Using data from the StockBrokers.com 2017 Broker Review which tested 16 different online brokers
over six months, we can compare ChoiceTrade 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 $1.95 more than ChoiceTrade which charges customers $5.00 per trade. For options trading, Scottrade has a base fee of $6.95, and ChoiceTrade a base fee of $5.00. Option contracts are pricier at Scottrade, costing $0.70 versus $0.50 at ChoiceTrade. 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. ChoiceTrade alongside Scottrade offer clients Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, ChoiceTrade trails Scottrade by 13,099 total mutual funds, with Scottrade offering 13599 and ChoiceTrade offering 500. And, commission free ETFs deserve a comparison, which for investors means access to 0 commission free ETFs at both brokers.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade and Scottrade both offer virtual trading. For mobile trading, Scottrade offers the iPhone App, iPad App and Android App while ChoiceTrade offers the none of these. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Clients can have Checking Accounts, Savings Accounts and Debit Cards at Scottrade while customers at ChoiceTrade can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, unfortunately, neither ChoiceTrade nor Scottrade received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Scottrade boasts 4.00 stars versus ChoiceTrade's 2.00 stars.