Comparison of Firstrade vs TradeStation [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theFirstrade vs TradeStation comparison!

Your expert: Alejandro Borja

Firstrade

Your expert: Xavier Tarrasó

TradeStation

Main points

Fees

Low 4/5

Regulated

FINRA, SEC

Demo account

Low 4,2/5

Fees

FINRA, SEC

Regulated

Yes

Demo account

Recommended for

Beginners

Yes

Trading

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Buy and hold

Comparison of fees

Rating

3.5 – Firstrade charges a 1% fee on crypto trades, which is higher than some competitors. Despite this, its low fees on other investment options and user-friendly platform add value .

3.9 – TradeStation charges competitive volume-based fees starting at $2 + 0.65% for small trades. The complex fee structure and $10 monthly inactivity fee are notable drawbacks .

Level

Low 4/5

Low 4,2/5

Brief explanation

Firstrade offers competitive and straightforward commission structures for cryptocurrency trading. The platform charges a flat fee of 1% for buying or selling cryptocurrencies, which is relatively high compared to some other exchanges but remains transparent without additional hidden fees. Trading Commissions Firstrade’s trading fee for cryptocurrencies is set at 1% of the trade value. This fee applies uniformly to all cryptocurrency transactions, ensuring that users are aware of the costs upfront. The simplicity of this fee structure is advantageous for those who prefer clarity and straightforward pricing. Other Fees Firstrade does not charge any deposit fees, making it cost-effective to add funds to your account. However, while withdrawals via ACH are free, wire transfers incur a fee of $25, which is something users should be mindful of when planning their fund withdrawals. Overall, Firstrade’s commission structure is designed to be transparent and easy to understand, with the primary cost being the 1% trading fee on all cryptocurrency transactions. This can be beneficial for traders who value simplicity and predictability in their trading costs.

TradeStation charges competitive fees for cryptocurrency trading, though there are some costs to be aware of. Trading commissions are based on a tiered structure, starting at 0.30% per trade for monthly volumes up to $100,000 and decreasing to 0.20% for volumes above $1 million. This makes TradeStation suitable for both small and large traders. Additionally, there is a spread markup, which is the difference between the bid and ask prices, typically ranging from 0.5% to 1%. The platform also charges an inactivity fee of $50 if there is no trading activity for 12 months, and wire transfer withdrawal fees are $25 for US clients and $35 for international clients. These fees can add up, especially for infrequent traders. Despite these costs, TradeStation’s comprehensive tools and security measures can justify the expenses for those who prioritize advanced trading capabilities and regulatory compliance.

Firstrade

Year Founded: Firstrade was established in 1985, making it one of the most experienced brokerage firms in the industry. With nearly four decades of operation, Firstrade has demonstrated stability and reliability through various market conditions.
Number of Users: Firstrade serves a large number of clients, reflecting its broad acceptance and trust within the investment community. The significant user base is a testament to its reliability and the trust it has earned over the years.
Security Methods: Firstrade employs stringent security measures to protect client accounts and personal information. The platform is regulated by top-tier authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Firstrade provides high investor protection through the Securities Investor Protection Corporation (SIPC), covering up to $500,000, including $250,000 for cash.
Regulation: Firstrade is fully regulated by the SEC and FINRA, ensuring compliance with strict industry standards. This regulation provides an added layer of security and transparency, assuring users that their investments are managed according to rigorous guidelines.
Customer Service: Firstrade offers robust customer service options, including phone and email support. Although not available 24/7, their customer service team is dedicated to providing helpful and relevant responses. This commitment to customer care enhances user confidence and satisfaction.

TradeStation

Year Founded: Established in 1982, TradeStation has a long track record of stability and innovation in the brokerage industry.
Security Methods: TradeStation employs robust security measures, including two-factor authentication and encryption, to protect user data and assets.
Regulation and Licensing: TradeStation is regulated by top-tier US authorities such as the SEC and FINRA, ensuring compliance with strict financial standards.
Reputation and Reviews: TradeStation has consistently received positive reviews from users and industry experts for its advanced trading tools and comprehensive platform.
Transparency: As a subsidiary of Monex Group, a publicly listed company, TradeStation maintains a high level of transparency by regularly publishing financial statements and complying with rigorous disclosure requirements.

