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TradeStation Review & Rating [yyyy]

TradeStation Review & Rating 2022

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Active traders who are looking for a suitable forex broker may have heard of TradeStation. Is TradeStation legit? Our unbiased TradeStation review covers everything you will need to know on the key areas of the broker like account types, security, regulation and more.

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After digging deeper into our in-depth TradeStation broker review, we hope you’ll be able to decide if this is the right broker for you.

Without further ado, let’s begin with an overview of the company.

Overview

Company
7/10
Trust
8/10
Trading Platform
8/10
Account Types
7/10
Costs
8/10
Customer Support
8/10
Regulation
9/10
Cryptocurrency
6/10

Company

7 /10

Founded in 1982 TradeStation is one of the best-known multiproduct brokers in the United States and in the world. The head office is in Florida and traders can benefit from the fact that in Basically, all financial products offered can be traded via the same trading platform.

TradeStation Securities is certainly better known to most traders under the short form TradeStation and has been in the market for over 30 years. At that time, however, it was not called TradeStation, but Omega Research.

The company that is known and successful today goes back to two Cuban brothers. The brothers Bill and Ralph were already interested in trading at the age of 16 and are looking for starting points and ways to make their own trading better and more strategic. What began with a private wish ended in the establishment of a trading software company.

Between 1987 and 1989, Omega Research brought out the first models of the System Writer, which made it possible to create trading strategies using market data, signals, chart technology and other tools. At that time, the product was still intended for simultaneous trading.

It wasn't until 1991 that a live version of the software came out, which then became known as TradeStation. In 1997 the company went public for the first time and in 2000 the TradeStation was also available online for the first time. Subsequently, the company renamed itself TradeStation in 2001. Since then, TradeStation has not only been a software provider, but also a brokerage.

The many years of success proves that TradeStation and the brothers Bill and Ralph are right: The product is convincing, not only for lay people, but also for real juries. The company can look back on several awards that they have definitely earned. The company's security is also impressive.

TradeStation advantages and disadvantages

Advantages:

  • Many years of experience of the broker since the 1980s
  • Mobile app can be used
  • Access to over 2,000 mutual funds
  • Professional platform for trading is available
  • Various account models offer flexibility for active traders
  • Attractive conditions ensure lucrative trading
  • Licensing by government agencies provides security

Disadvantages:

  • No details about a demo account

Trust

8 /10

Eligible US clients of TradeStation are protected under the Securities Trader Protection Corporation (SIPC) program. SIPC is an investor protection program established to protect clients against loss of cash and securities if the broker fails to meet their financial obligations.

SIPC protection is capped at $500,000 with a $250,000 limit for cash. SIPC coverage only applies to stocks and stock options accounts. Before opening an account with any online brokerage, it is important to carefully read all broker terms and conditions so that you have a clear understanding of the protection offered.

TradeStation awards

TradeStation award

Due to its many years of experience, TradeStation has already received several awards, some of them only last year. For example, in 2013 TradeStation received the title “Best for Frequent Traders”. This title is regularly awarded by Barron's and in the test TradeStation was able to prevail against 23 other brokers.

There was another award in the online broker review from stockbrokers.com. This test also took place last year and here the broker can look forward to the “Best Platform Technology” award.

In the annual broker test carried out by “Investor's Business Daily”, TradeStation achieved one of the top five places for the second time in a row. This applies in particular to the portfolio, ETF Choices and Research Tools categories.

Trading Platform

8 /10

TradeStation platform

TradeStation offers a large selection of trading platforms, as the customer can choose between a total of three different versions. The standard TradeStation platform contains numerous functions and features, for example, so-called chart trading.

In addition, according to our TradeStation review, active traders can benefit from the fact that in the course of this platformUpdates always take place, and thus it is guaranteed that the trading platform is always up to date and numerous improvements are integrated over time.

The second version is the TradeStation Web Trading Platform. Compared to the standard platform, the web trading platform can be distinguished by the fact that no installation is necessary. The trader can access the platform from any operating system and PC.

The third variant is the TradeStation Mobile as a mobile trading platform.

TradeStation also supports casual traders through its award-winning desktop platform with $0 stock and ETF trades. The TradeStation desktop trading platform is incredibly advanced and a great fit for serious investors and day traders.

TradeStation mobile app

Fortunately, the broker provides a Mobile TradeStation for its active traders and thus you have a simple and comfortable opportunity to start trading with your own smartphone and to trade CFDs and currencies while on the move. The Mobile TradeStation is modeled on the trading platform and offers professional functions and easy handling.

Among other things our TradeStation review discovered, various indicators for analysis are available to you within the app and you can thus easily and purposefully participate in trading. The app is available free of charge for various systems and can be easily downloaded from the respective app store.

Thanks to the app, you as a trader have the flexible option of participating in trading while traveling and using various functions of the broker in a simple and targeted manner. The TradeStation opinion also benefits in a positive way from the application offered for mobile devices.

Account Types

7 /10

TradeStation account

With three different account types, TradeStation addresses the various investment preferences of customers with and without experience.

