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TradeStation vs Lightspeed 2020

Is Lightspeed better than TradeStation? After testing 15 of the best online brokers over five months, TradeStation (82.4%) is better than Lightspeed (61.3%). As a trading technology leader, TradeStation supports casual traders through its web-based platform and active traders through its award-winning desktop platform, all with $0 stock and ETF trades.

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Overall Rating

Feature TradeStation Lightspeed
Overall 4 3
Commissions & Fees 4.5 2.5
Offering of Investments 4.5 3
Platforms & Tools 5 3
Mobile Trading 4.5 3
Research 2 2
Education 2.5 3
Ease of Use 4 3
Banking 0.5 0.5
TradeStation Review Lightspeed Review
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Trading Fees

Feature TradeStation Lightspeed
Minimum Deposit $0.00 $10,000.00
Stock Trade Fee (per trade) $0.00 $4.50
ETF Trade Fee $0.00 $4.50
Options Base Fee $0.00 $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

Margin Rates

Feature TradeStation Lightspeed
Under $24,999.99 9.50% 7.50%
$25,000.00 to $49,999.99 9.50% 7.50%
$50,000.00 to $99,999.99 8.75% 6.50%
$100,000.00 to $249,999.99 8.75% 6.50%
$250,000.00 to $499,999.99 8.75% 5.75%
$500,000.00 to $999,999.99 5.50% 5.25%
Above $1,000,000.00 5.50% 5.00%

Account Fees

Feature TradeStation Lightspeed
IRA Annual Fee $35.00 $35.00
IRA Closure Fee $50.00 $95.00
Returned ACH Fee $25.00 $30.00
Returned Wire Fee $25.00 $30.00
Stock Certificate Processing Fee $150.00 $75.00
Stock Certificate Delivery Fee $15.00 $50.00
Paper Statement Fee $1.00 $5.00
Paper Confirmation Fee $1.00 $2.00
Domestic Wire Fee $25.00 $20.00
International Wire Fee $35.00 $50.00

Investment Options

Feature TradeStation Lightspeed
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
Yes Yes
Forex Trading
No No
Crypto Trading Yes No
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

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

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
Heat Mapping
No No
AI Assistant Bot
No No

Charting Features

Feature TradeStation Lightspeed
Charting - Trade Off Chart
Yes Yes
Charting - Indicators / Studies
290 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

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
Order Liquidity Rebates
Yes Yes

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 Yes
Trading - Complex Options
Yes Yes
Trading - Option Rolling
No No
Touch / Face ID
Yes No

Mobile App Features

Feature TradeStation Lightspeed
Watch List Syncing
Yes No
Stock Alerts
Yes Yes
Charting - After Hours
Yes No
Charting - Drawing
Yes No
Charting - Study Customizations
Yes No
Heatmapping
No No
Stream Live TV
No No
Barcode Lookup
No No

Research Overview

Feature TradeStation Lightspeed
Research - Stocks
Yes Yes
Research - ETFs
Yes Yes
Research - Mutual Funds
No No
Research - Pink Sheets / OTCBB
Yes No
Research - Fixed Income
No 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

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

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

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

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

Beginners

Feature TradeStation Lightspeed
Education (Stocks)
Yes Yes
Education (ETFs)
No No
Education (Options)
Yes Yes
Education (Mutual Funds)
No No
Education (Fixed Income)
No No
Education (Retirement)
No No
Paper Trading
Yes Yes
Videos
Yes Yes
Webinars (Monthly Avg)
10 1
Webinars (Archived)
No Yes
Live Seminars
Yes No
Progress Tracking
No No
Interactive Learning - Quizzes
No No

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

Overall

Feature TradeStation Lightspeed
Overall 4 3
Commissions & Fees 4.5 2.5
Offering of Investments 4.5 3
Platforms & Tools 5 3
Mobile Trading 4.5 3
Research 2 2
Education 2.5 3
Ease of Use 4 3
Banking 0.5 0.5
TradeStation Review Lightspeed Review
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Comparing brokers side by side is no easy task. For our 2020 annual broker review, we spent hundreds of hours assessing 15 brokerages to find the best online broker. Let's compare Lightspeed vs TradeStation.

Is Lightspeed or TradeStation better for beginners?
Lightspeed is better for beginner investors than TradeStation. Lightspeed offers investors access to Paper Trading, Videos, Education (Stocks) and Education (Options).

What about Lightspeed vs TradeStation pricing?
Lightspeed charges $4.50 per stock trade which is $4.50 more than TradeStation which charges customers $0 per trade. With options, the base fee is $0 for both Lightspeed and TradeStation. TradeStation's per contract rate of $0.50 is less than Lightspeed which charges $0.60. For a complete commissions summary, see our best discount brokers guide.

Does Lightspeed or TradeStation offer a wider range of investment options?
TradeStation offers a more diverse selection of investment options than Lightspeed. TradeStation offers investors access to Stock Trading, OTCBB / Pink Sheets, Options Trading, Mutual Funds and Futures Trading. Looking at Mutual Funds, Lightspeed trails TradeStation by 4,357 total mutual funds, with TradeStation offering 4357 and Lightspeed offering 0.

Which trading platform is better: Lightspeed or TradeStation?
To compare the trading platforms of both Lightspeed and TradeStation, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, TradeStation offers a better experience. With research, TradeStation 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. Neither Lightspeed nor TradeStation offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.

Overall, between Lightspeed and TradeStation, TradeStation is the better online broker.

Lightspeed Review
TradeStation Review

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All pricing data was obtained from a published web site as of 01/20/2020 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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