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TradeStation review

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This online platform caters to experienced traders — beginners may struggle to use it.

TradeStation offers a unique trading platform complete with analytics technology and a trading-specific coding language. It may be best for experienced traders with a high monthly volume. Its fees and learning curve might turn away newcomers and low-volume traders.

$5

Stock trade fee

$0.50

Option trade fee/contract

$99.95 per month

Fee

Available asset typesStocks
Bonds
Options
Mutual funds
ETFs
Futures
Stock trade fee$5
Option trade fee$5 + $0.50/contract
Corporate bond trade fee$14.95
Mutual fund trade fee$14.95
Account transfer fee$125
Fee$99.95 per month

Who is TradeStation best for?

Due to its extensive and often complex capabilities, TradeStation may be best for:

  • Active traders. Monthly volume requirements might not turn away active traders, who can focus on using the site’s capabilities to the fullest.
  • Traders looking for a complete platform. The ability to trade in almost anything from penny stocks to bonds, coupled with its analytics and historical data, gives TradeStation longevity and value.
  • Those wanting to take their trading to the next level. TradeStation offers an extensive amount of educational resources that can help anyone make trading more than a casual hobby.

What are the benefits of TradeStation?

TradeStation offers a number of features that could help develop and enhance your trading experience.

  • Analytical systems and market updates. Award-winning analytics tools include a complete-options trading program and a real-time market scanning and ranking tool.
  • Fast software across devices. Its desktop platform and mobile app offer dynamic trading platforms.
  • Extensive educational resources. Access hundreds of educational webinars, YouTube videos, live-streaming events or attend a live Master Class or the online TradeStation University. TradeStation also offers historical market data going back over 50 years.
  • EasyLanguage coding system. A custom-built coding language for back-testing trading strategies and creating customer alerts — a useful advantage for serious traders.
  • Free trading for active duty military. All commissions are waived for active duty military members, though the minimum account requirements are still there.

What to watch out for

There are a few things that might make TradeStation less than ideal for some users.

  • Difficult learning curve for beginners. The trading system is designed for people already familiar with trading, which might make it challenging for newcomers.
  • High fees for low volume trading. TradeStation penalizes people trading in less than 50 options trades per month with higher fees. And some of its advanced features cost extra money.
  • No commission-free ETFs. Some trading platforms offer some exchange-traded funds without commission, but TradeStation has commissions on all ETFs.
  • No forex trading and limited international options. TradeStation stopped its forex trading platform a few years ago. It now only offers limited options for traders looking at overseas markets.

Compare with other stock trading platforms

Name Product Available asset types Stock trade fee Option trade fee Annual fee
Stocks
Bonds
Options
Mutual funds
ETFs
Forex
Cash
$0.01 per share
($3 minimum)
$3 + $0.75/contract
0%
Trade stocks, options and ETFs for as low as $1 per order for a year when you open a new account by December 31, 2019, and fund it with $2,500 or more within 60 days.
Stocks
Bonds
Mutual funds
ETFs
$2.95
0%
100+ commission-free online stock and ETF trades with $0 minimum to start. Just $2.95 per trade thereafter.
INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Stocks
Bonds
Options
Mutual funds
ETFs
Forex
Futures
$4.95
or $3.95 with a $100,000 average daily balance or 30+ trades over a rolling 3-month period
$4.95 + $0.65/contract
or $3.95 + $0.50/contract with a $100,000 average daily balance or 30+ trades over a rolling 3-month period
0%
500+ commission-free ETFs, some of the industry's lowest fees plus a cash bonus up to $3,500.
Stocks
Options
Mutual funds
ETFs
$0
$0
0%
Firstrade customizable trading platforms let you manage your account and trade from your desktop, iPad or mobile phone.
Stocks
ETFs
$0
0%
Margin financing rates start at 3.99%. No monthly subscription fees for margin.
TradeStation
TradeStation
Stocks
Bonds
Options
Mutual funds
ETFs
Futures
$5
$5 + $0.50/contract
$99.95 per month
A platform built for all kinds of traders and all styles of trading

Compare up to 4 providers

TradeStation reviews and complaints

The Better Business Bureau awards TradeStation an A- rating, but the company isn’t accredited with the BBB. Most of the reviews are positive, although there’s a fair number that highlight poor customer service.
Most of the concerns online relate to the high inactivity fees, making it critical to hit the minimum number of trades each month.TradeStation is owned by Monex Group, a large online financial services company based out of Japan who acquired it in 2011 from Omega Research. TradeStation was founded in 1982 by two brothers, who developed the EasyLanguage coding system themselves.

How do I get started?

  1. You can sign up on the website via your desktop or mobile app.
  2. Go to the TradeStation home page and click Open an Account in the top menu.
  3. Click Register. There will be a separate place to click to open a Futures IRA account or an Entity account.
  4. Enter your name, email address, phone number and country of residence.
  5. Create a username and password.
  6. Complete an application, which includes personal information, employment information, financials and experience. Sign the documents.
  7. Select your monthly plan, fund your account and start trading.

Eligibility

You’ll need to meet these eligibility criteria to start trading:

  • At least 18 years old
  • US resident with a valid Social Security number or taxpayer ID
  • International residents and business entities may apply using a paper application

Required Information

  • Name, date of birth, address and personal contact information
  • Social Security number for US residents
  • Valid passport for international residents
  • International residents must provide proof of US residency by showing utility bills, bank statements, and/or lease agreements
  • Employment information
  • Investment history
  • Financial information, such as bank statements, that show net worth

The minimum amount to open an account depends on which one you select:

  • Stock and options accounts: $500 minimum
  • Margin accounts: $2,000 minimum
  • Futures and future options: $5,000 minimum

I’ve made my first trade with TradeStation. Now what?

After you’ve successfully submitted the application, you’ll want to familiarize yourself with the platform.

  • Fund your account. You can transfer funds from a US bank via wire transfer, check or electronic transfer.
  • Get educated. Learn about the platform by watching the training and educational videos, browse the forums and explore the TradeStation University.
  • Upgrade your tools. It’s advanced analytics tools offer next-level trading — for a fee.
  • Try the mobile app. Download the app and take your trading with you wherever you go.
  • Understand the tax implications. Speak with a certified accountant to get tax advice on your online trades.

TradeStation customer service

TradeStation offers a number of ways to reach out if you need support.

Live Chat: Speak with a representative weekdays from 9 a.m. to 5 p.m. ET.

Phone:

  • For new accounts, call 800-770-4049, Monday to Thursday from 8 a.m. to 8 p.m. and Friday from 8 a.m. to 6 p.m. ET.
  • To make a trade, call 800-822-0512, Monday to Thursday from 7:30 a.m. to 6:30 p.m. and Friday from 7:30 a.m. to 5 p.m. ET.
  • For technical support, call 800-822-0512, Sunday at 3:30 p.m. to Friday 8 p.m. ET.

Email: Sales@TradeStation.com

Bottom Line

TradeStation offers several features that could make it a good fit for active and serious traders, including its analytical tools, coding system and educational resources.

But if you’re not an experienced trader and want something else to ease into, there are other platforms out there that don’t have the steep learning curve or high fees. Compare options and platforms before you commit.

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