Using data from the StockBrokers.com 2017 Broker Review which tested 16 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. For options trading, Robinhood has a base fee of $N/A, and Scottrade a base fee of $6.95. 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 provides its clients with Stock Trading, Options Trading and Mutual Funds while Robinhood provides clients access to Stock Trading. As far as mutual funds go, Scottrade boasts an offering of 13599 mutual funds compared to Robinhood's 0 available funds. And, commission free ETFs deserve a comparison, which is a wash in this comparison as both Robinhood and Scottrade offer 0 commission free ETFs.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Scottrade offers virtual trading while Robinhood does not. 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. Checking Accounts, Savings Accounts and Debit Cards are offered by Scottrade while Robinhood offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, both Robinhood 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 Robinhood's 2.50 stars.