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TradeStation vs Lightspeed 2019

Blain Reinkensmeyer

The StockBrokers.com annual review (9 years running) takes six months to complete and produces over 30,000 words of research each year. Here's how we test.

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 Rating

Feature TradeStation Lightspeed
Overall 3.5 2.5
TradeStation Review Lightspeed Review

Trading Fees

Feature TradeStation Lightspeed
Minimum Deposit $500.00 $10,000.00
Stock Trade Fee (per trade) $5.00 $4.50
ETF Trade Fee $5.00 $4.50
Options Base Fee $5.00 $0.00
Options Per Contract Fee $0.50 $0.60
Mutual Fund Trade Fee $14.95 N/A
Broker Assisted Trades Fee $50.00 $25.00
Commissions & Fees 3.5 3
Winner check_circle

Margin Rates

Feature TradeStation Lightspeed
Under $24,999.99 9.25% 8.50%
$25,000.00 to $49,999.99 9.25% 8.50%
$50,000.00 to $99,999.99 8.50% 7.50%
$100,000.00 to $249,999.99 8.50% 7.50%
$250,000.00 to $499,999.99 8.50% 6.75%
$500,000.00 to $999,999.99 5.25% 6.25%
Above $1,000,000.00 5.25% 6.00%
Commissions & Fees 3.5 3
Winner check_circle

Account Fees

Feature TradeStation Lightspeed
IRA Annual Fee 35 35
IRA Closure Fee 50 95
Returned ACH Fee 25 30
Returned Wire Fee 25 30
Stock Certificate Processing Fee 150 75
Stock Certificate Delivery Fee 15 50
Paper Statement Fee 1 5
Paper Confirmation Fee 1 2
Domestic Wire Fee 25 20
International Wire Fee 35 50
Commissions & Fees 3.5 3

Investment Options

Feature TradeStation Lightspeed
Stock Trading
Yes Yes
OTCBB / Pink Sheets
Yes Yes
Options Trading
Yes Yes
Complex Options Max Legs
4 6
Futures Trading
Yes Yes
Forex Trading
No No
Commission-Free ETFs 0 0
Mutual Funds (No Load)
887 0
Mutual Funds (Total)
4357 0
Bonds (US Treasury)
Yes Yes
Bonds (Corporate)
Yes No
Bonds (Municipal)
Yes No
Advisor Services
No No
International Trading
No No
Offering of Investments 4 3
Winner check_circle

Order Types

Feature TradeStation Lightspeed
Order Type - Market
Yes Yes
Order Type - Limit
Yes Yes
Order Type - Stop
Yes Yes
Order Type - Trailing Stop
Yes Yes
Order Type - Contingent
Yes Yes
Order Type - MultiContingent
Yes Yes
Order Type - OCO
Yes Yes
Order Type - OTO
Yes Yes
Order Type - OTOCO
Yes Yes
Offering of Investments 4 3
Winner check_circle

Trading Platforms

Feature TradeStation Lightspeed
Desktop Platform (Windows)
Yes Yes
Desktop Platform (Mac)
No Yes
Web Platform
Yes Yes
Paper Trading
Yes Yes
Trade Journal
No No
Watch Lists - Total Fields
335 141
Two-Factor Authentication Login
Yes Yes
Heat Mapping
No No
Platforms & Tools 4.5 3
Winner check_circle

Charting Features

Feature TradeStation Lightspeed
Charting - Trade Off Chart
Yes Yes
Charting - Indicators / Studies
282 20
Charting - Drawing Tools
23 8
Charting - Historical Trades
Yes Yes
Charting - Corporate Events
No No
Charting - Automated Analysis
No No
Charting - Save Profiles
Yes Yes
Charting - Study Customizations
12 4
Charting - Custom Studies
Yes No
Platforms & Tools 4.5 3
Winner check_circle

Day Trading

Feature TradeStation Lightspeed
Stock Alerts - Basic Fields
Yes Yes
Stock Alerts - Advanced Fields
Yes No
Streaming Time & Sales
Yes Yes
Streaming TV
No No
Direct Market Routing - Stocks
Yes Yes
Direct Market Routing - Options
Yes Yes
Ladder Trading
Yes No
Trade Hot Keys
Yes Yes
Level 2 Quotes - Stocks
Yes Yes
Level 2 Quotes - Options
Yes Yes
Trade Ideas - Backtesting
Yes No
Short Locator
Yes Yes
Client Liquidity Rebates
Yes Yes
Winner check_circle

