Robinhood vs TradeStation 2024
In this head to head comparison of Robinhood vs TradeStation, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
In this head to head comparison of Robinhood vs TradeStation, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
When choosing between Robinhood and TradeStation as your online broker, it's essential to consider the variety of investment options each platform provides. Robinhood, although rated 3.5 out of 5 stars for its investment offerings, ranks 14th among 18 brokers according to StockBrokers.com. On the other hand, TradeStation boasts a more robust array of options, earning a higher rating of 4.5 stars and holding the 5th position in the same rankings. Your choice will largely depend on whether you prioritize a broader range of traditional investment options or a more streamlined, tech-forward interface for specific assets like cryptocurrencies.
Robinhood offers users the ability to trade stocks, options, and cryptocurrencies, including a selection of 20 different coins. The platform also supports margin trading and fractional shares, providing flexibility for those looking to invest smaller amounts in high-priced stocks. However, Robinhood falls short in offering more traditional investment opportunities such as mutual funds, futures, or over-the-counter (OTC) stocks. For individuals interested in tax-advantaged retirement savings, Robinhood does provide both traditional and Roth IRA accounts.
TradeStation, conversely, offers a comprehensive suite of traditional investment options. Users can engage in stock and options trading, along with margin trading. Unlike Robinhood, TradeStation gives access to mutual funds, OTC stocks, and futures trading, though it does not support cryptocurrency trading. While fractional shares are not available, the inclusion of mutual funds and futures may appeal to investors seeking a wide range of traditional financial instruments. Similar to Robinhood, TradeStation offers both traditional and Roth IRA accounts but does not provide advisor services. Ultimately, TradeStation may be the preferred choice for investors seeking an extensive selection of traditional investment products.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Stock Trading | Yes | Yes |
Margin Trading | Yes | Yes |
Fractional Shares | Yes | No |
OTC Stocks | No | Yes |
Mutual Funds | No | Yes |
Options Trading | Yes | Yes |
Futures Trading | No | Yes |
Crypto Trading | Yes | No |
Crypto Trading - Total Coins | 20 | 0 |
Investment Options |
Dive deeper: Best Options Trading Platforms for 2024, Best Futures Trading Platforms for 2024
When comparing online trading platforms, TradeStation clearly stands out above Robinhood in terms of trading tools and features, as evidenced by its higher rating of 4.5 out of 5 stars compared to Robinhood's 3-star rating. Ranked 7th out of 18 brokers by StockBrokers.com for its trading platforms and tools, TradeStation provides a more comprehensive suite of options for serious traders. Robinhood, on the other hand, holds the 13th position, reflecting a more simplified approach suitable for beginners or those seeking a more straightforward trading experience.
TradeStation offers a robust downloadable trading platform for Windows users, while Robinhood solely relies on a browser-based platform accessible on both Windows and Mac. TradeStation's extensive offering includes 294 technical indicators, vastly surpassing Robinhood’s 16, and supports advanced charting capabilities like historical trade display, corporate event visualization, and automated technical analysis. In contrast, Robinhood provides a more limited experience, focusing on essential tools like adding notes and index overlays to charts, with just 1 customization field for SMA studies compared to TradeStation's 12.
Both platforms allow users to adjust open orders directly on stock charts and set custom date ranges, but TradeStation elevates the experience with features like paper trading, extensive watchlist customization with 341 fields, and the ability to create custom studies. While Robinhood is commendable for its easy-to-use interface and essential functionalities, TradeStation's advanced offerings cater to traders seeking intricate analytics and customizable trading environments, making it the preferred choice among trading enthusiasts seeking depth and flexibility in their trading platforms.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Web Trading Platform | Yes | Yes |
Desktop Trading Platform | No | Yes |
Desktop Platform (Mac) | No | No |
Paper Trading | No | Yes |
Watch Lists - Total Fields | 3 | 341 |
Charting - Indicators / Studies | 16 | 294 |
Charting - Drawing Tools | 23 | 23 |
Platforms & Tools |
Dive deeper: Best Stock Brokers & Trading Platforms for 2024, Best Paper Trading Platforms for 2024
When comparing Robinhood and TradeStation for beginner and investor education capabilities, both online brokers provide unique resources that cater to different aspects of learning about the stock market. Robinhood offers educational content for stocks, ETFs, and options, but lacks resources such as educational videos and paper trading. Despite this, Robinhood compensates with webinars to aid in investor education. On the other hand, TradeStation provides education on stocks and options, with additional resources like educational videos and the valuable feature of paper trading, allowing users to practice trading without real capital at risk. However, TradeStation does not offer education on ETFs or mutual funds, narrowing the scope for diverse educational coverage.
