Robinhood vs TradeStation 2024
In this head to head comparison of Robinhood vs TradeStation, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
In this head to head comparison of Robinhood vs TradeStation, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
When it comes to choosing between Robinhood and TradeStation for online trading, investors will find different strengths in each platform. Robinhood is recognized for its user-friendly interface and access to fractional shares and a significant offering in cryptocurrency trading, providing 15 different crypto coins. In contrast, TradeStation stands out with its comprehensive selection of investment options, including mutual funds and futures trading, resulting in a higher overall rating and ranking compared to Robinhood.
Both Robinhood and TradeStation offer stock trading, margin trading, options trading, and traditional IRA as well as Roth IRA accounts. However, Robinhood allows users to invest in fractional shares, a feature not available with TradeStation, and also enables OTC stock trading and offers fifteen cryptocurrencies. On the other hand, TradeStation provides access to mutual funds and futures trading, which are not available through Robinhood, giving users a broader range of traditional investment opportunities.
Robinhood has earned a 3.5-star rating for its investment options, largely due to its innovative offerings in cryptocurrency and fractional shares accessible to a broader audience. TradeStation, however, achieves a 4.5-star rating, mainly attributed to its extensive range of investment assets, including futures and mutual funds, resulting in its position as the #5 ranked broker out of 18 by StockBrokers.com for investment options, while Robinhood trails at #14. These varied strengths highlight the importance of aligning your choice of the platform with your specific investment interests and needs.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Stock Trading | Yes | Yes |
Margin Trading | Yes | Yes |
Fractional Shares | Yes | No |
OTC Stocks | Yes | Yes |
Mutual Funds | No | Yes |
Options Trading | Yes | Yes |
Futures Trading | No | Yes |
Crypto Trading | Yes | No |
Crypto Trading - Total Coins | 15 | 0 |
Investment Options |
Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024
When comparing the online broker platforms of Robinhood and TradeStation, it's clear that TradeStation emerges as the superior choice for those seeking powerful trading tools and comprehensive features. TradeStation offers a Windows desktop downloadable trading platform, while Robinhood does not provide any downloadable trading platforms. Although both brokers offer a browser-based trading platform, TradeStation distinguishes itself with advanced features such as paper trading and the ability to adjust open orders directly on stock charts. With 294 technical indicators and 23 drawing tools, TradeStation significantly outpaces Robinhood's offering of just six technical indicators and no drawing tools, garnering it a 4.5-star rating for trading platforms and tools compared to Robinhood's 3-star rating.
Robinhood’s simplicity may appeal to beginner investors, but it lacks several advanced features that more experienced traders might seek. For example, Robinhood supports only three columns in its watch lists, while TradeStation boasts an impressive 341. Robinhood also does not offer the ability to set custom date ranges, display historical trades or corporate events on charts, or provide notes and index overlays, all of which are available on TradeStation. Additionally, TradeStation allows for the automation of technical analysis through chart patterns and the saving of multiple chart profiles, options that Robinhood does not provide.
While both platforms have their place in the market, the extensive suite of trading tools and customization options from TradeStation makes it the preferred choice for serious traders who desire maximum analytical capabilities. Robinhood, ranked #13 by StockBrokers.com for its trading platforms and tools, might be more suited for beginners or those seeking a simplified trading experience, whereas TradeStation, ranked #7, fulfills the demands of advanced traders and investors looking for a comprehensive and robust trading platform. By offering features like customizable studies and more detailed charting capabilities, TradeStation undoubtedly provides a more expansive trading experience.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Web Trading Platform | Yes | Yes |
Desktop Trading Platform | No | Yes |
Desktop Platform (Mac) | No | No |
Paper Trading | No | Yes |
Watch Lists - Total Fields | 3 | 341 |
Charting - Indicators / Studies | 6 | 294 |
Charting - Drawing Tools | 0 | 23 |
Platforms & Tools |
Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024
When evaluating the beginner and investor education capabilities of Robinhood and TradeStation, both platforms offer similar resources but differ in their approach to learning. Robinhood provides education on stocks and options, earning a 3.5-star rating. However, its educational offerings lack depth, as it does not include resources on ETFs, mutual funds, or bonds, nor does it provide paper trading features or educational videos. Users seeking advanced learning tools like webinars or quizzes may find Robinhood lacking, as it offers no such options, placing it at #10 in StockBrokers.com's education rankings among 18 brokers.
