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TradeStation vs eToro 2024

StockBrokers.com

Written by StockBrokers.com

October 30, 2024

In this head to head comparison of TradeStation vs eToro, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.

TradeStation
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.60
eToro
4/5 Stars Overall
  • Minimum Deposit: $50.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.00

Investment options

When choosing between TradeStation and eToro for your online brokerage needs, TradeStation emerges as a robust option. With a rating of 4.5 stars for investment options, it ranks fifth out of eighteen brokers, offering a comprehensive array of services, including stock, margin, OTC stocks, mutual funds, options, and futures trading. In contrast, eToro is rated at 2.5 stars and ranks seventeenth, excelling primarily in cryptocurrency trading with 26 available coins and the unique feature of fractional shares trading.

TradeStation offers traditional and Roth IRA accounts, catering to investors seeking tax-advantaged retirement savings, whereas eToro lacks these account options. Additionally, with TradeStation supporting margin trading and offering mutual funds alongside options trading, investors have a versatile platform to work with. Meanwhile, eToro's platform focuses heavily on cryptocurrencies and fractional share investments, appealing to digital asset enthusiasts but falling short in other traditional investment categories.

Both brokers provide stock and options trading, but TradeStation's inclusion of futures and mutual funds further broadens the investment landscape for account holders. On the other hand, eToro shines in providing easy access to the burgeoning cryptocurrency market. Ultimately, your choice will hinge on whether you prioritize deeper traditional investment options or seek access to digital currencies and fractional shares. Both platforms lack forex and advisor services, making neither preferable strictly for these features alone.

Feature TradeStation logoTradeStation
eToro logoeToro
Stock Trading info Yes Yes
Margin Trading Yes No
Fractional Shares info No Yes
OTC Stocks info Yes No
Mutual Funds info Yes No
Options Trading info Yes Yes
Futures Trading info Yes No
Crypto Trading info No Yes
Crypto Trading - Total Coins info 0 26
Investment Options 4.5/5 Stars 2.5/5 Stars

Dive deeper: Best Options Trading Platforms for 2024, Best Futures Trading Platforms for 2024

Trading platforms and tools

In comparing TradeStation and eToro's trading platforms and tools, TradeStation stands out as a strong contender with a rating of 4.5 stars compared to eToro’s 3.5 stars. Ranked #7 out of 18 by StockBrokers.com, TradeStation demonstrates superior capabilities, particularly in its desktop features and extensive range of technical indicators. In contrast, eToro, ranked #12, offers a simpler interface that caters more to basic trading needs, without the sophisticated customization options that TradeStation provides.

TradeStation provides a robust platform with both a Windows desktop download and a browser-based version, catering seamlessly to users with varied system preferences. eToro, on the other hand, only offers a browser-based platform, which might limit user experience somewhat. Both platforms align in providing essential features such as paper trading and the ability to add notes and index overlays to charts. However, TradeStation excels with capabilities like adjusting open orders directly on a stock chart, a feature absent in eToro's offerings.

Analyzing charting tools reveals clear distinctions: TradeStation offers 294 technical indicators alongside 23 drawing tools, facilitating advanced chart analysis, while eToro supports only 46 indicators but compensates with 48 drawing tools. Notably, TradeStation’s platform promises enhanced flexibility through custom studies and the ability to save multiple chart profiles, an area where eToro falls short, offering predefined configurations only. This detailed analysis positions TradeStation as the preferred choice for experienced traders seeking comprehensive tools and customization, whereas eToro serves those looking for a more straightforward, user-friendly experience.

Feature TradeStation logoTradeStation
eToro logoeToro
Web Trading Platform info Yes Yes
Desktop Trading Platform info Yes No
Desktop Platform (Mac) info No No
Paper Trading info Yes Yes
Watch Lists - Total Fields info 341 7
Charting - Indicators / Studies info 294 46
Charting - Drawing Tools info 23 48
Platforms & Tools 4.5/5 Stars 3.5/5 Stars

Dive deeper: Best Stock Brokers & Trading Platforms for 2024, Best Paper Trading Platforms for 2024

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Beginners and education

TradeStation and eToro both offer foundational resources for beginner investors, but they support distinct learning activities. TradeStation delivers stock and options education, bolstered by paper trading and educational videos, making it ideal for those looking to delve deeper into specific securities. It also provides webinars to engage users in live learning events. In contrast, while eToro offers stock education and paper trading, it lacks in options and supplementary learning formats such as webinars, placing greater emphasis on practical trading activities rather than diverse educational content.

