TradeStation Global Review 2020

TradeStation Global has low trading fees, especially for stocks and ETFs. It's also great that there is no inactivity fee and the first withdrawal each month is free of charge. On the other hand, mutual fund fees are high.

How we ranked fees

We ranked TradeStation Global's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of TradeStation Global for each asset class. For example, in the case of stock investing, commissions are the most important fees.

We also compared TradeStation Global's fees with those of two similar brokers we selected, Degiro and Saxo Bank. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of TradeStation Global alternatives.

To have a clear overview of TradeStation Global, let's start with the trading fees.

TradeStation Global trading fees

TradeStation Global has low stock, ETF, futures, and CFD fees. The forex and options fees are average, while trading with mutual funds is expensive.

Stock fees and ETF fees

TradeStation Global has generally low stock and ETF commissions. Only Degiro is competitive in this regard.

TradeStation Global charges fees mostly as a percentage of the traded volume. For US and Canadian stocks, however, the commission is based on the number of shares traded.

If you prefer stock trading on a margin, you should check TradeStation Global's margin rates.

Trading on margin basically means that you borrow money from your broker and can purchase more shares than you could with just the available cash in your account. You have to pay interest on this borrowed money – the interest rate is called the margin rate. It can account for a significant portion of your trading costs.

TradeStation Global's margin rates are in line with other brokers, however, we'd like to point out that they add a 2.5% markup to Interactive Brokers's rates.

Forex fees

TradeStation Global's forex fees are average. It charges higher fees than Saxo Bank for most currency pairs, except AUDUSD.

To get a clear picture on forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

The forex fees comprised of commissions, which are calculated as 0.006% of the trade volume, with a minimum charge of $2.

Fund fees

TradeStation Global's fund fees are high. We calculated the fees for US mutual funds.

US funds have a $25 transaction fee per trade, while the commission for European mutual funds is 0.12% of the trade volume, with a €2 minimum.

Bond fees

TradeStation Global has generally low bond fees.

The bond commissions are volume-tiered, with a minimum fee.

Options fees

TradeStation Global's options fees are average.

The options fees are volume-based, i.e. based on the number of contracts. 

Futures fees

TradeStation Global's futures fees are low.

Similarly to options, you pay commissions based on the number of contracts you trade.

*Extra fees, like securities transaction tax, exchange charges, and service tax may be charged.

**Japanese futures fees differ for each stock index. In the table, we included the prices of the NKVI and N225 indices.

CFD fees

TradeStation Global has low CFD trading fees in general. 

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

TradeStation Global's stock and stock index CFD fee calculations are commission-based and have a set minimum.

Non-trading fees

TradeStation Global has low non-trading fees. There is no account, inactivity or deposit fee. The first withdrawal each month is free, but subsequent withdrawals have a fee. 

TradeStation Global's account opening is fully digital and fast. On the negative side, the process is complicated and there is a high, $1,000 minimum deposit required in order to use TSG's own desktop platform.

Can you open an account?

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TradeStation Global is available in many countries globally. However, some notable countries where TSG is not available are the US, Canada, Australia, Singapore, Hong Kong and Japan.

What is the minimum deposit at TradeStation Global?

There is no minimum deposit required in order to use TradeStation Global's web-based Client Portal or the Interactive Brokers desktop platform. However, in order to trade on TradeStation Global's own desktop platform, the broker requires a $1,000 minimum deposit, which is higher than at many other brokers.

Account types

You can choose from many account types, including individual and corporate accounts.

The account types offered include IRA and UGMA/UTA account types. This is quite confusing, because such account types would only be available to US residents, who cannot use TradeStation Global.

How to open your account

The account opening process is fully digital but complicated. After your online registration, the account verification took a day, which is fast.

First, you have to go through a 5-step registration process which takes roughly an hour. We did not experience any bugs, but the steps can be quite complicated for less-experienced traders.

