Is Firstrade better than TradeStation? After testing 11 of the best online brokers over three months, Firstrade (78.89%) is better than TradeStation (76.56%). While Firstrade is easy to use and terrific for Chinese-speaking investors, its overall offering struggles to stand out against brokers who also offer $0 stock trades.
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Firstrade vs TradeStation 2021
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Overall Rating
| Feature | Firstrade | TradeStation |
| Overall | ||
| Commissions & Fees | ||
| Offering of Investments | ||
| Platforms & Tools | ||
| Mobile Trading | ||
| Research | ||
| Education | ||
| Ease of Use | ||
| Firstrade Review | TradeStation Review | |
| Winner | check_circle |
Trading Fees
| Feature | Firstrade | TradeStation |
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 |
| ETF Trade Fee | $0.00 | $0.00 |
| Mutual Fund Trade Fee | $0.00 | $14.95 |
| Options (Base Fee) | $0.00 | $0.00 |
| Options (Per Contract) | $0.00 | $0.60 |
| Futures (Per Contract) | N/A | $1.50 |
| Broker Assisted Trade Fee | $19.95 | $0.00 |
Margin Rates
| Feature | Firstrade | TradeStation |
| Under $24,999.99 | 8.75% | 9.50% |
| $25,000.00 to $49,999.99 | 8.25% | 9.50% |
| $50,000.00 to $99,999.99 | 7.75% | 8.75% |
| $100,000.00 to $249,999.99 | 7.25% | 8.75% |
| $250,000.00 to $499,999.99 | 7.00% | 8.75% |
| $500,000.00 to $999,999.99 | 5.10% | 5.50% |
| Above $1,000,000.00 | 4.50% | 5.50% |
Account Fees
| Feature | Firstrade | TradeStation |
| IRA Annual Fee | $0.00 | $35.00 |
| IRA Closure Fee | $0.00 | $50.00 |
|
Account Transfer Out (Partial) |
$55.00 | $125.00 |
|
Account Transfer Out (Full) |
$75.00 | $125.00 |
Investment Options
| Feature | Firstrade | TradeStation |
|
Stock Trading |
Yes | Yes |
|
Fractional Shares |
No | No |
|
OTCBB / Pink Sheets |
Yes | Yes |
|
Options Trading |
Yes | Yes |
|
Complex Options Max Legs |
4 | 4 |
|
Futures Trading |
No | Yes |
|
Forex Trading |
No | No |
|
Crypto Trading |
No | Yes |
|
Crypto Trading - Total Coins |
0 | 4 |
|
Mutual Funds (No Load) |
13777 | 887 |
|
Mutual Funds (Total) |
19027 | 4357 |
|
Bonds (US Treasury) |
Yes | Yes |
|
Bonds (Corporate) |
Yes | Yes |
|
Bonds (Municipal) |
Yes | Yes |
|
Advisor Services |
No | No |
|
International Trading |
No | No |
Order Types
| Feature | Firstrade | 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 |
Yes | Yes |
|
Order Type - OTO |
Yes | Yes |
|
Order Type - Broker Assisted |
Yes | Yes |
Beginners
| Feature | Firstrade | TradeStation |
|
Education (Stocks) |
Yes | Yes |
|
Education (ETFs) |
No | No |
|
Education (Options) |
Yes | Yes |
|
Education (Mutual Funds) |
No | No |
|
Education (Bonds) |
No | No |
|
Education (Retirement) |
Yes | No |
|
Retirement Calculator |
Yes | No |
|
Investor Dictionary |
Yes | No |
|
Paper Trading |
No | Yes |
|
Videos |
Yes | Yes |
|
Webinars (Monthly Avg) |
26 | 10 |
|
Webinars (Archived) |
Yes | No |
|
Progress Tracking |
No | No |
|
Interactive Learning - Quizzes |
No | No |
Stock Trading Apps
| Feature | Firstrade | TradeStation |
|
iPhone App |
Yes | Yes |
|
Android App |
Yes | Yes |
|
Apple Watch App |
No | 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
| Feature | Firstrade | TradeStation |
|
Market Movers (Top Gainers) |
Yes | Yes |
|
Stream Live TV |
No | No |
|
Videos on Demand |
No | No |
|
Stock Alerts |
No | 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 |
