Comparing brokers side by side is no easy task. For our 2014 broker review
, we factored in 266 different variables to assess 17 different brokers. So when taking a look at Fidelity Investments vs Scottrade, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular stock and options trades. Fidelity Investments charges more than Scottrade for placing regular stock trades ($7.95 and $7.00, respectively). With options, the base fees charged are $7.95 (Fidelity Investments) and $7.00 (Scottrade). Contracts are pricier at Scottrade, costing $1.25 versus $0.75 at Fidelity Investments, a difference of $0.50 per contract. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any stock broker review
page, then click the "Commissions & Fees" tab).
Next to commission rates, being able to trade the instrument you want is important. Fidelity Investments alongside Scottrade offer clients Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Fidelity Investments trails Scottrade by 593.00 total funds, with Scottrade offering 14984 and Fidelity Investments offering 14391. Commission free ETFs also should not be forgotten, Fidelity Investments offers 76 versus Scottrade's total of 0.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. Scottrade offers virtual trading while Fidelity Investments does not. Taking a look at mobile trading, Fidelity Investments along with Scottrade both support the iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts and Debit Cards are offered by Scottrade while Fidelity Investments offers Checking Accounts, Savings Accounts, Debit Cards and Credit Cards. On the whole, when it comes to tools, research, and trading on the go, Scottrade finished with awards for Best in Class Mobile Trading in 2014, while Fidelity Investments came up with Best in Class Platforms & Tools, Best in Class Research and Best in Class Mobile Trading.
Overall, Fidelity Investments comes out on top with 4.50 stars over Scottrade's 4.00 stars.