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Review TradeStation

Founded in 1982, TradeStation is a US-based stockbroker regulated by the SEC and FINRA. Initially a software for testing trading strategies, it evolved into an online brokerage in 2001. TradeStation is a self-clearing broker for equities, options, futures, and cryptocurrencies, known for its versatile platform using API technology and a learning community for various trading skills.

TradeStation boasts excellent web and mobile platforms that are user-friendly and well-organized, with low stock and ETF fees and a high-quality education section. However, it only supports bank transfers for deposits and withdrawals, lacks forex trading options, and its customer support could be enhanced

Recommended to:

TradeStation is recommended to traders with diverse trading expertise.

Pros

  • Extensive product selection
  • Low stock and ETF fees
  • Great tools availability

Cons

  • Limited deposit and withdrawal options
  • Customer support can be improved

Review’s Keypoints

Country of regulation

USA

Minimum deposit

$0

Time to open an account

1 day

Trading fees class

Low

Deposit with bank card

Not available

Number of base currencies supported

9

Products offered

Stocks

ETF's

Funds

Options

Futures

Bond

Depositing with electronic wallet

Not available

Demo account provided

Yes

Fees

TradeStation offers low trading costs with three flexible fee packages: a per-trade option ideal for high volumes, a per-share plan suitable for frequent, smaller trades, and an unbundled pricing model that benefits very high-volume traders with decreasing fees.

Pros

  • Low stock and ETF fees
  • Various of fee structure to choose

Cons

  • Non-activity costs

TradeStation Costs

Assets
Costs Level
Costs Terms
Assets
US Stocks
Costs Level
Average
Costs Terms
$5
Assets
EU Stocks
Costs Level
Average
Costs Terms
€5
Assets
US Options
Costs Level
Average
Costs Terms
$5
Assets
EU Options
Costs Level
Average
Costs Terms
€5
Assets
US Futures
Costs Level
Low
Costs Terms
$1.5
  • ***1000 in EUR or USD for the stocks transaction
  • ***Price per contract for Options & Futures

Transfers

TradeStation allows free deposits exclusively via bank transfers, a typical method for US brokers, and permits wire transfers for withdrawals, with fees applying. Account holders can only transact with accounts in their own name. Additionally, both deposits and withdrawals can be made using cryptocurrencies.

Pros

  • Lack of deposit fee

Cons

  • Limited trasfer options
  • Selective free withdrawal options

Trading Platforms

Web Trading Platform

TradeStation reconstructed its web trading platform in 2018. It has a good design and user interface, offering a comfortable trading experience for both beginners and professionals.The web trading platform is available only in English..

Mobile Trading Platform

TradeStation's mobile app, available in English, mirrors the web platform with slight differences. Search function allows symbol-based search but lacks asset type filtering. Similar order types and terms as the web platform, with the added feature of setting price alerts.

Desktop Trading Platform

TradeStation's Windows-only desktop platform is intricate and tailored for advanced traders. While highly customizable with preset workspaces, it's challenging for beginners or long-term investors due to its complexity and outdated interface. Features include two-step login and the ability to set price alerts, but navigating functions like search and notifications can be difficult amidst tab-specific search functions.

Offering

TradeStation in numbers:

0
Markets
0
Countries
0
Currencies

Stocks & ETFs

At TradeStation, you can trade on the largest US stock markets, such as the NYSE or NASDAQ. You cannot trade on non-US stock exchanges.
You can acquire ETFs traded on US exchanges even if you are a European client. This is a unique opportunity that most European brokers do not provide.

Bonds

TradeStation only allows you to trade bonds over the phone; they’re not available on any of the online platforms.

Funds

TradeStation’s fund coverage is mid-range. However, it does include the biggest names, like BlackRock or Vanguard.

Futures

TradeStation gives you access to the largest US futures markets, such as CBOT or ICEUS.
Weighed against its competitors, TradeStation has a broader selection of futures than tastyworks, but ranks behind Interactive Brokers, which covers markets all over the world.

Options

The number of options available at Saxo is high. You can trade on major stock exchanges such as a CBOE or Euronext, but you will also find lesser-known ones such as the SEHK.
You can trade options on stock, forex and contract.

Tools

Trading Ideas

TradeStation provides trading ideas, but only on the desktop platform. You will find recommendations about each asset class written by TradeStation’s staff.

Fundamental Data

TradeStation offers very detailed fundamental data, provided by Yahoo. However, it is only available on the desktop trading platform. You will find multiple types of data, from earnings ratios to financial statements.

Charting

TradeStation provides standard charting.

News Feed

TradeStation offers top-notch news accessible through 'Market Insights' on their website and trading platforms. News is categorized by products and sectors, with platforms allowing filtering by criteria and asset symbol search.

Other tools

TradeStation's desktop platform offers diverse research add-ons from both TradeStation and external developers. While some are free, many require a subscription fee for access.

Regulation

Regulated by the SEC and FINRA, TradeStation is a well-established broker founded in 1982, indicating its resilience through financial crises. It offers SIPC protection to clients, covering up to $500,000, including $250,000 for cash, applicable to equities accounts for both U.S. and non-U.S. citizens. However, it lacks negative balance protection. As a part of Japan’s Monex Group, listed on the Tokyo Stock Exchange, TradeStation benefits from the enhanced transparency and scrutiny of a publicly traded company.

Bottom Line

TradeStation is an outstanding US broker. The web and mobile platforms are very easy-to-use with many features. It also provides low stock and ETF trading costs. In addition, TradeStation’s education materials are well-designed and of high quality.

 

However, the deposit and withdrawal features are not easy-to-use as you can only use bank transfer. There is no forex trading, and there is room for improvement when it comes to customer support

 

Feel free to try TradeStation if you prefer to trade on US markets. We recommend it for buy and hold investors with at least some level of experience.

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