Fresh off the press, Scottrade (read our review) has slashed its expensive $1.25 per contract fee down to $.70 per contract.
As a result, options trades are now $7 + $.70 per contract.
The industry standard per contract fee for full service brokers is $.75 so it should come as no surprise why Scottrade chose $.70.
What is surprising is just how aggressive the cut actually is. Saving $.55 per contract is nothing to scoff at.
Note though, Scottrade is not known for its option trading capabilities. The broker only offers single leg options through its website and ELITE platform.
For complex options traders, Scottrade offers Scottrade Pro which is a white labeled version of the Interactive Brokers’s platform. Scottrade Pro supports multi-leg trades as well as vastly discounted options trades, $.50 per contract ($5 minimum).
The new $.70 rate takes effect immediately for all Scottrade customers.
Options Trading at Scottrade Just Got Better with New $0.70 Option Contract Fees