Both Robinhood and TradeStation receive a 3.5 out of 5-star rating for their educational offerings, suggesting a similar quality of educational tools available to investors. According to StockBrokers.com, Robinhood ranks slightly higher at number 10 out of 18 brokers for education, while TradeStation is close behind at number 11. This ranking indicates that while both platforms provide satisfactory educational support for beginners, they have room for improvement, specifically in tracking learning progress and offering more interactive educational tools, such as quizzes, to enhance user engagement and learning outcomes.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Education (Stocks) | Yes | Yes |
Education (ETFs) | Yes | No |
Education (Options) | Yes | Yes |
Education (Mutual Funds) | No | No |
Education (Bonds) | No | No |
Paper Trading | No | Yes |
Videos | No | Yes |
Webinars | Yes | Yes |
Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
When comparing the stock trading app capabilities of Robinhood and TradeStation, both platforms offer robust features, making them appealing to a wide range of traders. Each app is highly rated, boasting a 4.5-star review for their user-friendly interfaces and comprehensive functionalities. Despite their similarities, TradeStation edges out slightly in industry rankings, placing 8th compared to Robinhood's 9th position in a review by StockBrokers.com.
Both Robinhood and TradeStation offer iPhone and Android apps, ensuring accessible trading for all mobile users. Where Robinhood stands out is its inclusion of an Apple Watch app for even more accessible stock trading. Post-market trading is another feature provided by both platforms. However, TradeStation's versatility is highlighted by its array of 45 technical studies available in its mobile app for in-depth chart analysis, much more than Robinhood's 6 technical studies.
In terms of common features, both Robinhood and TradeStation support mobile options trading, streaming quotes, stock alerts, and customizable watchlists, including the ability to adjust watch list columns. However, areas like streaming live TV and video on demand are not covered by either app, and both omit the ability to view charts in landscape mode or to display stock comparisons on charts. Overall, each app caters well to those interested in mobile trading, with TradeStation providing a more extensive range of technical study tools.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
iPhone App | Yes | Yes |
Android App | Yes | Yes |
Apple Watch App | Yes | No |
Stock Alerts | Yes | Yes |
Charting - After-Hours | Yes | Yes |
Charting - Technical Studies | 6 | 45 |
Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps for 2024
When comparing the account fees and charges between Robinhood and TradeStation, it becomes evident that Robinhood offers a more cost-effective option for individuals looking to minimize fees. Robinhood stands out with its zero charges on stock trades, options contracts, IRA fees, and options-related fees, making it an attractive choice for budget-conscious investors. Meanwhile, TradeStation charges a $0.60 fee per options contract and imposes various other fees, such as a $35 IRA annual maintenance fee and $14.95 for options exercise, which might make it less appealing if keeping costs low is a priority.
Both platforms boast a $0 minimum deposit, allowing investors to start trading without an initial financial barrier. However, Robinhood provides a clear advantage in terms of margin rates, which are substantially lower across various margin balance tiers compared to TradeStation's considerably higher rates. For margin balances below $25,000, Robinhood charges 6.25%, while TradeStation charges 13%. As the margin balances increase, Robinhood's rates remain competitive, further highlighting its appeal for investors interested in margin trading without exorbitant costs.
