TradeStation Trading Platforms 

The TradeStation software is available on desktop and web-based applications, depending on your preferences. Their platforms are designed for easy onboarding for beginners and experienced investors alike.

Desktop Platform

The flagship option that appeals to professional traders is the TradeStation desktop platform. It is highly advanced and comes with advanced order management, customizable charts, and automated strategy trading. The desktop tool comes with a Radarscreen tool that helps trade 1000 investments in real-time based on 180 technical and fundamental indicators.

Another feature on the platform is the TradeStation backtest tool, which uses decades of previous data to predict the outcome of your strategies before you implement them. The TradeStation desktop app is highly customizable, featuring preloaded trading apps and the option to download other trading indicators aside from the available options.

If backtesting with TradeStation sounds appealing, you will be excited about their other features. These include the Scanner for custom stock screening, Walk-Forward Optimizer for advanced strategy testing, and Matrix, which offers ladder trading. You also get access to TradeStation simulated trading, which allows you to test your investments for free without using any money.

Although it’s easy to use, keep in mind that there’s a lot of customization required before you can get the most out of the platform. The TradeStation language for programming is EasyLanguage, which allows you to code your trading strategies and use them on the platform. TradeStation is so powerful that you can configure every single feature to meet your needs.

Web-Based Platform 

The TradeStation software is also available on a web-based platform. The web-based platform offers the core features of the desktop platform, but it is limited and easier to navigate. It comes with real-time quotes, technical studies, market data, one-click trade execution, watchlists, and more.

The web-based platform does not have a lot of options to customize, as you might expect. But it’s simpler to use with streaming data and constant access to investment news. You can access it on desktop and mobile devices. It’s a good starting point for beginners.

Mobile App 

If you want to trade on the go with ease, you can try out the TradeStation mobile app. The app works by syncing to the web platform and offers similar features like alerts on your investments, quotes, options trading, charting tools, and trade orders. You can track multiple investments and receive notifications when they perform well or poorly, and most of all, you can trade different securities on the app. 

With the TradeStation app, you can see your account positions and have access to advanced features like ladder trading and options trading. It’s a suitable choice for day traders, and there aren’t a lot of common features between the mobile and desktop apps.

You can also access your Crypto account on the Trade Station app, sync your watch lists, and enjoy a clean charting interface. You also get updated data on the mobile app. It is downloadable on Android and iOS devices. On the App Store, it has a rating of 4.5 out of 17,347 reviews. As for Google Play, it has a 3.5 rating from 5,957 votes. 

Trading Tools 

The TradeStation desktop platform also integrates useful tools that can contribute to your trading experience. 

OptionsStation Pro 

This tool allows you to analyze your potential trading strategies or option positions. You can view a graphic visualization of any strategy’s profit and loss, set up options trades, and view multi-leg options. It is available on the TS SELECT platform of TradeStation at no extra cost. 

Portfolio Maestro 

For backtesting with TradeStation, you can use the integrated Portfolio Maestro tool. This is a backtesting tool that offers portfolio-level reports on your trading performance. It assesses your risk and can optimize your portfolio to include different types of assets. It is also available on the TS SELECT platform with no additional fees required. 

Investment Options and Tradable Securities 

When you use the TradeStation broker, you get access to a wide range of securities and offerings. The platform offers stocks, mutual funds, ETFs, futures, options, bonds, and cryptocurrency. The brokerage is especially impressive because it offers penny stocks, initial public offerings, and access to international markets in the UK, Europe, and Asia. There are also treasury bonds and corporate bonds available. 

On the downside, TradeStation does not have forex trading but will give you data on currency conversion and bids and ask for data for different international currencies. There are no TradeStation fractional shares, either, including purchases and dividend reinvestments. If you want an advisory service or cash management account, you won’t get these on TradeStation.

TradeStation Crypto Review

TradeStation allows its investors to trade cryptocurrencies through its affiliate company, which is TradeStation Crypto (TS Crypto). The TradeStation Crypto list includes five types of coins: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and USD Coin.

One of the highlights is that TradeStation offers direct crypto trading or crypto-to-crypto trading, so you can directly convert your Bitcoin to Ethereum, etc. It also allows you to send your crypto out of the platform and into your personal wallet. This is why most TradeStation Crypto reviews are positive. 

There are no TradeStation Crypto fees on withdrawal and trading cryptocurrencies. It does not charge any commissions on your crypto trades, and it charges no more than 1% on its spread markup. You can also trade cryptocurrencies on your Individual Retirement Account (IRA) through TradeStation.

TradeStation IRA

Another highlight of trading on TradeStation is its self-directed IRA. The TradeStation IRA accounts that are available include traditional IRA, Roth IRA, SEP IRA, and SIMPLE IRA. You can add futures, stocks, options, and cryptocurrency to your IRA account through TradeStation.

