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 Robinhood 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, with its regular stock trades costing $5, is more expensive than Robinhood's rate of $0 per trade. With options, the base fees charged are $5 (TradeStation) and $0 (Robinhood). Each option contract then costs $0.50 at TradeStation and $0 at Robinhood. 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. Robinhood supports Stock Trading and Options Trading while TradeStation supports Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, TradeStation boasts an offering of 4357 mutual funds compared to Robinhood's 0 available funds.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. TradeStation makes virtual trading available to clients, while Robinhood does not. Taking a look at mobile trading, Both Robinhood and TradeStation offer clients access to an 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 Robinhood and TradeStation as Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are all unavailable.
Overall, between Robinhood and TradeStation, TradeStation is the winner