This brokerage company is more suitable for clients who already have some experience or for professionals. Exactly these categories of traders are focused on futures contracts trading, who will use tools for technical analysis, who need to interact with the financial market quickly. Beginners will not like that the company does not offer a lot of educational materials, you will not find mutual funds here, however, the cryptocurrency trading offered on this platform is quite profitable for all categories of traders.
Tradestation report on a five-point system:
- overall rating 3.5
- affordability 3 out of 5
- Diversity of accounts and ease of trading 4 out of 5
- Learning materials and research 3 out of 5
- Usability of the mobile platform 4 out of 5
- Quality of work with traders 3 out of 5
Especially profitable with this broker to trade on the stock exchange, as the cost of the transaction from $0
Options trading is also profitable but costs from $0.5 to $0.6 per contract
Mutual funds and ETF trades are not subject to fees.
The company specializes in trading futures contracts, various bonds, cryptocurrencies, stocks, and options.
If the client service hours are frustrating, technical questions can be addressed from 3:30 to 8:00 p.m. Saturday is a day off. You can contact by phone, write a chat, or you can send an email.
Additional commission of the company
The company charges a termination fee of $50.
Annual fee for the IRA account – $35.
If the trading account is inactive for three months, there is a $50 fee for each month.
The mobile application used to operate TradeStation is quite handy and easily downloadable from the app stores on a free basis.
Options Station Pro Tool
This is a tool for weighing the pros and cons of various stances or methods. This advancement allows you to see both your earnings and losses, making it simple to set up your options transactions. This tool is only available on the TS Select platform and is utilized as a basic tool in the desktop version of the program.
For clients, the brokerage company Tradestation offers two tariffs:
TS Select – plan with no commission for stock and ETF transactions; however, there are no benefits of the second tariff plan; the price for options transactions is $4.6; OptionsStation Pro and Portfolio Maestro are available; however, the minimum deposit is fairly high – $ 2,000.
TS GO is a plan with zero commission for transactions in stocks and ETFs, this is the competitive advantage of the company. Transactions on options on this plan starts from 0.5 dollars per transaction. This plan has no minimum initial deposit requirement.
It is worth noting that any of the 2 plans are quite competitive, and the commissions are considered to be some of the lowest among other brokers.
More about Tradestation trading platform
The company offers two versions of trading platform: desktop and browser-based.
Desktop version is the most popular for professional traders because it has a lot of indicators to build your own charts and create indicators. Plenty of historical data will help you to test your strategy. It’s all possible on the TS Select tariff.
As for the browser platform, it is designed primarily for less experienced traders, of course, it will provide real-time quotes and fast execution of orders. You can use the web version on any of the company’s tariff plans.
For clients who prefer to trade from mobile devices, the company offers the TradeStation Mobile application, which contains almost all the same features as other platforms, such as: technical analysis including work with indicators, list tracking, and the ability to configure alerts about price changes.
It offers stocks, investment funds, bonds and ETFs, but you won’t find currency pairs trading, which is quite unusual for a large brokerage company.
One of the priority areas is cryptocurrency trading, there is a large number of pairs, including Bitcoin, etherium, litecoin. The liquidity of this asset is of sufficient quality, as a consequence, the cost of cryptocurrency is lower than that of competitors. As for the commission, the company charges 0.3 percent of the transaction value. For customers with a very large turnover, the commission is reduced to 0.05 percent.
If you have assets at TradeStation, you will be charged interest.
One of the main specializations of the company is mutual funds, there are more than 50 of them, including Vanguard, Blackrock and Fidelity. The company offers about 2,000 trading positions, significantly less than its competitors.
Be prepared for the fact that the company charges a commission of $14.95 per transaction with the funds, doing research we found that many brokers do not charge such commissions. Thus, the company would not be the choice for a customer who is interested in investing in mutual funds.
The size of the minimum investment
As stated above, the company has two types of account, GO account has no minimum entry threshold, which is not the case with TS SELECT trading account, where a minimum deposit of at least $2000 is required. This is one of the highest rates on the market.
Many large brokers have canceled the minimum deposit, so it is rather sad that TradeStation still requires it. Of course, on a simple Go plan you can start trading with any amount, but many features will be limited to you.
Commissions and Fees
The broker charges $50 each month for not taking action on your trading account. This can be avoided by keeping $2,000 in your account. Again, many big players have waived this fee.
For any IRA trading account, the company charges $35 per year, which is small enough, but unpleasant. There is also a termination fee of $50. Withdrawals, too, are subject to a fee of $125 per transaction. This is, indeed, the highest among the brokers we’ve studied.
Training and research
The company offers training materials of a fairly small volume, so if professionals do not pay attention to the lack of a large amount of materials, a beginner may be wary. You can use the advanced securities search to display only the most interesting securities for you.
The company as a whole is focused on traders who have an active trading policy, the client who plans to work in large volumes, small commissions and fees can only get the client who works on professional trading accounts. The broker is not particularly suitable for clients who are interested in an investment fund because the commission for each transaction of purchase or sale is rather high. We recommend taking a closer look at Fidelity Investments and Iron Max Group, which offer it-sphere terms, but with lower commissions. If you need a large amount of research, then study the company Golden Stanley and TD Ameritrade, also, pay attention to the company, which has high-quality and fast execution of orders – Interactive Brokers.