|
Watch List - Column Filtering |
Yes | Yes |
Stock App Charting
| Feature | Firstrade | TradeStation |
|
Charting - After-Hours |
No | Yes |
|
Charting - Can Turn Horizontally |
Yes | Yes |
|
Charting - Multiple Time Frames |
Yes | Yes |
|
Charting - Technical Studies |
81 | 45 |
|
Charting - Study Customizations |
Yes | Yes |
|
Charting - Stock Comparisons |
No | No |
Trading Platforms
| Feature | Firstrade | TradeStation |
|
Desktop Trading Platform |
No | Yes |
|
Web Trading Platform |
Yes | Yes |
|
Paper Trading |
No | Yes |
|
Trade Journal |
No | No |
|
Watch Lists - Total Fields |
47 | 335 |
Stock Chart Features
| Feature | Firstrade | TradeStation |
|
Charting - Adjust Trades on Chart |
No | Yes |
|
Charting - Indicators / Studies |
102 | 290 |
|
Charting - Drawing Tools |
8 | 23 |
|
Charting - Notes |
No | Yes |
|
Charting - Index Overlays |
Yes | Yes |
|
Charting - Historical Trades |
No | Yes |
|
Charting - Corporate Events |
Yes | No |
|
Charting - Custom Date Range |
No | Yes |
|
Charting - Custom Time Bars |
No | Yes |
|
Charting - Automated Analysis |
No | No |
|
Charting - Save Profiles |
No | Yes |
|
Trade Ideas - Technical Analysis |
No | Yes |
|
Charting - Study Customizations |
6 | 12 |
|
Charting - Custom Studies |
No | Yes |
Day Trading
| Feature | Firstrade | TradeStation |
|
Streaming Time & Sales |
No | Yes |
|
Streaming TV |
No | No |
|
Direct Market Routing - Stocks |
No | Yes |
|
Ladder Trading |
No | Yes |
|
Trade Hot Keys |
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
| Feature | Firstrade | TradeStation |
|
Research - Stocks |
Yes | Yes |
|
Research - ETFs |
Yes | Yes |
|
Research - Mutual Funds |
Yes | No |
|
Research - Pink Sheets / OTCBB |
Yes | Yes |
|
Research - Bonds |
Yes | No |
|
Screener - Stocks |
Yes | Yes |
|
Screener - ETFs |
Yes | No |
|
Screener - Mutual Funds |
Yes | No |
|
Screener - Options |
No | Yes |
|
Screener - Bonds |
Yes | No |
|
Misc - Portfolio Builder |
No | No |
|
Misc - Portfolio Allocation |
Yes | No |
Stock Research
| Feature | Firstrade | TradeStation |
|
Stock Research - PDF Reports |
1 | 0 |
|
Stock Research - Earnings |
Yes | No |
|
Stock Research - Insiders |
Yes | No |
|
Stock Research - SEC Filings |
Yes | No |
|
Stock Research - Social |
No | No |
|
Stock Research - Balance Sheet |
Yes | No |
|
Stock Research - Cash Flows |
Yes | No |
|
Stock Research - News |
Yes | Yes |
|
Stock Research - ESG |
No | No |
ETF Research
| Feature | Firstrade | 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 - Performance Analysis |
Yes | No |
|
ETFs - Sector Exposure |
Yes | No |
|
ETFs - Risk Analysis |
Yes | No |
|
ETFs - Ratings |
Yes | No |
|
ETFs - Morningstar StyleMap |
Yes | No |
|
ETFs - PDF Reports |
Yes | No |
Mutual Fund Research
| Feature | Firstrade | TradeStation |
|
Mutual Funds - Strategy Overview |
Yes | No |
|
Mutual Funds - Performance Chart |
Yes | No |
|
Mutual Funds - Performance Analysis |
Yes | No |
|
Mutual Funds - Prospectus |
Yes | No |
|
Mutual Funds - PDF Reports |
No | No |
|
Mutual Funds - Fees Breakdown |
Yes | No |
|
Mutual Funds - Top 10 Holdings |
Yes | No |
|
Mutual Funds - Asset Allocation |
Yes | No |
|
Mutual Funds - Sector Allocation |
Yes | No |
|
Mutual Funds - Country Allocation |
Yes | No |
|
Mutual Funds - StyleMap |
Yes | No |
|
Mutual Funds - 3rd Party Ratings |
Yes | No |
Options Trading
| Feature | Firstrade | TradeStation |
