TradeStation is one of the leading providers of online trading services in the entire world. It is a licensed broker-dealer with an excellent reputation among clients, and they’re well known for their trading platform and the use of latest technologies. According to Barron’s magazine, in March 2017 they had the highest rating for ‘Best for Frequent Traders’. Apart from that, they have won many awards: ‘Best Platform Technology’ (TradeStation Salutes Program, 2017), ‘Trading System – Futures (Technical Analysis of Stocks and Commodities, 2017), and in 2016 they were ranked one of America’s ‘Top Five’ online brokers (Investor’s Business Daily survey). With all that in mind, we decided to conduct an in-depth investigation of TradeStation. We tested all the most important aspects of their website, including their trading platform and mobile application, played a bit with platform customization, explored their education center and much more. In this extensive analysis, you’ll find literally everything you need to know about this company. Read our TradeStation review and see exactly what this top broker offers!
TradeStation Review | Accounts
TradeStation’s account offer differs a bit from other brokers’ offers. First of all, you can choose if you would like to open an Equities & Options account or a Futures account. Equity trading means that you buy and sell company stock shares. On the other hand, option is a contract that gives the buyer the possibility to buy and sell the underlying asset. Finally, futures carry an obligation to buy or sell an asset at a predetermined point in time. Keep in mind, though, that the futures markets have a very high TradeStation leverage when compared to stock markets.
In addition to the classification mentioned above, there’s another categorization of TradeStation account types. First of all, there’s the Individual account, a personal account in the name of the individual who is the account’s holder. Secondly, you have the Joint account that can be owned by two or more individuals. The third account type is the IRA (Individual Retirement Account) and these accounts are mostly made for U.S. taxpayers. For U.S. business entities, TradeStation has designed the Entity account with many different options: Corporate, General Partnership, Limited Partnership, Trust, Limited Liability Company and Sole Proprietorship. Finally, there is also the Custodial account – an individual account held by an adult for the benefit of a minor (available for equities only).
In the next paragraph of our TradeStation review, we’ll write about the ways you can fund all these accounts, so stay with us!
TradeStation Review | Deposit
TradeStation deposit is very simple and this procedure won’t take you more than a couple of minutes to complete. First of all, you have to create an account and that means you have to share certain information with the broker. This includes: your name, country of residence, phone number and e-mail address. After that, you’ll have to enter your username and password. In addition, you’ll have to answer to some additional security questions. As you can see, TradeStation really takes care of clients’ safety, so you don’t have to worry about someone abusing your personal information. Should you have any questions at all, don’t hesitate to contact the support team.
If you decide to open an Equities & Options account, you can choose between the following TradeStation deposit methods: wire transfer, check deposit and electronic transfer. If you decide to trade futures, you won’t be able to fund your account via electronic transfer. With wire transfer, your money is sent from your bank or brokerage account to your TradeStation account. You can also send a check via US Mail, overnight, or certified mail. Electronic transfer (ACAT) means that cash and more securities are transferred from an account at another financial institution to a TradeStation Securities account. This action can take up to 10 business days and it depends on your financial institution.
Let’s also mention that the minimum TradeStation deposit for stock and options account is set to $500 and 2,000$ for margin. If you want to trade futures, on the other hand, you’ll have to invest a minimum of 5,000$. With that said, we will now move our TradeStation review to the platform options. Keep reading!
TradeStation Review | Trading platform
As you probably know, trading platforms can define your trading big time. If you have access to a good trading platform that provides you with a decent trading environment, you’ll have good chances to win. At the same time, if you trade on a lousy platform, you’ll get nothing but trouble. TradeStation’s award-winning platform is, fortunately, one of the best trading platforms we’ve ever tested.
At this point, we’d like to highlight some crucial advantages of the TradeStation platform. First of all, its speed of execution will simply sweep you off your feet. The lightning speed with which your request is processed will enable you to always react on time, and we all know how significant this is in trading. Secondly, it has many powerful trading tools that can help your predictions big time. Furthermore, it is designed in a very user-friendly manner, so you won’t have any problems in adapting to the new trading environment. You can upgrade your trading platform, too. How? Stay tuned to this TradeStation review to find out.
TradeStation Review | TradingApp Store
One of the best things with TradeStation is that you can completely customize your trading platform. The company allows you to download many features that can help you in many different ways. In this paragraph, we’ll talk about the ones you can get for free, while the other ones can be found at the TradingApp Store.
First of all, there’s your Earnings Calendar, an application that will help you organize your earnings symbols in a calendar format. Besides that, we think it can help you a lot with organizing your trading in general. In addition, there are many indicators that can be downloaded for free. For example, you can download Person Pivots Daily that automatically calculates pivot points on a daily basis. According to users, it’s very useful, accurate and user-friendly. Furthermore, you can upgrade your platform by using Ichimoku Indicators that incorporate technical analysis, money management and psychology of trading. The last product we’d like to highlight is RangeBands, an application that provides a trend-following indicator you can apply to commodities, indices and stocks. If you’re willing to invest some money into upgrading your platform, you will benefit even more from TradingApp Store because this place has much more to offer. Naturally, this all means the broker supports mobile trading as well, but we’ve dedicated a separate part of TradeStation review to that particular feature. Don’t go away!
