Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker
. Yielding a database of over 5,000 data points, let's compare Lightspeed Trading vs Scottrade.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Scottrade, with its regular stock trades costing $6.95, is more expensive than Lightspeed Trading's rate of $4.50 per trade. Looking at trading options, Lightspeed Trading's base fee is $0 while Scottrade's is $6.95. Each option contract then costs $0.70 at Scottrade and $0.60 at Lightspeed Trading. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review
Next to commission rates, being able to trade what you want is important. Scottrade provides its clients with Stock Trading, Options Trading and Mutual Funds while Lightspeed Trading provides clients access to Stock Trading, Options Trading and Futures Trading. Looking at mutual funds, Scottrade boasts an offering of 13599 mutual funds compared to Lightspeed Trading's 0 available funds. Commission free ETFs can also be valuable for customers, which is a wash in this comparison as both Lightspeed Trading and Scottrade offer 0 commission free ETFs.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Lightspeed Trading and Scottrade both offer virtual trading. Taking a look at mobile trading, Lightspeed Trading along with Scottrade both support the iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts and Debit Cards are offered by Scottrade while Lightspeed Trading offers none of these. On the whole, when it comes to tools, research, and mobile trading, unfortunately, neither Lightspeed Trading nor Scottrade received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Scottrade boasts 4.00 stars versus Lightspeed Trading's 2.50 stars.