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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Tradestation vs. Robinhood 2023:...

    Tradestation vs. Robinhood 2023: Fees, Security and Benefits

    tradestation review
    3.0
    3/5

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    robinhood crypto review
    3.9
    3.9/5

    In this Tradestation vs Robinhood article, we compare these 2 trading platforms by reviewing their fees, security, cryptocurrency trading features, payment methods, and much more.

    To reach our verdict on “Robinhood TradeStation” we used both online brokers (getting a first-hand experience of their trading platforms), studied user reviews, and analyzed expert opinions.

    Tradestation vs. Robinhood: Verdict

    Robinhood is our pick. Opening a brokerage account gives users access to commission-free trading, fractional shares, free stock, and ETF trading. Robinhood also offers more cryptocurrencies than Tradestation and allows beginner and professional traders to receive and hold NFTs. 

    The trading platform also caters to institutional investors and offers a separate crypto custodial account

    tradestation logo us

    Pros

    Cons

    robinhood logo us

    Pros

    Cons

    Tradestation vs. Robinhood: Unique Features

    TradeStation Unique Features 

    Trading Simulator

    tradestation crypto review

    The TradeStation trading simulator allows investors and traders to try out new ideas and advanced trading strategies before trading in the actual crypto market. 

    This is a great way for active traders to back-test strategies, styles, new markets, and new trading tools without risking money. 

    All trades in the trading simulator are executed using simulated virtual currency. 

    Robinhood Unique Features

    Robinhood Gold

    Robinhood Gold offers Robinhood users a suite of advanced features, data, and tools that allows them to make advanced investing decisions. Robinhood Gold offers users 2.5% more interest in their uninvested brokerage cash with cash sweep

    Robinhood Gold members earn 4% instead of 1.5% earned by non-Gold members. 

    Robinhood Gold also offers users access to Margin investing at 7%, bigger instant deposits, professional research from Morningstar, and level II market data from NASDAQ. 

    Winner in Unique Features

    Robinhood offers more features than TradeStation.

    Tradestation vs. Robinhood: Cryptocurrencies Available

    Cryptocurrencies Available on TradeStation

    TradeStation supports over 10 cryptocurrencies. Users can trade the following cryptocurrencies on the platform: USD Coin, Litecoin, Bitcoin, Ethereum, Chainlink, Bitcoin Cash, Polygon, Compound, Maker, Shiba Inu, and Aave. 

    Cryptocurrencies Available on Robinhood 

    crypto available on robinhood

    Robinhood users can trade over 19 cryptocurrencies on the platform. Available cryptocurrencies include; Ethereum, Bitcoin, Bitcoin SV, Bitcoin Cash, Uniswap, Litecoin, USDC, Polygon, Uniswap, Tezos, Shiba Inu, Dogecoin, etc. 

    Winner in Crypto Availability

    Robinhood is the winner. It supports more cryptocurrencies than TradeStation.

    Can you Buy and Sell NFTs on Robinhood?

    The Robinhood trading platform does not allow users to buy and sell NFTs. However, users can receive and hold NFTs on the Polygon and Ethereum networks

    Winner in NFTs Availability

    Robinhood wins in NFTs as the trading platform offers support for receiving and holding NFTs. Tradestation does not offer any form of NFT support. 

    Tradestation vs Robinhood: Fees

    Tradestation Fees

    TradeStation charges the following fees

    TradeStation charges the following fees

    Volume Range (>$50,000,000)

    • Contact Tradestation Crypto for pricing

    Tradestation does not charge institutional investors and individual active traders for using its web, mobile, or desktop platform. 

    Also, futures, stock, and options trades are free. 

    Robinhood Fees

    Robinhood offers commission-free trades for cryptocurrency transactions. However, it makes money by taking a percentage of the crypto trades executed by market makers. 

    Opening a brokerage account with the platform also gives access to a Web3 crypto wallet, which allows you to trade and swap cryptocurrencies without network fees. 

