The StockBrokers.com 2017 Brokerage Review
compares Firstrade vs Scottrade. Compare Firstrade and Scottrade trade commissions, fees and overall broker ratings by using the table below. Is Firstrade or Scottrade a better online broker?
Looking at both brokers, first we will take a look at the commission rates for both placing regular stock and options trades. Scottrade charges $6.95 per stock trade which is $2.00 more than Firstrade which charges clients $4.95 per trade. Looking at trading options, Firstrade's base fee is $4.95 while Scottrade's is $6.95. At a difference of $0.05 per contract, Firstrade's per contract rate of $0.65 is less than Scottrade which charges $0.70. It should be noted that not every broker uses a flat rate stock trade fee structure, so it is important to read the full commission notes (head over to any online brokerage review
page, then navigate to the "Commission Notes" section).
Alongside trade commissions, being able to trade the way you want is a must. Both Firstrade and Scottrade support Stock Trading, Options Trading and Mutual Funds. When it comes to mutual funds, Scottrade boasts an offering of 13599 compared to Firstrade's 12191 available funds. Commission free ETFs can also be a nice plus, Firstrade offers 12 versus Scottrade's total of 0.
Last but not least, by breaking down important features that each broker offers, we can really help to separate the two brokers. Scottrade has virtual trading, Firstrade doesn't. For mobile trading, Firstrade offers the iPhone App and Android App while Scottrade offers the 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 offered by Firstrade while Scottrade offers Checking Accounts, Savings Accounts and Debit Cards. On the whole, when it comes to tools, research, and trading on the go, Both Firstrade and Scottrade found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2014.
Overall, Scottrade takes the upper hand with 4.00 stars over Firstrade's 3.50 stars.