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TradeStation vs Lightspeed Review

Blain Reinkensmeyer

Published by Blain Reinkensmeyer


Monday, April 8th, 2019

Is Lightspeed better than TradeStation? After scoring brokers on over 4,000 data points for our 2019 review, TradeStation (71.75%) is better than Lightspeed (51.8%). As a trading technology leader, TradeStation shines, supporting casual traders through its web-based platform, and active traders through its award-winning desktop platform.

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Overall

Trading Fees

Minimum Deposit
Stock Trade Fee (flat)
Options Base Fee
Options Per Contract Fee
Mutual Fund Trade Fee
Broker Assisted Trades Fee
IRA Annual Fee
IRA Closure Fee
Commissions & Fees
Winner

Margin Rates

Under $24,999.99
$25,000.00 to $49,999.99
$50,000.00 to $99,999.99
$100,000.00 to $249,999.99
$250,000.00 to $499,999.99
$500,000.00 to $999,999.99
Above $1,000,000.00
Commissions & Fees
Winner

Trading Platforms

Desktop Platform (Windows)
Desktop Platform (Mac)
Web Platform
Paper Trading
Trade Journal
Watch Lists - Total Fields
Two-Factor Authentication Login
Heat Mapping
Platforms & Tools
Winner

Charting Features

Charting - Trade Off Chart
Charting - Indicators / Studies
Charting - Drawing Tools
Charting - Historical Trades
Charting - Corporate Events
Charting - Automated Analysis
Charting - Save Profiles
Charting - Study Customizations
Charting - Custom Studies
Platforms & Tools
Winner

Day Trading

Stock Alerts - Basic Fields
Stock Alerts - Advanced Fields
Streaming Time & Sales
Streaming TV
Direct Market Routing - Stocks
Direct Market Routing - Options
Ladder Trading
Trade Hot Keys
Level 2 Quotes - Stocks
Level 2 Quotes - Options
Trade Ideas - Backtesting
Short Locator
Client Liquidity Rebates
Winner

Mobile Trading

iPhone App
Android App
Apple Watch App
Trading - Stocks
Trading - After-Hours
Trading - Conditional Orders
Trading - Mutual Funds
Trading - Simple Options
Trading - Complex Options
Trading - Option Rolling
Touch / Face ID
Watch List Syncing
Stock Alerts - Basic Fields
Stock Alerts - Advanced Fields
Charting - After Hours
Charting - Drawing
Charting - Study Customizations
Customizable Homescreen
Heatmapping
Stream Live TV
Barcode Lookup
Mobile Trading
Winner

Research Overview

Research - Stocks
Research - ETFs
Research - Mutual Funds
Research - Pink Sheets / OTCBB
Research - Fixed Income
Research - Futures
Research - Forex
Screener - Stocks
Screener - ETFs
Screener - Mutual Funds
Screener - Options
Screener - Bonds
Misc - Portfolio Builder
Misc - Portfolio Allocation
Research
Winner

Stock Research

Stock Research - Reports
Stock Research - Earnings
Stock Research - Insiders
Stock Research - Metric Comp
Stock Research - SEC Filings
Stock Research - Social
Stock Research - Balance Sheet
Stock Research - Cash Flows
Stock Research - News
Stock Research - ESG
Research
Winner

Fund Research

ETFs - Strategy Overview
ETFs - Top 10 Holdings
ETFs - Sector Exposure
ETFs - Risk Analysis
ETFs - Performance Analysis
ETFs - Ratings
ETFs - Morningstar StyleMap
ETFs - Reports
Mutual Funds - Strategy Overview
Mutual Funds - Prospectus
Mutual Funds - Reports
Mutual Funds - Fees Breakdown
Mutual Funds - Top 10 Holdings
Mutual Funds - Asset Allocation
Mutual Funds - Sector Allocation
Mutual Funds - Country Allocation
Mutual Funds - StyleMap
Mutual Funds - 3rd Party Ratings
Research
Winner

Options Trading

Option Chains - Streaming
Option Chains - Total Columns
Option Chains - Greeks
Option Chains - Quick Analysis
Option Analysis - P&L Charts
Option Probability Analysis
Option Probability Analysis Adv
Option Positions - Greeks
Option Positions - Adv Analysis
Option Positions - Rolling
Option Positions - Grouping
Platforms & Tools
Winner