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Direct link to the website

Product selection

Native token

Firstrade does not have a native token.

TradeStation does not have a native token.

Earns

Firstrade does not offer staking or earning options for cryptocurrencies. It focuses on trading a variety of digital assets .

TradeStation does not provide staking or earning options with cryptocurrencies. The platform allows direct trading of certain cryptocurrencies .

NFT marketplace

Firstrade does not have an NFT marketplace.

TradeStation does not have an NFT marketplace.

Cripto/debit card

Firstrade does not offer a card for its clients .

TradeStation does not have a card for its clients .

Payment methods

Transfers

Yes, Firstrade accepts bank transfers for both deposits and withdrawals .

Yes, TradeStation accepts bank transfers for both deposits and withdrawals .

Mastercard

No, Firstrade does not accept Mastercard for deposits.

No, TradeStation does not accept Mastercard for deposits.

Wire transfer

Wise is not mentioned as a supported payment method .

Card

No, Firstrade does not accept credit/debit cards .

No, TradeStation does not accept credit/debit cards .

Comparative table

Firstrade	Features	TradeStation
Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.	Minimum Trade	TradeStation allows for low minimum trades, making it accessible for beginners.
The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.	Trading and Transaction Fees	Fees are higher than some competitors, especially for withdrawals.
Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.	Number of Cryptocurrencies	Only offers Bitcoin, Ethereum, and USD Coin.
While it offers a variety of cryptocurrencies, the number of available trading pairs is somewhat limited compared to other platforms.	Crypto-to-Crypto Trading Pairs	Limited to major coins, restricting diversification opportunities.
Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.	Website Transparency	TradeStation provides clear and detailed information about its services and fees.
Firstrade does not offer a card for its clients .	Credit/Debit Card	TradeStation does not have a card for its clients .
Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.	Storage Offering	Utilizes secure storage solutions with BitGo for crypto assets.
The platform currently does not offer staking or reward programs, which can be a downside for users looking to earn passive income.	Staking and Rewards	No staking or rewards programs available.
Firstrade offers a highly rated mobile app and a robust desktop platform, ensuring a seamless trading experience across devices.	Mobile App and Desktop	Both platforms are user-friendly and feature-rich, but the mobile app has fewer features.
Firstrade’s customer service is reliable but not available 24/7, which can be an inconvenience for users needing assistance outside business hours.	Customer Service	Customer service is decent but has room for improvement in response times and support quality.
Firstrade offers a variety of deposit and withdrawal options, although the lack of instant processing for some methods can be a drawback.	Deposit and Withdraw	Limited methods and high fees for withdrawals, making it less user-friendly.

Key features

Analysis tools

Firstrade offers a variety of tools and resources including research reports, market data and analysis, and educational resources such as webinars and articles .

TradeStation provides a powerful desktop trading platform with customizable sophisticated analysis tools, custom charts, and a detailed order book for crypto trading. They also offer mobile app trading with improved charting capabilities .

Mobile APP

Yes, Firstrade offers a mobile app available for iOS and Android devices, designed for a seamless trading experience .

Yes, TradeStation offers a mobile app that includes advanced charting, trading, and analysis tools .

Security

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

TradeStation is regulated by the SEC and FINRA, providing high investor protection levels. They offer SIPC insurance but do not provide negative balance protection. Their parent company is publicly listed, enhancing transparency.

Additional features

Firstrade offers trading on 38 popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Their platform is integrated with Apex Crypto for secure storage and trading. Firstrade provides a highly-rated mobile app for seamless trading on the go and features like real-time data and analytics, 24/7 trading, and instant fund access. They charge a high spot crypto fee of 1% of the trade value but provide a user-friendly experience for beginners .

TradeStation offers direct cryptocurrency trading for a limited selection of coins, including Bitcoin, Ethereum, and USD Coin. Their platform includes advanced features like strategy development and technical analysis through the TradeStation Master Class. They also support crypto trading in IRAs and provide competitive volume-based fees. However, their crypto offerings have decreased in recent years .

Anonymity

Firstrade does not support anonymous accounts. The account opening process includes submitting personal details and verification documents .

Anonymous accounts are not supported on TradeStation. Personal and financial information along with verification documents are required.

Key points

Available cryptocurrencies

Firstrade provides access to 38 cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Stellar (XLM), Solana (SOL), Shiba Inu (SHIB), and more.

