Webull vs TradeStation: Independent Comparison

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Online stock trading is more convenient now than at any time in history. There are now dozens, if not hundreds, of stock trading platforms available to you, all of which offer minimal fees and low account minimums at which you may start trading stocks.

However, it is not always easy to determine which online stockbroker best fits your requirements. To assist you in selecting, we have examined two of the most well-known brokers in detail.

Many investors utilize the Webull platform to trade stocks, ETFs, and options. Financial instruments with fractional shares and cryptocurrency transactions are permitted. Given this, it’s an excellent option for both novice and seasoned investors.

Webull is a relatively new rival that has garnered a lot of attention. While both provide access to the stock and options markets, the aspects that individual investors find most useful—including account structure and technical analysis instruments—vary between the two platforms.

TradeStation’s robust trading interface, zero trade costs, and extensive selection of tradable securities—including cryptocurrencies—make it a popular choice for busy traders.

If you’re looking for a reliable internet trading platform, go no further than TradeStation. Traders of all skill levels can benefit from its many features. The intuitive design, extensive data collecting, and powerful charting tools are just a few of TradeStation’s many strengths.

 

Webull Overview

Webull is a customer-friendly stock trading platform that offers several benefits, including six free fractional shares, no minimum deposit or balance restrictions, and a free-to-access learning area with video courses teaching the ins and outs of investing. However, if you investigate more, you will discover why this is one of our least recommended offerings. A Chinese holding firm controls Webull, which has an “F” rating from the Better Business Bureau and is routinely regarded as a fraud by disgruntled investors. Don’t use that website to make stock trades; use anything else.

Webull is a stock, options, ETF, FX, and American Depositary Receipt (ADR) broker-dealer. The integrity of the brokerage is discussed in our report. The paper trading mode, desktop app, fees, and free stock marketing are analyzed. We also list potential other trading partners in light of specific unsettling customer comments and steep transaction fees.

Webull

Founded in 2017 and headquartered in the heart of New York City, Webull Financial LLC is an American company. Its parent business is a Chinese firm called Fumi Technology, and its CEO is Anthony Denier.

The firm is in several countries and may be purchased in the USA. Foreigners from more than a few countries can use the broker. The SEC and FINRA keep tabs on this company (FINRA).

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Its minimal commissions make Webull a top choice among US stock trading platforms. This is so because fees are not required when trading US-listed equities. As with stocks, ETFs have a price structure with no commissions. This firm offers stock options if you’re looking for more advanced trading experience. 

TradeStation Overview

Since its inception in 1982, TradeStation has been a pioneer among online stock trading systems. Used to be quite expensive and needed a significant initial investment; it currently offers low or no fees on most trades and requires no minimum deposit, making it more competitive with other services of its kind. You will access a professional trader’s research dashboard and other trading tools. However, consistent complaints about the site and unhelpful support staff prevent TradeStation from increasing its rankings.

Individual investors can use the platform to participate in IPOs.

tradestation

TradeStation streamlines education for retail traders in options and futures through its collaboration with YouCanTrade.com and TradingView.com. One of the best features of this platform is that there is no account minimum and very cheap costs, including zero fees for stocks and ETFs.

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To ensure that novice traders make the most of their time with TradeStation, the platform provides them with a wealth of instructional materials. A trader can learn the fundamentals of trading and analysis to better guide their investment decisions and how to conduct a technical study of the platform, expert usage of the platform’s supplementary resources, and tailor TradeStation to their specific needs through backtesting, automation, and programming.

 

Webull vs. TradeStation Service & Feature Comparison

Costs

With a Webull account, buying and selling U.S. stocks is free, as is keeping your account active. You may also start a standard trading account with no initial capital outlay.

However, certain optional extras will cost you.

It is routine practice for regulatory bodies like the SEC and FINRA to levy small transaction fees on all trades. The SEC fee is $13 per $1,000,000 for stock transactions. FINRA charges a trading activity fee ranging from $0.01 to $5.95, with a minimum of 0.000119 per share for stock sales. Additional margin interests might be anywhere from 3.99% to 6.99%.