Investments

Stock Trading
OTCBB / Pink Sheets
Options Trading
Complex Options Max Legs
Futures Trading
Forex Trading
Commission-Free ETFs
Mutual Funds (No Load)
Mutual Funds (Total)
Bonds (US Treasury)
Bonds (Corporate)
Bonds (Municipal)
Advisor Services
International Trading
Offering of Investments
Winner

Order Types

Order Type - Market
Order Type - Limit
Order Type - Stop
Order Type - Trailing Stop
Order Type - Contingent
Order Type - MultiContingent
Order Type - OCO
Order Type - OTO
Order Type - OTOCO
Offering of Investments
Winner

Beginners

Has Education - Stocks
Has Education - ETFs
Has Education - Options
Has Education - Mutual Funds
Has Education - Fixed Income
Has Education - Retirement
Paper Trading
Videos
Webinars (Monthly Avg)
Webinars (Archived)
Live Seminars
Progress Tracking
Interactive Learning - Quizzes
Investor Magazine
Education
Winner

Banking

Retail Locations
Member FDIC
Checking Accounts
Savings Accounts
Credit Cards
Debit Cards
Mortgage Loans
No Fee Banking
Banking
Winner

Overall

Overall
Winner
Special Offer Save up to $2 per trade for 60 days Learn More
 
$500.00
$5.00
$5.00
$0.50
$14.95
$50.00
$35.00
$50.00
3.5
check_circle
 
9.25%
9.25%
8.50%
8.50%
8.50%
5.25%
5.25%
3.5
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Yes
No
Yes
Yes
No
335
Yes
No
4.5
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Yes
282
23
Yes
No
No
Yes
12
Yes
4.5
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Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
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Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
Yes
No
No
No
No
4.5
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Yes
Yes
No
Yes
No
Yes
Yes
Yes
No
No
Yes
No
No
No
1.5
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0
No
No
No
No
No
No
No
Yes
No
1.5
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No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
1.5
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Yes
32
5
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
4.5
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Yes
Yes
Yes
4
Yes
No
0
887
4357
Yes
Yes
Yes
No
No
4
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Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
4
check_circle
 
Yes
No
Yes
No
No
No
Yes
Yes
30
Yes
Yes
No
No
Yes
3
check_circle
 
0
No
No
No
No
No
No
No
0.5
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3.5
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$10,000.00
$4.50
$0.00
$0.60
N/A
$25.00
$35.00
$95.00
3
 
8.50%
8.50%
7.50%
7.50%
6.75%
6.25%
6.00%
3
 
Yes
Yes
Yes
Yes
No
141
Yes
No
3
 
Yes
20
8
Yes
No
No
Yes
4
No
3
 
Yes
No
Yes
No
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
 
Yes
Yes
No
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
1.5
 
Yes
No
No
No
No
No
No
Yes
No
No
No
No
No
No
1
 
0
No
Yes
No
No
Yes
No
No
Yes
No
1
 
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
1
 
Yes
60
5
Yes
Yes
No
No
Yes
No
Yes
Yes
3
 
Yes
Yes
Yes
6
Yes
No
0
0
0
Yes
No
No
No
No
3
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
3
 
Yes
No
Yes
No
No
No
Yes
Yes
1
Yes
No
No
No
No
2.5
 
0
No
No
No
No
No
No
No
0.5
 
Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker. Yielding a database of over 4,000 data points, let's compare Lightspeed vs TradeStation.

To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. TradeStation charges more than Lightspeed for placing regular stock trades ($5.00 and $4.50, respectively). Looking at trading options, Lightspeed's base fee is $0 while TradeStation's is $5. Each option contract then costs $0.60 at Lightspeed and $0.50 at TradeStation. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review.

Next to commission rates, being able to trade what you want is important. TradeStation provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while Lightspeed provides clients access to Stock Trading, Options Trading and Futures Trading. Looking at mutual funds, TradeStation offers its clients access to 4357 different mutual funds while Lightspeed has 0 available funds, a difference of 4,357.

Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Lightspeed alongside TradeStation offer virtual trading. Taking a look at mobile trading, Lightspeed along with TradeStation both support the iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Banking is not popular with Lightspeed and TradeStation as Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are all unavailable.

Overall, between Lightspeed and TradeStation, TradeStation is the winner.

Lightspeed Review
TradeStation Review

All pricing data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The StockBrokers.com staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page. 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.

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