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Robinhood vs TradeStation 2024

StockBrokers.com

Written by StockBrokers.com

October 30, 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.

Robinhood
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.00
TradeStation
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.60

Investment options

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 logoRobinhood
TradeStation logoTradeStation
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes No
OTC Stocks info Yes Yes
Mutual Funds info No Yes
Options Trading info Yes Yes
Futures Trading info No Yes
Crypto Trading info Yes info No
Crypto Trading - Total Coins info 15 0
Investment Options 3.5/5 Stars 4.5/5 Stars

Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024

Trading platforms and tools

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 logoRobinhood
TradeStation logoTradeStation
Web Trading Platform info Yes Yes
Desktop Trading Platform info No Yes
Desktop Platform (Mac) info No No
Paper Trading info No Yes
Watch Lists - Total Fields info 3 341
Charting - Indicators / Studies info 6 294
Charting - Drawing Tools info 0 23
Platforms & Tools 3/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024

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Beginners and education

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 logoRobinhood
TradeStation logoTradeStation
Education (Stocks) info Yes Yes
Education (ETFs) info No No
Education (Options) info Yes Yes
Education (Mutual Funds) info No No
Education (Bonds) info No No
Paper Trading info No Yes
Videos info No Yes
Webinars info No Yes
Education 3.5/5 Stars 3.5/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2024

Stock trading apps

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 logoRobinhood
TradeStation logoTradeStation
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Stock Alerts info Yes Yes
Charting - After-Hours info Yes Yes
Charting - Technical Studies info 6 45
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Apps of 2024

Fees

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 logoRobinhood
TradeStation logoTradeStation
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 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Brokers for Free Stock Trading of 2024

Day Trading

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 logoRobinhood
TradeStation logoTradeStation
Streaming Time & Sales info No Yes
Streaming TV info No No
Direct Market Routing - Stocks info No Yes
Level 2 Quotes - Stocks info No info Yes
Trade Ideas - Backtesting info No Yes
Trade Ideas - Backtesting Adv info No Yes
Short Locator info No Yes

Dive deeper: Best Day Trading Platforms of 2024

Market Research

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 logoRobinhood
TradeStation logoTradeStation
Research - Stocks info Yes Yes
Screener - Stocks info No Yes
Research - ETFs info Yes Yes
Screener - ETFs info No No
Research - Mutual Funds info No No
Screener - Mutual Funds info No No
Research - Bonds info No No
Screener - Bonds info No No
Research 2.5/5 Stars 3/5 Stars

Banking

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 logoRobinhood
TradeStation logoTradeStation
Checking Accounts info No No
Savings Accounts info No No
Debit Cards info Yes No
Credit Cards info No No
Mortgage Loans info No No
CDs info No No

Dive deeper: Best Bank Brokerages of 2024

Winner

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.

FAQs

Can you trade cryptocurrency with Robinhood or TradeStation?

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

Does Robinhood or TradeStation offer IRAs?

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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Compare