TradeStation Roth IRA and traditional IRA offer investors full control over their retirement savings. You can also access different trading and analysis tools to help in making your investments. All you have to do is open your IRA through TradeStation, fund the account, and choose your securities.

TradeStation Pricing and Fees 

An important factor you should consider before registering is the TradeStation fees and commissions. Since fees can eat into your investments, it’s best to ensure that you can afford the fees. TradeStation offers generous brokerage commissions and fees, although they differ depending on the platform you choose.

Commissions 

TradeStation offers zero commission on its stocks, futures, and options, which are only available to US residents. But, for equities trading, you only get no-commission trading on exchange-trade stocks at $1.00 per trade or more and the first 10,000 shares per trade. 

The TradeStation commission to consider is a charge of $0.005 per share for exchange-traded stocks that don’t meet the requirements mentioned above. The minimum TradeStation commission is $1 per order, while the maximum is $50. 

TS Select and TS GO 

Keep in mind that your TradeStation pricing depends on the platform that you are using. If you sign up on TS Select, you get a minimum deposit of $2,000. Once you meet this, you can make free trades online.

As for TS GO, there isn’t a minimum deposit requirement, but you only get free trades through the app. If you use TS GO on the TradeStation desktop app, you have to pay $10 per trade. 

Fees for Futures and Options 

The TradeStation options fee for stock options is $0.60 per contract for TS Select and $0.50 per contract for TS GO. Then, for futures options, it is $1.50 per contract for both plans.

As for the TradeStation futures fees, they are $1.50 per contract for TS Select and 0.85 per contract for TS GO. Micro futures are also available, with a fee of $0.50 per contract.

Mutual Funds and Bonds Pricing

TradeStation pricing for mutual funds and bonds is not as generous, and it is not ideal for those who are adding individual bonds to their portfolio, but it is suitable for bond ETFs. 

The Trade Station fees are $14.95 per mutual fund trade and $14.95 per transaction, with an additional $5 per bond to trade bonds. 

Margin Interest Rates 

You also have to consider the TradeStation margin interest rate before you sign up. The rates depend on how much you have borrowed. They are 9.50% for less than $50,000 and 8.75% for $50,000 to $499,999.

Then, if you’re borrowing $500,000 to $2 million, the rate is 5.50%. For $2 million and more, it is 3.5%. 

Other Account Fees 

The TradeStation crypto fees are based on your account balance and run between 0.05% and 0.30% of your account balance. It is not dependent on the size of your trade. Also, TradeStation will receive payments for routing trades through particular market markers. Fortunately, it’s the same fee regardless of the market marker you use.

If you don’t make at least five trades a year or your account balance is $2,000, your account will be deemed inactive. The TradeStation inactivity fee is $10 per month. 

There are also TradeStation withdrawal fees to keep in mind. These include $25 for outgoing domestic wires, $125 for outgoing account transfers, $1 for payment statements, and $75 for a forced margin payout. 

If you’re an active military personnel, first responder, or veteran, you get free trades on stocks, ETFs, and options. Also, if you have an un-cashed check of 180 days with TradeStation, you have to pay a $50 fee.

TradeStation Research Tools  

One of the highlights of using TradeStation is its wide range of research tools. Although since it’s a specialized trading platform, it will not offer in-depth company research, it offers backtesting, charting tools, and other advanced trading tools and features.

TradeStation offers tools for stock and options screening, streaming data on futures and forex, and equity backtesting. You can use their Trade Station charting tools to find trading signals on the charts. You can also use fundamental data in indicators, backtests, and trading tools.

There is also an option to create indicators and rules on TradeStation that include technical and fundamental data. But this is a more advanced feature. In-house writers on TradeStation can use the Learn tab to get high-quality news and market commentary. The platform also includes data from Yahoo Finance. You can filter the news feed to find information connected to your specific trades.

If you want to carry out analysis and then develop your own trading ideas, then the research tools on TradeStation are beneficial. They can supplement the comprehensive brokerage services.

Investor Education and Customer Service 

TradeStation education is comprehensive, offering a wide range of learning materials through its Learn Tab. Keep in mind that most of the materials are based on using the platform. There are courses and articles on using the mobile and desktop platforms. You can also find courses that teach investors about investing in futures, cryptocurrency, and options.

If you’re new to TradeStation, you can use their basic investment articles and read through the trading glossary. Their affiliate, YouCanTrade, offers private coaching, events, and courses. There are also TradeStation forums, which feature hundreds of traders and educators from whom you can learn. 

Before using any brokerage platform, it’s important to look at the customer support options. TradeStation customer service is provided via phone, live chat, and email from Monday to Friday during business hours. There is also 24/7 customer service for futures and cryptocurrency.