TradeStation Review | Browser and Mobile Trading
TradeStation allows you to trade in many different ways, all you have to have is an Internet connection and TradeStation Web Trading. If you’re not eager to download a mobile application on your mobile device, but would still like to trade when you’re not in front of your computer, this is definitely the best option. With this feature, you can log in from PC and Mac browsers to trade or simply to check out the situation. The browser that are supported by TradeStation websites are: Apple Safari, Google Chrome, Microsoft Edge, Microsoft Internet Explorer and Mozilla Firefox. The same goes for mobile web browsers, but here you can also use Android OS Browser.
As mentioned earlier, there’s also a mobile version of this platform. If you’re interested in more dynamic trading and want to trade all the time, just download the TradeStation mobile app. We tested it out on our own and can confirm that it is indeed very good. It doesn’t have any bugs or glitches and is always completely reliable. Furthermore, it has all the tools as the desktop platform, so you basically won’t notice any difference in trading. TradeStation app will also automatically connect to your desktop account and is available on both Google Play and App Store. You will therefore have maximum comfort whenever you want to trade, but our review doesn’t end here.
TradeStation Review | Education
Like in any other job, in trading you simply have to know what you are doing. In other words, you have to educate yourself and try to learn as much as you can. We are aware of the fact that trading stocks or commodities might seem difficult or even abstract to someone who has never done anything like that before. Moreover, handling analytical tools that are constantly used in trading also takes time. Fortunately, with TradeStation you have an opportunity to educate yourself to perfection. Their team of experts has developed a program that can turn every beginner into a professional.
For example, there’s a series of education materials called ‘Getting Started with TradeStation’. There you can find all the things you have to know in order to start trading – there’s introduction to the trading platform, introduction to mobile trading and so on. In addition, there are many quality and useful videos you can also check out (our favorite is ‘How to Trade Gaps and Breakouts’). All in all, with TradeStation education centre you can learn pretty much everything that has to do with trading: placing orders, charting, platform environment and options analysis are just some of the most popular topics. If you’re a newcomer in the field, this is definitely the best first step to make.
TradeStation Review | Customer Support
Customer support is one of the most important departments at any company, but it’s especially important when it comes to trading. If you’re investing and risking your money in order to earn on the market, you want to be completely sure that you have reliable partners by your side. The broker’s job, on the other hand, is to provide its clients the best possible support, and that’s exactly what TradeStation does.
When we were testing their support team, we contacted them several times. First of all, we’d like to emphasize that they are very professional and that they really know how to do their job. We asked them a wide variety of questions, from technical issues to account-related questions. They helped us every single time and they did so very quickly. Also, they have different contacts for every type of a problem, so you can be sure that the broker’s employee will be completely dedicated to you. You can contact them via phone and they have different phone numbers for European and non-European countries. All in all, our firsthand experience tells us that you can completely rely on them. But this is just one of the proofs of the broker’s reliability. The next part of our TradeStation review will bring you more.
TradeStation Review | Safety
Although all information on safety can be found in our Is TradeStation a Scam? analysis, we decided to highlight one more time the most important points. That’s because we are completely aware how important the safety is in today’s trading business. When you choose a broker, safety is the first issue you should be concerned about. Simply, you have to be 100% sure that you are trading with someone who really takes care of your money and data.
First of all, let’s say that the company is a member of the Financial Industry Regulatory Authority (FINRA). Besides that, all of the communication is encrypted. The company uses modern and reliable 128-bit data encryption to protect your account. Moreover, they use advanced firewalls in order to disable any access to your account by unauthorized parties. Also, the broker will send you a notification whenever they notice any significant change in your customer profile and account. Finally, TradeStation is a proud owner of some very sophisticated verification security certificates, which can also tell you a lot about the company’s professionalism.
We’d like to put a special emphasis on the compliance with the USA Patriot Act. The Act imposes anti-money laundering requirements, so you don’t have to worry a bit: just relax and trade.
TradeStation Review | Conclusion
At the end of this detailed TradeStation review, we’d like to put another emphasis on the most important elements we mention in the article. First of all, the broker’s offer of accounts is pretty unique in the industry. You can choose if you would like to open Equities & Options accounts or Futures accounts, but they also have many other account options (joint accounts, for example), so it shouldn’t be too hard finding something that suits you perfectly.
The company’s trading platform is among the best you’ll find in the trading industry. It has all the options you can imagine and tons of technical tools you can use in trading. It’s fast in processing requests, but the best thing is that you can upgrade it any time! You just have to go to the TradingApp Store and buy a feature you like. Some of them can even be downloaded for free. If you’re into more dynamic trading, however, you can also trade on the go thanks to a superb app. The last thing we’d like to highlight is education. If you’re a beginner, TradeStation is definitely the perfect option. Open an account with them, start trading and become a pro today!