Although both platforms have room for growth in investment education areas such as ETFs, mutual funds, and bonds, TradeStation's commitment to comprehensive investor education underscores its higher rating of 3.5 stars compared to eToro's 2.5 stars. TradeStation's educational offerings earn it the 11th spot among 18 brokers ranked by StockBrokers.com, leaving eToro trailing at 16th. Therefore, beginner investors seeking a broader educational scope might find TradeStation to be the more advantageous platform to kickstart their trading journey.

Feature TradeStation logoTradeStation
eToro logoeToro
Education (Stocks) info Yes Yes
Education (ETFs) info No No
Education (Options) info Yes No
Education (Mutual Funds) info No No
Education (Bonds) info No No
Paper Trading info Yes Yes
Videos info Yes Yes
Webinars info Yes No
Education 3.5/5 Stars 2.5/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2024

Stock trading apps

The stock trading apps of TradeStation and eToro both cater to a wide array of trading needs, boasting numerous features while excelling in different areas. TradeStation holds a slight edge in customization capabilities, enabling users to personalize watch list columns, a feature absent in eToro. Both platforms are comprehensive in terms of basic functionalities like offering iPhone and Android apps, options for after-hours trading, streaming quotes, stock alerts, and the ability to create custom watch lists. Despite these similarities, eToro offers a richer charting experience with a higher number of technical studies and the ability to display stock comparisons on charts, setting them apart in terms of analytical depth.

TradeStation and eToro share a similar rating of 4.5 stars for their stock trading apps, reflecting high user satisfaction. TradeStation ranks slightly higher at #8 compared to eToro's #11 rank according to StockBrokers.com evaluations. For users prioritizing the ability to customize their trading environment, TradeStation appears as a more tailored choice due to its watch list column customization. On the other hand, technical analysts might lean towards eToro for its robust offering of 103 technical studies, as opposed to TradeStation's 45, and its capability to show stock comparisons directly on the chart.

When deciding between TradeStation and eToro, it's essential to consider what specific features align with your trading strategy and personal preferences. Whether you value comprehensive charting tools or customizable watch lists can be pivotal in choosing the right app for your stock trading needs. Both platforms uphold a high standard of mobile accessibility and trading features; thus, evaluating your priorities will help in making an informed decision. The nuanced differences in customizability and charting capabilities highlight what each service excels in, ensuring traders can choose the platform best suited to their style.

Feature TradeStation logoTradeStation
eToro logoeToro
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No No
Stock Alerts info Yes Yes
Charting - After-Hours info Yes Yes
Charting - Technical Studies info 45 103
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Apps for 2024

Fees

When comparing TradeStation and eToro in terms of account fees and other charges, there's no one-size-fits-all solution, as both platforms cater to different needs. TradeStation offers a zero minimum deposit, potentially appealing to beginners and small-scale investors, while eToro requires a $50 minimum deposit. Both online brokers offer commission-free regular stock trades, but they diverge in options trading costs — TradeStation charges $0.60 per options contract, whereas eToro provides options trading at no cost, making it attractive for options traders. Additionally, eToro incurs no fees on options exercises and assignments, contrasting with TradeStation's charges of $14.95 for exercise and $5.95 for assignment.

TradeStation does offer margin accounts with competitive rates for balances over $25,000, starting at 12.5%, while eToro does not provide margin lending, which may limit advanced trading strategies for some traders on the platform. For account transfers, eToro’s fees are lower, charging $75 for both partial and full transfers, compared to TradeStation’s $125. However, TradeStation might incur additional costs such as a $35 annual IRA fee and a $50 IRA closure fee, which are absent in eToro's fee structure. Investors considering these platforms should weigh these specific fee differences against their investment strategies and financial goals.

Overall, if zero-cost entry and free options trading are paramount, eToro presents a more cost-effective solution, especially for traders focusing on options. In contrast, TradeStation might attract those interested in leveraging a broader margin balance range and are willing to manage additional IRA fees or higher transfer costs. Assessing the total cost of ownership and aligning it with individual trading requirements will ultimately guide the choice between these two online brokers.

Feature TradeStation logoTradeStation
eToro logoeToro
Minimum Deposit $0.00 $50.00
Stock Trades $0.00 $0.00
Options (Per Contract) $0.60 $0.00
Options Exercise Fee $14.95 $0.00
Options Assignment Fee $5.95 $0.00
IRA Annual Fee $35.00
IRA Closure Fee $50.00
Commissions & Fees 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Free Trading Platforms for 2024

Day Trading

When comparing the day trading capabilities of TradeStation and eToro, it's clear that TradeStation offers a more comprehensive suite of tools tailored for active traders. Both platforms provide streaming time and sales for stocks, ensuring that users have access to real-time market data. However, TradeStation sets itself apart by offering direct market routing, ladder trading, trading hotkeys for quick and efficient trade execution, and level 2 quotes, all of which are absent in eToro’s offerings. These features give day traders on TradeStation a distinct advantage when executing precise and fast-paced trades.

