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Headquartered in Florida, TradeStation is an online brokerage house for self-directed investors. Since its establishment in 1982, the company has earned several industry accolades, including TradingView’s “Best Multi-Asset Class Broker” award in 2022. It was also named a top-four online brokerage by Investor’s Business Daily.
With desktop, web, and app-based platforms, TradeStation’s investment products include stocks, ETFs, options, futures options, and crypto. On top of individual and joint investor accounts, the company offers accounts for corporations and retirement products, such as Traditional, Roth, and Simplified Employee Pension (SEP) IRAs.
Founded by two brothers in 1982 as a software development company, TradeStation has a long history of providing services to experienced investors. The platform allows you to design, optimize, and build customized trading strategies for a personalized investment experience.
In another attractive feature for savvy investors, TradeStation offers tools to test potential investment strategies before you place a trade. Doing so can help you evaluate your strategy's effectiveness in a risk-free environment.
With excellent charting tools and real-time streaming quotes, TradeStation may be particularly appealing to seasoned investors who want to access in-depth data about their portfolios. Likewise, the company’s full-service app and customization tools make it a solid choice for tech-savvy traders.
One of TradeStation’s standout features is its EasyLanguage programming tool, which enables you to create customized trading strategies based on your investment goals. However, this tool is most suited for dedicated investors, as it can take time and energy to master.
Although TradeStation offers commission-free trades of many of its products, it comes with the following costs.
Product/Service | Pricing |
Stocks and ETFs | $0 commission |
Stock options | $0 commission; $0.60 per contract |
Futures | $0 commission; $1.50 per contract, per side |
Micro futures | $0 commission; $0.50 per contract, per side |
Futures options | $0 commission; $1.50 per contract, per side |
Mutual funds | $14.95 per trade |
US government bonds | $50 per trade |
Corporate and municipal bonds | $14.95 + $5 per bond |
Margin trading | Less than £50,000: 13.25% |
Under a future tiered plan, the fees you pay will depend on the number of trades you make.
Monthly contracts | Per contract, per side – futures | Per contract, per side – Chicago Mercantile Exchange (CME) micro e-mini index futures |
> 20,000 | $0.25 | $0.20 |
10,00-20,000 | $0.45 | $0.25 |
1,001-10,000 | $0.65 | $0.30 |
301-1,000 | $1 | $0.35 |
0-300 | $1.20 | $0.40 |
You’ll pay a fee for trading in crypto, based on how much you trade.
Volume | Maker | Taker |
$0-$1,000 | $2 + 0.35% | $2 + 0.60% |
$1,001-$10,000 | 0.35% | 0.45% |
$10,001-$50,000 | 0.20% | 0.30% |
$50,001-$100,000 | 0.12% | 0.25% |
$100,001-$1,000,000 | 0.10% | 0.18% |
$1,000,001-$5,000,000 | 0.8% | 0.15% |
$5,000,001-$10,000,000 | 0.05% | 0.12% |
$10,000,001-$50,000,000 | 0.25% | 0.11% |
You’ll also face a $50 charge if you don’t meet certain requirements within a 12-month period. To avoid this, you’ll need to have an average end-of-month equity balance of at least $2,000 or make at least five trades during this time.
TradeStation breaks its accounts down into the following categories:
Individual and joint accounts. In addition to accounts for single or multiple investors, the company will let you set up an account on behalf of a minor.
Retirement investor accounts. These IRA accounts allow you to invest in futures, stocks, options, and crypto.
Entity accounts. These allow you to set up an account on behalf of a general or limited partnership, a sole or limited liability proprietorship, or a corporate trust.
The company also offers premium features through its TradeStation Analytics subscriptions, which carry fees beginning at $99 per month for non-brokerage clients. Features include:
RadarScreen: Allows you to find real-time trading opportunities
TradeStation Scanner: Lets you search the market for customized opportunities
Simulated trading: Provides you with the opportunity to test strategies in real-time
Premium Market insights: Offers real-time data from major US exchanges
While most TradeStation accounts are free from monthly fees, the company charges the following maintenance fees:
Equities IRA: $35 per year
Crypto IRA: $50 per year
Futures tiered: $149.95 per month (waived if you meet certain activity levels)
TradeStation also offers deals and discounts on some of its fee-paying services. When I chatted with one of its customer service representatives, I received a promo code that would allow me to cut the cost of trading futures.
To start investing through TradeStation, the first step is to open an account. You’ll do this online for most account types.
You’ll need to provide information such as your:
Name
Country of legal residence
Email address
Phone number
Social security number
Tax ID (if applicable)
Annual income
Total and liquid net worth
Years of trading experience
TradeStation can typically open your account in 30-60 minutes if you’re based in the US.