0 of 5
Overall Rating Robinhood TradeStation
Overall 4/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 3.5/5 Stars 4.5/5 Stars
Platforms & Tools 3/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 2.5/5 Stars 3/5 Stars
Customer Service N/A 3.5/5 Stars
Education 3.5/5 Stars 3.5/5 Stars
Ease Of Use 5/5 Stars 3.5/5 Stars
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) info N/A $0.01 info
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% info 13.5%
Margin Rate $25,000 to $49,999.99 12% info 13.5%
Margin Rate $50,000 to $99,999.99 12% info 12.5%
Margin Rate $100,000 to $249,999.99 12% info 12.5%
Margin Rate $250,000 to $499,999.99 12% info 12.5%
Margin Rate $500,000 to $999,999.99 12% info 8% info
Margin Rate Above $1,000,000 12% info 8% info
Account Fees Robinhood TradeStation
IRA Annual Fee $0.00 $35.00
IRA Closure Fee $0.00 $50.00
Account Transfer Out (Partial) info $100.00 $125.00
Account Transfer Out (Full) info $100.00 $125.00
Options Exercise Fee $0.00 $14.95
Options Assignment Fee $0.00 $5.95
Investment Options Robinhood TradeStation
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes No
OTC Stocks info Yes Yes
Options Trading info Yes Yes
Complex Options Max Legs info 4 4
Futures Trading info No Yes
Forex Trading info No No
Crypto Trading info Yes info No
Crypto Trading - Total Coins info 15 0
Mutual Funds (No Load) info 0 800
Mutual Funds (Total) info 0 4000
Bonds (US Treasury) info No Yes
Bonds (Corporate) info No Yes
Bonds (Municipal) info No Yes
Traditional IRAs info Yes Yes
Roth IRAs info Yes Yes
Advisor Services info No No
International Countries (Stocks) info 0 0
Order Types Robinhood TradeStation
Order Type - Market info Yes Yes
Order Type - Limit info Yes Yes
Order Type - After Hours info Yes Yes
Order Type - Stop info Yes Yes
Order Type - Trailing Stop info Yes Yes
Order Type - OCO info No Yes
Order Type - OTO info No Yes
Order Type - Broker Assisted info No Yes
Beginners Robinhood TradeStation
Education (Stocks) info Yes Yes
Education (ETFs) info No No
Education (Options) info Yes Yes
Education (Mutual Funds) info No No
Education (Bonds) info No No
Education (Retirement) info No No
Retirement Calculator info No No
Investor Dictionary info Yes No
Paper Trading info No Yes
Videos info No Yes
Webinars info No Yes
Webinars (Archived) info No Yes
Progress Tracking info No No
Interactive Learning - Quizzes info No No
Stock Trading Apps Robinhood TradeStation
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Trading - Stocks info Yes Yes
Trading - After-Hours info Yes Yes
Trading - Simple Options info Yes Yes
Trading - Complex Options info Yes Yes
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info Yes Yes
Stock App Features Robinhood TradeStation
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info No No
Videos on Demand info No No
Stock Alerts info Yes Yes
Option Chains Viewable info Yes Yes
Watch List (Real-time) info Yes Yes
Watch List (Streaming) info Yes Yes
Watch Lists - Create & Manage info Yes Yes
Watch Lists - Column Customization info Yes Yes
Stock App Charting Robinhood TradeStation
Charting - After-Hours info Yes Yes
Charting - Can Turn Horizontally info No No
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 6 45
Charting - Study Customizations info Yes Yes
Charting - Stock Comparisons info No No
Trading Platforms Robinhood TradeStation
Active Trading Platform info TradeStation 10
Desktop Trading Platform info No Yes
Desktop Platform (Mac) info No No
Web Trading Platform info Yes Yes
Paper Trading info No Yes
Trade Journal info No No
Watch Lists - Total Fields info 3 341
Stock Chart Features Robinhood TradeStation
Charting - Adjust Trades on Chart info No Yes
Charting - Indicators / Studies info 6 294
Charting - Drawing Tools info 0 23
Charting - Notes info No Yes
Charting - Index Overlays info No Yes
Charting - Historical Trades info No Yes
Charting - Corporate Events info No Yes
Charting - Custom Date Range info No Yes
Charting - Custom Time Bars info No Yes
Charting - Automated Analysis info No Yes
Charting - Save Profiles info No Yes
Trade Ideas - Technical Analysis info No Yes
Charting - Study Customizations info 1 12
Charting - Custom Studies info No Yes
Day Trading Robinhood TradeStation
Streaming Time & Sales info No Yes
Streaming TV info No No
Direct Market Routing - Stocks info No Yes
Ladder Trading info No Yes
Trade Hotkeys info No Yes
Level 2 Quotes - Stocks info No info Yes
Trade Ideas - Backtesting info No Yes
Trade Ideas - Backtesting Adv info No Yes
Short Locator info No Yes
Order Liquidity Rebates info No Yes
Research Overview Robinhood TradeStation
Research - Stocks info Yes Yes
Research - ETFs info Yes Yes
Research - Mutual Funds info No No
Research - Pink Sheets / OTCBB info Yes Yes
Research - Bonds info No No
Screener - Stocks info No Yes
Screener - ETFs info No No
Screener - Mutual Funds info No No
Screener - Bonds info No No
Misc - Portfolio Allocation info No Yes
Stock Research Robinhood TradeStation
Stock Research - PDF Reports info 0 info 0
Stock Research - Earnings info Yes No
Stock Research - Insiders info No No
Stock Research - Social info No No
Stock Research - News info Yes Yes
Stock Research - ESG info No No
Stock Research - SEC Filings info No No
ETF Research Robinhood TradeStation
ETFs - Strategy Overview info Yes No
ETF Fund Facts - Inception Date info Yes No
ETF Fund Facts - Expense Ratio info Yes No
ETF Fund Facts - Net Assets info Yes No
ETF Fund Facts - Total Holdings info Yes No
ETFs - Top 10 Holdings info Yes No
ETFs - Sector Exposure info Yes No
ETFs - Risk Analysis info No No
ETFs - Ratings info No No
ETFs - Morningstar StyleMap info No No
ETFs - PDF Reports info No No
Mutual Fund Research Robinhood TradeStation
Mutual Funds - Strategy Overview info No No
Mutual Funds - Performance Chart info No No
Mutual Funds - Performance Analysis info No No
Mutual Funds - Prospectus info No No
Mutual Funds - 3rd Party Ratings info No Yes
Mutual Funds - Fees Breakdown info No No
Mutual Funds - Top 10 Holdings info No No
Mutual Funds - Asset Allocation info No No
Mutual Funds - Sector Allocation info No No
Mutual Funds - Country Allocation info No No
Mutual Funds - StyleMap info No No
Options Trading Robinhood TradeStation
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info No Yes
Option Chains - Streaming info Yes Yes
Option Chains - Total Columns info 17 29
Option Chains - Greeks info 5 5
Option Chains - Quick Analysis info Yes Yes
Option Analysis - P&L Charts info Yes Yes
Option Probability Analysis info No Yes
Option Probability Analysis Adv info No Yes
Option Positions - Greeks info Yes Yes
Option Positions - Greeks Streaming info Yes Yes
Option Positions - Adv Analysis info No Yes
Option Positions - Rolling info Yes Yes
Option Positions - Grouping info Yes Yes
Banking Robinhood TradeStation
Bank (Member FDIC) info No No
Checking Accounts info No No
Savings Accounts info No No
Credit Cards info No No
Debit Cards info Yes No
Mortgage Loans info No No
Customer Service Robinhood TradeStation
Phone Support (Prospect Customers) info No Yes
Phone Support (Current Customers) info Yes Yes
Email Support info Yes Yes
Live Chat (Prospect Customers) info No Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info Yes No
Overall Robinhood TradeStation
Overall 4/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 3.5/5 Stars 4.5/5 Stars
Platforms & Tools 3/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 2.5/5 Stars 3/5 Stars
Education 3.5/5 Stars 3.5/5 Stars
Ease Of Use 5/5 Stars 3.5/5 Stars
Winner check_circle
Review Robinhood Review TradeStation Review
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