You can quickly filter today's Tradestation promo codes in order to find exclusive or verified offers. Follow and check our Tradestation coupon page daily for new promo codes, discounts, free shipping deals and more. Coupon codes: 1. Best discount: $2500. Jul 13, 2021 Tradestation is one of the most popular trading platforms out there. The platform has beginner-friendly coding language and advanced platform features, making it one of the best trading platforms for all types of traders. The platform offers the following benefits: Easy to track hundreds of symbols in real time in a single window with RadarScreen.
TradeStation is a trading platform with more than three decades of experience offering trading services to brokers, investors, and traders. As the company became popular among the serious traders, it has cut down even the minimum charges to make its services more attractive to the investors.
- Sadly there are tons of foot-notes in the pricing table. Some data feeds are included if you are a brokerage client. Otherwise, they cost money. It is a bit disappointing that TradeStation is intransparent for people who aim to use TradeStation Analytics only. TradeStation software is compatible with all major Microsoft Windows versions.
- TradeStation’s trading platforms are regarded as one of the best choices for advanced traders who can benefit from the truckload of powerful tools and data. TradeStation Desktop is the company’s flagship product, intended for experienced traders who won’t get overwhelmed by the myriad of complicated features.
- TradeStation offers two major pricing plans, allowing customers to select the plan that fits them best. TS SELECT: The broker charges $0 commissions for stock and ETF trades, putting it right in.
Interactive Brokers leads the market by offering its clients access to more than 120 market centers. The company was founded 42 years back, and its traders mainly consist of individuals and organizations who want to trade professionally. Interactive Broker is an ideal platform for beginners and non-professionals who want low entry barriers in terms of trade fees and brokerage charges.
Trading Services
One of the major differences between both the trading platforms is that Interactive Brokers offers international trading, whereas we found from broker comparison 2021, TradeStation mainly focuses on domestic capital markets.
Interactive Brokers offers its trading software for both Windows and Mac along with Android and iOS mobile phones. On the contrary, TradeStation doesn’t support the Mac operating system.
Fees and Commissions
Interactive Brokers don’t charge any flat fee; however, they charge a fee on the basis of per stock. TradeStation, on the contrary, opts for a flat fee. TradeStation offers its clients more flexibility when it comes to fees and commissions.
TradeStation charges a flat fee of $5 for all stock trades. In the case of direct market access, $0.004 per share surcharge is levied. If a trader prefers per-share price, TradeStation offers $0.01 per share for the initial 500 shares and later on charges $0.006 for other shares. Additionally, TradeStation also offers unbundled pricing, which is determined by the number of completed trades last month.
Account Types
Both Interactive Brokers and TradeStation offer a variety of account options, and clients can adjust their opening accounts when they want even after opening it.
The five accounts of TradeStation are:
- Joint account
- Individual account
- IRA
- Entity
- Custodial
The five accounts of Interactive Brokers are:
- Individual
- Joint
- Trust
- UGMA/UTMA
- IRA
Customer Support
Customer support for traders of Interactive Brokers is available 24 hours for five days a week. Customer support from the TradeStation is also similar. The support is given via email, phone call, and chat & to know more about their customer services, please check our TradeStation Platform Review.
Desktop Platform
The desktop platform that TradeStation offers is free for T.S. select customers. The platform is equipped with powerful features like a trade ticket along with advanced tools. Other features are bracket orders, direct access routing, OCO, and variety of duration choices.
Charts offered by TradeStation have very robust tools like technical studies, drawing tools, and order tickets. Based on differentiating between TradeStation & Charles Schwab, under the Trading Apps menu, there are widgets. Highlights include options platform, Level II quotes and time, and sale window.
Interactive Broker has a desktop platform named Trade Workstation and has features somewhat similar to TradeStation’s platform.
Charting on TradeStation has many advanced tools like 30 seconds of candles and right-click trading. There is also artificial intelligence with the name iBot.
Pros and Cons
TradeStation has low trading fees, and it gives access to a wide range of products. Here are some pros and cons of TradeStation:
Interactive Brokers is a brokerage firm that targets active traders along with hedge funds. One of the major advantages of Interactive Brokers is its low commission on futures trades and options. Interactive Brokers offers access to 100 markets worldwide. The firm also provides a huge selection of different products for trading. Here are some of the pros and cons of Interactive Brokers:
Conclusion
Both firms offer an impressive trading platform, and many active traders use them. TradeStation is better for trading in cryptocurrencies while interactive Brokers are known for global trading. TradeStation has now canceled monthly software fees, and with $2000 of minimum deposit, it is easier to try the trading software.
Options trading is risky, but it can be really rewarding with the right platform.
While most popular brokerages offer options trading, it isn’t a key focus of every stock trading platform.
