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TradeStation is a brokerage firm offering its clients commission-free trades. It offers high-speed trade execution along with professional data on an expert level dashboard. TradeStation is an ideal brokerage firm for an expert trader as well as a beginner.
To help you find the best online brokers in 2021, we went ahead and did the research for you. First, we selected 89 quality online brokers, then checked and compared basically every aspect of their offering: fees, available markets and products, trading platforms. TradeStation is a trading platform with more than three decades of experience offering trading services to brokers, investors, and traders. As the company became popular among the serious traders, it has cut down even the minimum charges to make its services more attractive to the investors.
Charles Schwab offers the most comprehensive trading services in the market. The firm offers a vast number of tools, products, and trading services. The platform is great for long term investors, as well as day and retail traders.
Trading Services
Both brokers offer a great trading platform. However, when it comes to trading tools, TradeStation is the clear winner & know more about their trading tool in comparison, Charles Schwab offers superior market research. The mobile trading apps of TradeStation are also better when compared to that of Charles Schwab.
Schwab’s online tools and platforms include web/mobile trading software. The software is called StreetSmart Edge, which allows its traders to customize the platform according to their criteria.
According to our expert’s TradeStation Broker Review, they offer a platform that allows real-time search and tracking. Another great tool that TradeStation offers is a TradeStation simulator which allows clients to try out their investing strategies before any risk.
Account Types
Charles Schwab offers a standard brokerage account where there are no contribution limits and more flexibility in trading. The brokerage allows you to select between an individual brokerage account and a Joint brokerage account, which is shared by two or more individuals.
TradeStation offers five different types of accounts which are:
- Joint account
- Individual account
- IRA
- Entity
- Custodial
Trading Fees and Commissions
According to the difference between TradeStation & TD Ameritrade, it offers commission-free investment and volume-based discounts to its active traders. Here is the comparison of TradeStation trading fees with that of Charles Schwab’s:
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Pros and Cons
Both Charles Schwab and TradeStation allow their traders to invest via their user-intuitive trading platform. However, each has its own pros and cons. Let’s look at the pros and cons of Charles Schwab first:
Here are the Pros and Cons of TradeStation:
Conclusion
TradeStation offers most of the features that are ideal for an active and expert trader including multiple tradable products, low trading commissions, a robust trading platform, and useful research tools. The platform is also suitable for beginners as the account opening procedure is easy & click here to know procedure. Also it has a platform with name YouCanTrade which gives access to the trading basics.
Charles Schwab may not be ideal for an inexperienced trader as some research tools, simulated trades, and online tutorials are available to only those with $5000 of the minimum account balance. However, the brokerage firm ranks top in terms of fee-free products and research guidance tools.
TradeStation is a trading platform with more than three decades of experience offering trading services to brokers, investors, and traders. As the company became popular among the serious traders, it has cut down even the minimum charges to make its services more attractive to the investors.
Interactive Brokers leads the market by offering its clients access to more than 120 market centers. The company was founded 42 years back, and its traders mainly consist of individuals and organizations who want to trade professionally. Interactive Broker is an ideal platform for beginners and non-professionals who want low entry barriers in terms of trade fees and brokerage charges.
Trading Services
One of the major differences between both the trading platforms is that Interactive Brokers offers international trading, whereas we found from broker comparison 2021, TradeStation mainly focuses on domestic capital markets.
Interactive Brokers offers its trading software for both Windows and Mac along with Android and iOS mobile phones. On the contrary, TradeStation doesn’t support the Mac operating system.
Fees and Commissions
Interactive Brokers don’t charge any flat fee; however, they charge a fee on the basis of per stock. TradeStation, on the contrary, opts for a flat fee. TradeStation offers its clients more flexibility when it comes to fees and commissions.
TradeStation charges a flat fee of $5 for all stock trades. In the case of direct market access, $0.004 per share surcharge is levied. If a trader prefers per-share price, TradeStation offers $0.01 per share for the initial 500 shares and later on charges $0.006 for other shares. Additionally, TradeStation also offers unbundled pricing, which is determined by the number of completed trades last month.
Account Types
Both Interactive Brokers and TradeStation offer a variety of account options, and clients can adjust their opening accounts when they want even after opening it.
The five accounts of TradeStation are:
- Joint account
- Individual account
- IRA
- Entity
- Custodial
The five accounts of Interactive Brokers are:
- Individual
- Joint
- Trust
- UGMA/UTMA
- IRA
Customer Support
Customer support for traders of Interactive Brokers is available 24 hours for five days a week. Customer support from the TradeStation is also similar. The support is given via email, phone call, and chat & to know more about their customer services, please check our TradeStation Platform Review.
Desktop Platform
The desktop platform that TradeStation offers is free for T.S. select customers. The platform is equipped with powerful features like a trade ticket along with advanced tools. Other features are bracket orders, direct access routing, OCO, and variety of duration choices.
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Charts offered by TradeStation have very robust tools like technical studies, drawing tools, and order tickets. Based on differentiating between TradeStation & Charles Schwab, under the Trading Apps menu, there are widgets. Highlights include options platform, Level II quotes and time, and sale window.
Interactive Broker has a desktop platform named Trade Workstation and has features somewhat similar to TradeStation’s platform.
Charting on TradeStation has many advanced tools like 30 seconds of candles and right-click trading. There is also artificial intelligence with the name iBot.
Pros and Cons
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TradeStation has low trading fees, and it gives access to a wide range of products. Here are some pros and cons of TradeStation:
Interactive Brokers is a brokerage firm that targets active traders along with hedge funds. One of the major advantages of Interactive Brokers is its low commission on futures trades and options. Interactive Brokers offers access to 100 markets worldwide. The firm also provides a huge selection of different products for trading. Here are some of the pros and cons of Interactive Brokers:
Conclusion
Both firms offer an impressive trading platform, and many active traders use them. TradeStation is better for trading in cryptocurrencies while interactive Brokers are known for global trading. TradeStation has now canceled monthly software fees, and with $2000 of minimum deposit, it is easier to try the trading software.