The StockBrokers.com annual broker review assesses more than a dozen different brokers over six months, surfacing the best online stock brokers
. This review compares Firstrade vs Scottrade. Is Firstrade or Scottrade a better online broker?
First, we will make a comparison of the stock and option trading fees for trading with both brokers. Scottrade charges $6.95 per stock trade which is $4.00 more than Firstrade which charges customers $2.95 per trade. With options, the base fees charged are $6.95 (Scottrade) and $2.95 (Firstrade). Firstrade's per contract rate of $0.50 is less than Scottrade which charges $0.70. Note that some brokers charge a per-share fee instead of a flat-fee commission. For a full breakdown of commissions, read our online broker reviews
For our next comparison of these two brokers, being able to trade the way you want is a must. Firstrade and Scottrade provide clients with Stock Trading, Options Trading and Mutual Funds. When it comes to mutual funds, Scottrade offers its clients access to 13599 different mutual funds while Firstrade has 12603 available funds, a difference of 996. Commission free ETFs can also be a nice plus, Firstrade offers 703 commission free ETFs versus Scottrade's total of 0.
Last but not least, by breaking down important features, tools, etc that each broker offers, we can really help to separate the two. 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. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. Checking Accounts and Debit Cards are available to clients of Firstrade while Scottrade offers customers Checking Accounts, Savings Accounts and Debit Cards. On the whole, when it comes to tools, research, and mobile trading, unfortunately, neither Firstrade nor Scottrade received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, both Firstrade and Scottrade share a rating of 4.00 stars.