When compared to other brokers, TradeStation’s pricing is transparent. There are three distinct organizational forms used for stocks:

  • Per Share
  • Flat Fee
  • Unbundled

TradeStation’s option pricing is per share or a flat rate. The latter is the preferred method of pricing for consumers. Options trades cost an extra $0.50, bringing the total for a stock trade to $5. Essential real-time market data is provided at no cost. Thus, customers have generally had a favorable reaction to these prices. You won’t have to pay the $99.95 monthly account service cost if you don’t meet specific requirements. This is the least expensive alternative for retail dealers.

Account Types

Traders interested in buying and selling US stocks can choose between two distinct retail TradeStation brokerage accounts. Securities with futures and options. Both sorts of accounts are available for application. However, they both use the same sophisticated trading platform. Once you register for a  TradeStation account, you’ll also have access to the paper trading feature. Thanks to our simulator, you may experiment with different techniques without risking any real money.

Before opening one, clients of Webull Individual Brokerage should be aware of the distinction between a margin and a cash account. All asset purchases made by a client are paid for in full of their cash balances. Cash accounts are not permitted for day trading, leverage, or short selling by members.

Using margin accounts, customers can increase their purchasing power to invest in additional securities. Customers with balances below $2,000 are restricted to no more than three trades every five days, no leverage, and no short selling.

Webull allows customers to open three types of accounts: cash, margin, and individual retirement. Investors can transfer funds from their 401(k)s into IRAs, trading stocks, and exchange-traded funds.

Education and Research

TradeStation University provides many learning opportunities, such as webinars and training for the latest platform updates. PDF installation and setup guides are also available. You may set up and begin to work immediately by consulting the user manuals and electronic books provided in the client center. TradeStation Labs allows you to use your newfound trading expertise at last.

The learning and research tools provided by Webull are among the best available. They are also very user-friendly and straightforward to utilize. There is information on markets, news, stocks, and a page dedicated to screeners.

Range of Investments

If you’re looking to trade stocks, options, OTCBB/pink sheets, mutual funds, or futures, TradeStation is your best bet. At the same time, Webull is your best bet for trading stock fractional shares and options. TradeStation and Webull provide clients no-transaction-fee (NTF) mutual funds.

Webull’s trading marketplaces consist of the following options:

Stocks & ETFs – More than two thousand individual stocks and exchange-traded funds (ETFs) are available through this broker-dealer, including shares of big corporations like Tesla (TSLA) and market indexes like the S&P 500. GameStop, AMC, and Zoom are just a few of the company’s other properties. OTC stocks and fractional shares are also on offer. The current stock/share price is shown on the platform interface for traders to see.

Options – If you’re interested in options trading, Webull has you covered. Suppose a client is interested in this investment option. In that case, they must fill out a trading experience questionnaire and get approved.

ADRs – Customers also have the option of purchasing shares in international corporations. Investors in ADRs should not worry about a negative impact from a change in exchange rates, as dividends are still paid out in US dollars.

Cryptocurrency – Users may submit applications to conduct cryptocurrency trading on the site. Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, and Litecoin are all available for purchase by traders. Unfortunately, XRP (Ripple) isn’t accessible right now.

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Forex – Trade on the fluctuations of over 20 different currency pairings, all of which are majors.

Trading Technology

Webull Desktop 6.0, the latest platform software, is downloadable from the broker’s website for Windows 7, Mac OS X, and Linux. The software for PCs is available at no cost. Limit, market, stop, stop-limit, and stop-loss/take-profit orders are the main types of trades that traders can make. Hotkeys and keyboard shortcuts allow desktop users to speed up specific trading tasks. Quick Trade is an additional tool available to clients that facilitates the input of order parameters. Simply visit the broker’s website, and you’ll find a link to the Webull Web Platform app.

The updated platform was supposed to be called TradeStation 10. Including news feeds, email notifications, and direct chart trading, you get access to all the essential elements. These simple tasks include tracking stop orders, strategy backtesting, and keeping tabs on a particular cryptocurrency of interest. As an added bonus, TradeStation’s Easy language allows users to program their own indicators; guides on how to do so may be found in the platform’s virtual trading school.

