When it comes to choosing an online brokerage, there are countless options available. Two popular platforms that have gained a lot of traction in recent years are Tradestation and Robinhood. Both are well-known for their user-friendly interfaces and commission-free trading, but they differ in several key areas. In this article, Tradestation vs Robinhood, we will take a closer look at each platform to help you decide which one is best for you.
Fees and Commission
One of the biggest draws of both Tradestation and Robinhood is that they offer commission-free trading. This means that you can trade stocks, options, and ETFs without having to pay a commission on each trade. While this may seem like a great deal, it is important to note that there are other fees associated with each platform.
Tradestation charges a $99.95 monthly platform fee, which can be waived if you make at least $2,000 in trades per month. They also charge a $1.50 fee per contract for options trading. Robinhood, on the other hand, does not charge a monthly platform fee, but they do charge a $5 fee for options trading and a $75 fee for broker-assisted trades.
Platform Features and Tools
Tradestation and Robinhood both offer a wide range of features and tools to help you make informed trades. However, they differ in the type and complexity of the tools they offer.
Tradestation is geared towards more experienced traders and offers a wide range of advanced tools such as advanced charting, multiple order types, and a wide range of indicators. The platform also offers a paper trading feature, which allows you to test your strategies before you risk real money.
Robinhood, on the other hand, is geared towards more casual traders. The platform offers a simple and user-friendly interface, but the tools and features are more limited than those offered by Tradestation. Robinhood does offer basic charting and a limited range of indicators, but it does not offer advanced order types or a paper trading feature.
Mobile App Experience
Both Tradestation and Robinhood offer mobile apps that allow you to trade on the go. However, the experience of using the apps is quite different.
Tradestation’s mobile app is a fully-featured version of the desktop platform, with all of the same tools and features available. The app is designed for more experienced traders and offers advanced charting and a wide range of indicators.
Robinhood’s mobile app is designed for more casual traders and offers a simple and user-friendly interface. The app allows you to trade stocks and options, but the charting and research tools are more limited than those offered by Tradestation. But there is no denying that Robinhood has succeeded in delivering an intuitive mobile first approach to investing for the average retail investor.
Research and Education
Both Tradestation and Robinhood offer research and educational resources to help you make informed trades. However, they differ in the type and depth of the resources they offer.
Tradestation offers a wide range of research and educational resources, including market data, news, and analysis, as well as webinars, tutorials, and other educational materials. The platform also offers a community forum where traders can share ideas and strategies.
Robinhood, on the other hand, offers more limited research and educational resources. The platform offers market data and news, but the analysis and educational materials are more limited than those offered by Tradestation. The magic of Robinhood is in its simplicity.
When it comes to customer service, both Tradestation and Robinhood offer a range of options to help you with any issues you may have.
Tradestation offers customer service through email, phone, and live chat. The platform also offers a wide range of educational resources, including tutorials, webinars, and a community forum where you can get help and advice from other traders.
Robinhood offers customer service through email and phone, but they do not offer live chat. They also have a limited selection of educational resources, but they do offer a FAQ section on their website to answer common questions.
When it comes to choosing between Tradestation and Robinhood, it ultimately comes down to what type of trader you are and what you are looking for in a platform. If you are a more experienced trader looking for advanced charting, multiple order types, and a wide range of indicators, then Tradestation may be the better choice for you. Click here to get started with Tradestation today!
However, if you are a more casual trader looking for a simple, user-friendly platform with commission-free trading, then Robinhood may be the way to go. Both platforms have their own set of pros and cons, it’s important to weigh them and then decide which one is the best fit for your needs.