Electrodes are among the critical components of neural stimulation devices. Investigating electrode properties like electrode impedance, charge injection capacity, and electrode corrosion limits plays an important role in electrode development. There are many commercial devices available for this purpose. Although useful, these devices are usually expensive and often offer more functions than required. We propose a versatile setup, composed of a LabVIEW program, a National Instruments multifunctional board, and a circuit built of discrete commercial elements. The system offers basic functions used in electrochemical investigation like current and voltage injection, cyclic voltammetry, and impedance spectroscopy. It offers the functionalities of both a potentiostat and an arbitrary waveform generator. It has already been applied elsewhere.