The steps of registration are the following:

1. Register your email, then create a username and password.
2. Fill out the form with your personal details, then choose a base currency for your account.
3. Complete the survey on your trading expertise.
4. Accept the general disclosures.
5. Verify your identity with your passport / personal ID card / driver's license and your residency with a bank statement / utility bill / driver's license / credit card statement.

After the successful registration, you can access the Interactive Brokers platforms. TradeStation's own desktop trading platform software will only unlock after a successful deposit of at least $1,000. We think it would be better if a client could test the TradeStation platform with a demo option, without a deposit.

TradeStation Global offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.

Account base currencies

TradeStation Global provides a lot of account base currencies, which is great if you trade with assets in various different currencies.

Compared to its competitors, you can see that TradeStation Global's selection is similar to that of Saxo Bank, while Degiro offers fewer base currencies.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. You can get great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

TradeStation Global charges no fees for deposits. However, deposit options are limited, as neither credit/debit cards nor electronic wallets can be used.

The deposit process is not the easiest. First, you have to submit a request through 'Account Management', after which will can initiate a transaction through your bank.

A bank transfer can take several business days, while payment with a credit/debit card is instant. For us, it took 2 business days. 

TradeStation Global withdrawal fees and options

The first withdrawal each month is free of charge. All additional withdrawals have a fee.

Similarly to deposits, you can only use bank transfer for withdrawing funds. 

The fee for additional withdrawals after the first free one depends on the currency and the type of bank transfer method you use for withdrawal.

How long does it take to withdraw money from TradeStation Global? In our test, the bank transfer withdrawal took 1 business day. You can only withdraw money to accounts in your name.

How do you withdraw money from TradeStation Global?

• First, log in to the Client Portal then click on 'Transfer & Pay' and 'Transfer funds'.
• Select the account you want to use for the transaction.
• At the top of the page, click on the 'Withdraw Funds' tab. 
• Select the currency of your withdrawal, then the withdrawal method.
• Fill out the required information.
• Submit your withdrawal request. 
• You can see the status of your request in 'View Transaction History'. 

Compare to other brokers

You can use your TradeStation Global account to log in to the Interactive Brokers web trading platform. The TSG Client Portal is simple and easy to use even for beginners. On the negative side, it is not customizable.

You can choose between two web trading platforms: the Client Portal and Webtrader. In this review, we tested the Client Portal, since it is more user-friendly and easier to use than Webtrader. 

The Client Portal is available in multiple languages: Dutch, English, French, German, Italian, Japanese, Russian, Simplified Chinese, Slovakian, Spanish and Traditional Chinese.

Look and feel

The Client Portal platform is particularly user-friendly and intuitive. It is easy to find every feature even if you're a beginner trader. On the negative side, it is not customizable at all.

Login and security

There are multiple ways to log in:

1. You can use two-step authentication through SMS messaging.
2. IB Key is a two-step authentication feature available through the mobile trading platform. If your device has a fingerprint sensor, you can also use biometric authentication for convenience.
3. A  slightly more old-fashioned way is the Secure Login System, where you get a plastic code card.

Search functions

The search function is easy to use and works well.

Placing orders

Client Portal offers many order types:

• Limit 
• Market 
• Stop
• Stop Limit
• Limit-on-Close
• Market-on-Close
• Trailing Stop
• Trailing Stop Limit

To get a better understanding of these terms, read this overview of order types.

You can also use a lot of order time limits:

• Day
• Good-til-Canceled (GTC)
• Immediate or Cancel
• Market-on-Open
• Limit-on-Open

Alerts and notifications

You can set alerts and notifications, but only through the built-in chat. We think that it would be better if users could set alarms when they set up their orders.

Portfolio and fee reports

Portfolio and fee reports are transparent. The portfolio tab gives a clear overview of your performance, including historical profit/loss balance and the fees you paid.

Find out more

You can use Interactive Brokers's IBKR Mobile as a mobile trading platform. It has a lot of functions and a useful chatbot, but its user interface could be better.

IBKR Mobile is available both for iOS and Android. In this review, we tested it on Android.

