Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Robinhood 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 Robinhood's rate of $0 per trade. Looking at trading options, Scottrade's base fee is $6.95 while Robinhood's is $N/A. Each option contract then costs $N/A at Robinhood and $0.70 at Scottrade. 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 Robinhood supports Stock Trading. As far as mutual funds go, Scottrade offers its clients access to 13599 different mutual funds while Robinhood has 0 available funds, a difference of 13,599. And, commission free ETFs deserve a comparison, which in this case means trading a possible 0 commission free ETFs at both brokers.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Scottrade has virtual trading, Robinhood doesn't. For mobile trading, Robinhood along with Scottrade both support the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Clients can have Checking Accounts, Savings Accounts and Debit Cards at Scottrade while customers at Robinhood can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, unfortunately, neither Robinhood 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 Robinhood's 2.50 stars.