Moreover, Robinhood's approach to account transfers is relatively more affordable than TradeStation's. Although Robinhood charges $100 for both full and partial Account Transfers (ACAT), TradeStation charges $125, adding an extra financial burden for those looking to transition their accounts. Additionally, Robinhood users benefit from free options assignment fees compared to TradeStation's $5.95 charge, solidifying Robinhood as a platform that prioritizes financial accessibility for its users.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Minimum Deposit | $0.00 | $0.00 |
Stock Trades | $0.00 | $0.00 |
Options (Per Contract) | $0.00 | $0.60 |
Options Exercise Fee | $0.00 | $14.95 |
Options Assignment Fee | $0.00 | $5.95 |
IRA Annual Fee | $0.00 | $35.00 |
IRA Closure Fee | $0.00 | $50.00 |
Commissions & Fees |
Dive deeper: Best Free Trading Platforms for 2024
When it comes to day trading features, TradeStation offers a significantly more robust platform compared to Robinhood. TradeStation provides streaming time and sales for stocks, direct market routing, and trading hotkeys for efficient trade entry, all of which Robinhood lacks. Additionally, TradeStation supports level 2 quotes and both basic and advanced strategy backtesting, enhancing the trader's ability to perform in-depth analysis and testing. While both platforms offer ladder trading, TradeStation outshines Robinhood by providing essential day trading tools that cater to more seasoned traders.
Despite Robinhood's simplicity and accessibility for beginners, it falls short in offering features conducive to an advanced trading experience. TradeStation also provides a short locator tool for real-time availability of shares available to short and offers order liquidity (maker/taker) rebates—features Robinhood does not include. Neither Robinhood nor TradeStation offers streaming live TV, but TradeStation's comprehensive suite of tools better supports day traders seeking a feature-rich environment for more strategic and informed trading decisions.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Streaming Time & Sales | No | Yes |
Streaming TV | No | No |
Direct Market Routing - Stocks | No | Yes |
Level 2 Quotes - Stocks | No | Yes |
Trade Ideas - Backtesting | No | Yes |
Trade Ideas - Backtesting Adv | No | Yes |
Short Locator | No | Yes |
Dive deeper: Best Day Trading Platforms for 2024
When comparing the market research capabilities of Robinhood and TradeStation, it's evident that both platforms offer a basic suite of research tools, but there are notable differences. TradeStation edges out Robinhood overall, boasting a higher market research rating of 3 stars compared to Robinhood's 2.5 stars. Moreover, TradeStation holds a more favorable position in StockBrokers.com's ranking, placed at number 10 out of 18 brokers, while Robinhood trails at 14th place.
Both Robinhood and TradeStation provide research for stocks, ETFs, and Pink Sheets/OTCBB, though neither offers mutual funds or bond research. Neither platform includes downloadable PDF reports or ESG research options. However, TradeStation sets itself apart with its ability to display portfolio allocation by asset class, a feature absent in Robinhood. Additionally, both platforms incorporate stock screeners for generating trade ideas, but they do not extend this functionality to ETFs, mutual funds, or bonds.
For investors seeking in-depth market research, TradeStation appears to offer a slightly richer experience than Robinhood. Still, both platforms come up short in several areas, such as the lack of social media sentiment-based stock research and comprehensive downloadable reports. While TradeStation's extra feature of portfolio allocation by asset class could appeal to some users, investors with more demanding research needs may find these platforms limited.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Research - Stocks | Yes | Yes |
Screener - Stocks | Yes | Yes |
Research - ETFs | Yes | Yes |
Screener - ETFs | No | No |
Research - Mutual Funds | No | No |
Screener - Mutual Funds | No | No |
Research - Bonds | No | No |
Screener - Bonds | No | No |
Research |
When comparing the banking capabilities of online brokers Robinhood and TradeStation, there are several distinctions to note. Robinhood provides users with access to debit cards, a feature that TradeStation does not offer. However, neither Robinhood nor TradeStation provides traditional banking services such as checking accounts, savings accounts, credit cards, mortgage loans, or certificates of deposit (CDs). This comparison highlights the limited banking functionality available from both platforms, with Robinhood offering a slight edge for those interested in a debit card option.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Checking Accounts | No | No |
Savings Accounts | No | No |
Debit Cards | Yes | No |
Credit Cards | No | No |
Mortgage Loans | No | No |
CDs | No | No |
Dive deeper: Best Bank Accounts for Trading Stocks for 2024
After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Robinhood is better than TradeStation. Robinhood finished with an overall score of 84.5%, while TradeStation finished with a score of 81.7%.
