TradeStation was considered a platform for active traders where seasoned traders used it for frequent trading in cryptocurrencies and stocks, but now the brokerage firm has lowered its fees, and more casual investors have started using its platform.
TD Ameritrade is a robust platform with offering many mobile apps and desktop platforms. It offers access to an award-winning thinkorswim platform. One of the best features of TD Ameritrade is the virtual trading simulator which enables the traders to simulate trade without having to spend any money.
The website of TD Ameritrade is user-friendly, and there are various helpful features like Snap Ticket, which can place trades for options and equities. Traders can also buy and sell using the Broker’s software programs: Trade Architect and Thinkorswim. Trade Architect is a web-based trading platform offering user-friendly features.
On the contrary, TradeStation offers a lot less when compared to TD Ameritrade. TradeStation offers two software programs, one of which is browser-based software which is simple and straightforward, and the other one is a desktop system that offers more advanced features also you can check TradeStation’s other trading tools here.
TradeStation offers both individuals as well as joint and custodial accounts also our experts provide a complete guide to open a TradeStation account. It also allows traders to open an IRA account to help them invest their pension. Types of accounts offered by TradeStation:
- Joint account
- Individual account
TD Ameritrade offers a variety of individual, entity, and retirement accounts. Accounts offered by TD Ameritrade:
- Traditional IRA
- SEP IRA
- SIMPLE IRA
- Solo 401(k)
- Sole Proprietor
- Investment clubs
Customer service agents at TD Ameritrade are available 24/7. The Broker doesn’t provide online chat, but it offers a Robo-chat facility called Ted. TD Ameritrade allows internal messaging to enable customers to communicate with the company’s associates.
Although TradeStation also allows internal messaging on its website, the Broker doesn’t provide 24/7 phone support like TD Ameritrade. We can get to know from TradeStation vs Interactive Brokers 2020, that online chat function is available from 8 am to 8 pm.
Commission and Fees
|Futures||Options||Stock||Returned check||Domestic wire||Account service||Annual inactivity fee|
|TradeStation||$1.50 per contract||$5+$0.50 per contract||$5||$25||$25||$99.95||$50|
|TD Ameritrade||$2.25 per contract||$6.95 +$0.75 per contract||$6.95||$25||$25||$0||$0|
Pros and Cons
Pros and Cons of TD Ameritrade
|Top-notch trading platform – Thinkorswim||Confusing multiple apps and platforms|
|User-friendly website||Many disclosures on the record|
|Fast and 24/7 available customer support|
Pros and Cons of TradeStation
|Comprehensive research||No transaction fees|
|Commission-free stock, ETF and options trade||Plans and pricing can confuse a few traders|
|TopAdvanced tools||Top Free trading on the advanced platform needs T.S. Select|
While both TradeStation and TD Ameritrade are great platforms offering extensive research, they both are suitable for two different types of traders. On the broker comparison 2020, we found TradeStation is better for active traders who like to order in high volume. The platform is best for traders who like to invest in cryptocurrency and click here to know other trading products of TradeStation.
TD Ameritrade caters to every investor and doesn’t offer active trading capabilities like truly automated ordering. Nevertheless, it offers better mutual funds and more retirement options.