Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Lightspeed vs Robinhood to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Lightspeed charges $4.50 per stock trade which is $4.50 more than Robinhood which charges customers $0 per trade. For options trading, both Lightspeed and Robinhood charge the same base fee of $0. Each option contract then costs $0.60 at Lightspeed and $0 at Robinhood. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews.
Next, investors want to make sure they can trade the investment vehicle they want. Robinhood supports Stock Trading and Options Trading while Lightspeed supports Stock Trading, Options Trading and Futures Trading. As far as mutual funds go, both Lightspeed and Robinhood provide clients with access to 0 total mutual funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed makes virtual trading available to clients, while Robinhood does not. For mobile trading, Both Lightspeed and Robinhood offer clients access to an iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Unfortunately, Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are not available at Lightspeed or Robinhood .
Overall, between Lightspeed and Robinhood, Robinhood is the winner.