Mobile Trading Apps

Feature TradeStation Lightspeed
iPhone App
Yes Yes
Android App
Yes Yes
Apple Watch App
No No
Trading - Stocks
Yes Yes
Trading - After-Hours
Yes No
Trading - Conditional Orders
Yes No
Trading - Mutual Funds
No No
Trading - Simple Options
Yes No
Trading - Complex Options
Yes No
Trading - Option Rolling
No No
Touch / Face ID
Yes No
Winner check_circle

Mobile App Features

Feature TradeStation Lightspeed
Watch List Syncing
Yes No
Stock Alerts - Basic Fields
Yes No
Stock Alerts - Advanced Fields
No No
Charting - After Hours
Yes No
Charting - Drawing
Yes No
Charting - Study Customizations
Yes No
Customizable Homescreen
No No
Heatmapping
No No
Stream Live TV
No No
Barcode Lookup
No No
Mobile Trading 4.5 1.5
Winner check_circle

Research Overview

Feature TradeStation Lightspeed
Research - Stocks
Yes Yes
Research - ETFs
Yes No
Research - Mutual Funds
No No
Research - Pink Sheets / OTCBB
Yes No
Research - Fixed Income
No No
Research - Futures
Yes No
Research - Forex
Yes No
Screener - Stocks
Yes Yes
Screener - ETFs
No No
Screener - Mutual Funds
No No
Screener - Options
Yes No
Screener - Bonds
No No
Misc - Portfolio Builder
No No
Misc - Portfolio Allocation
No No
Research 1.5 1
Winner check_circle

Stock Research

Feature TradeStation Lightspeed
Stock Research - Reports
0 0
Stock Research - Earnings
No No
Stock Research - Insiders
No Yes
Stock Research - Metric Comp
No No
Stock Research - SEC Filings
No No
Stock Research - Social
No Yes
Stock Research - Balance Sheet
No No
Stock Research - Cash Flows
No No
Stock Research - News
Yes Yes
Stock Research - ESG
No No
Research 1.5 1
Winner check_circle

ETF Research

Feature TradeStation Lightspeed
ETFs - Strategy Overview
No No
ETFs - Top 10 Holdings
No No
ETFs - Sector Exposure
No No
ETFs - Risk Analysis
No No
ETFs - Performance Analysis
No No
ETFs - Ratings
No No
ETFs - Morningstar StyleMap
No No
ETFs - Reports
No No
Research 1.5 1
Winner check_circle

Mutual Fund Research

Feature TradeStation Lightspeed
Mutual Funds - Strategy Overview
No No
Mutual Funds - Prospectus
No No
Mutual Funds - Reports
No No
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
Mutual Funds - 3rd Party Ratings
No No
Research 1.5 1
Winner check_circle

Options Trading

Feature TradeStation Lightspeed
Option Chains - Streaming
Yes Yes
Option Chains - Total Columns
32 60
Option Chains - Greeks
5 5
Option Chains - Quick Analysis
Yes Yes
Option Analysis - P&L Charts
Yes Yes
Option Probability Analysis
Yes No
Option Probability Analysis Adv
Yes No
Option Positions - Greeks
Yes Yes
Option Positions - Adv Analysis
Yes No
Option Positions - Rolling
Yes Yes
Option Positions - Grouping
Yes Yes
Platforms & Tools 4.5 3
Winner check_circle

Beginners

Feature TradeStation Lightspeed
Has Education - Stocks
Yes Yes
Has Education - ETFs
No No
Has Education - Options
Yes Yes
Has Education - Mutual Funds
No No
Has Education - Fixed Income
No No
Has Education - Retirement
No No
Paper Trading
Yes Yes
Videos
Yes Yes
Webinars (Monthly Avg)
30 1
Webinars (Archived)
Yes Yes
Live Seminars
Yes No
Progress Tracking
No No
Interactive Learning - Quizzes
No No
Investor Magazine
Yes No
Education 3 2.5
Winner check_circle

Banking

Feature TradeStation Lightspeed
Retail Locations
0 0
Member FDIC
No No
Checking Accounts
No No
Savings Accounts
No No
Credit Cards
No No
Debit Cards
No No
Mortgage Loans
No No
No Fee Banking
No No
Banking 0.5 0.5
Winner check_circle

Overall

Feature TradeStation Lightspeed
TradeStation Review Lightspeed Review
Overall 3.5 2.5
Winner check_circle
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. 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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