You’ll need to fill out a paper application if you’re opening a futures IRA account or creating an account on behalf of an entity. You can download these forms as PDFs from TradeStation’s website. You’ll then need to sign and send these through the mail.
Once you’ve opened an account, TradeStation will update your portfolio information daily. Although the company doesn’t send monthly statements, you can view these through your online account.
TradeStation also offers a trading simulator tool that can be beneficial if you want to gain experience before using the platform. It allows you to experiment with new virtual currency strategies and trading approaches.
You can experiment in real-time or test your strategy against historical market data, showing how your hypothetical portfolio would have performed in past market conditions.
Overall, the account setup process was very straightforward. However, some of the site’s features are geared toward more high-end investors. This could make the platform a little daunting for novice traders.
Although this isn’t necessarily a drawback of TradeStation, it highlights the importance of choosing a platform that matches your level of confidence as an investor.
You can download TradeStation’s app from Google Play or the App Store.
You can use the app to
Trade stocks, ETFs, options, future, and crypto
Receive real-time streaming quotes
See alerts on price volumes
Get alerts when prices move significantly
Test trading strategies with simulated trading
Manage and adjust open positions
Analyze trading charts
Receive updates on market news
Additionally, you can enable both fingerprint and facial recognition via the app for added security.
The app has solid user ratings on Google Play and the App Store. Users who gave the app high scores were impressed by its wide array of features and the freedom it gives them to manage their trades on the go. In contrast, those who scored the app less highly expressed concerns over its tendency to crash and occasional glitches.
With a 40-year history in investments, TradeStation has long been a popular choice for active traders and is a favorite of brokers. It has also received recognition from numerous publications and industry bodies. For instance, the company won the “Best Trading System” accolade from the respected publication Technical Analysis of Stocks and Commodities.
However, the company currently has a 1.67 out of 5 rating on Trustpilot. It also isn’t accredited by the Better Business Bureau (BBB).
Many of the customers who scored the company poorly on Trustpilot mentioned difficulties in reaching customer service agents. In contrast, several reviewers who scored the company highly praised its high level of customer service and fast, efficient tech.
For data security purposes, TradeStation uses 256-bit Secure Sockets Layer (SSL) encryption and advanced firewall technology on its website. Likewise, you can add two-factor authentication to your account, requiring you to verify log-ins from new devices.
The company will also send you an alert if there are any significant changes to your account settings, including changes to your login credentials and contact information.
You can contact TradeStation via phone, email, live chat, or its interactive bot.
Support hours will vary depending on the type of query you have.
For new accounts/client support: 8 am-5 pm (ET), Monday-Friday
For stocks and options trades queries: 7:30 am-6:30 pm (ET) Monday-Thursday and 7:30-5 pm on Friday
For futures trades queries: 24/7 from 5 pm Sunday to 6 pm Friday (ET)
For crypto queries: 24/7 (closed second weekend of each month)
When I contacted TradeStation over the phone, I was connected to a customer service representative in a little over 30 seconds. I then contacted the company over live chat and was connected to a very helpful agent in under a minute.
To interact with a wider community of investors, you can also use TradeStation’s support forums.
In addition to offering a wide selection of educational articles and FAQs, TradeStation allows you to register for live tutorials and webinars. Delivered by the company’s experts and guest speakers, these explain how to use the platform and offer insights into financial markets.
While the level of detail within educational resources is impressive, it could be streamlined and organized more clearly. For instance, the sheer number of FAQs can make it difficult to find the information you need.
Offering commission-free trades on stocks, ETFs, and options through web- and app-based platforms, TradeStation has a lot to offer. If you’re a seasoned investor, you may be impressed by its trade simulator tools and wide range of products.
Although the company has a poor rating on Trustpilot, the app is rated high by users on both Google Play and the App Store.
8050 SW 10th St.
Suite 2000
Plantation, FL
33324
USA
Is TradeStation good for beginners?
With sophisticated investment tools, the company’s focus has typically been on more experienced investors and those who trade in high volumes. This means that there may be more suitable options for novice traders.
That said, TradeStation does offer an excellent selection of webinars, blogs, and educational resources that may help beginners grow in confidence while investing.
How much does TradeStation cost per month?
TradeStation doesn’t charge a monthly fee for many of its basic accounts. However, fees begin at $99 per month to access its premium trading tools through a TradeStation Analytics subscription. Premium tools include advanced charting, virtual trading, and personalized trading opportunities.
You’ll also pay a $149.95 annual fee on future tiered accounts. However, the company will waive this fee if you meet certain activity levels.
How much do you need to day trade on TradeStation?
Before participating in day trading, you must deposit at least $25,000.01 into your account. You’ll need to maintain this balance if you want to continue trading this way.
That said, the company doesn’t have a minimum opening account balance on most of its accounts.
