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Scottrade vs Trademonster
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Scottrade vs Trademonster: Trading Fees and Investments
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- 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
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- Stocks and ETFs: $7.50
- Stocks and ETFs broker assisted: $22.50
- Options: $0.50 per contract (minimum $12.50 for single leg orders and $15 minimim per spread for multi-leg orders)
- Futures: $1.50 per contract
- Options on Futures: $1.50 per contract (excluding exchange fees, NFA fees, overnight and platform fees as applicable)
- Mutual Funds: $15 to buy, $0 to sell
- Bonds: $15 (Municipal, Corporate, Agency, Treasury)
- Investments: stocks, options, mutual funds, bonds, ETFs
- Minimum to open tradeMONSTER account: $2,000
- All tradeMONSTER fees
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- 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)
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- Best margin rates
- Selling mutual funds is free
- No inactivity, account maintenance or hidden fees
- No-fee IRAs
- Free trading simulator (virtual trading)
- Lots of learning materials for beginner investors, including webinars
- Very good customer service
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- Additional 0.5% of the principal value commission for stocks under $1
- No electronic withdrawals (but can use debit card or checks)
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- Additional 1.5 cents per share surcharge on extended hours trades
- Additional $0.0005 per share on the entire order for any stocks priced less than $1
- Trading tools could be a bit hard to master for beginners
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Trademonster vs Scottrade: Comparison Summary
Scottrade (Scottrade Review) and Trademonster
(Trademonster Review)
are very similarly priced: Scottrade charges $7 per trade on stocks/ETFs and free/$17 per transaction on
mutual funds versus Trademonster's $7.50 per trade on stocks/ETFS, and $15 to buy and $0 to sell on mutual fund transactions.
Both firms have few fees: there are no setup and annual IRA fees, no account maintenance, inactivity, hidden fees and no surcharges
on large orders. Trademonster, however, charges 1.5 cents on each share traded in extended hours and has smaller surcharge on penny stocks.
Scottrade charges additional 0.5% of the principal value on stocks under $1.
Thanks to helpful online community, largest network of local branches where customers could talk with someone face-to-face, and excellent
customer service, Scottrade is one of the Best Companies for Beginner Investors.
It is also one of our Top Online Brokers and
Top Rated IRA Account in 2012.
Because Scottrade is more established company which offers thousands of free mutual funds, we recommend Scottrade over Trademonster
to most investors. Options traders will be better off with Trademonster.
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