    Robinhood also offers free ETF trading and stocks.

    Winner in Fees

    While both Robinhood and TradeStation offer commission free trading, Robinhood wins in fees since TradeStation uses a volume-tiered maker/taker fee structure which means the transaction fee may vary.

    Tradestation vs. Robinhood: Payment Methods

    Tradestation Payment Methods

    The TradeStation trading platform supports only 1 payment method: Bank transfer

    Robinhood Payment Methods

    Robinhood offers 2 payment methods: debit card and bank account transfer. You can also opt for direct deposits to make payments

    Winner in Payment Methods

    Robinhood wins in payment methods as it offers more payment methods than Tradestation.

    Tradestation vs. Robinhood: Security

    TradeStation Security 

    security tradestation

    All TradeStation trading platforms and mobile applications are encrypted with 256-bit data encryption

    The platform has several security features in place to ensure the security of the platform and users’ funds this includes strict privacy policies, advanced software, and hardware firewalls. 

    TradeStation also has a team of Anti-Fraud and Anti-Money Laundering specialists that monitor every TradeStation account to ensure that all suspicious activities are quickly identified and tackled. 

    Users are also notified of every change to significant aspects of their profile. 

    Robinhood Security

    Robinhood has several security measures in place to ensure that users’ crypto holdings on the platform are safe. 

    First, all Robinhood account passwords are hashed and stored in a scrambled format. 

    The mobile apps and web applications communicate securely with the Robinhood server using the Transport Layer Security protocol, this ensures that all personal and account information is kept personal. 

    Users’ accounts are also protected with two-factor authentication.

    Winner in Security

    This round is a draw as both TradeStation and Robinhood offer good security to users.

    Tradestation vs. Robinhood: Earn/Staking Rewards

    Robinhood Earn/Staking Rewards

    Robinhood does not offer a staking rewards service. However, it offers a Learn and Earn program that rewards beginner and experienced traders for passing a test with questions on AVAX and USDC

    Winner in Earn/Staking Rewards

    Robinhood wins in earn/staking rewards as TradeStation does not offer an Earn program. 

    Tradestation vs. Robinhood: Usability

    Tradestation Usability

    TradeStation offers a user-friendly trading platform that gives access to tradable securities, analytical tools, retirement accounts, market data, and much more

    Robinhood Usability

    Robinhood makes offers free access to its platform and makes options trading and stock trading easy. The platform even supports social trading to make investment decisions easier for newbies. In general, Robinhood is beginner-friendly.

    Winner in Usability

    This round is a draw. Both Robinhood and Tradestation are easy to use.

    Tradestation vs. Robinhood: Customer Service

    TradeStation Customer Service 

    TradeStation offers customer service via phone and email as well as live chat with the platform’s virtual assistant

    For users who wish to find support from other users, TradeStation offers support forums. 

    Users can find answers to common questions about the platform on these forums.

    Robinhood Customer Service 

    Robinhood offers 24/7 customer support to customers via phone, email, and live chat

    The platform also has a help center as well as lots of educational materials that can help users easily use the platform. 

    customer support robinhood

    Winner in Customer Service

    Tradestation wins. When compared with Robinhood, TradeStation offers more research material. Robinhood has limited research and educational resources.

    Conclusion: Final Verdict

    Robinhood comes out on top. The platform stands out from most online brokers for its commission-free trading, social trading integration, and ease of use. Tradestation, on the other hand, though easy to use, offers relatively high fees when compared to Robinhood and fewer crypto trade features. 

    FAQ

    Most frequent questions and answers

    Robinhood is better for crypto trading as you won’t be able to send your digital assets out of the platform without converting to USD

    Tradestation is free to use and does not charge an account usage fee. 

    Robinhood is better than Tradestation as it is easier to use and charges lesser fees. 

    TradeStation is a brokerage, so it is better to buy cryptocurrency on a crypto exchange like Binance or Coinbase

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