The Forex account is available from a minimum account balance of $2,000. The futures trading account is available with a minimum account balance of $5,000.

Share accounts, the so-called "non-day trading" accounts, require a minimum balance of $5,000, as a stock day trading account must pay a minimum sum of $30,000.

This TradeStation review shows a clear separation between the different asset classes. At least when it comes to stock trading, the bottom line is that investors with greater investment needs are more likely to be addressed by the broker.

Demo account

A demo account is unfortunately not available for traders at the CFD and Forex broker TradeStation. As a trader, you, therefore, have no option to learn and get to know trading in currencies or contracts for difference. This is certainly a disadvantage and shows that this provider does not seem to be infallible or perfect either. However, you can get to know the trade through the range of training courses - this in no way replaces demo access.

Nothing is known about the reasons why the provider waives a demo account. In any case, the TradeStation opinion is negatively influenced to a certain extent by this fact. As an inexperienced trader, the broker may be less suitable.

How to open a TradeStation account?

With regard to account opening, it can be said that this is basically pretty straightforward and quick. As usual, an online form must first be filled out. In the following, we would like to explain the registration process step by step.

  • Step 1: In the first part of the registration form, you need to provide information about your full name, telephone number and email address.
  • Step 2: Now traders have to choose a username, password and three security queries and decide which financial product should be traded. The investors are then forwarded to a form that contains detailed information on their place of residence.
  • Step 3: If all information is complete, customers will be asked to download the registration forms in order to sign them . Finally, the signed form must be sent to TradeStation either by email or by fax.

Cryptocurrency

6 /10

TradeStation crypto

Cryptos are on the rise and everyone is familiar with Bitcoin. It is therefore not surprising that more and more people want to invest in virtual currencies. This is also possible via TradeStation and that with an extra product. The TS Crypto trading platform offers all the important tools you need for crypto trading.

Costs

8 /10

The fees that Tradestation charges its customers are quite low in relation to trading, while the broker tries to offset these savings with additional fees. During our Tradestation review, we found out that the trading fees are 0.6 cents for shares trading, $1 for options trading, and 25 cents for futures trading.

For mutual funds and bonds, TradeStation's pricing is not as generous. It costs $14.95 per mutual fund trade and $14.95 per transaction plus $5 per bond to trade bonds.

In forex trading, no commissions are charged, as the broker only earns money in this area through the narrow spreads on the customer's trading. However, active trading via Tradestation can still be quite expensive, namely when certain conditions are not met.

Customers who have a future account must conclude at least 10 round-turn trades with 50 contracts each per month. Meanwhile, stock account owners must complete 50 round-turn trades a month of 5,000 stocks each. Even a balance of $100,000 at the end of the last month can save the customer from the Account Service Fee, which is charged at $99.95.

The exact details of the broker's fees can be found on the Tradestation website.

Customer Support

8 /10

If you have any questions about the platform, there are various ways to contact customer service. First of all, it is possible to look at basic questions to see whether the knowledge resources or the extensive FAQ area provide answers to your own questions. If this is not the case, investors can also use the Live Chat to contact customer service during working hours. A chatbot is also available for basic questions.

However, if you have questions about opening an account or technical customer support, you can contact the responsible customer service by phone, live chat or email. The customer support is internationally based in the USA. It is therefore advisable to formulate your own concerns in English. Multilingual customer service is unfortunately not available.

Regulation

9 /10

Is TradeStation safe? When choosing a broker like TradeStation, the administrative body and regulatory status of the broker are very important. Brokers who trade without the oversight of a regulatory body do so at their own discretion. Any capital you invest is at risk. But is TradeStation a safe platform? Yes!

Regulated brokers will not manipulate market prices. When you send a withdrawal request to TradeStation, it will be honored. If TradeStation violates any regulatory rule, its regulated brokerage status may be withdrawn.

Like we said in the beginning of this TradeStation broker review, this broker is headquartered in the United States. This means that TradeStation is supervised and controlled by the regulators of the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).

TradeStation also has an official license and is, among other things, a member of the New York Stock Exchange NYSE. This offers you as a trader a high level of security and you can also benefit from the provider's many years of experience and thus safely participate in trading.

The broker shows a high degree of seriousness and also protects the accounts of the traders in the best possible way against abuse and dubious activities. Up to a value of more than $24.5 million, the deposits in the accounts are also secured, so that the capital can continue to be available to traders even if the broker has financial problems.

As part of the TradeStation broker review, you can of course benefit extensively from these security aspects and assume that the broker offers a lot of security and protection for you as a trader.

Conclusion

Is TradeStation good? Yes. From what this TradeStation review has shown, this broker can definitely be recommended due to the many offers for you as a trader and due to the many years of experience in the market.

Except for a demo account, every possible convenience is available to you and you can rely on professional software for trading, among other things. In addition, this broker also offers attractive conditions and flexible options for participating in trading.

With the licensing and deposit insurance, the provider TradeStation also proves that it is a serious and reliable broker.

Reviewed By

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