TradeStation matches Robinhood's 3.5-star rating but distinguishes itself with a more comprehensive suite of educational tools, especially for beginners. In addition to stock and options education, TradeStation provides paper trading capabilities, allowing users to practice without financial risk. It also offers educational videos and webinars to enhance learning, though it similarly lacks content on ETFs, mutual funds, and bonds. While neither platform supports educational quizzes or progress tracking, TradeStation's broader educational features position it slightly behind Robinhood in the rankings at #11 by StockBrokers.com.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Education (Stocks) | Yes | Yes |
Education (ETFs) | No | No |
Education (Options) | Yes | Yes |
Education (Mutual Funds) | No | No |
Education (Bonds) | No | No |
Paper Trading | No | Yes |
Videos | No | Yes |
Webinars | No | Yes |
Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
When comparing the stock trading app capabilities of Robinhood and TradeStation, both platforms offer robust features, making them appealing to a wide range of traders. Each app is highly rated, boasting a 4.5-star review for their user-friendly interfaces and comprehensive functionalities. Despite their similarities, TradeStation edges out slightly in industry rankings, placing 8th compared to Robinhood's 9th position in a review by StockBrokers.com.
Both Robinhood and TradeStation offer iPhone and Android apps, ensuring accessible trading for all mobile users. Where Robinhood stands out is its inclusion of an Apple Watch app for even more accessible stock trading. Post-market trading is another feature provided by both platforms. However, TradeStation's versatility is highlighted by its array of 45 technical studies available in its mobile app for in-depth chart analysis, much more than Robinhood's 6 technical studies.
In terms of common features, both Robinhood and TradeStation support mobile options trading, streaming quotes, stock alerts, and customizable watchlists, including the ability to adjust watch list columns. However, areas like streaming live TV and video on demand are not covered by either app, and both omit the ability to view charts in landscape mode or to display stock comparisons on charts. Overall, each app caters well to those interested in mobile trading, with TradeStation providing a more extensive range of technical study tools.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
iPhone App | Yes | Yes |
Android App | Yes | Yes |
Apple Watch App | Yes | No |
Stock Alerts | Yes | Yes |
Charting - After-Hours | Yes | Yes |
Charting - Technical Studies | 6 | 45 |
Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps of 2024
When comparing Robinhood and TradeStation, Robinhood clearly stands out as the more cost-effective option for investors in terms of fees and charges. Robinhood offers a seamless, fee-free experience for basic services, such as stock trades, options contracts, and margin balances, whereas TradeStation incorporates additional charges for options contracts and other services. Additionally, Robinhood's lack of IRA-related fees and lower account transfer fees further solidify its position as the most affordable choice between the two.
Both Robinhood and TradeStation share the appeal of requiring no minimum deposit and offering commission-free trading for regular stock transactions, presenting an attractive baseline for beginner and advanced traders alike. However, when it comes to options trading, TradeStation introduces a fee of $0.60 per contract, while Robinhood maintains a no-cost policy, offering a potential cost savings for options traders on Robinhood. These distinctions can greatly impact the overall cost-effectiveness for those with a focus on options trading.
Furthermore, Robinhood's margin rates are generally lower across various balance tiers compared to TradeStation, and Robinhood charges no fees for IRA management or closure, unlike TradeStation's $35 annual fee and $50 closure fee. The cost difference extends to account transfers where Robinhood's fee is $100 for both partial and full transfers, in contrast with TradeStation's $125. Additionally, Robinhood charges no fees for options exercise or assignment, while TradeStation levies charges of $14.95 and $5.95, respectively. These savings in various transactional and maintenance fees may better suit cost-conscious investors or those frequently engaging in these activities.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Minimum Deposit | $0.00 | $0.00 |
Stock Trades | $0.00 | $0.00 |
Options (Per Contract) | $0.00 | $0.60 |
Options Exercise Fee | $0.00 | $14.95 |
Options Assignment Fee | $0.00 | $5.95 |
IRA Annual Fee | $0.00 | $35.00 |
IRA Closure Fee | $0.00 | $50.00 |
Commissions & Fees |
Dive deeper: Best Brokers for Free Stock Trading of 2024
When comparing the day trading capabilities of Robinhood and TradeStation, several distinct features set these online brokers apart. TradeStation stands out with its robust offerings, such as streaming time and sales for stocks, direct market routing, and ladder trading—none of which are available on Robinhood. Additionally, day traders may find TradeStation's inclusion of trading hotkeys for keyboard trade entry and level 2 quotes advantageous for more dynamic and informed trading decisions.