TradeStation offers trading in a few cryptocurrencies. The supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) .

User-friendliness

Firstrade offers a highly-rated mobile app for crypto trading, designed to provide a seamless and user-friendly experience. The platform supports a wide range of cryptocurrencies and allows for easy buying and selling. While it lacks a dedicated crypto wallet and some advanced features, its simplicity and accessibility make it a good choice for beginners looking to manage their crypto investments alongside other asset classes .

TradeStation provides a powerful and intuitive platform for trading cryptocurrencies. The platform is designed to cater to both novice and experienced traders, with a range of tools and features that enhance the trading experience. While the selection of cryptocurrencies is limited, the platform’s overall usability and support make it a solid choice for crypto trading.

Value for money

Firstrade offers a strong value proposition with low fees and no minimum deposit, making it accessible for beginners. However, its 1% trading fee on crypto is higher compared to some competitors, which could affect active traders.

TradeStation offers good value with competitive volume-based fees and a range of trading tools. Its inactivity fee of $10 per month and the administrative fee for IRAs might be less attractive for occasional traders.

Countries of operation

United States, Germany, United Kingdom, China, Singapore, Hong Kong .

United States, available to most other countries except restricted regions like North Korea and Sudan .

Best for

Firstrade is best for US-based investors who want a straightforward, user-friendly platform to trade a variety of cryptocurrencies. Its mobile app and low fees make it a good option for beginners and those looking to manage their crypto investments alongside traditional assets.

TradeStation is suited for experienced traders who value advanced trading tools and direct access to crypto trading. Its detailed order book and professional-grade platform make it ideal for those who want to trade and analyze cryptocurrencies deeply.

Account

Trading

Firstrade has limited offerings in cryptocurrency trading, focusing primarily on traditional securities. It may not be the best option for dedicated crypto traders.

TradeStation offers a limited selection of cryptocurrencies but provides a powerful trading platform with advanced tools and features. It is suitable for traders who want to integrate crypto trading with other financial products.

Deposit and withdrawal

Firstrade primarily supports deposits and withdrawals via bank transfers and checks. The process can be slower compared to other brokers, and international clients might face additional hurdles.

TradeStation supports deposits and withdrawals primarily via bank transfers. While the process is secure, it can be slower and more expensive compared to other brokers, with fees for wire transfers.

Account opening process

Opening an account with Firstrade involves completing an online application and submitting personal and financial information. Verification documents are required. The process can take a bit longer compared to other brokers, especially for international clients.

Opening an account with TradeStation is fully digital and user-friendly. Users need to provide personal and financial information and submit verification documents. The process usually takes one to two business days for approval.

KYC required?

Firstrade mandates KYC verification. Users must provide personal identification documents and proof of address as part of the account opening process.

TradeStation requires KYC verification. Users need to provide personal identification documents and proof of address before they can start trading.

Customer Service

Firstrade provides customer support via phone and email, but does not offer live chat. The support is available during regular business hours, and while it is generally helpful, the lack of live chat can be a drawback for some users.

TradeStation provides customer support via phone, email, and live chat. The support is available during market hours and is generally responsive, though some users find the service to be slower during peak times.

Security

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I find Firstrade to be a reliable choice for anyone looking to start investing in cryptocurrencies. The platform offers a secure and user-friendly experience, with competitive trading fees and a robust mobile app. However, the absence of a dedicated crypto wallet and 24/7 customer support are areas that could use improvement. Overall, Firstrade is a solid option for beginners and seasoned investors alike, thanks to its strong regulatory framework and extensive market experience.

Xavier Tarrasó

As an expert in the crypto market, I find TradeStation to be a solid platform for those who prioritize security and advanced trading tools. While its cryptocurrency offerings are limited to Bitcoin, Ethereum, and USD Coin, the platform excels in providing a highly regulated environment and robust trading features. TradeStation’s user-friendly interface and comprehensive educational resources make it a suitable choice for both seasoned traders and those looking to gain deeper insights into crypto trading. However, the high withdrawal fees and limited deposit options are areas that could be improved to enhance the overall user experience.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Firstrade vs TradeStation [ 2024 ]

Firstrade

TradeStation

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Firstrade

TradeStation

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Firstrade and TradeStation