TradeStation vs TD Ameritrade 2024

Comparing brokers side by side is no easy task. We spend hundreds of hours each year testing the platforms, mobile apps, trading tools and general ease of use among online brokerages, as well as comparing commissions and fees, to find the best online broker.

Though many U.S. brokers offer basic trading features, such as an app, charting tools, stock research and educational content, the depth of those features can vary widely. Let's compare TradeStation vs TD Ameritrade.

In stock trading, the more you know, the better you’ll do. Taking advantage of resources like articles, webinars, videos and interactive elements is a great way to shorten the learning curve. In our analysis, we examine the availability of several different types of educational materials.

For 2024, our review finds that TradeStation offers more comprehensive new investor education for beginning investors than TD Ameritrade. TradeStation offers investors access to Paper Trading, Videos, Education (Stocks) and Education (Options), while TD Ameritrade offers investors access to Paper Trading, Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement).

TradeStation and TD Ameritrade charge the same amount for regular stock trades, $0.00. Option contracts are pricier at TD Ameritrade, costing $0.65 per contract versus $0.60 per contract at TradeStation. For futures, TD Ameritrade charges $2.25 per contract and TradeStation charges $1.50 per contract. For a deeper dive, see our best brokers for free stock trading or options trading guides.

Looking at a full range of investment options, including order types and international trading, our research has found that TradeStation offers a more comprehensive offering than TD Ameritrade. TradeStation ranks #5 out of 18 brokers for our Investment Options category, while TD Ameritrade ranks #N/A.

TradeStation offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds and Futures Trading, while TD Ameritrade offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Futures Trading, Forex Trading and Advisor Services. Neither have Fractional Shares. Looking at Mutual Funds, TradeStation trails TD Ameritrade in its offering of no transaction fee (NTF) mutual funds, with TD Ameritrade offering 3610 and TradeStation offering 0.

In our analysis of top U.S. brokerages, we research whether each broker offers the ability to trade cash cryptocurrency, such as bitcoin and ethereum. Though crypto has risen steadily in popularity, availability still varies from broker to broker. Our review finds that neither TradeStation or TD Ameritrade offer crypto trading.

To compare the day trading platforms of TradeStation and TD Ameritrade, we focused on trading tools and functionality across both web and desktop-based platforms. Popular day trading platform tools include streaming real-time quotes, stock alerts, trading hotkeys, direct market routing, streaming time and sales, customizable watch lists, backtesting, and fully functional charting packages, among many others. For day trading, TradeStation offers a better experience.

After testing 25 features across the stock trading apps of TradeStation and TD Ameritrade, we found TradeStation to be better overall. The best stock market apps are easy to use, have excellent design, and deliver a fully featured online trading experience. TradeStation ranks #8 out of 18 brokers, while TD Ameritrade ranks #N/A.

TradeStation Trading App Gallery

TD Ameritrade Trading App Gallery

For research, TradeStation offers superior market research than TD Ameritrade. TradeStation ranks #10 and TD Ameritrade ranks #N/A.

Over the years, we've found that the best brokers provide rich market commentary, a variety of third-party research reports, and thorough quote screens that are not just easy to navigate, but that also include a comprehensive selection of fundamental data. Robust stock, ETFs, and mutual fund screeners are also must-haves for trade idea generation.

TradeStation requires a minimum deposit of $0.00, while TD Ameritrade requires a minimum deposit of $0.00. From our testing, we found that SoFi is the only broker that requires a minimum deposit.

TradeStation charges 13.5% for accounts under $25,000 while TD Ameritrade charges a margin rate of 14.75%. The industry average of the 18 brokers we track is 9%.

Fractional shares are not offered by either broker. Our research has found that 54% of brokers offer fractional shares investing. Fractional shares allow traders to buy a part of a whole share of stock. For example, if Amazon is trading at $1,000, you could buy half a share for $500.

Both TradeStation and TD Ameritrade allow you to trade penny stocks. TradeStation charges $0.01 per trade while TD Ameritrade charges $6.95. Penny stocks are companies whose shares trade for under $5 and are listed over the counter (OTC). For brokers that do offer penny stock trades, the average commission is $3.

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. neither of these are offered by TradeStation, while TD Ameritrade offers Checking Accounts, Debit Cards and Credit Cards. Neither have Savings Accounts and Mortgage Loans.

StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States to thoroughly evaluate the quality and speed of brokerage customer service. (Read more about How We Test.) Here are the results of our current testing.

TradeStation was rated 7th out of 13 brokers, with an overall score of 7.98 out of 10.

TD Ameritrade was rated 1st out of 14 brokers, with an overall score of 9.3 out of 10.

TradeStation supports casual traders through its web-based platform and active traders through its desktop platform. We like the web-based platform and mobile app, but the flagship desktop platform could use a refresh.

In the 2024 StockBrokers.com Annual Awards, TradeStation placed among Best in Class for Day Trading, Futures Trading, Investment Options, and Penny Stock Trading.

TD Ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners and reliable customer service, making it one of our top overall brokers in 2023. Note, however, that TD Ameritrade was acquired in 2020 by Charles Schwab and TD Ameritrade client accounts are currently being migrated in batches to Schwab, which has retained the standout thinkorswim platform.

In the 2023 StockBrokers.com Annual Review, TD Ameritrade was rated No. 1 for Platforms & Tools, Mobile Trading Apps, Ease of Use, Beginners, and Customer Service. It also ranked among Best in Class for Commissions & Fees, Research, Investment Options, Education, Active Trading and Overall. TD Ameritrade also won two StockBrokers.com Industry Awards: No. 1 for Phone Support and Trader App.