Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Charles Schwab vs Scottrade to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Scottrade charges $6.95 per stock trade which is $2.00 more than Charles Schwab which charges customers $4.95 per trade. Looking at trading options, Charles Schwab's base fee is $4.95 while Scottrade's is $6.95. Charles Schwab's per contract rate of $0.65 is less than Scottrade which charges $0.70. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews
Next, investors want to make sure they can trade the investment vehicle they want. Scottrade offers clients Stock Trading, Options Trading and Mutual Funds while Charles Schwab offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Scottrade boasts an offering of 13599 mutual funds compared to Charles Schwab's 5509 available funds. And, commission free ETFs deserve a comparison, with Scottrade falling behind Charles Schwab, offering 0 commission free ETFs compared to Charles Schwab's 244.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Scottrade makes virtual trading available to clients, while Charles Schwab does not. For mobile trading, Charles Schwab along with Scottrade both support the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts, Savings Accounts and Debit Cards are available to clients of Scottrade while Charles Schwab offers customers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, Charles Schwab posted awards Best in Class - Platforms & Tools and Best in Class - Research in 2018, while Scottrade found itself with none of these.
Overall, Charles Schwab takes the upper hand with 4.50 stars over Scottrade's 4.00 stars.