Scottrade and Interactive Brokers recently announced a new relationship that will provide an alternative for advanced traders who value the availability of one-on-one support as they implement their trading strategies. The new offering will be called Scottrade Pro. Scottrade Pro will be available for web, desktop, and mobile platforms.
Scottrade Pro will take the place of the old Scottrade OptionsFirst program. Scottrade OptionsFirst will be retired on April 30. Scottrade will be helping customers transition during this period. Any clients who may have questions are encouraged to either contact their local Scottrade office or the Scottrade Active Trader Group.
Scottrade Pro will offer new lower commissions and margin rates for investors. What kind of rates should clients expect? Stock trades will incur a minimum commission of $5 or 1/2 a cent per share, whichever is the greater amount. For options trades, it will be a $5 minimum or .50 cents per contract. This is significantly cheaper than the normal pricing at the Scottrade website, which is $7 per stock trade, and $7 plus $1.25 per contract for options trades.
Scottrade Pro will have the typical Scottrade color scheme and logo, but it will use Interactive Brokers’ technology. All operations will be handled by Interactive Brokers. Scottrade Pro will not be integrated with the firm’s regular website.
The online broker believes this combination will help lower costs for active traders, and give them access to the technology they need in today’s fast moving market.
StockBrokers.com will keep you up to date as more details emerge about this new offering.
(Quick Notes from Blain: This deal came together because OptionsHouse and tradeMONSTER joined forcing, leaving the OptionsHouse 2.0 platform in the graveyard and thus ending the Scottrade OptionsFirst program. Scottrade OptionsFirst clients will be in capable hands under the new setup which is a white-labeled solution from Interactive Brokers. That said, heavily active Scottrade clients should know that they can get a better deal on commissions by going straight to Interactive Brokers and skipping Scottrade Pro altogether. Compare Scottrade vs Interactive Brokers.)
For the full press release click here.