That being said, since options trading can be majorly profitable for you and the broker, a handful of online brokerages have stepped up their game.
I’ve reviewed several platforms, narrowing it down to the best of the best online brokers for buying and selling options contracts.
The 11 brokers below offer the best options trading platforms for an innovative trading experience with low prices.
11 Best Options Trading Platforms
Here are the best options trading platforms you can start using today:
TD Ameritrade
TD Ameritrade is the top pick whether you’re a new trader or a pro, excelling at options, stocks, and ETF trades.
In the basic TD Ameritrade app, it’s easy to research and stay on top of your investments.
With thinkorswim, the company’s advanced trading platform, you get loads of complex features that work the same, whether you’re on desktop or mobile.
While many brokerages offer commission-free or low-fee trades now, it’s thanks to TD Ameritrade, the first brokerage to do away with fees.
The brokerage doesn’t have an account minimum, either.
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Features:
- App: thinkorswim, TD Ameritrade Mobile
- Minimum deposit: $0
- Pricing: $0.65 options contract
- Continue Reading:TD Ameritrade Review
TradeStation
TradeStation offers a powerful options trading platform for experienced users, as well as more simplified tools a novice investor could understand.
The platform lets you choose between two levels, TS Select and TS Go, which have varying fees and features.
TradeStation offers customers access to live data, options strategies, and educational resources.
You can also take advantage of OptionsStation Pro. This tool geared towards options provides traders with even more analytical tools and quick trading capabilities.
TradeStation has commission-free trades and some of the lowest option fees per contract of all.
Features:
- App: TradeStation Mobile
- Minimum deposit: $0 for TS Go; $2,000 for TS Select
- Pricing: $0.60 options contract (TS Select); $0.50 options contract (TS Go)
- Continue Reading:TradeStation Review
Robinhood
If you’re just getting started and want to dabble in options trading on a super-simple platform, you should check out Robinhood.
It opens new traders up to stocks, options, ETFs, and crypto, also letting you invest in fractional shares.
Robinhood doesn’t have quite as many educational resources and analytical tools as some of the other platforms on the list, but it has enough to get you started.
While the platform has its limits, especially for advanced traders, it’s incredibly easy to use and free, including options contracts.
Features:
- App: Robinhood
- Minimum deposit: $0
- Pricing: $0 options contract
- Continue Reading:Robinhood Review
tastyworks
tastyworks lets you trade ETFs and stocks, but the area it excels in most is options trading.
Professional traders will appreciate the research tools and lightning-fast trade entry found in the tech-savvy app.
While the platform is intuitive, tastyworks is better suited to professionals than novice investors.
tastyworks’ features function the same whether you’re on your phone or computer, so you can tweak your investments on-the-fly.
You can even watch tutorial videos where traders demonstrate trades and share strategies.
Features:
- App: tastyworks
- Minimum deposit: $0
- Pricing: $1 option on stocks and ETFs; $2.50 option on futures
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E*TRADE
E*TRADE was the first online investment platform, and it’s continued to set the bar high since day one.
A beginner in need of a platform that’s easy to maneuver can benefit from the basic E*TRADE platform.
For a more advanced trading experience, E*TRADE also offers a platform for professionals called Power E*TRADE.
Both platforms let you research options, create and test trading strategies, and execute and manage your options trades.
If you’re looking to trade wherever you are, E*TRADE offers users one of the best mobile experiences of anyone.
Features:
- App: E*TRADE Mobile app; Power E*TRADE app
- Minimum deposit: $0
- Pricing: $0.65 options contract, or $0.50 w/30+ trades a quarter; $1.50 futures options
- Continue Reading:E*TRADE Review
Webull
You may not have heard of Webull as it’s a newer investment platform, but it should definitely be on your radar if you’re an options trader.
Webull has a lot to offer if you’re looking to trade options, ETFs, stocks, and even ADRs.
The platform comes with stellar online resources and 24/7 customer service. While you can subscribe to additional services, the desktop version of Webull is free and fully accessible.
Webull’s website features aren’t the only free thing it has to offer.
Like most competitors, Webull’s trades are commission-free, but unlike other platforms on the list, Webull charges $0 for options contracts.
While there may be some fees down the line, Webull lets you trade options on an advanced platform virtually for free.
Features:
- App: Webull: Stocks, Options, and ETFs
- Minimum deposit: $0
- Pricing: $0 options contract
- Continue Reading:Webull Review
Interactive Brokers
Interactive Brokers is tailor-made for professionals and active traders, with complex trading capabilities and advanced analytical tools.
Best of all, it brings nearly everything from its desktop platform to its mobile app, so you can research and execute trades on-the-go or at home.
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You can choose to work in the IBKR Lite version for a simplified experience, or IBKR Pro for more complex trading.
