Using data from the StockBrokers.com 2017 Broker Review which tested 16 different online brokers
over six months, we can compare Lightspeed Trading 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 $2.45 more than Lightspeed Trading which charges customers $4.50 per trade. With options, the base fees charged are $6.95 (Scottrade) and $0 (Lightspeed Trading). Lightspeed Trading's per contract rate of $0.60 is less than Scottrade which charges $0.70. 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. Scottrade supports Stock Trading, Options Trading and Mutual Funds while Lightspeed Trading supports Stock Trading, Options Trading and Futures Trading. As far as mutual funds go, Scottrade boasts an offering of 13599 mutual funds compared to Lightspeed Trading's 0 available funds. And, commission free ETFs deserve a comparison, which is a wash in this comparison as both Lightspeed Trading and Scottrade offer 0 commission free ETFs.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed Trading alongside Scottrade offer virtual trading. For mobile trading, Scottrade supports the iPhone App, iPad App and Android App while Lightspeed Trading supports the none of these. 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 Lightspeed Trading offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, both Lightspeed Trading and Scottrade found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2017.
Overall, Scottrade takes the upper hand with 4.00 stars over Lightspeed Trading's 2.50 stars.