD Ameritrade
If you still haven’t attempted to migrate your Scottrade account to TD Ameritrade, don’t worry! TD Ameritrade has described all the information you need to convert your account.
Step 2: Log into your account
Since TD Ameritrade has already completed the migration process for old Scottrade accounts, you don’t need to do much as a former account holder. To access it, simply follow the steps below.
- Go to the login page
- Enter your old Scottrade account number in the field labeled User ID
- Enter your old password
And that should be it. You will see a Welcome Center guide, which will walk you through all of the new features you now have as a TD Ameritrade member.
If you have any other questions regarding your old Scottrade account, you can contact a TD Ameritrade Customer Service Representative at 800-669-3900.
Step 3: Browse TD Ameritrade User Website Options
While a transition to a new platform can be a bit overwhelming, your new home offers plenty of options with a similar interface. For example, Scottrade has built a reputation for branch access. With TD Ameritrade, you can choose from over 175 branches nationwide.
TD Ameritrade offers a convenient and easy to use online trading platform. For greater flexibility, you have the option to download the brokerage’s new mobile app – just take your trading wherever you go.
Plus, with TD Ameritrade, you’ll enjoy commission-free online transactions with 0 hidden fees or transaction minimums. For options trading, the broker only charges a nominal fee of 65 cents per contract.
One of the main advantages offered by TD Ameritrade is its solid library of investment and trading platforms, as well as numerous educational materials. For example, the company has invested heavily in its thinkorswim suite of trading tools, which offers cutting-edge analysis to make the most profitable trades.
You can also access experienced and licensed professionals who understand the ebb and flow of markets and can guide you through whatever circumstances you find yourself in.
Previous Scottrade users
Some Scottrade users took longer to adjust than others. But TD Ameritrade was the more natural choice to lead the transition. While so many other brokerages have moved to web and mobile-only platforms with a generally hands-free approach, TD Ameritrade still retains the human element that many Scottrade clients loved.
Former users will appreciate that TD Ameritrade has implemented several innovations, in line with the latest investment trends. Whatever you liked about Scottrade, you should find similar functionality with TD Ameritrade.
TD Ameritrade commissions and fees
What initially attracted people to Scottrade during its heyday was its combined offering of relatively low fees and great customer service over the phone or email. Today TD Ameritrade takes it a step further, offering a human interface whenever you want and 0 commission for most investment vehicles.
The fee structure is below:
- $ 0 commission on online stock transactions
- $ 0 commission on online transactions on exchange-traded funds (ETFs)
- $ 0 commission on online options trades
- 65 cents on contract fees (no cession or exercise fees)
A welcome change of pace
Dealing with change isn’t always the most enjoyable circumstance, especially when it comes to your money and when you haven’t asked for the adjustment. But if you are a former Scottrade user, you should find TD Ameritrade a great platform to help you build your wealth. With familiar offerings and a myriad of investing and trading tools, TD Ameritrade can pick up where Scottrade left off.
Frequently Asked Questions
How is TD Ameritrade positioned to make sure my investments are well protected?
How is TD Ameritrade positioned to help ensure my investments are well protected?
TD Ameritrade uses the latest firewall technology to prevent unauthorized parties from accessing your account. Additionally, the brokerage is deploying artificial intelligence-based cybersecurity protocols that monitor anomalies and unusual behavior in customer accounts.
In the event of a data breach, TD Ameritrade has an Asset Protection Guarantee. If you have lost money or securities due to unauthorized activity, the company will refund the lost money or shares to you.
How can I learn to trade on TD Ameritrade or improve my knowledge?
How can I learn to trade on TD Ameritrade or improve my knowledge?
Unlike other online trading platforms, many of which are largely hands-free, TD Ameritrade can be as lean or as comprehensive as you want it to be. For example, the company offers an immersive program built around your needs. This series of courses provides everything you need to know, from basic retirement planning strategies to using technical analysis to better plan your transactions.
0 Commissions and no minimum deposit. Everyone has smart tools to invest smart. Webull supports full extended trading hours, which includes full pre-trade (4:00 a.m. – 9:30 a.m.ET) and after-hours (4:00 p.m. – 8:00 p.m. ET) sessions. Webull Financial LLC is registered and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). He is also a member of the SIPC, which protects (up to $ 500,000, which includes a limit of $ 250,000 for cash) against the loss of cash and securities held by a client of a brokerage firm. member of the SIPC in financial difficulty.