Webull vs TradeStation (2024)


TradeStation or Webull: which is better? Compare investing accounts, online trading fees, stock broker extended hours, and differences.


Overview of Webull and TradeStation


For advanced trading, Webull and TradeStation are worth considering. Choosing one over the other requires some amount of research. Hence this examination.


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 $120* $35


Services


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


Promotions


Webull: Up to 75 FREE fractional shares when you make a deposit at Webull.

TradeStation: Get up to $150 cash bonus with a $5,000+ qualifying deposit



Assets and Accounts


Webull customers can buy and sell the following asset classes on American exchanges:

- Stocks, including penny and OTC stocks
- Options
- ETFs
- Closed-end funds


Webull or TradeStation


TradeStation offers everything Webull does plus mutual funds, bonds, futures contracts, and foreign stocks.

To invest in all of those products, TradeStation offers a variety of account types, including individual, joint, small business, retirement, and entity accounts. Webull only has retirement and individual taxable accounts.

Winner: TradeStation


Websites


To place a trade, both Webull and TradeStation have very good web-based tools. The websites of both firms are used for account management—tasks like downloading statements or updating contact information. Webull’s site is a little easier to navigate.


TradeStation vs Webull


The trading platform for either broker is launched from its website. TradeStation’s platform has a very good order ticket with a lot of advanced features. These include several advanced order types, including:

- Entry Long - with exit - stop limit only
- OCO
- Bracket
- Trailing

Charting on the web-based platform can be accomplished in full-screen mode with several tools. Plus, there’s a simulated mode to practice everything without putting real money on the line.

Webull’s browser platform doesn’t have a demo mode, but it does have full-screen charting. Like TradeStation’s platform, it has drawing tools, technical studies, and multiple plot styles to choose from.


Webull vs TradeStation


Webull’s software doesn’t quite offer the same number of advanced trade types that TradeStation’s software has. And for options trading, TradeStation has pre-installed strategies. Webull’s browser platform does not.

Winner: TradeStation


Mobile Apps


Webull’s mobile app does have pre-installed option strategies. Examples include iron condors, strangles, and calendars. A watchlist syncs with the computer platform. A Markets tab delivers lots of market news.


Webull vs. TradeStation


On an asset’s profile, there is a small chart. Rotating it horizontally produces an area with many tools, including comparisons and a screenshot tool. Tapping on an acronym for a technical indicator automatically applies it.

TradeStation’s mobile app also has horizontal charting with tools. During our testing of it on an iPhone 6, much of the screen was covered by menus. Despite this weakness, the app does deliver lots of pre-installed option strategies. And we really like the trade ticket, which incorporates the same advanced features we found on the browser platform.


TradeStation vs Webull


One important difference between the two is that the TradeStation app can’t trade digital currencies (a mobile-enhanced website must be used).

Winner: Webull


Other Software


TradeStation has a dedicated platform for futures and options on futures. Called FuturesPlus, it can be used with a funded futures account.


TradeStation or Webull


An API can be used to connect to TradeStation’s order-execution system.

Webull and TradeStation both have desktop platforms for securities trading. The two platforms have a lot in common in terms of advanced charting and order entry. OptionStation Pro, a sophisticated options trading widget, is available on TradeStation’s platform. TradeStation’s platform also has a walk-forward testing tool that Webull’s platform doesn’t have.


Webull versus TradeStation


Winner: TradeStation


Day Trading


Leverage: Both brokerage firms offer up to 4:1 leverage for day trading (not all securities will be eligible for this, though).

Shorting: It’s possible to enter bearish trades at both firms. Both brokers have discrete short sell buttons on their platforms (Webull requires a margin account to see the button).

Extended Hours: After-hours and pre-market trading are available at both brokerage firms. Webull has a longer early-bird period.

Level II Quotes: Level II quotes are available at both broker-dealers for a fee. Webull has the cheaper monthly rate (currently, just $1.99).

Routing Fees and Rebates: Only available at TradeStation.

Direct-access Routing: Same story here.

Winner: TradeStation


Margin


Because Webull and TradeStation specialize in advanced trading, of course margin is on tap. It’s possible to switch between cash and margin status on Webull’s website but not on TradeStation’s website.

For pricing, Webull currently has the lower rates. Webull starts at 9.74%, while TradeStation’s bottom rung is 13.5%.

Winner: Webull


Other Services


Cash Management: TradeStation does not have any notable banking tools. Webull, however, pays a very high 5% APY interest on cash balances.

IRAs: Webull and TradeStation do have Individual Retirement Accounts. Webull only permits one to be open at a time but charges no IRA fees. TradeStation has a futures IRA, which comes with several fees. A securities IRA has a $35 annual fee and a $50 closeout fee.

Dividend Reinvesting: Webull offers DRIP.

IPO Access: Available at both firms.

Fractional-share Trading: Webull, but not TradeStation, has it for stocks and ETFs.

Auto Mutual Fund Purchases: Not available.

Winner: Webull


Promotions


Webull: Up to 75 FREE fractional shares when you make a deposit at Webull.

TradeStation: Get up to $150 cash bonus with a $5,000+ qualifying deposit



Recommendations


Small Accounts: TradeStation requires a $2,000 account balance (or 5 trades a year) to avoid a $50 annual inactivity fee. Webull has no such fee.

Mutual Fund Trading: TradeStation is the only choice. Mutual fund trades must be placed on the website (not the browser platform).

Active Stock Trading: This one is a little more tricky. Both firms have really good software. Only Webull has fractional-share trading, but only TradeStation offers access to global exchanges. TradeStation’s desktop platform is more advanced with tools that won’t be found on Webull’s platform (such as the walk-forward optimizer).

Beginners: Neither brokerage firm has an investment-advisory program, so self-directed trading is the only choice. Both companies do offer simulated trading, and we think TradeStation’s browser platform is the easiest one to start with. On the other hand, Webull’s mobile app offers social networking, which could be useful for newbies.

Long-Term Investors & Retirement Savers: TradeStation has the longer list of tax-advantaged accounts, although it does have some excessive IRA fees. There are some lifecycle mutual funds at TradeStation.


Webull vs TradeStation Judgement


Which firm is better depends on how exactly you plan to trade. With the above details, you should now be able to choose Webull or TradeStation based on your planned style of trading.


Updated on 5/27/2024.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.