TradeKing vs Scottrade

In our comparison of Ally Invest (formerly TradeKing) vs Scottrade, we review each company’s trading fees and commissions, platform, research tools, customer support, and promotions to help you find the best discount broker for your investing and retirement needs. Whether you choose TradeKing or Scottrade as the better online broker for you will depend on your investment strategies and retirement goals. Fortunately, investors can’t go wrong with either brokerage.

Ally Invest vs Scottrade: Trading and Account Fees

Here is a comparison of Ally Invest’s fees vs Scottrade’s fees. You will notice that both online discount brokers have a flat fee structure, and while Scottrade and Ally Invest each charge some of the lowest fees and commissions in the industry, Ally Invest is slightly better priced. However, it is important to mention that comparing brokerage fees alone won’t tell you which firm is better for your investing needs.

ALLY INVEST:

  • Stocks and ETFs: $4.95
  • Options: $4.95 + $0.65 per contract
  • Mutual Funds: $9.95
  • Broker-Assisted Orders: $20.00
  • Account Minimum: $0.00
  • IRAs: No Fees
  • IRA Account Minimum: $0.00
  • Inactivity fee is waived for accounts with $2,500.

SCOTTRADE:

  • Stocks and ETFs: $7.00
  • Options: $7.00 + $1.25 per contract
  • Mutual Funds: $17.00
  • Broker-Assisted Orders: $32.00
  • Account Minimum: $2,500
  • IRAs: No Fees
  • IRA Account Minimum: $500
  • No inactivity, account maintenance or hidden fees.

Ally Invest vs Scottrade: Features

Below is a breakdown of the pros and cons for Ally Invest and Scottrade.

ALLY INVEST:

  • An award-winning, industry-recognized trading platform, especially for options trading.
  • Web-based platform only.
  • Free real-time quotes.
  • Access to over 12,000 mutual funds.
  • No commission-free ETFs.
  • No international investing available.
  • Excellent customer service and real-time support.
  • TradeKing Advisors offers virtual financial planning.
  • MarketGrader research reports as well as educational courses and seminars.
  • Free dividend reinvestment program.
  • Access to TradeKing Network, the best-rated online investor community.
  • Margin Rates: 7.75% to 4.00%

Trade Types

  • Stock Trading
  • Options Trading
  • Mutual Funds
  • FOREX Trading

Mobile Trading

  • iPhone and Android Apps
  • Mobile Trading Platform and Tools

SCOTTRADE:

  • A robust, easy-to-use trading platform with charting and screening tools.
  • Desktop and web-based platforms.
  • Free real-time quotes.
  • Access to over 14,000 mutual funds.
  • No commission-free ETFs.
  • International investing in Europe, Asia, and Canada.
  • Excellent customer service.
  • 500 branch offices nationwide.
  • Solid research and trading tools, especially for beginners and DIY investors.
  • Free dividend reinvestment program.
  • Separate platforms for investors with higher balances.
  • Margin Rates: 7.75% to 5.25%

Trade Types

  • Stock Trading
  • Options Trading
  • Mutual Funds

Mobile Trading

  • iPhone, iPad and Android Apps
  • Mobile Trading Platform and Tools

Promotions

Almost every online discount broker offers promotions to entice new investors to open an account. If you decide to sign up with Ally Invest or Scottrade, be sure to use a promo code to get a cash bonus or free trades.

ALLY INVEST:

  • Switch to TradeKing and Get Up To $150 Back

SCOTTRADE:

  • Up to $2,000 Cash Bonus
  • Up to $100 Reimbursement for Transfer Fees

Margin Rates

If you trade on margin for your personal account, then margin rates can affect your returns.

ALLY INVEST:

  • Under $25K: 7.75%
  • $25K-$49K: 7.75%
  • $50K-$99K: 6.75%
  • $100K-$249K: 5.50%
  • $250K-$499K: 4.50%
  • $500K-$999K: 4.00%
  • $1,000,000+: 4.00%

SCOTTRADE:

  • Under $25K: 7.75%
  • $25K-$49K: 7.25%
  • $50K-$99K: 6.75%
  • $100K-$249K: 6.50%
  • $250K-$499K: 6.25%
  • $500K-$999K: 5.75%
  • $1,000,000+: 5.25%

Ally Invest vs Scottrade: Comparison Summary

Since Scottrade and Ally Invest both offer user-friendly trading tools, expert research reports, comprehensive educational resources, and solid customer service, both online brokers are excellent choices for all investors, especially beginners. Ultimately, either discount broker will exceed your expectations.