The number of available languages is almost the same as at the web trading platform, only Slovakian is not supported.

Look and feel

The mobile trading app is handier compared to the web platform. On the other hand, its overall look and user-friendliness lag behind the competitors' mobile platforms. 

Login and security

You can use a two-step login, which is safer than a simple login. Furthermore, if your device has a fingerprint sensor, you can also use biometric authentication for convenience.

Search functions

The search function works well, just like at the web trading platform. You can access the search button easily from any menu.

When you type in the asset you are looking for, the app lists all asset types. For example, if you search for Apple, you can choose between Apple stock, futures, options, warrants, as well as CFDs.

After you have selected the product are you interested in, you will be greeted by an information and trading window, which shows:

• Asset market information 
• An interactive chart with technical indicators
• Related news
• Some fundamental data
• Summary of the latest analyst report
• The buy and sell buttons that transfer you to the order panel.

Placing Orders

IBKR Mobile has the same order types as the web trading platform.

Alerts

You can set alerts only via the chatbot, which is not the most intuitive method.

Special feature – Chatbot

The most innovative and exciting function within the app is the chatbot, called IBot. You can use the chatbot to execute or close an order, or to get basic info quickly.

The chatbot understands basic commands, such as “apple price” or “buy 1 apple share”. In addition, you can also search for company fundamentals, like dividend yields or PE ratios. Some of the functions, like displaying a chart, are also available via the chatbot.

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TradeStation Global's desktop trading platform is more suited for advanced traders. It is highly customizable and you can use a lot of order types. However, the platform is not user-friendly and its installation is overly complicated.

TradeStation Global provides two desktop trading platforms:

• TradeStation's own desktop platform
• Interactive Brokers's Trader Workstation (TWS).

In this review, we tested TradeStation's own platform, which is only available in English. TradeStation Global users can only use TradeStation 9.5 while regular TradeStation users can use the new 10th edition. For this review, we tested the older version.

Installation

After you completed the depositing process successfully, you will get an email that includes the desktop platform credentials and a brief guide on how to install TradeStation. During our test, it took a day for us to receive our credentials after the deposit. 

The steps of installation:

1. Download IBKR's Trader Workstation.
2. Log in to Trader Workstation using the Secure Login System, a two-step authentication.
3. Open 'Global Configuration', then click on 'API Settings'.
4. Apply a specific set of settings including special ports.
5. Click on 'Apply', then exit TWS. Relaunch TWS, leave it running in the background, then launch TradeStation and use the credentials from the email TradeStation sent you.

The whole setup process was overly complicated and not user-friendly. We think that an everyday user would find this method difficult and time-consuming.

Look and feel

TradeStation Global's desktop trading platform suits daily traders and professional traders. It is easy to customize and offers a wide range of tools.

If you are a first-timer or long-term investor, you will likely struggle to use its features. It is not intuitive and has an outdated design. 

Login and security

Similarly to the web trading platform, you can set a two-step login. Before you launch TradeStation, you have to open IBKR's Trader Workstation first, which requires SMS authentication.

Search functions

The search function is hard to use, as each tab uses a different search feature.

Placing orders

TradeStation Global scores very highly on placing orders. There are a lot of order types, including very sophisticated ones:

• Limit
• Market
• Stop Limit
• Stop Market

Advanced order types are available for certain products. These include Order Sends Over (OSO) or One-Cancels-the-Other (OCO). You can find these settings at the top of the window, in the toolbar next to 'Symbol'.

It's also a great feature that you can select the order routing, i.e. whether you choose the best execution or select the exchange you want to place your order on.

There are many order time limits you can use:

• Good-'til-Cancelled (GTC)
• Good-'til-Day (GTD)
• Immediate or Cancel (IOC)
• Fill or Kill (FOK)
• At-the-Open (OPG)

Alerts and notifications

You can set alerts and notifications on the desktop trading platform, you just have to right-click on the chart on your Workstation.

