Using data from our latest annual broker review which tested more than a dozen 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 charges more than Fidelity Investments for placing regular stock trades ($6.95 and $4.95, respectively). 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. Fidelity Investments alongside Scottrade offer clients 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 12505 available funds. And, commission free ETFs deserve a comparison, with Fidelity Investments having the upper hand thanks to its 91 available commission free ETFs compared to Scottrade's offering of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Fidelity Investments alongside Scottrade 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 was rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading, while Scottrade was rated none of these.
Overall, Fidelity Investments comes out on top with 4.50 stars over Scottrade's 4.00 stars.