TradeStation Global Review 2020

TradeStation Global has low trading fees, especially for stock and ETF. It's also great that there is no inactivity fee and the first withdrawal in 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.

To get things rolling, let's go over some lingo 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 can compete with them.

TradeStation Global's fee conditions are mostly a percentage of the traded volume. For US and Canadian stocks the commission is based on the traded number of shares.

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

What is the financing rate? A financing rate, or margin rate, is charged when you trade on margin or short a stock. This basically means that you borrow money or stocks from your broker to trade. For this borrowed money/stock you have to pay interest. This is the financing rate. It can be a significant proportion of your trading costs.

TradeStation Global's financing rates are low. The financing rates vary based on the base currency of your margin account.

The financing rates above are also applied for the options and futures trading.

Forex fees

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

To have 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 are calculated through commissions, which is 0.006% of the trade volume with a minimum 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. 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 from each stock index. In the table, we have written the price of every futures contract except a few main ones like for example NKVI, JGB, MJ, TOPX, MNTPX, or N225.

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 withdrawal fee is also free of charge for the first withdrawal per month. The 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 required deposit.

Can you open an account?

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What is the minimum deposit at TradeStation Global?

TradeStation Global 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.

Among the account types, you can also see IRA and UGMA/UTA account types. This is quite confusing because such account types would only be available to US residents, but they can't 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.

At first, you have to go through a 5-step registration process which takes roughly an hour. We have not experienced any bugs but the steps can be 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 Interactive Brokers' platforms. TradeStation's desktop trading platform software will only unlock after a successful deposit of at least $1000. We think that it would be better if a client would be able to 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 currencies.

Compared to its competitors, you can see that TradeStation Global's selection is similar to that of Saxo Bank, while Degiro offers less 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. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

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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'. Then you will be able to start 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 in each month is free of charge. The subsequent withdrawals have a fee.

Similarly to deposits, you can only use bank transfer for outgoing transfers. 

The fee for subsequent withdrawals after the first free one depends on the currency and the method you use for withdrawal.

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

How do you withdraw money from TradeStation Global?

• First, log into 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 Interactive Brokers' web trading platforms. 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, Traditional Chinese.

Look and feel

The Client Portal platform is particularly user-friendly and intuitive. You will easily find every feature even if you have just started trading. On the negative side, it is not customizable at all.

Login and security

There are multiple ways to login:

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.
3. A bit 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.

All you have to do is type in the preferred asset's name, and you can see a list of exchanges and products. The search bar can be found in the upper right corner. 

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.

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You can use Interactive Brokers' 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 chosen 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, call 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.” On top of this, 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. You can highly customize and use a lot of order types. However, the platform is not user-friendly and its installation is overly complicated.

TradeStation Globals provides two desktop trading platforms:

• TradeStation's own desktop platform
• Interactive Brokers' 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. We have tested the older one for this review.

Installation

After you have deposited successfully, you will get an email, which includes the desktop platform credentials and a brief guide on how-to install TradeStation. During our test, it took us a day after the deposit to receive our credentials. 

The steps of installation:

1. Download IBKR's Trader Workstation.
2. Log into 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 hard and time-consuming.

Look and feel

TradeStation Global's desktop trading platform suits daily traders and professional traders. It can be easily customized and has a wide range of tools.

If you are a first-timer or long-term investor, you will 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 well 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 on 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 (FOC)
• 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 our account statements. It is much easier to check such info on the Client Portal.

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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' trading services, which is a great thing as IB has 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 exepcional range of ETFs and bonds. Also, there are a few exotic products available, like warrants and structured products. Only their CFD and FX Pair selection lacks behind competitors like Degiro or 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) or the London Stock Exchange (LSE). Smaller exchanges like the Polish or Mexican Markets are also present.

Other than stocks, you can choose from more than 13,000 ETFs. This is way more than at competitors. 

Besides regular stocks, you can trade with penny stocks as well. 

Forex

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

Funds

Over TradeStation Global, you can have access to more than 250 fund providers with bigger names included like Blackrock. The selection is wider than at competitors, but Swissquote has the most fund providers out of all brokers we have reviewed. 

Bonds

TradeStation Global has access to an exceptionally wide range of bonds through Interactive Brokers. 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 (paralelly to the previous sections) is extremely good. Bigger and smaller markets are all included, like the Chicago Board Options Exchange (CBOE) or the Mexican Derivates Exchange (MEXDER). 

Futures

Through TradeStation Global, you can access a vast selection of futures products and markets. Both the 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, only Saxo Bank has more.

Cryptos

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

• Bitcoin and Ether ETNs are traded on the Stockholm Stock Exchange and the US OTC (Pink) markets
• Bitcoin Indice is 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. On the other hand, fundamental data is limited and the user-friendliness could be improved.

Trading ideas

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

Fundamental data

The fundamental data is basic, only the company's foundation or P/E ratio is available. For more in-depth research, we advise you to use Interactive Brokers' tools which are also available for TradeStation Global clients. 

Due to the complexity of the trading platform, we could not check out fundamental data.

Charting

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

On the flip side, charting is mainly dedicated to more advanced users. The UI is not user-friendly and some functions are hard to master. More simple features, like zoom works differently unlike 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 different news sites. They are not written by TradeStation

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

Other research tools you will enjoy

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

EasyLanguage allows you to customize indicators if 170 indicators would is not enough.

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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 for any inquiries. Depending on your inquiry, they have multiple departments available. Also, you get in touch with Interactive Brokers' customer services too. 

You can reach TradeStation Global through:

• phone
• or email

During our revisit, phone support seemed to be overwhelmed with requests. When we called, sometimes we could not reach a representative. 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 in 30 minutes. Also, there was a case when we received an answer call for our question in an email from a representative personally, who offered to help us with any of our further inquiries. The answers were helpful, and most of the time relevant for us.

We only missed 24/7 availability. 

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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 a demo account as well.

On the other hand, the range of videos is low. 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 regulated by the UK's top-tier Financial Conduct Authority (FCA). It is an introducing broker: this means that legally you will be the client of Interactive Brokers. Both TradeStation's subsidiaries and IB are regulated by top-tier regulators.

Is TradeStation Global regulated?

TradeStation Global is the combined product of 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, 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. If TradeStation Global suddenly defaults, no worries: your assets would be handled by Interactive Brokers, which is also regulated by the UK's Financial Conduct Authority (FCA).

This matters because you get the UK investor protection amount, called FSCS. It is £85,000 per account. The provided amount is higher than most European investor protection schemes.

TradeStation Global provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection

Background

TradeStation Global is the live product of both Interactive Brokers and TradeStation International since 2018. TradeStation International is the European subsidiary of TradeStation Group Inc. based in the UK and it was established in 2004. TradeStation itself was founded in 1982.

Interactive Brokers, that provides the brokerage service is active since 1978. Both companies have been around for at least 30 years, which means they survived through multiple economic downturns. This is a good sign for their safety. 

Providing annual financial statements, and being regulated by a top-tier regulator are all great signs for TradeStation Global's safety.

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

On the other hand, the deposit and withdrawal process is not user-friendly and you can use only a bank transfer. The account opening is complicated and for full account verification, a minimum deposit of $1,000 is needed. Lastly, the education section could be extended with more materials, as of now, it is limited.

If you prefer low fees with IB's product range, feel free to try TradeStation Global.

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