Using data from our latest annual broker review which tested more than a dozen 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, with its regular stock trades costing $6.95, is more expensive than Lightspeed Trading's rate of $4.50 per trade. For options trading, Scottrade has a base fee of $6.95, and Lightspeed Trading a base fee of $0. 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, Lightspeed Trading trails Scottrade by 13,599 total mutual funds, with Scottrade offering 13599 and Lightspeed Trading offering 0. And, commission free ETFs deserve a comparison, which for investors means access to 0 commission free ETFs at both brokers.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed Trading and Scottrade both offer virtual trading. For mobile trading, Both Lightspeed Trading 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. Checking Accounts, Savings Accounts and Debit Cards are available to clients of Scottrade while Lightspeed Trading offers customers none of these. All factors considered, when it comes to platform 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 comes out on top with 4.00 stars over Lightspeed Trading's 3.00 stars.