The phone support is limited to live trade questions. Their live support is not reliable, as you might end up going back and forth with a bot for a long time without getting a real agent. If you want to contact them, email support is the best option, as they can answer your question within 24 hours to a week.

TradeStation Security and Protection

It’s important to know the security coverage before completing the TradeStation sign-up process. The platform is protected with 256-bit encryption firewalls and two-factor authentication for mobile.

It provides its investors with the standard $500,000 Securities Investor Protection Corp coverage. This is a form of insurance for brokerage platforms that will replace or refund a customer’s cash and assets if the firm ever goes bankrupt. So, when using the TradeStation platform, you can rest assured that your data is secure.

TradeStation Reviews from Real Users Online 

There are different TradeStation reviews from real users and online publications, many of which are positive and a testament to the quality of the platform.

On TrustPilot, the TradeStation rating is 2.4 out of 191 reviews. Then, on Trading View, it has a rating of 4.4 out of 11,217 votes. 

Different online publications in the finance field have also reviewed TradeStation. It has a 3.4 rating from Investopedia and 4 stars from Bankrate. On The Motley Fool, it has a rating of 4 stars, while NerdWallet offers a rating of 3.9.

TradeStation is a reputable and legitimate company that you can depend on. It is a trusted US broker that is regulated by FINRA and will protect your user information. 

Who Is TradeStation Best For?

TradeStation is best for day traders, active investors, and serious investors. It is suitable for institutional investors like hedge funds and trading desks. It is also best for options trading. The TradeStation trading platform comes with a highly sophisticated desktop version with powerful and customizable tools for charting, real-time indicator scanning, and automated trading. Coders can write their strategies on the platform and download different apps to create new tools.

The platform might be overwhelming for beginners and casual investors. Although the mobile and web platforms are more accessible for beginners and are easier to use, they require a minimum deposit of $2,000, and you have to meet the minimum requirements or pay a TradeStation monthly feeof $10. 

The customer service is not very reliable, which will also be challenging for beginners. But, there is a robust learning section for investor education, with courses that will teach you how to navigate and use the platform and its different tools. In general, if you are an intermediate or advanced investor, you can consider TradeStation. 

TradeStation Competitors and Alternatives

Interactive Brokers 

One of the main comparisons that traders make before settling on a brokerage is TradeStation vs Interactive Brokers. Both platforms offer customizable trading platforms that are for sophisticated, active, and high-volume traders. 

Interactive Brokers comes with an all-in-one platform to link external accounts for robust portfolio analysis, a wide range of markets and tradable assets, over 100 order types, and a comprehensive educational section. It also offers fractional shares. But TradeStation is better than Interactive Brokers for automation and backtesting.

Robinhood 

You can also compare TradeStation vs Robinhood, as the latter is a better option for those who want to engage in mobile trading and cryptocurrency. Both platforms offer stocks, ETFs, options, and cryptocurrency, but Robinhood provides fractional shares. Robinhood is a mobile-first trading platform that allows you to trade stocks, crypto, and options on the go. 

It also has a web-based platform, but it is not a sophisticated option. It’s suitable for casual traders and only offers one type of account, which is the individual taxable brokerage account. It is one of the few brokerages where you can trade options and cryptocurrency with no fees. TradeStation outperforms in the aspect of account types, as it offers joint tenant, margin, and IRA accounts.

TD Ameritrade 

TD Ameritrade is another reliable alternative that you can consider. TD Ameritrade vs TradeStation represents two popular online brokerages that meet different needs. TD Ameritrade is a robust trading platform with desktop and mobile options. It has $0 commission fees on stocks, options, and ETFs and a virtual trading simulator, which is accessible on the mobile app.

While TradeStation is suitable for active traders who want to automate their trading, TDA is suitable for different investment types, so it lacks active trading tools like automated ordering. But, it offers more retirement accounts and better mutual fund trading options. 

Webull 

Another alternative to TradeStation is Webull, another mobile-friendly platform. Webull is a suitable platform for traders who want to buy and sell stocks with zero commission. It’s suitable for those who want a hands-off approach to investing, as it features a reliable mobile app, low minimum investments, and automatic rebalancing.

There is also a $0 minimum deposit and fractional shares, which makes it suitable for beginners and traders on a budget. It comes with comprehensive analysis tools, including 60+ indicators. It is a low-cost broker with zero inactivity fees and no commissions on many assets.

Final Thoughts 

Active traders and professional traders who are looking for a highly sophisticated brokerage platform will definitely benefit from TradeStation, especially the desktop option. However, casual traders and beginners can get started with the web trading platform and TradeStation app. 

If you’re wondering if TradeStation is right for you, the answer depends on what you are looking for. The platform offers extensive customization, a wide range of securities, zero commissions on many trades, and user-friendliness. After going through the learning curve, you can get the most out of TradeStation and have a great experience.

Frequently Asked Questions