|
Option Chains - Basic View |
Yes | Yes |
|
Option Chains - Strategy View |
Yes | Yes |
|
Option Chains - Streaming |
No | Yes |
|
Option Chains - Total Columns |
8 | 32 |
|
Option Chains - Greeks |
5 | 5 |
|
Option Positions - Greeks Streaming |
No | Yes |
|
Option Chains - Quick Analysis |
No | Yes |
|
Option Analysis - P&L Charts |
No | Yes |
|
Option Probability Analysis |
No | Yes |
|
Option Probability Analysis Adv |
No | Yes |
|
Option Positions - Greeks |
No | Yes |
|
Option Positions - Adv Analysis |
No | Yes |
|
Option Positions - Rolling |
Yes | Yes |
|
Option Positions - Grouping |
No | Yes |
Banking
| Feature | Firstrade | TradeStation |
|
Bank (Member FDIC) |
No | No |
|
Checking Accounts |
Yes | No |
|
Savings Accounts |
No | No |
|
Credit Cards |
No | No |
|
Debit Cards |
Yes | No |
|
Mortgage Loans |
No | No |
Customer Service
| Feature | Firstrade | TradeStation |
|
Phone Support (Prospect Customers) |
Yes | No |
|
Phone Support (Current Customers) |
Yes | No |
|
Email Support |
Yes | Yes |
|
Live Chat (Prospect Customers) |
Yes | No |
|
Live Chat (Current Customers) |
Yes | Yes |
|
24/7 Support |
No | No |
Overall
| Feature | Firstrade | TradeStation |
| Overall | ||
| Commissions & Fees | ||
| Offering of Investments | ||
| Platforms & Tools | ||
| Mobile Trading | ||
| Research | ||
| Education | ||
| Ease of Use | ||
| Firstrade Review | TradeStation Review | |
| Winner | check_circle |
Comparing brokers side by side is no easy task. For our 2021 annual broker review, we spent hundreds of hours assessing 11 brokerages to find the best online broker. Let's compare Firstrade vs TradeStation.
Is Firstrade or TradeStation better for beginners?
Firstrade is better for beginner investors than TradeStation. Firstrade offers investors access to Videos, Education (Stocks), Education (Options) and Education (Retirement).
What about Firstrade vs TradeStation pricing?
Firstrade and TradeStation both cost $0 per trade. For options trading, both Firstrade and TradeStation charge the same base fee of $0. Option contracts are pricier at TradeStation, costing $0.60 versus $0 at Firstrade. For a complete commissions summary, see our best discount brokers guide.
Does Firstrade or TradeStation offer a wider range of investment options?
TradeStation offers a more diverse selection of investment options than Firstrade. TradeStation offers investors access to Stock Trading, OTCBB / Pink Sheets, Options Trading, Mutual Funds and Futures Trading. Looking at Mutual Funds, Firstrade offers its clients access to 19027 different mutual funds while TradeStation has 4357 available funds, a difference of 14,670.
Which trading platform is better: Firstrade or TradeStation?
To compare the trading platforms of both Firstrade and TradeStation, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, TradeStation offers a better experience. With research, Firstrade offers superior market research. Finally, we found TradeStation to provide better mobile trading apps.
Does either broker offer banking?
Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Checking Accounts and Debit Cards are available to clients of Firstrade while TradeStation offers customers none of these.
Overall winner: Firstrade
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All pricing data was obtained from a published web site as of 01/19/2021 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.
