Scottrade vs Sogotrade: Trading Fees and Investments
|
|
- Stocks and ETFs: $7
- Stocks and ETFs broker assisted: $27
- Stocks and ETFs interactive voice response (IVR) telephone system: $17
- Options: $7 plus $1.25 per contract
- Mutual Funds: 2,800+ free mutual funds, $17 for others
- 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 plus $3 per bond (minimum investment $1,000)
- Unit Investment Trusts (UIT): $50 liquidation fee
- Foreign Stocks Transferring In or Out: $60 per transaction
- Investment products: stocks, options, mutual funds, CDs, munis, U.S. Treasury, Canadian and foreign stocks, ETFs
- Minimum to open Scottrade account: $500 for a cash account, $2,000 for a margin account
- All Scottrade fees
|
- Stocks and ETFs: $3
- Stocks and ETFs broker assisted: $25
- Options: $5 plus $0.50 per contract
- Options broker assisted: $25 plus $0.50 per contract
- Options exercise/assignment: $15
- No-load mutual funds: $15
- Investment products: stocks, options, mutual funds, ETFs
- Minimum to open Sogotrade account: $500
- All Sogotrade fees
|
|
|
- No inactivity, account maintenance or hidden fees
- No-fee IRAs
- One of the highest customer satisfaction ratings according to JD Power and Associates
- 500+ local branches
- Great support for beginner investors with massive amount of educational resources
- Online user community
- Banking services: savings, CDs, money market and checking accounts (visa check card and first order of checks is free)
- No ACAT fee
- Only $500 minimum to open account
- Free real-time streaming quotes and charts
- Free dividend reinvestment for mutual funds (but not for stocks)
|
- Very low commissions
- Fractional shares available with no monthly subscription fee
- No inactivity, maintenance fees (accounts with over $100)
|
|
|
- Additional 0.5% of the principal value commission for stocks under $1
- No electronic withdrawals (but can use debit card or checks)
|
- For stocks priced under $1, the online commission is $3 plus 0.5% of the principal value
- Terrible trade executions
- Poor trading platform
- Frequent technical problems
- Very slow new account set up process
- Hard to reach, unresponsive customer service
- $30 annual IRA fee
- Can't short stocks under $3
- Cannot invest in CDs and bonds
- No interest on cash
|
Sogotrade vs Scottrade: Comparison Summary
Sogotrade (Sogotrade Review) has
much lower commissions on stocks and ETFs than
Scottrade (Scottrade Review) -
$3 versus $7 per trade. Sogotrade charges $15 for mutual fund transactions. With Scottrade clients could get over
2,800 free NTF mutual funds and buy all others for $17 per transaction.
Sogotrade charges $30 annual IRA fee. Scottrade, on the hand, has fee-free IRA accounts (not even an
IRA termination fee that most other online brokers charge!) and the firm is
rated as one of the Best IRA Brokerages in 2012.
Unlike Sogotrade, Scottrade provides over 500 local branches where customers could step by and talk with someone face-to-face.
The company is rated at the top of the list in customer satisfaction according to JD Power and Associates.
Both companies don't have account inactivity, maintenance fees and surcharges on large orders. However, they both charge
additional commission on stocks under $1 (penny stocks).
There are a lot of complaints about Sogotrade's customer service, poor trade execution and terrible
trading platform. Scottrade is one of our Top Online Brokers.
Between these two companies we strongly recommend Scottrade.
|
|
|
|
|
|
|