Robinhood is very easy to use and its educational content is a joy to read. But, in today’s competitive market for your investing dollars, there are several more compelling options among brokerages.
Robinhood offers crypto trading with access to 20 different coins, while TradeStation does not offer crypto trading options.
Dive deeper: Best Online Brokers for Crypto Trading in 2024
Both Robinhood and TradeStation offer traditional and Roth IRA accounts, but Robinhood stands out with no annual or closure fees, while TradeStation imposes a $35 annual fee and a $50 closure fee for IRA accounts.
Dive deeper: Best IRA Accounts for 2024
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0 of 5Overall Rating | Robinhood | TradeStation | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Customer Service | N/A | ||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Robinhood Review | TradeStation Review |
Broker Screenshots | Robinhood | TradeStation | |
---|---|---|---|
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 | Robinhood | TradeStation | |
---|---|---|---|
Minimum Deposit | $0.00 | $0.00 | |
Stock Trades | $0.00 | $0.00 | |
Penny Stock Fees (OTC) | N/A | $0.01 | |
Mutual Fund Trade Fee | N/A | $14.95 | |
Options (Per Contract) | $0.00 | $0.60 | |
Futures (Per Contract) | (Not offered) | $1.50 | |
Broker Assisted Trade Fee | N/A | $25 |
Margin Rates | Robinhood | TradeStation | |
---|---|---|---|
Margin Rate Under $25,000 | 6.25% | 13.0% | |
Margin Rate $25,000 to $49,999.99 | 6.05% | 13.0% | |
Margin Rate $50,000 to $99,999.99 | 5.8% | 12.5% | |
Margin Rate $100,000 to $249,999.99 | 5.75% | 12.0% | |
Margin Rate $250,000 to $499,999.99 | 5.75% | 12.0% | |
Margin Rate $500,000 to $999,999.99 | 5.75% | 7.5% | |
Margin Rate Above $1,000,000 | 5.5% | 7.5% |
Account Fees | Robinhood | TradeStation | |
---|---|---|---|
IRA Annual Fee | $0.00 | $35.00 | |
IRA Closure Fee | $0.00 | $50.00 | |
Account Transfer Out (Partial) | $100.00 | $125.00 | |
Account Transfer Out (Full) | $100.00 | $125.00 | |
Options Exercise Fee | $0.00 | $14.95 | |
Options Assignment Fee | $0.00 | $5.95 |
Investment Options | Robinhood | TradeStation | |
---|---|---|---|
Stock Trading | Yes | Yes | |
Margin Trading | Yes | Yes | |
Fractional Shares | Yes | No | |
OTC Stocks | No | Yes | |
Options Trading | Yes | Yes | |
Complex Options Max Legs | 4 | 4 | |
Futures Trading | No | Yes | |
Forex Trading | No | No | |
Crypto Trading | Yes | No | |
Crypto Trading - Total Coins | 20 | 0 | |
Mutual Funds (No Load) | 0 | 800 | |
Mutual Funds (Total) | 0 | 4000 | |
Bonds (US Treasury) | No | Yes | |
Bonds (Corporate) | No | Yes | |
Bonds (Municipal) | No | Yes | |
Traditional IRAs | Yes | Yes | |
Roth IRAs | Yes | Yes | |
Advisor Services | No | No | |
International Countries (Stocks) | 0 | 0 |
Order Types | Robinhood | TradeStation | |
---|---|---|---|
Order Type - Market | Yes | Yes | |
Order Type - Limit | Yes | Yes | |
Order Type - After Hours | Yes | Yes | |
Order Type - Stop | Yes | Yes | |
Order Type - Trailing Stop | Yes | Yes | |
Order Type - OCO | No | Yes | |
Order Type - OTO | No | Yes | |