Portfolio and fee reports

Due to its old and complex design, we could not find any way to download, access or print our fee reports or account statements. It is much easier to find this information on the Client Portal.

Find out more

With TradeStation Global, you can access the same range of product types and exchanges as at Interactive Brokers. This selection is one of the widest among online brokers.

With TradeStation Global, you are trading through Interactive Brokers's trading services, which is a great thing as IB offers one of the widest range of available markets and products among online brokers.

TradeStation Global has a wide selection of product types, from stocks to cryptos, with an exceptional range of ETFs and bonds. Also, there are a few more exotic products available, like warrants and structured products. Only their CFD and FX pair selection lacks behind competitors like Degiro and Saxo Bank.

Stocks and ETFs

TradeStation Global grants you access to more stock markets than its competitors, including notable exchanges like the New York Stock Exchange (NYSE) and the London Stock Exchange (LSE). Smaller exchanges like the Polish or Mexican markets are also available. At the time of writing this review, fractional share buying was not supported.

Other than stocks, you can choose from more than 13,000 ETFs. This is well above what most competitors offer. 

Besides regular stocks, you can also trade with penny stocks. 

Forex

The FX pair selection at TradeStation Global is vast, with more than 100 pairs available. Only Saxo Bank provides more currency pairs.

Funds

Through TradeStation Global, you can access more than 250 fund providers, including big names like BlackRock. This selection is wider than at most competitors. 

Bonds

TradeStation Global has access to an exceptionally wide range of bonds. This includes both government and corporate bonds, but excludes municipal bonds: the latter is only available for US residents. The bond selection is broader than at competitor brokers. 

Options

The range of options markets is also extremely good. Bigger and smaller markets are all included, like the Chicago Board Options Exchange (CBOE) and the Mexican Derivates Exchange (MEXDER). 

Futures

Through TradeStation Global, you can access a vast selection of futures products and markets. Both major and minor markets are available. 

CFDs

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Compared to competitors, TradeStation Global has an average range of CFDs.

Cryptos

At TradeStation Global, you can trade with Bitcoin and Ethereum ETNs and Bitcoin Futures, just as at IB:

• Bitcoin and Ethereum ETNs are traded on the Stockholm Stock Exchange and the US OTC (Pink) markets
• Bitcoin Indices are available on the New York Stock Exchange (NYSE), and on the CME Group and Chicago Board Options Exchange (CBOE)
• Bitcoin futures are available on the CME Group and Chicago Board Options Exchange (CBOE)

If you want to know more about crypto investing, we recommend our crypto blogpost.

TradeStation Global's research tools are advanced, with good charting capabilities. There are a wide range of technical tools, including an advanced monitoring tool (RadarScreen) and great programming tools (EasyLanguage). On the other hand, fundamental data is limited and the user-friendliness could be better.

Research can be done both on the Interactive Brokers and the TradeStation platform. In this review, we tested TradeStation's research tools.

Trading ideas

If you would like to use trading ideas, we recommend using the Interactive Brokers web or desktop trading platforms. 

On the IBKR platform, you will have access to recommendations provided by third parties. These research tools are mostly free, but there are some you have to pay for. Several prominent news sources, like Thomson Reuters, Morningstar and Dow Jones, are available for free.

Fundamental data

The range of fundamental data available is limited and very hard to find due to the complexity of the platform. For example, we were able to find some information (such as foundation date and P/E ratio), but not other types of data that TradeStation Global support said is also available on the platform. For a smoother experience and more in-depth research, we recommend you use Interactive Brokers's tools, which are also available for TradeStation Global clients. 

Charting

The charting features are great: you can use over 170 technical indicators. Also, there are extra features like chart saving. 

On the negative side, charting is mainly suited for more advanced users. The UI is not user-friendly and some functions are hard to master. Simpler features like zoom work differently than other platforms we tested.

Charts are not available for every product. You have to buy certain data packages to be able to see movements.

News feed

The news feed is made up of news snippets, which are imported from various news sites. They are not written by TradeStation.