TradeStation further fortifies its position as a preferred platform for serious day traders through features like basic and advanced strategy backtesting, a short locator tool for real-time availability of shares to short, and order liquidity rebates. Unfortunately, Robinhood lacks these sophisticated tools, which may limit day traders seeking more comprehensive trading capabilities. While both brokers do not offer streaming live TV, TradeStation clearly offers a more advanced suite of tools catering to the needs of day trading professionals.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Streaming Time & Sales | No | Yes |
Streaming TV | No | No |
Direct Market Routing - Stocks | No | Yes |
Level 2 Quotes - Stocks | No | Yes |
Trade Ideas - Backtesting | No | Yes |
Trade Ideas - Backtesting Adv | No | Yes |
Short Locator | No | Yes |
Dive deeper: Best Day Trading Platforms of 2024
When evaluating market research capabilities, TradeStation marginally outperforms Robinhood, although both brokers have some limitations. TradeStation earns a 3-star rating, ranking 10th out of 18 brokers according to StockBrokers.com, while Robinhood trails with a 2.5-star rating and is positioned at 14th. Neither platform excels in offering comprehensive downloadable PDF research reports across stocks, ETFs, or mutual funds, nor do they provide ESG research or utilize social media sentiment data for stock analysis.
Robinhood and TradeStation both provide research for stocks, ETFs, and Pink Sheets/OTCBB markets. However, they fall short in offering coverage for mutual funds and bonds. The primary distinction between the two is TradeStation's provision of stock screeners, facilitating the creation of trade ideas, which Robinhood lacks. Additionally, TradeStation offers investors insight into their portfolio allocation by asset class, a feature that Robinhood does not provide.
Despite their shortcomings in certain areas, both platforms have their strengths, with TradeStation offering a slight edge through its stock screener and portfolio allocation tools. Robinhood caters to beginners with its user-friendly interface, but for those seeking more robust analytical tools, particularly in stock screening, TradeStation might be the preferable choice.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Research - Stocks | Yes | Yes |
Screener - Stocks | No | Yes |
Research - ETFs | Yes | Yes |
Screener - ETFs | No | No |
Research - Mutual Funds | No | No |
Screener - Mutual Funds | No | No |
Research - Bonds | No | No |
Screener - Bonds | No | No |
Research |
When comparing the banking capabilities of online brokers Robinhood and TradeStation, there are several distinctions to note. Robinhood provides users with access to debit cards, a feature that TradeStation does not offer. However, neither Robinhood nor TradeStation provides traditional banking services such as checking accounts, savings accounts, credit cards, mortgage loans, or certificates of deposit (CDs). This comparison highlights the limited banking functionality available from both platforms, with Robinhood offering a slight edge for those interested in a debit card option.
Feature |
Robinhood
|
TradeStation
|
---|---|---|
Checking Accounts | No | No |
Savings Accounts | No | No |
Debit Cards | Yes | No |
Credit Cards | No | No |
Mortgage Loans | No | No |
CDs | No | No |
Dive deeper: Best Bank Brokerages of 2024
After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Robinhood is better than TradeStation. Robinhood finished with an overall score of 84.5%, while TradeStation finished with a score of 81.7%.
Robinhood is very easy to use and its educational content is a joy to read. But, in today’s competitive market for your investing dollars, there are several more compelling options among brokerages.
Robinhood is an online broker that allows crypto trading with access to 15 different coins, while TradeStation does not offer crypto trading options, providing a distinct advantage for crypto enthusiasts choosing between these platforms.
Dive deeper: Best Crypto Trading Platforms of 2024
Both Robinhood and TradeStation offer traditional and Roth IRA accounts, but Robinhood stands out with no annual or closure fees, while TradeStation imposes a $35 annual fee and a $50 closure fee for IRA accounts.