In addition to trade execution tools, TradeStation excels in strategy development and evaluation, featuring both basic and advanced strategy backtesting options, a capability that eToro lacks. Furthermore, TradeStation provides a short locator tool that allows customers to view real-time availability of shares available to short, a critical feature for traders engaged in short-selling strategies. Additionally, TradeStation offers order liquidity (maker/taker) rebates, a benefit that can help reduce trading costs, whereas eToro does not provide this option. Overall, for day traders seeking a platform rich in professional-grade tools and features, TradeStation stands out as the more equipped choice over eToro.

Feature TradeStation logoTradeStation
eToro logoeToro
Streaming Time & Sales info Yes Yes
Streaming TV info No No
Direct Market Routing - Stocks info Yes No
Level 2 Quotes - Stocks info Yes No
Trade Ideas - Backtesting info Yes No
Trade Ideas - Backtesting Adv info Yes No
Short Locator info Yes No

Dive deeper: Best Day Trading Platforms for 2024

Market Research

When weighing the market research capabilities of TradeStation and eToro, both platforms offer different strengths that cater to varying investor needs. TradeStation and eToro each earn a respectable three-star rating for market research; however, TradeStation ranks slightly higher at number 10 compared to eToro's position at number 12 out of 18 brokers according to StockBrokers.com. Investors should consider their specific research needs and priorities when selecting between these two platforms, as they both have unique offerings and limitations.

TradeStation provides comprehensive stock and ETF research, along with the ability to analyze Pink Sheets/OTCBB stocks, making it a versatile choice for investors interested in a wide range of equity markets. Although it lacks mutual fund and bond research and does not offer social media sentiment or ESG research, TradeStation provides users with the ability to view portfolio allocation by asset class and a stock screener for trade ideas. Despite its robust tools, TradeStation does not offer downloadable PDF research reports for stocks, ETFs, or mutual funds.

eToro distinguishes itself with its integration of social media sentiment data and ESG research, elements that are lacking in TradeStation. While eToro offers stock and ETF research, similar to TradeStation, it does not cover mutual funds, bonds, or Pink Sheets/OTCBB research. Furthermore, eToro falls short in providing a stock screener for trade ideas and lacks the feature to analyze portfolio allocation by asset class. Like TradeStation, eToro does not provide downloadable PDF research reports. Each platform has distinct advantages, aligning well with different investment strategies focused on either traditional asset management or socially conscious investing.

Feature TradeStation logoTradeStation
eToro logoeToro
Research - Stocks info Yes Yes
Screener - Stocks info Yes No
Research - ETFs info Yes Yes
Screener - ETFs info No No
Research - Mutual Funds info No No
Screener - Mutual Funds info No No
Research - Bonds info No No
Screener - Bonds info No No
Research 3/5 Stars 3/5 Stars

Banking

When comparing the banking capabilities of online brokers TradeStation and eToro, it becomes evident that neither platform offers traditional banking services. Neither TradeStation nor eToro provides checking or savings accounts, which are fundamental for day-to-day financial management. Additionally, both platforms lack the facilities for providing debit or credit cards, which are essential for consumer spending and building credit history. Moreover, neither TradeStation nor eToro offers mortgage loans, limiting options for users who may want to finance a home purchase. Furthermore, neither offers Certificates of Deposit (CDs), which are popular investment vehicles for earning fixed interest. For users seeking comprehensive banking solutions, both TradeStation and eToro may not meet those needs, as they primarily focus on online trading and investment services rather than offering a suite of banking services.

Feature TradeStation logoTradeStation
eToro logoeToro
Checking Accounts info No No
Savings Accounts info No No
Debit Cards info No No
Credit Cards info No No
Mortgage Loans info No No
CDs info No No

Dive deeper: Best Bank Accounts for Trading Stocks for 2024

Winner

After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that TradeStation is better than eToro. TradeStation finished with an overall score of 81.7%, while eToro finished with a score of 76.7%.

TradeStation supports casual traders through its web-based platform and active traders through its desktop platform. We like the web-based platform and mobile app, but the flagship desktop platform could use a refresh.

FAQs

Can you trade cryptocurrency with TradeStation or eToro?

While TradeStation does not offer crypto trading options, eToro provides access to the cryptocurrency market with 26 different coins available for trading.