Order Type - Broker Assisted | No | Yes |
Beginners | Robinhood | TradeStation | |
---|---|---|---|
Education (Stocks) | Yes | Yes | |
Education (ETFs) | Yes | No | |
Education (Options) | Yes | Yes | |
Education (Mutual Funds) | No | No | |
Education (Bonds) | No | No | |
Education (Retirement) | No | No | |
Retirement Calculator | No | No | |
Investor Dictionary | Yes | No | |
Paper Trading | No | Yes | |
Videos | No | Yes | |
Webinars | Yes | Yes | |
Webinars (Archived) | No | Yes | |
Progress Tracking | No | No | |
Interactive Learning - Quizzes | No | No |
Stock Trading Apps | Robinhood | TradeStation | |
---|---|---|---|
iPhone App | Yes | Yes | |
Android App | Yes | Yes | |
Apple Watch App | Yes | No | |
Trading - Stocks | Yes | Yes | |
Trading - After-Hours | Yes | Yes | |
Trading - Simple Options | Yes | Yes | |
Trading - Complex Options | Yes | Yes | |
Order Ticket RT Quotes | Yes | Yes | |
Order Ticket SRT Quotes | Yes | Yes |
Stock App Features | Robinhood | TradeStation | |
---|---|---|---|
Market Movers (Top Gainers) | Yes | Yes | |
Stream Live TV | No | No | |
Videos on Demand | No | No | |
Stock Alerts | Yes | Yes | |
Option Chains Viewable | Yes | Yes | |
Watch List (Real-time) | Yes | Yes | |
Watch List (Streaming) | Yes | Yes | |
Watch Lists - Create & Manage | Yes | Yes | |
Watch Lists - Column Customization | Yes | Yes |
Stock App Charting | Robinhood | TradeStation | |
---|---|---|---|
Charting - After-Hours | Yes | Yes | |
Charting - Can Turn Horizontally | No | No | |
Charting - Multiple Time Frames | Yes | Yes | |
Charting - Technical Studies | 6 | 45 | |
Charting - Study Customizations | Yes | Yes | |
Charting - Stock Comparisons | No | No |
Trading Platforms | Robinhood | TradeStation | |
---|---|---|---|
Active Trading Platform | Robinhood Legend | TradeStation 10 | |
Desktop Trading Platform | No | Yes | |
Desktop Platform (Mac) | No | No | |
Web Trading Platform | Yes | Yes | |
Paper Trading | No | Yes | |
Trade Journal | No | No | |
Watch Lists - Total Fields | 3 | 341 |
Stock Chart Features | Robinhood | TradeStation | |
---|---|---|---|
Charting - Adjust Trades on Chart | Yes | Yes | |
Charting - Indicators / Studies | 16 | 294 | |
Charting - Drawing Tools | 23 | 23 | |
Charting - Notes | Yes | Yes | |
Charting - Index Overlays | Yes | Yes | |
Charting - Historical Trades | No | Yes | |
Charting - Corporate Events | No | Yes | |
Charting - Custom Date Range | Yes | Yes | |
Charting - Custom Time Bars | Yes | Yes | |
Charting - Automated Analysis | No | Yes | |
Charting - Save Profiles | Yes | Yes | |
Trade Ideas - Technical Analysis | No | Yes | |
Charting - Study Customizations | 1 | 12 | |
Charting - Custom Studies | No | Yes |
Day Trading | Robinhood | TradeStation | |
---|---|---|---|
Streaming Time & Sales | No | Yes | |
Streaming TV | No | No | |
Direct Market Routing - Stocks | No | Yes | |
Ladder Trading | Yes | Yes | |
Trade Hotkeys | No | Yes | |
Level 2 Quotes - Stocks | No | Yes | |
Trade Ideas - Backtesting | No | Yes | |
Trade Ideas - Backtesting Adv | No | Yes | |
Short Locator | No | Yes | |
Order Liquidity Rebates | No | Yes |
Research Overview | Robinhood | TradeStation | |
