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Tradestation vs. Robinhood 2023: Fees, Security and Benefits
Luis Clark
- Headquarter: Plantation Florida, the United States
- Year Founded: 2019
- No. of Cryptos: 10+
- Fiats Available: USD
- Fees: Up to 0.60%
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Desktop/Mobile
- Security Features: Customer alert, customer privacy policy, Tradestation software advanced firewall, account and trade monitoring, and encrypted communication
- Headquarter: Menlo Park, California, the United States
- Year Founded: 2013
- No. of Cryptos: 19+
- Fiats Available: USD
- Fees:
- NFTs Available: Yes (receive and store)
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Web/Mobile
- Security Features: SIPC insurance protection, a brokerage account password, user data encryption, two-factor authentication
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.
Pros
- Offers lots of analytical tools and research tools
- Features customizable advanced order types
- The desktop platform gives users access to a variety of trading applications
- Offers good liquidity
- Provides lots of educational resources
- Supports Robo advisor services
- Users can trade options, stocks and futures for free
Cons
- Crypto withdrawals are restricted to 9 am to 5 pm
- Not suitable for beginners
- Limited crypto selection
Pros
- Offers commission-free trading
- Has an advanced trading interface
- Offers a crypto debit card
- Beginner-Friendly
- Has a mobile app which is suitable for casual traders
- No account minimums
Cons
- Limited range of asset classes
- It does not support any native crypto wallet
Tradestation vs. Robinhood: Unique Features
TradeStation Unique Features
Trading Simulator
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
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
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.
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.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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