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Even when compared to MultiCharts, opinions of TradeStation’s backtesting capabilities are generally favorable. Before putting their own money at risk, traders may backtest their strategies using accurate market data. The desktop platform competes favorably with Metatrader and other market leaders.

Mobile Apps

Users are generally satisfied with TradeStation’s mobile app, according to reviews. Trading applications for both iOS and Android may be downloaded from the relevant app stores.

Watchlists, live quotations, and individualized settings are just some of the features available after logging in. Because of this strict adherence to minimalism, the interface is easy on the eyes. The same goes for symbol lists, lookups, futures data, and drawing tools. Setting up helpful notifications through text message straight from the app is possible.

You may subscribe to Level 1 and Level 2 market data and use advanced order types like stop loss/take profit and OCO using the Webull app. According to our testing, users may also place orders by just saying phrases like “buy” and “sell” into the app.

Customer Support

Webull’s online support is available around the clock, and the site has a comprehensive FAQ section. You can use these details for different types of support, or follow the FAQ guidelines, depending on what you need help with. In addition to email and live chat, Webull also provides phone support.

If you need assistance, have a complaint, or run into any other issues with TradeStation, there are several methods to contact the company for aid. The reviews consistently highlight the excellent customer service provided.

For questions about opening a new account, you may call us between 8:00 AM and 10:00 PM Eastern Time (ET) Monday through Thursday and 8:00 AM and 18:00 PM ET on Friday.

Last but not least, they provide a website with a frequently asked questions section if you need further assistance. Many consumers can fix issues independently if they are provided with sufficient information. Hotkeys, instructional videos, and unpaid balances are available here for convenience.

 

Automated Investing

Investors that utilize TradeStation regularly praise the platform’s automated features. There are no longer any hidden masses of consumers taking advantage of the potential of algorithmic genetic trading. Automation is essential to input and leaves much more deals than you could manually. TradeStation makes it easy to implement.

It can be set up in little time at all. High-frequency trading, however, is not a guaranteed way to get rich quick. You should still keep an eye on your trades and strategies.

My Preference: Webull loses to TradeStation

TradeStation is a top-tier trading platform ideal for professional or frequent traders. TradeStation has a wide variety of tradable assets, including cryptocurrencies; commission-free stock and ETF trading; real-time pricing; access to a demo trading account; and a programmable platform for personalized trading strategies; however, there are several fees and commissions associated with using the platform.

Webull is a tool that may be used by traders of any skill level. You may practice your approach and construct a diversified portfolio fit for your risk tolerance with no commissions charged while trading stocks, options, ETFs, ADRs, and cryptocurrency on the platform. Having the option to purchase fractional shares reduces the minimum investment amount.

Visit Webull

While Webull’s desktop platform and mobile app are easy to use, novice investors may find the absence of tutorials for the site’s various features to be a drawback.

Webull is popular among new traders because of its inviting community atmosphere and straightforward trading interface. However, it cannot compete with industry heavyweights that offer commission-free stock and ETF transactions for average investors due to a lack of trading tools and skills.

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Webull vs. TradeStation: The Bottom Line

When it comes to direct access brokers, TradeStation ranks well. The comprehensive trading platform and the acceptance of plug-ins from other developers are highly regarded by users. Additional resources and a knowledgeable support team are available for any questions. The high costs might be a deterrent for casual dealers.

Considering this, it’s clear that TradeStation is still a good option for seasoned traders. 

FAQ

Is TradeStation suitable for day trading?

Yes. Until the next business day, a day trader can risk up to four times the amount of extra maintenance margin in their account. The company will issue a margin call if a day trader's account falls below the required minimum margin

Is TradeStation a direct access broker?

Yes. Direct market access, automated trade execution, and the ability to construct test, monitor, and automate trading strategies for stocks, options, and futures are all available to customers.

Can You Buy XRP On Webull?

This broker does not currently provide trading in Ripple (XRP). Webull facilitates transactions with Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and 44 other digital currencies.

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