Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Firstrade 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 $4.00 more than Firstrade which charges customers $2.95 per trade. Looking at trading options, Firstrade's base fee is $2.95 while Scottrade's is $6.95. Each option contract then costs $0.70 at Scottrade and $0.50 at Firstrade. 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. Firstrade and Scottrade provide clients with Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Firstrade trails Scottrade by 996 total mutual funds, with Scottrade offering 13599 and Firstrade offering 12603. And, commission free ETFs deserve a comparison, with Firstrade having the upper hand thanks to its 12 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. Scottrade makes virtual trading available to clients, while Firstrade does not. For mobile trading, Both Firstrade 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. Clients can have Checking Accounts and Debit Cards at Firstrade while customers at Scottrade can have Checking Accounts, Savings Accounts and Debit Cards. All factors considered, when it comes to platform tools, research, and mobile trading, both Firstrade and Scottrade found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Scottrade boasts 4.00 stars versus Firstrade's 3.50 stars.