Looking for a good investing site to start trading on? While there are bigger names in the industry, OptionsHouse and Scottrade are actually two of the best, most useful sites for investing. They both have lower trading fees, easy-to-use interfaces and great customer service. So which one is better? We break down each service to help you decide.
This site has the least expensive rates, which makes it perfect for any newbies who want to take a few risks without getting hit by expensive rates. OptionsHouse also does a good job at showing you the different types of investing.
Price: $3.95 per stock and $5 per option transaction. OptionsHouse.com is currently offering 100 commission-free trades when you sign up.
Best Feature for Newbies: OptionsHouse offers the lowest rates, almost across the board, but they only have three options: Stocks; Options and Spreads. It’s the best site for long-term, low-risk trading.
Downsides: The limited options available through OptionsHouse may not work for the investment portfolio you are trying to build. OptionsHouse does offer a variety of contact methods, including telephone, live chat and email support, but it is not 24/7.
Scottrade offers easy-to-use trading tools and a comprehensive network of 500 local branches for traders who want to talk to someone in person. Scottrade’s reputation for top-notch customer service makes it a smart choice for first-time investors. In a recent investor survey by J.D. Power and Associates, Scottrade ranked No. 1 for both customer interaction and overall satisfaction.
Price: Scottrade is also one of the most affordable trading sites, offering stock and options trades for just $7 each, although sites like SureTrader offer lower fees at $4.95 per trade. They require a $2,500 minimum deposit to begin trading.
Features: Scottrade’s platform lets beginning investors easily customize the elements of their home page with a drag and drop feature. And every account page comes with a Quick Trade Bar to help users research and trade stocks with ease.
Best Feature for Newbies: Scottrade’s price makes it easier to learn to make trades without breaking the bank.