5 best TradeStation alternatives right now • Benzinga
TradeStation is the best choice of broker for active investors and those looking for a full set of included educational tools. With affordable commissions and a plethora of asset classes, TradeStation can be a great choice for short-term investors. However, if you are looking for a platform for newbie investors or prefer to take a long-term approach to your investment goals, other brokers may be more attentive to your needs.
Thinking of transferring your TradeStation account to a new broker? Our guide will help you compare some of the more popular TradeStation alternatives.
What is TradeStation?
TradeStation is an online brokerage firm that provides retail investors with access to a variety of financial markets and instruments. TradeStation is headquartered in Plantation, Florida, having been founded in 1982 as Omega Research Inc. The broker now has offices in New York, London, Sydney, Chicago and other major financial centers.
TradeStation is best known for its range of online investing platforms, which include:
- Access to a range of securities and types of accounts: Investors who need an all-in-one platform can find it in TradeStation. TradeStation offers access to stock and ETF trading, investing in mutual funds, ETFs, options trades, futures and even cryptocurrencies. You can also open a variety of account types, ranging from taxable brokerage accounts to joint IRAs.
- Impressive desktop platform: One of the most notable offerings from the company is TradeStation’s desktop platform. You will not pay commissions on most tradable assets on TS Select and TS GO. You will find all types of indicators or chart tools you could possibly need through TradeStation.
- Complete range of educational tools: While TradeStation is not a go-to broker for new investors, it offers an impressive selection of tools newcomers can use to learn more about general conditions and market assets. From how-to videos that show you how to use the platform to downloadable eBooks, TradeStation University helps you cover your bases.
Why TradeStation might not be right for you
Although TradeStation offers a lot of features and tools, it is insufficient in some areas. If any of the following is essential for you, TradeStation may not be the best broker for you:
- Simple platforms and pricing: While more experienced investors may appreciate TradeStation’s multiple pricing packages and platforms, new investors might find it difficult to choose a platform. These tiered commission schedules can confuse you and quickly reduce profits if you’re not careful.
Many of TradeStation’s advanced features and tools must be purchased with a subscription. New investors may prefer a broker that provides a single platform with all of the features included, even if that means sacrificing access to certain markets or analytical tools.
- No inactivity fees or minimum balance: If you are a passive investor or an investor not looking to become an active trader, minimum account balances and fees can put unnecessary financial strain on your account. Although TradeStation offers a TS GO account with a minimum of $ 0, investors who wish to benefit from the features of the TS Select plan will need to deposit a minimum of $ 2,000 to open their account.
TradeStation is also one of the only brokers in the market that still charges an inactivity fee. IRA account holders will pay $ 35 per year regardless of the number of deposits they make. Investors who do not maintain a balance of $ 2,000 or more or who do not complete five transactions per month are also subject to an inactivity fee of $ 50. If you are looking for a completely free broker (especially for buy and hold investment strategies), TradeStation might not be the best broker for you.
Best Alternatives to TradeStation
Ready to start exploring alternatives to TradeStation? Browse a few of our favorite brokers below.
Least expensive broker: interactive brokers
IBKR Lite offers unlimited, commission-free trading in US-listed stocks and ETFs while enjoying a streamlined trading experience through the client portal and IBKR Mobile.
For options, tiered plans charge low brokerage commissions, decreasing based on volume, plus exchange, regulatory and clearing fees, plus VAT where applicable. In cases where an exchange offers a discount, IBKR will return some or all of the savings to you directly.
Fixed plans charge a single flat rate per contract that includes all commissions and exchange, regulatory and other third party fees, plus VAT where applicable.
Thousands of U.S. mutual funds can be purchased without transaction fees while others use a simple pricing structure that includes all regulatory and exchange fees. Invest with the cheapest broker, Interactive Brokers, today.
Intermediary traders and investors
Best for the paper trade: Webull
If you’ve never invested before or are looking to take a more active role in your investments for the first time, starting with a paper trading account can save you time and money.
A paper trading account is a type of investment practice account that allows you to use virtual funds to practice investing with real-time market movements.
Webull offers investors full real-time paper trading using its professional grade platform. Refine your strategies, test new trading ideas, and monitor your progress over time without risking your own funds.
When you are ready to enter the market with real money, you will already have mastered Webull’s unique platform and tools.
Ideal for simple setups: Robinhood
Make sure to consider Robinhood if you are looking for simplicity. Robinhood is an intuitive broker for newbies to investing.
Robinhood offers commission-free trading in stocks and options and has also recently added cryptocurrency investments. Monitor your investments with an easily navigable mobile and desktop platform and trade with just a few clicks.
While you won’t find the same types of advanced chart options with Robinhood as you do with TradeStation, the broker’s easy registrations and straightforward navigation can be a less intimidating choice for new investors.
Best for Customer Service: E * TRADE
TradeStation offers a full range of customer service options compared to many other competing brokers. However, if you are looking for a 24 hour connection with a customer service team, you can choose E * TRADE as your broker.
E * TRADE offers 24/7 customer service via phone and live chat, which can be comforting if you prefer a more personal touch when setting up your accounts. Although most physical E * TRADE branches have closed due to COVID-19, you can still schedule a call with a representative from your local branch for more personalized advice.
Ideal for automated investments: Moomoo
Moomoo was designed as a smart trading platform, but also offers the benefit of low fees.
This mobile trading platform offers advanced tools in a well-organized application. It’s free and easy to use for beginners and experienced traders alike.
A multitude of research tools can help you make sound investment decisions. There is also a paper trading feature with real-time data if you want to simulate the investing experience before you go all out.
Moomoo lets you invest when it’s convenient for you. You can initiate transactions whether on the go or at home with your custom setups synced across different devices. In addition, there is no minimum deposit to open an account.
Make your first investment
If you are preparing to open your first brokerage account or transfer a TradeStation account to a new broker, be sure to compare all of your investment options before making your choice. While you are generally not required to deposit a minimum balance in your brokerage account when you first open an account, most brokers charge an outgoing transfer fee if you need to move an existing portfolio. Take the time to do your research before opening a new account to save as much money as possible on account fees and charges.
0 Commissions and no minimum deposit. Everyone has smart tools to invest smart. Webull supports full extended trading hours, which includes full pre-trade (4:00 a.m. – 9:30 a.m.ET) and after-hours (4:00 p.m. – 8:00 p.m. ET) sessions. Webull Financial LLC is registered and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). He is also a member of the SIPC, which protects (up to $ 500,000, which includes a limit of $ 250,000 for cash) against the loss of cash and securities held by a client of a brokerage firm. member of the SIPC in financial difficulty.