Scottrade versus Fidelity: Commissions, Fees and Investments Offered
- $7 per stock/etf trade
- Options: $7 plus $1.25 per contract
- Mutual Funds: 2,800+ free, $17 for all other mutual funds
- CDs, OTC Secondary Corporates, OTC Secondary Municipals, U.S. Treasury Bills, Notes, Bonds and STRIPS, New Corporate Offerings: subject to a markup or markdown
- Listed Corporate Bonds: $35 fee + $3 per Bond (minimum investment $1,000)
- Unit Investment Trusts (UIT): $50 liquidation fee
- Foreign Stocks Transferring In or Out: $60 per transaction
- $7.95 per stock/etf trade
- Options: $7.95 + $0.75 per contract
- Mutual Funds: no transaction fee when trading over 1,400 Fidelity and non–Fidelity mutual funds; $75 for all others
- Bonds: U.S. Treasury Auctions: free; GSE, secondary CDs, Municipals, Corporates (BBB- or higher), CATS/TIGRS, Corporates (BB+ or lower):
1.00 per bond, $8 min., $250 max.
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Scottrade vs Fidelity: Advantages
- Truly excellent customer service
- 500+ local branches
- Free real-time streaming quotes and charts
- Online community
- Perfect broker for beginner investors
- Great Trade Ideas tool
- No IRA fees (setup, annual, termination)
- Just $500 to open account
- Fidelity mutual funds
- Great research amenities
- Many asset classes to invest
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Scottrade vs Fidelity: Disadvantages
- Surcharge of ½% of the principal value on penny stock trades
- Website could be improved
- Scottrade Elite is only available to 25K and larger accounts
- Cannot short sell stocks under $5
- High trading commissions
- Minimum initial account deposit of $2,500 (cash and margin accounts)
- Mutual funds fees
- Customer service level depends on account size
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Scottrade and Fidelity Websites and Ratings
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