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Written by Logan Robison on September 27, 2020
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Webull vs TradeStation 2020: Which Is Better?

Webull and TradeStation are two advanced trading platforms with great tools to use for investors of today.

Both offer commission free trading and multiple account types and a wide array of research tools. However, they do have their own strengths and weaknesses.

Webull focuses primarily on newer investors and those that don’t have a lot of capital at their disposal.

TradeStation was built with professional traders in mind and still carries those themes throughout the platform today.

In this article, we will be looking at the similarities and differences between these two brokerages.

FeatureWebullTradeStation
Account Minimums$0$0 for TS Go; $2,000 for TS Select
Account TypesTaxable, Margin, IRATaxable, IRA, Margin, Entity
Trading SimulatorYesYes
Investible AssetsStocks, ETFs, Options, Short SellingStocks, Bonds, Mutual funds, ETFs, Options, Futures, Cryptocurrencies
Best ForIntermediate Active TradersProfessional Traders
Product Features Overall Price Buy Now
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Summary: Webull vs TradeStation

  • Webull is a newer mobile-first platform focused on short- and long-term investing
  • TradeStation is built for advanced traders and has been around since 1982
  • Both platforms have commission free stock and ETF trading and both have a $0 account minimum
  • Webull and TradeStation feature retirement accounts as well as stock trading
  • TradeStation offers an advanced account featuring discounts on fees and a $2,000 account minimum
  • Both offer a paper trading simulator
  • Webull offers new users 1 free stock
  • TradeStation has a greater variety of assets and account types available

What Is Webull?

Webull is a commission free trading app designed to put more power in the hands of investors.

A lot of the other free investing apps out there were lacking when it came to research tools and features. Webull decided to create a trading app that was both easy to use and loaded with useful data and research tools.

Key Features

Commission-Free Trades

No minimums on any account paired with zero commissions on stocks, ETFs, or options makes Webull an instant favorite.

As mentioned above, options are available on Webull with $0 commissions, $0 contract fees, and $0 assignment or exercise fees. This puts a whole lot of money back into the pockets of options traders.

Retirement Account Options

Retirement accounts available with Webull are fairly standard but impactful. These options include traditional, Roth, or Rollover IRAs. Not only are these accounts an important key in building long-term wealth, but they also come with $0 account management fees from Webull.

Webull is one of the only commission free trading apps out there that offers retirement accounts with no minimums. 

webull market

Paper Trading

When you sign up for paper trading, Webull gives you $1,000,000 to trade with.

These funds of course, are not real, but they mimic the market exactly so you can see what would have happened based on your decisions.

Not only do you get to experience the thrills of investing, but Webull is also known to hold competitions to see who’s who of trading. In 2019 it offered a first place prize of $500 to the winner of the event.

Data & Research Tools

Another area where Webull stands out against the rest is in the data and research that is available for all traders.

In just the app on your phone, you have access to a wide variety of advanced tools and data to help you make the best decisions. This is something that other brokerage accounts such as Robinhood have failed to do and it has cost them users.

However, a word to the wise, all this information can be a bit overwhelming. So do your research and make sure you are focusing on the most important data points without suffering from analysis paralysis.

Webull Pros

  • Slick mobile app
  • Plentiful data and research
  • Paper trading platform to try before you buy
  • Free stock when you sign up

Webull Cons

  • No fractional shares
  • Overwhelming amount of data
  • Not a long track record

What Is TradeStation?

TradeStation is a trading platform built for high volume and active traders. While not originally designed for retail investors, like you and me, TradeStation has since revamped their offering to attract a larger group of investors

With the 14 different account types offered by TradeStation, you’ll be sure to find exactly what you’re looking for.

This platform offers many different and diverse investing options from stocks and bonds, to futures and even cryptocurrency. Let’s explore some of the more compelling offerings brought by TradeStation.

Key Features

TradeStation offers two main trading models for its investors; TS Go and TS Select.

The former, TS Go, is for the average retail investor who is not looking to invest thousands upon thousands at a time.

TS Select, on the other hand, comes with a hefty account minimum of $2,000 but in turn offers lower fees on equity and options trades while using the desktop version of the platform.

SecurityTS GoTS Select
Stocks & ETFs$0 commission$0 commission
Stock Options$0 commission + $0.50 per contract$0 commission + $0.60 per contract
Futures$0 commission + $0.85 per contract$0 commission + $1.50 per contract
Futures Options$0 commission + $1.50 per contract, per side$0 commission + $1.50 per contract, per side
Account Minimum$0 minimum$2,000 minimum

Tradable Securities

TradeStation allows investors to trade across many different securities. That’s because this company was originally established for professional brokers and money managers.

These investment types include: Stocks, Bonds, Mutual funds, Exchange-traded funds (ETFs), Options, Futures, Cryptocurrencies.

With both TS Go and TS Select, there are no commissions for trading stocks, ETFs, options or futures.

tradestation UI

Account Options

Whether you are looking to beef up your retirement accounts, trade with additional capital, or set up an investment for your business, TradeStation has you covered.

Within individual and joint accounts, you can find options ranging from solely individual trading accounts to custodial accounts where you can manage the funds of a minor.

With TradeStation, you can open up a Traditional, Roth, SEP, or Simple IRA to keep those retirement funds flowing.

Entity accounts are set up to be available for all different forms of businesses. LLCs, Sole Proprietorships, Trusts, and Corporations are just a few.

Trading Platforms

TradeStation offers 3 dynamic modes of trading for its investors.

  • Desktop 10: Design and automate your custom trading strategies with market-scanning tools, fully customizable charting, fast and reliable trade execution and advanced order management.
  • Web Trading: Access your account anywhere you have internet to stay in the loop with your investments and get ahead from work, home, or travel.
  • Mobile Apps: Available with Apple and Google app stores, TradeStation’s highly rated applications ensure that even on the go you can take advantage of great opportunities.

Associated Fees

No one likes paying fees. Especially when they are higher than the average alternative investment fund.

TradeStation has some random fees like a $35 annual IRA account fee and a $50 IRA account termination fee.

In addition, if your account goes in active or if you want to transfer your funds, you’ll be charged $50 and $125, respectively.

TradeStation Pros

  • Multiple account options (individual, retirement, business, etc.)
  • Tradeable securities (Stocks, Bonds, Mutual funds, Exchange-traded funds (ETFs), Options, Futures, Cryptocurrencies)
  • No commissions for trading stocks, ETFs, options or futures

TradeStation Cons

  • Some random fees throughout
  • High account minimum for TS Select
  • Complex platform for beginner investors

Final Summary: Webull vs TradeStation

Webull is very much geared toward retail, or not professional investors.

TradeStation, as you might have picked up on, is built for a more sophisticated investor with years of experience.

Both apps offer research and data but it all comes down to the complexity of the moves you are trying to make. If you are a more casual investor, you might find that Webull is simpler and easier to navigate. If you are looking to make sophisticated trades or open a less common account type, you may find TradeStation is better suited for you.

The best part is both are free to use so give them both a try today to see which platform helps you reach your financial goals!

Keep Reading:

Webull Vs Tradestation
Article written by Logan Robison
Logan graduated with a degree in finance from Brigham Young University and currently works as a financial analyst for a large retailer. His love for personal finance inspired him to start a YouTube channel, Finance for Normals, where he hopes to give everyday people the basic finance knowledge they need to succeed.

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