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4 alternatives to TradeStation

If you’re searching for a platform similar to TradeStation, here are some brokers to consider.

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Kimberly Ellis

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TradeStation is an online brokerage service that offers a professional-level trading experience with powerful trading technology. But its high minimum activity requirements, $150 account service fee and $50 inactivity fee may turn you off. Here are four alternatives that may be a better fit.

TradeStation alternatives

Interactive Brokers

Interactive Brokers

4.6 / 5 ★★★★★

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Interactive Brokers has an impressive lineup of advanced charting tools, including international trading info and real-time scans. Its research tools are customizable and fully equipped with hundreds of indicators. It also offers access to global markets, including major exchanges in Japan, India, Germany and Australia. The TradeStation platform currently only runs on a Mac through a Windows emulator. A big factor that makes Interactive Brokers a solid alternative to TradeStation is its desktop platform for Mac OSX designed to operate seamlessly without jumping through hoops. But you'll need a net worth of at least $20,000 to qualify for an Interactive Brokers account.
Account typesBrokerage, IRA, Custodial, Joint brokerage, Trust
Annual fee$0 per year
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex, Treasury Bills

Robinhood

Robinhood

4.5 / 5 ★★★★★

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Robinhood is a free, no-frills trading platform that lets you trade stocks, options, ETFs and crypto without commissions or fees. You won't find any account minimums, inactivity fees or annual fees. The app has a simple design and an intuitive interface, making it a good option for rookie investors. Unlike TradeStation, Robinhood doesn't offer in-depth research tools such as stock screeners or options analysis. But you can upgrade to Robinhood Gold for $5 a month to access premium features, including professional research from Morningstar and Level II market data, so you can still make informed decisions on a user-friendly platform.
Account typesBrokerage, IRA, Margin
Annual fee$0 per year
Available asset typesStocks, Options, ETFs, Cryptocurrency

E*TRADE

E*TRADE from Morgan Stanley

4.3 / 5 ★★★★★

E*TRADE is a well-known trading platform with a wealth of professional trading tools. Access free streaming market data, live market commentary and stock screeners. You can also identify trading opportunities for your watch list using over 100 technical studies and more than 30 drawing tools. But where E*TRADE shines is its mutual funds selection totaling over 9,000, including over 4,400 no-load, no-transaction-fee mutual funds. Unlike TradeStation, E*TRADE also offers low-fee banking services that are fully integrated with your E*TRADE investment account. You can view both your investing and savings account in one place and earn competitive interest rates, so your money is always working.
Account typesBrokerage, IRA, Education (529), Custodial, Joint brokerage
Annual fee$0 per year
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, CDs, Futures

Webull

Webull

4.6 / 5 ★★★★★

Webull is a discount brokerage firm with a powerful mobile app and zero commission fees. Although Webull has fewer technical indicators and drawing tools than TradeStation, day traders pay less for Level II advanced data than TradeStation. For example, Webull charges $1.99 per month to access Level 2 Nasdaq TotalView, whereas TradeStation's Nasdaq TotalView costs $17 per month for nonprofessionals ($153 for professionals) on top of its required $25 monthly market data package. Webull traders also enjoy increased buying power with competitive margin interest rates. For instance, Webull charges 6.99% for balances up to $25,000, compared to TradeStation's 9.5%. Both platforms require a minimum of $2,000 to qualify for a margin account.
Account typesBrokerage, IRA
Annual fee$0 per month
Available asset typesStocks, Options, ETFs, Cryptocurrency

Pros and cons of TradeStation

Here’s what makes TradeStation a unique trading platform and a few things to consider before signing up.

Pros

  • Award-winning analytic tools
  • Extensive educational resources
  • Active trader community
  • Commission-free trades for active military, veterans and first responders

Cons

  • Difficult learning curve
  • Requires a $500 minimum deposit for cash accounts and $2,000 minimum for margin
  • Inactivity fees and account service fees unless you meet minimum activity requirements

How to transfer your brokerage account

TradeStation uses the Automated Customer Account Transfer Service (ACATS) to transfer cash and securities electronically. So if you’re breaking up with TradeStation, you should expect to pay $125 to move your funds and close your current one. Steps include:

  1. Completing a transfer form with your new broker.
  2. Your current broker processes the transfer.
  3. Your old broker moves the funds to your new broker within six business days.

Note: You may not be able to transfer your old broker’s proprietary funds.

Compare trading platforms

1 - 9 of 9
Name Product USFST Ratings Available asset types Stock trade fee Minimum deposit Cash sweep APY Signup bonus
Tastytrade
Finder Score: 4.4 / 5: ★★★★★
Tastytrade
★★★★★
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
$0
$0
N/A
Get $50-$5,000
Competitive, capped options commissions, with a reliable trading platform designed for serious traders.
Go to siteView details
Robinhood
Finder Score: 4.5 / 5: ★★★★★
Robinhood
★★★★★
Stocks, Options, ETFs, Cryptocurrency
$0
$0
4.5%
Get a free stock
Trade stocks, options, ETFs and crypto without commissions and on a user-friendly platform. Plus, a 1% IRA match and no options contract fees.
Go to siteView details
OPTO
Finder Score: 3.1 / 5: ★★★★★
OPTO
★★★★★
Stocks, ETFs
$0
$0
N/A
Earn up to $300
AI-driven thematic investing, with proprietary research, fractional shares and commission-free stocks and ETFs.
Go to siteView details
eToro
Finder Score: 4 / 5: ★★★★★
EXCLUSIVE
eToro
★★★★★
Stocks, Options, ETFs, Cryptocurrency
$0
$0
4.9%
FINDER EXCLUSIVE: Get a guaranteed $15 bonus and $10 in free crypto
No commission stock, ETF and options trades, with 4.9% interest on your options account balance and no options contract fees.
Go to siteView details
Public.com
Finder Score: 4.3 / 5: ★★★★★
Public.com
★★★★★
Stocks, Bonds, Options, ETFs, Cryptocurrency, Alternatives, Treasury Bills, High-yield cash account
$0
$0
4.35%
Get up to $10,000 and transfer fees covered
Build a diversified portfolio of stocks, bonds, options, ETFs, crypto and alternative assets, with a high-yield cash account and options contract rebates.
Go to siteView details
Stash
Finder Score: 3.7 / 5: ★★★★★
Stash
★★★★★
Stocks, ETFs
$0
$0
0.1%
Get $10 when you sign up and deposit $5
Automated investing, individual stock and ETF investing and banking services for as low as $3 per month.
Go to siteView details
Wealthfront
Finder Score: 4.5 / 5: ★★★★★
Wealthfront
★★★★★
Stocks, ETFs
$0
$500
5%
Get $50
Automated stock and bond ETF investing with the ability to trade individual stocks for as little as $1 apiece.
Go to siteView details
Zacks Trade
Finder Score: 3.8 / 5: ★★★★★
Zacks Trade
★★★★★
Stocks, Bonds, Mutual funds, ETFs, CDs
$0.01
$250
2.83%
Get up to $500
Trade stocks, options, ETFs, mutual funds and bonds, with powerful trading tools and low margin rates.
Go to siteView details
M1 Finance
Finder Score: 4.1 / 5: ★★★★★
M1 Finance
★★★★★
Stocks, ETFs, Cryptocurrency
$0
$100
4.25%
N/A
Build a custom portfolio of stocks and ETFs with automatic rebalancing. Plus, earn 4.25% APY with a high-yield cash account.
Go to siteView details
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Writer

Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick. See full bio

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Kimberly has written 86 Finder guides across topics including:
  • Kids' banking
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  • K–12 education
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