Look for 'Product categorization' for additional news. One drawback is that in some cases we could not find news results for major companies like Exxon Mobil or Google.

Other research tools you will enjoy

TradeStation has a great watchlist system called RadarScreen. You can customize it in almost endless ways, with more than 300 data points and checking charts. 

EasyLanguage is a great programming tool to customize or create your own technical tools, such as indicators. 

Compare research pros and cons

TradeStation Global's phone and email services are great, but it is not 24/7. We missed a live chat feature.

TradeStation Global has its own customer service center to handle inquiries. They have multiple departments available to address your questions, depending on the issue. You can also get in touch with the Interactive Brokers customer service department. 

You can reach TradeStation Global via:

• phone
• email
• submitting a ticket on the website

During our most recent check, phone support seemed to be overwhelmed with requests. When we called, sometimes we could not reach a representative at all, although when we did, it only took 2-3 minutes. When the waiting time was over 5 minutes, we were able to leave a message. 

Email support is super fast. There were times when we received an answer within 30 minutes. Also, in one case, in response to a question we sent in an email, we received a phone call answer from a representative personally, who offered to help us with any further inquiries. The answers were helpful, and most of the time relevant for us.

TradeStation Global has also implemented a ticket support system for clients to help with their accounts, and they aim to reply to all tickets within one day.

On the negative side, we missed 24/7 availability and a live chat option. 

Find out more

TradeStation Global has a limited range of educational content. Only a handful of videos and the demo account for Trader Workstation are available.

At TradeStation Global, not much educational content is available. You can check out a few quick tips for the desktop platform, like advanced charting tutorials and past webinars. 

If you use the Trader Workstation platform, you can create a demo account as well.

The is only a small range of videos available. We think the best way to learn is through a demo account, or by a step-by-step tutorial on any trading platform. We missed these features at TradeStation Global. 

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TradeStation Global is an introducing broker of Interactive Brokers (IB), meaning that your assets and cash are held by IB. Interactive Brokers is regulated by the UK's top-tier FCA, it is listed on a stock exchange, and discloses its financials transparently.

Is TradeStation Global regulated?

TradeStation Global is a combined product offered by Interactive Brokers and TradeStation International, TradeStation's European subsidiary. Both Interactive Brokers and TradeStation International are regulated by the UK's Financial Conduct Authority (FCA). 

Is TradeStation Global safe?

To be certain if a brokerage is safe, we highly advise that you check two facts: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

TradeStation Global is an introducing broker of Interactive Brokers UK (IBUK). This means that your cash and assets are held with IBUK.

IBUK is regulated and authorized by the UK's FCA. Therefore, customers are protected by the FSCS investor protection scheme. The FSCS has an investor protection limit of £85,000 per account, which is higher than at most European investor protection schemes.

Background

TradeStation Global was laucnhed in 2018 as a combined product of Interactive Brokers and TradeStation International. See the review summary at the top of this page for details on what services you get from IB and TradeStation.

• TradeStation International: The European subsidiary of TradeStation Group Inc. It is based in the UK and was established in 2004, while TradeStation itself was founded in 1982.
• Interactive Brokers: Provides the brokerage service and is active since 1978.

Both companies have been around for at least 30 years, which means they have made it through multiple economic downturns. This is a good sign for their safety. 

Find your safe broker

TradeStation Global has low trading fees, provides access to a lot of products and markets and has great customer support. The TradeStation Global desktop platform has great charting tools, plenty of indicators, highly customizable watchlists (Radar Screen) and a great programming tool (EasyLanguage).

On the other hand, the deposit and withdrawal process is not user-friendly and you can use only bank transfer. The account opening is complicated and for full account verification to use the TSG desktop trading platform, a minimum deposit of $1,000 is required. Margin rates are higher than at Interactive Brokers (IB). Lastly, the education section could be expanded with more materials, as it is quite limited.

If you want access to IB's product range and an account without inactivity fees, feel free to try TradeStation Global.

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