Using data from the StockBrokers.com 2017 Broker Review which tested 16 different online brokers
over six months, we can compare Fidelity Investments 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, with its regular stock trades costing $6.95, is more expensive than Fidelity Investments's rate of $4.95 per trade. Looking at trading options, Fidelity Investments's base fee is $4.95 while Scottrade's is $6.95. Each option contract then costs $0.70 at Scottrade and $0.65 at Fidelity Investments. 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. Both Fidelity Investments and Scottrade support Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Scottrade boasts an offering of 13599 mutual funds compared to Fidelity Investments's 13204 available funds. And, commission free ETFs deserve a comparison, Fidelity Investments offers 91 commission free ETFs versus Scottrade's total of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Fidelity Investments and Scottrade both offer virtual trading. For mobile trading, Both Fidelity Investments and Scottrade offer clients access to an 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 offered by Scottrade while Fidelity Investments offers Checking Accounts, Savings Accounts, Debit Cards and Credit Cards. All factors considered, when it comes to platform tools, research, and mobile trading, Fidelity Investments finished with awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2017, while Scottrade came up with none of these.
Overall, Fidelity Investments takes the upper hand with 4.50 stars over Scottrade's 4.00 stars.