Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we assessed 16 brokers on 308 different variables. Yielding a database of over 5,000 data points, let's compare E*TRADE vs Scottrade.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. E*TRADE and Scottrade charge the same amount for regular stock trades, $6.95. Looking at options, the base fees charged are the same for both brokers, $6.95. Option contracts are pricier at E*TRADE, costing $0.75 versus $0.70 at Scottrade. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review
Next to commission rates, being able to trade what you want is important. Scottrade provides its clients with Stock Trading, Options Trading and Mutual Funds while E*TRADE provides clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, E*TRADE trails Scottrade by 4,947.00 total mutual funds, with Scottrade offering 13599 and E*TRADE offering 8652. Commission free ETFs can also be valuable for customers, with Scottrade falling behind E*TRADE, offering 0 commission free ETFs compared to E*TRADE's 133.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Scottrade has virtual trading, E*TRADE doesn't. Taking a look at mobile trading, E*TRADE and Scottrade both have a 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 and Debit Cards are offered by E*TRADE while Scottrade offers Checking Accounts, Savings Accounts and Debit Cards. On the whole, when it comes to tools, research, and mobile trading, E*TRADE finished with awards Best in Class - Research and Best in Class - Mobile Trading in 2017, while Scottrade came up with none of these.
Overall, both E*TRADE and Scottrade share a rating of 4.00 stars.