Dive deeper: Best Online Brokers for Crypto Trading in 2024

Does TradeStation or eToro offer IRAs?

In comparing online brokers, TradeStation distinguishes itself by offering both traditional and Roth IRA accounts, with an annual fee of $35.00 and a $50.00 closure fee, whereas eToro does not provide IRA options, making TradeStation the favorable choice for individuals seeking retirement account offerings.

Dive deeper: Best IRA Accounts for 2024

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Compare

0 of 5
Overall Rating TradeStation eToro
Overall 4/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 2.5/5 Stars
Platforms & Tools 4.5/5 Stars 3.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 3/5 Stars 3/5 Stars
Customer Service 3.5/5 Stars N/A
Education 3.5/5 Stars 2.5/5 Stars
Ease Of Use 3.5/5 Stars 4/5 Stars
Winner check_circle
Review TradeStation Review eToro Review
Broker Screenshots TradeStation eToro
Trading Platform & Tools Gallery (click to expand)
Research Gallery (click to expand)
Mobile Trading Apps Gallery (click to expand)
Education Gallery (click to expand)
Trading Fees TradeStation eToro
Minimum Deposit $0.00 $50.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) info $0.01 info N/A
Mutual Fund Trade Fee $14.95 N/A
Options (Per Contract) $0.60 $0.00
Futures (Per Contract) $1.50 (Not offered)
Broker Assisted Trade Fee $25 $0
Margin Rates TradeStation eToro
Margin Rate Under $25,000 13.0% Not offered
Margin Rate $25,000 to $49,999.99 13.0% Not offered
Margin Rate $50,000 to $99,999.99 12.5% Not offered
Margin Rate $100,000 to $249,999.99 12.0% Not offered
Margin Rate $250,000 to $499,999.99 12.0% Not offered
Margin Rate $500,000 to $999,999.99 7.5% info Not offered
Margin Rate Above $1,000,000 7.5% info Not offered
Account Fees TradeStation eToro
IRA Annual Fee $35.00
IRA Closure Fee $50.00
Account Transfer Out (Partial) info $125.00 $75.00
Account Transfer Out (Full) info $125.00 $75.00
Options Exercise Fee $14.95 $0.00
Options Assignment Fee $5.95 $0.00
Investment Options TradeStation eToro
Stock Trading info Yes Yes
Margin Trading Yes No
Fractional Shares info No Yes
OTC Stocks info Yes No
Options Trading info Yes Yes
Complex Options Max Legs info 4 0
Futures Trading info Yes No
Forex Trading info No No
Crypto Trading info No Yes
Crypto Trading - Total Coins info 0 26
Mutual Funds (No Load) info 800 0
Mutual Funds (Total) info 4000 0
Bonds (US Treasury) info Yes No
Bonds (Corporate) info Yes No
Bonds (Municipal) info Yes No
Traditional IRAs info Yes No
Roth IRAs info Yes No
Advisor Services info No No
International Countries (Stocks) info 0 0
Order Types TradeStation eToro
Order Type - Market info Yes Yes
Order Type - Limit info Yes No
Order Type - After Hours info Yes No
Order Type - Stop info Yes Yes
Order Type - Trailing Stop info Yes Yes
Order Type - OCO info Yes No
Order Type - OTO info Yes No
Order Type - Broker Assisted info Yes No
Beginners TradeStation eToro
Education (Stocks) info Yes Yes
Education (ETFs) info No No
Education (Options) info Yes No
Education (Mutual Funds) info No No
Education (Bonds) info No No
Education (Retirement) info No No
Retirement Calculator info No No
Investor Dictionary info No No
Paper Trading info Yes Yes
Videos info Yes Yes
Webinars info Yes No
Webinars (Archived) info Yes No
Progress Tracking info No No
Interactive Learning - Quizzes info No No
Stock Trading Apps TradeStation eToro
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No No
Trading - Stocks info Yes Yes
Trading - After-Hours info Yes No
Trading - Simple Options info Yes Yes
Trading - Complex Options info Yes No
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info Yes Yes
Stock App Features TradeStation eToro
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info No No
Videos on Demand info No Yes
Stock Alerts info Yes Yes
Option Chains Viewable info Yes Yes
Watch List (Real-time) info Yes Yes
Watch List (Streaming) info Yes Yes
Watch Lists - Create & Manage info Yes Yes
Watch Lists - Column Customization info Yes No
Stock App Charting TradeStation eToro
Charting - After-Hours info Yes Yes
Charting - Can Turn Horizontally info No No
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 45 103
Charting - Study Customizations info Yes Yes
Charting - Stock Comparisons info No Yes