IBKR offers tiered pricing like E*TRADE, so the more options trades you make, the lower the cost per contract is.
Just note that you’ll face higher fees and requirements with Interactive Brokers’ Pro platform.
Features:
- App: IBKR Mobile
- Minimum deposit: $0
- Pricing: $0.65 options contract (sometimes lower with tiered pricing)
- Continue Reading:Interactive Brokers Review
Charles Schwab
If you’re learning the ropes and want to work with a well-known and reliable brokerage, Charles Schwab is a solid choice.
Taking home top honors in the 2019 J.D. Power survey of brokerages, it has one of the most user-friendly apps on the market.
You’ll find ample educational resources for new investors and tools to get you started trading options.
For something a bit more advanced, seasoned investors can work with StreetSmart Edge, the platform’s premier software for expert traders.
You can download StreetSmart Edge on desktop or use its cloud-based version to trade from anywhere.
Features:
- App: Schwab Mobile
- Minimum deposit: $0
- Pricing: $0.65 options contract
- Continue Reading:Charles Schwab Review
You Invest by J.P. Morgan
You Invest is another impressive options trading platform from a highly regarded financial institution.
If you already bank with Chase, their trading platform could be a perfect addition to your services.
You Invest provides you with a simple, straightforward experience, whether you’re researching, trading options, or managing your investments.
The platform lets you choose between You Invest Trade, a hands-on option, and You Invest Portfolios, a robo-advisor.
Either way, you’ll get commission-free trades and low fees all-around.
Features:
- App: J.P. Morgan Mobile
- Minimum deposit: $0; $500 minimum investment with You Invest Portfolios
- Pricing: $0.65 options contract
- Continue Reading:You Invest Review
Gatsby
Gatsby is another platform that boils down the complexities of options trading so new traders can get on board, too.
One of only a few truly free platforms, the startup doesn’t charge any commissions or contract fees.
Even better, it rewards you with points for every trade, which add up to gift cards from popular retailers.
Gatsby stands out as a forward-thinking app, integrating social media into its platform. You can see what your friends are trading and join in on live discussions to get trading ideas.
If you’re a new trader looking for an app with a social twist, Gatsby is worth considering.
Features:
- App: Gatsby
- Minimum deposit: $10 to start investing
- Pricing: $0 options contract
eOption
Rounding out the list of the best options trading platforms is eOption. The platform is best suited for active traders, with no commissions, low margin rates, and minimal fees.
It has plenty of educational resources to assist newer traders, but advanced traders will find the app and its tools the most useful.
eOption is another platform whose investment app is just as impressive as its desktop version, mirroring the interface on mobile.
If you’re looking to trade at a high volume and save money on commissions and fees, eOption is one of your best bets.
Features:
- App: eOption
- Minimum deposit: $10 to start investing
- Pricing: $0.10 options contract
What Is Options Trading?
Options trading is a lot like trading individual stocks.
The difference is that you bet on the future trajectory of a stock or other asset’s price, entering a contract that gives you the right to buy (a call) or sell (a put) at a certain time or set price.
With a call option, you anticipate that the stock’s value will increase. With a put option, you bet that the stock’s price will decrease.
Instead of owning the stock itself, you hold the contract to buy or sell it. If you bet right, you earn a profit.
Options are mostly for stocks, but you can enter option contracts for other assets, like:
- ETFs
- Index
- Commodities
- Currency
- Bonds
How Much Money Do You Need to Start Investing?
Online brokers are all about minimizing fees and account minimums, removing the barrier for a lot of beginning investors.
That means you can start trading options with just a few bucks.
While most brokers allow you to open an account without a minimum balance, others may require you to have a certain level of funds in your account.
If there’s no account minimum, you’ll just need to make sure you have sufficient funds for any trading and account fees.
You might also want to consider margin trading. Though margin trading with options is more complicated than with stocks and can be expensive, it allows you to borrow more funds to invest.
Continue Reading:
How to Pick the Best Options Trading Platform
Every investor is different, so your trading strategy and the platform you use should be unique to your needs.
Choosing an investment platform is challenging, especially with a more actively traded and complex asset like options.
As you narrow down your list of options trading platforms, keep the following in mind:
- Price: Not all options trades are free or low cost, Weigh the expenses of each platform, and consider the volume of trading you’ll be doing.
- User experience: The platform you choose should be easy to navigate and tailored to your needs.
- Features: Consider each platform’s analytical tools, educational content, and trading features.
- Assets: Some brokers offer a longer lineup of tradable assets than others, and some specialize in options.
You can rely on any one of the options trading platforms listed above to provide you with a great user experience, low costs, and useful features.
It’s up to you to pick the best one for your investment strategy.