Dive deeper: Best IRA Accounts of 2024
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0 of 5Overall Rating | Robinhood | TradeStation | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Customer Service | N/A | ||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Robinhood Review | TradeStation Review |
Broker Screenshots | Robinhood | TradeStation | |
---|---|---|---|
Trading Platform & Tools Gallery (click to expand) | |||
Research Gallery (click to expand) | |||
Mobile Trading Apps Gallery (click to expand) | |||
Education Gallery (click to expand) |
Trading Fees | Robinhood | TradeStation | |
---|---|---|---|
Minimum Deposit | $0.00 | $0.00 | |
Stock Trades | $0.00 | $0.00 | |
Penny Stock Fees (OTC) | N/A | $0.01 | |
Mutual Fund Trade Fee | N/A | $14.95 | |
Options (Per Contract) | $0.00 | $0.60 | |
Futures (Per Contract) | (Not offered) | $1.50 | |
Broker Assisted Trade Fee | N/A | $25 |
Margin Rates | Robinhood | TradeStation | |
---|---|---|---|
Margin Rate Under $25,000 | 12% | 13.5% | |
Margin Rate $25,000 to $49,999.99 | 12% | 13.5% | |
Margin Rate $50,000 to $99,999.99 | 12% | 12.5% | |
Margin Rate $100,000 to $249,999.99 | 12% | 12.5% | |
Margin Rate $250,000 to $499,999.99 | 12% | 12.5% | |
Margin Rate $500,000 to $999,999.99 | 12% | 8% | |
Margin Rate Above $1,000,000 | 12% | 8% |
Account Fees | Robinhood | TradeStation | |
---|---|---|---|
IRA Annual Fee | $0.00 | $35.00 | |
IRA Closure Fee | $0.00 | $50.00 | |
Account Transfer Out (Partial) | $100.00 | $125.00 | |
Account Transfer Out (Full) | $100.00 | $125.00 | |
Options Exercise Fee | $0.00 | $14.95 | |
Options Assignment Fee | $0.00 | $5.95 |
Investment Options | Robinhood | TradeStation | |
---|---|---|---|
Stock Trading | Yes | Yes | |
Margin Trading | Yes | Yes | |
Fractional Shares | Yes | No | |
OTC Stocks | Yes | Yes | |
Options Trading | Yes | Yes | |
Complex Options Max Legs | 4 | 4 | |
Futures Trading | No | Yes | |
Forex Trading | No | No | |
Crypto Trading | Yes | No | |
Crypto Trading - Total Coins | 15 | 0 | |
Mutual Funds (No Load) | 0 | 800 | |
Mutual Funds (Total) | 0 | 4000 | |
Bonds (US Treasury) | No | Yes | |
Bonds (Corporate) | No | Yes | |
Bonds (Municipal) | No | Yes | |
Traditional IRAs | Yes | Yes | |
Roth IRAs | Yes | Yes | |
Advisor Services | No | No | |
International Countries (Stocks) | 0 | 0 |
Order Types | Robinhood | 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 | No | Yes | |
Order Type - OTO | No | Yes | |
Order Type - Broker Assisted | No | Yes |
Beginners | Robinhood | TradeStation | |
---|---|---|---|
Education (Stocks) | Yes | Yes | |
Education (ETFs) | No | No | |
Education (Options) | Yes | Yes | |
Education (Mutual Funds) | No | No | |
Education (Bonds) | No | No | |
Education (Retirement) | No | No | |
Retirement Calculator | No | No | |
Investor Dictionary | Yes | No | |
Paper Trading | No | Yes | |
Videos | No | Yes | |
Webinars | No | Yes | |
Webinars (Archived) | No | Yes | |
Progress Tracking | No | No | |
Interactive Learning - Quizzes | No | No |
Stock Trading Apps | Robinhood | TradeStation | |
---|---|---|---|
iPhone App | Yes | Yes | |
Android App | Yes | Yes | |
Apple Watch App | Yes | 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 | Robinhood | TradeStation | |
---|---|---|---|
Market Movers (Top Gainers) | Yes | Yes | |
Stream Live TV | No | No | |
Videos on Demand | No | No | |
Stock Alerts | Yes | 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 |
Stock App Charting | Robinhood | TradeStation | |
---|---|---|---|
Charting - After-Hours | Yes | Yes | |
Charting - Can Turn Horizontally | No | No | |
Charting - Multiple Time Frames | Yes | Yes | |
Charting - Technical Studies | 6 | 45 | |
Charting - Study Customizations | Yes | Yes | |
Charting - Stock Comparisons | No | No |
Trading Platforms | Robinhood | TradeStation | |
---|---|---|---|