Trading Platforms TradeStation eToro
Active Trading Platform info TradeStation 10 N/A
Desktop Trading Platform info Yes No
Desktop Platform (Mac) info No No
Web Trading Platform info Yes Yes
Paper Trading info Yes Yes
Trade Journal info No No
Watch Lists - Total Fields info 341 7
Stock Chart Features TradeStation eToro
Charting - Adjust Trades on Chart info Yes No
Charting - Indicators / Studies info 294 46
Charting - Drawing Tools info 23 48
Charting - Notes info Yes Yes
Charting - Index Overlays info Yes Yes
Charting - Historical Trades info Yes No
Charting - Corporate Events info Yes No
Charting - Custom Date Range info Yes No
Charting - Custom Time Bars info Yes No
Charting - Automated Analysis info Yes No
Charting - Save Profiles info Yes Yes
Trade Ideas - Technical Analysis info Yes Yes
Charting - Study Customizations info 12 5
Charting - Custom Studies info Yes No
Day Trading TradeStation eToro
Streaming Time & Sales info Yes Yes
Streaming TV info No No
Direct Market Routing - Stocks info Yes No
Ladder Trading info Yes No
Trade Hotkeys info Yes No
Level 2 Quotes - Stocks info Yes No
Trade Ideas - Backtesting info Yes No
Trade Ideas - Backtesting Adv info Yes No
Short Locator info Yes No
Order Liquidity Rebates info Yes No
Research Overview TradeStation eToro
Research - Stocks info Yes Yes
Research - ETFs info Yes Yes
Research - Mutual Funds info No No
Research - Pink Sheets / OTCBB info Yes No
Research - Bonds info No No
Screener - Stocks info Yes No
Screener - ETFs info No No
Screener - Mutual Funds info No No
Screener - Bonds info No No
Misc - Portfolio Allocation info Yes No
Stock Research TradeStation eToro
Stock Research - PDF Reports info 0 0
Stock Research - Earnings info No Yes
Stock Research - Insiders info No Yes
Stock Research - Social info No Yes
Stock Research - News info Yes Yes
Stock Research - ESG info No Yes
Stock Research - SEC Filings info No Yes
ETF Research TradeStation eToro
ETFs - Strategy Overview info No Yes
ETF Fund Facts - Inception Date info No No
ETF Fund Facts - Expense Ratio info No No
ETF Fund Facts - Net Assets info No No
ETF Fund Facts - Total Holdings info No No
ETFs - Top 10 Holdings info No No
ETFs - Sector Exposure info No No
ETFs - Risk Analysis info No No
ETFs - Ratings info No Yes
ETFs - Morningstar StyleMap info No No
ETFs - PDF Reports info No No
Mutual Fund Research TradeStation eToro
Mutual Funds - Strategy Overview info No No
Mutual Funds - Performance Chart info No No
Mutual Funds - Performance Analysis info No No
Mutual Funds - Prospectus info No No
Mutual Funds - 3rd Party Ratings info Yes No
Mutual Funds - Fees Breakdown info No No
Mutual Funds - Top 10 Holdings info No No
Mutual Funds - Asset Allocation info No No
Mutual Funds - Sector Allocation info No No
Mutual Funds - Country Allocation info No No
Mutual Funds - StyleMap info No No
Options Trading TradeStation eToro
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info Yes No
Option Chains - Streaming info Yes No
Option Chains - Total Columns info 29 0
Option Chains - Greeks info 5 4
Option Chains - Quick Analysis info Yes Yes
Option Analysis - P&L Charts info Yes No
Option Probability Analysis info Yes No
Option Probability Analysis Adv info Yes No
Option Positions - Greeks info Yes No
Option Positions - Greeks Streaming info Yes No
Option Positions - Adv Analysis info Yes No
Option Positions - Rolling info Yes No
Option Positions - Grouping info Yes No
Banking TradeStation eToro
Bank (Member FDIC) info No No
Checking Accounts info No No
Savings Accounts info No No
Credit Cards info No No
Debit Cards info No No
Mortgage Loans info No No
Customer Service TradeStation eToro
Phone Support (Prospect Customers) info Yes No
Phone Support (Current Customers) info Yes No
Email Support info Yes Yes
Live Chat (Prospect Customers) info Yes Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info No No
Overall TradeStation eToro
Overall 4/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 2.5/5 Stars
Platforms & Tools 4.5/5 Stars 3.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 3/5 Stars 3/5 Stars
Education 3.5/5 Stars 2.5/5 Stars
Ease Of Use 3.5/5 Stars 4/5 Stars
Winner check_circle
Review TradeStation Review eToro Review
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