---|---|---|---|
Research - Stocks | Yes | Yes | |
Research - ETFs | Yes | Yes | |
Research - Mutual Funds | No | No | |
Research - Pink Sheets / OTCBB | Yes | Yes | |
Research - Bonds | No | No | |
Screener - Stocks | Yes | Yes | |
Screener - ETFs | No | No | |
Screener - Mutual Funds | No | No | |
Screener - Bonds | No | No | |
Misc - Portfolio Allocation | No | Yes |
Stock Research | Robinhood | TradeStation | |
---|---|---|---|
Stock Research - PDF Reports | 0 | 0 | |
Stock Research - Earnings | Yes | No | |
Stock Research - Insiders | No | No | |
Stock Research - Social | No | No | |
Stock Research - News | Yes | Yes | |
Stock Research - ESG | No | No | |
Stock Research - SEC Filings | No | No |
ETF Research | Robinhood | TradeStation | |
---|---|---|---|
ETFs - Strategy Overview | Yes | No | |
ETF Fund Facts - Inception Date | Yes | No | |
ETF Fund Facts - Expense Ratio | Yes | No | |
ETF Fund Facts - Net Assets | Yes | No | |
ETF Fund Facts - Total Holdings | Yes | No | |
ETFs - Top 10 Holdings | Yes | No | |
ETFs - Sector Exposure | Yes | No | |
ETFs - Risk Analysis | No | No | |
ETFs - Ratings | No | No | |
ETFs - Morningstar StyleMap | No | No | |
ETFs - PDF Reports | No | No |
Mutual Fund Research | Robinhood | TradeStation | |
---|---|---|---|
Mutual Funds - Strategy Overview | No | No | |
Mutual Funds - Performance Chart | No | No | |
Mutual Funds - Performance Analysis | No | No | |
Mutual Funds - Prospectus | No | No | |
Mutual Funds - 3rd Party Ratings | No | Yes | |
Mutual Funds - Fees Breakdown | No | No | |
Mutual Funds - Top 10 Holdings | No | No | |
Mutual Funds - Asset Allocation | No | No | |
Mutual Funds - Sector Allocation | No | No | |
Mutual Funds - Country Allocation | No | No | |
Mutual Funds - StyleMap | No | No |
Options Trading | Robinhood | TradeStation | |
---|---|---|---|
Option Chains - Basic View | Yes | Yes | |
Option Chains - Strategy View | Yes | Yes | |
Option Chains - Streaming | Yes | Yes | |
Option Chains - Total Columns | 17 | 29 | |
Option Chains - Greeks | 5 | 5 | |
Option Chains - Quick Analysis | Yes | Yes | |
Option Analysis - P&L Charts | Yes | Yes | |
Option Probability Analysis | No | Yes | |
Option Probability Analysis Adv | No | Yes | |
Option Positions - Greeks | Yes | Yes | |
Option Positions - Greeks Streaming | Yes | Yes | |
Option Positions - Adv Analysis | No | Yes | |
Option Positions - Rolling | Yes | Yes | |
Option Positions - Grouping | Yes | Yes |
Banking | Robinhood | TradeStation | |
---|---|---|---|
Bank (Member FDIC) | No | No | |
Checking Accounts | No | No | |
Savings Accounts | No | No | |
Credit Cards | No | No | |
Debit Cards | Yes | No | |
Mortgage Loans | No | No |
Customer Service | Robinhood | TradeStation | |
---|---|---|---|
Phone Support (Prospect Customers) | No | Yes | |
Phone Support (Current Customers) | Yes | Yes | |
Email Support | Yes | Yes | |
Live Chat (Prospect Customers) | No | Yes | |
Live Chat (Current Customers) | Yes | Yes | |
24/7 Support | Yes | No |
Overall | Robinhood | TradeStation | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Robinhood Review | TradeStation Review |