Active Trading Platform | TradeStation 10 | ||
Desktop Trading Platform | No | Yes | |
Desktop Platform (Mac) | No | No | |
Web Trading Platform | Yes | Yes | |
Paper Trading | No | Yes | |
Trade Journal | No | No | |
Watch Lists - Total Fields | 3 | 341 |
Stock Chart Features | Robinhood | TradeStation | |
---|---|---|---|
Charting - Adjust Trades on Chart | No | Yes | |
Charting - Indicators / Studies | 6 | 294 | |
Charting - Drawing Tools | 0 | 23 | |
Charting - Notes | No | Yes | |
Charting - Index Overlays | No | Yes | |
Charting - Historical Trades | No | Yes | |
Charting - Corporate Events | No | Yes | |
Charting - Custom Date Range | No | Yes | |
Charting - Custom Time Bars | No | Yes | |
Charting - Automated Analysis | No | Yes | |
Charting - Save Profiles | No | Yes | |
Trade Ideas - Technical Analysis | No | Yes | |
Charting - Study Customizations | 1 | 12 | |
Charting - Custom Studies | No | Yes |
Day Trading | Robinhood | TradeStation | |
---|---|---|---|
Streaming Time & Sales | No | Yes | |
Streaming TV | No | No | |
Direct Market Routing - Stocks | No | Yes | |
Ladder Trading | No | Yes | |
Trade Hotkeys | 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 | Robinhood | TradeStation | |
---|---|---|---|
Research - Stocks | Yes | Yes | |
Research - ETFs | Yes | Yes | |
Research - Mutual Funds | No | No | |
Research - Pink Sheets / OTCBB | Yes | Yes | |
Research - Bonds | No | No | |
Screener - Stocks | No | Yes | |
Screener - ETFs | No | No | |
Screener - Mutual Funds | No | No | |
Screener - Bonds | No | No | |
Misc - Portfolio Allocation | No | Yes |
Stock Research | Robinhood | TradeStation | |
---|---|---|---|
Stock Research - PDF Reports | 0 | 0 | |
Stock Research - Earnings | Yes | No | |
Stock Research - Insiders | No | No | |
Stock Research - Social | No | No | |
Stock Research - News | Yes | Yes | |
Stock Research - ESG | No | No | |
Stock Research - SEC Filings | No | No |
ETF Research | Robinhood | 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 - Sector Exposure | Yes | No | |
ETFs - Risk Analysis | No | No | |
ETFs - Ratings | No | No | |
ETFs - Morningstar StyleMap | No | No | |
ETFs - PDF Reports | No | No |
Mutual Fund Research | Robinhood | TradeStation | |
---|---|---|---|
Mutual Funds - Strategy Overview | No | No | |
Mutual Funds - Performance Chart | No | No | |
Mutual Funds - Performance Analysis | No | No | |
Mutual Funds - Prospectus | No | No | |
Mutual Funds - 3rd Party Ratings | No | Yes | |
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 |
Options Trading | Robinhood | TradeStation | |
---|---|---|---|
Option Chains - Basic View | Yes | Yes | |
Option Chains - Strategy View | No | Yes | |
Option Chains - Streaming | Yes | Yes | |
Option Chains - Total Columns | 17 | 29 | |
Option Chains - Greeks | 5 | 5 | |
Option Chains - Quick Analysis | Yes | Yes | |
Option Analysis - P&L Charts | Yes | Yes | |
Option Probability Analysis | No | Yes | |
Option Probability Analysis Adv | No | Yes | |
Option Positions - Greeks | Yes | Yes | |
Option Positions - Greeks Streaming | Yes | Yes | |
Option Positions - Adv Analysis | No | Yes | |
Option Positions - Rolling | Yes | Yes | |
Option Positions - Grouping | Yes | Yes |
Banking | Robinhood | TradeStation | |
---|---|---|---|
Bank (Member FDIC) | No | No | |
Checking Accounts | No | No | |
Savings Accounts | No | No | |
Credit Cards | No | No | |
Debit Cards | Yes | No | |
Mortgage Loans | No | No |
Customer Service | Robinhood | TradeStation | |
---|---|---|---|
Phone Support (Prospect Customers) | No | Yes | |
Phone Support (Current Customers) | Yes | Yes | |
Email Support | Yes | Yes | |
Live Chat (Prospect Customers) | No | Yes | |
Live Chat (Current Customers) | Yes | Yes | |
24/7 Support | Yes | No |
Overall | Robinhood | TradeStation | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Robinhood Review | TradeStation Review |