WeBull vs TradeStation


TradeStation or WeBull - which is better in 2021? Compare investing accounts, online trading fees, stock broker extended hours, and differences.



Synopsis of Webull and TradeStation


If you’re trading at Webull for the broker’s free commissions, you may want to take a look at what TradeStation can offer you. Here are the details:


Cost


Broker Fees Stock/ETF
Commission
Mutual Fund
Commission
Options
Commission
Maintenance
Fee
Annual IRA
Fee
WeBull $0 na $0 per contract $0 $0
Tradestation $0 $14.95 $0.50 per contract $0 $0


Services


Broker Review Cost Investment Products Trading Tools Customer Service Research Overall Rating
WeBull
Tradestation


Promotions


WeBull: Get 2 FREE stocks valued up to $1,850.

TradeStation: Get $0 stock/ETF commissions.



Investment Vehicles


Webull traders get to invest in the following asset classes:

  • ETFs
  • Closed-end funds
  • Stocks (including penny stocks)
  • Option contracts
  • Cryptocurrencies

TradeStation goes much further, offering the following investments:

  • Options (including options on futures)
  • Bonds
  • Cryptocurrencies (Ethereum, Litecoin, Bitcoin, Bitcoin Cash, and XRP)
  • Futures
  • Stocks (including international, OTC, and penny stocks)
  • ETFs
  • Closed-end funds
  • Mutual funds

Both broker-dealers offer their customers access to upcoming IPOs, a very valuable service.

TradeStation triumphs in the first category.


Mobile Apps


Webull has a very thorough app with lots of widgets and resources. During our test drive of the software, we found the following features:


WeBull


  • Advanced charting with several tools, including a horizontal mode and a dual-chart tool
  • Simulated trading mode with competitions
  • Community forum where traders can connect with each other
  • Stock screener
  • Economic calendar
  • List of hot stocks on Webull
  • Options (calls and puts only)
  • Convenient ACAT form
  • Margin requirements for every security
  • Nasdaq TotalView
  • And more

TradeStation’s app also has a demo mode, which is a great way to learn the platform. During our investigation, we found the following highlights:


TradeStation Review: Mobile


  • Option chains with multi-leg strategies
  • Several advanced orders, including Order Sends Order and Order Cancels Order
  • Direct access to market venues
  • Hot lists
  • Funds transfer
  • Trade matrix that shows recent trades with order quantity
  • Charting
  • Alerts

Neither app has mobile check deposit. While Webull has better charting, TradeStation’s app has the better trade ticket.

TradeStation has a second app for futures trading.

Overall, we’ll call it a tie here.


Desktop Platforms


If you’re looking for a desktop program to place your trades, both brokerage firms in this contest have you covered. If you also want to snag $0 commissions, TradeStation requires at least $2,000 in equity to get them on its desktop platform. If you have less than that, you can still get free commissions on the broker’s browser platform, which we’ll look at in just a minute.





TradeStation’s desktop trading system comes with a lot of professional-level tools. During our research we found:

  • Direct-access routing
  • Order form with lots of trade types
  • Full-screen charting with several tools
  • Options trading with spreads and auxiliary platform
  • Level II window
  • Time & sales data
  • Paper trading, again

Moving on to Webull, we get a desktop platform with a demo mode for extra practice. Other highlights of the software include:


Webull


  • Full-screen charting (with fewer technical studies than TradeStation offers)
  • Multiple charts and trade tickets on one page
  • Watchlists
  • Margin info for each ticker symbol
  • Sector and market news
  • Options trading (once again, calls and puts only)

We pick TradeStation.


Other Computer Software


TradeStation customers can log into the broker’s website and launch a browser platform with some (but not all) of the desktop platform’s features. Many of the widgets available on the desktop system (e.g., options trading platform, stock screener, Level II quotes, an algo tool, quick trade bar, and a walk-forward optimizer) are not available on the browser system. Nevertheless, it does have some useful tools. These include:

  • Charting with technical studies, drawing tools, multiple graph styles, and more
  • Sophisticated order ticket with several choices, like bracket and trailing orders
  • Direct routing with 13 duration choices and no less than 20 routes
  • News stories with photo thumbnails

TradeStation customers who want to trade cryptos and futures contracts get two more platforms. Each is dedicated to its own asset class.

Webull offers its desktop platform in browser format. The browser platform has the same interface and tools as its desktop cousin, so there’s nothing else to cover.

TradeStation takes the victory in this category.


Day-Trading Services


Extended Hours: Webull and TradeStation both offer extended-hours trading. Webull provides more hours.

Level II Quotes: Both firms in this survey offer Level II data. Both brokers also charge for the data. Customers will pay much higher rates at TradeStation.

Margin: A margin account can be opened at either brokerage firm. We really like Webull here for adding margin requirements—including for both long and short positions—to every security profile. Webull also has lower margin rates.

Shorting: Both brokerage houses offer short locating tools. TradeStation’s software can be used to request a specific number of shares.

Fractional shares: Webull offers it, but not TradeStation.

Webull looks better to us than the broker most people would choose for day trading.


Other Services


Dividend Reinvestment Program: Neither brokerage firm offers a DRIP service.

Automatic Mutual Fund Investing: Same.

IRAs: TradeStation has more IRA choices than Webull, but charges a rather antiquated $35 annual fee. Webull has no such fee.

On the whole, Webull is better.


Lastly, Our Recommendations


Beginners: It’s hard to suggest TradeStation for beginners because it’s geared towards professional-level traders.

Long-Term Investors and Retirement Savers: We’ll pick TradeStation for its mutual funds.

Mutual Fund Traders: Same story here.

Stock/ETF Trading: This one is rather subjective. TradeStation’s desktop platform is much more sophisticated than Webull’s platform. But it’s also harder to learn. And we like Webull’s margin details, which makes trading on margin more transparent. TradeStation has the better stock screener, but Webull has better stock profiles. Toss-up.

Small Accounts: We recommend Webull.

Options and Crypto: definitely Webull.



Promotions


WeBull: Get 2 FREE stocks valued up to $1,850.

TradeStation: Get $0 stock/ETF commissions.




Webull vs TradeStation Judgement


TradeStation slightly outperforms Webull while still managing to deliver $0 commissions. We do like Webull for many activities, however, especially trading on margin and social networking.