TradeStation Review 2023

How we ranked fees

We ranked TradeStation'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 for each asset class. For example, in the case of stock investing the most important fees are commissions.

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

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

TradeStation trading fees

TradeStation trading fees are low.

TradeStation has generally low stock and ETF commissions.

Commission-free trading of equities and ETFs is available if you are a US resident and apply for the TS GO or TS Select plan. Non-US clients can trade stocks and ETFs for $5 per trade.

If you prefer stock trading on margin, you should check TradeStation'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 margin rates are high.

Fund fees

TradeStation fund fees are average.

Bond fees

TradeStation has generally low bond fees, though not necessarily the best on the market.

Options fees

TradeStation options fees are low when it comes to trading options. Non-US clients can trade options for $5 per trade + $0.65 contract

Futures fees

TradeStation futures fees are average.

Crypto fees

Crypto fees depend on your account balance. The bigger your balance, the less your orders will cost.

Maker fees apply when making a new bid and waiting for a fill at a better price than what's currently available, while taker fees apply when you take the best available offer at the moment (hit the 'ask' price).

Non-trading fees

TradeStation has average non-trading fees.

There is no fee for deposits and for withdrawals using ACH. However, for bank wire or international bank wire withdrawals, there's a $25 and $35 fee, respectively.

Also, an inactivity fee of $50 per year applies if your balance is less than $2,000 or if you carried out less than 5 trades over the past year.

Can you open an account?

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TradeStation is a US broker, but clients from all over the world can open an account. Note that as a non-US customer, you will have access to fewer account types and fee structures (such as no-commission trading).

There isn't a definitive list of eligible countries, but unless you're a citizen of a country that is usually banned from financial markets such as North Korea or Sudan, you will most likely be able to open an account with TradeStation.

What is the minimum deposit at TradeStation?

The minimum deposit differs by account type.

• Equities account
  • Cash account: $1 minimum deposit
  • Margin account: $2,000 minimum deposit
  • Day-trading account: $25,000 minimum deposit
• Futures account: $5,000 minimum deposit

Account types

You can choose from a wide range of account types at TradeStation.

1. TradeStation accounts by tradable products

• An equities account gives you access to stocks, ETFs, bonds, funds and options
• A futures account gives you access to futures
• A futures options account gives access to futures options
• A crypto account allows you to trade cryptocurrencies

TradeStation Crypto was introduced in June 2020. If you already have an account at TradeStation, you can easily apply for crypto access through the TradeStation Client Center. If you don't have an account yet, you have to open both a TradeStation Crypto and a TradeStation Securities (Equities) account. The crypto account uses assets (cash) deposited in the equities account for trading.

2. TradeStation accounts by ownership and taxation

• Individual - owned by a single person
• Joint - owned by multiple clients
• IRA - individual retirement account (only for US clients) - there is a $35 annual account fee for IRA accounts
• Entity - when the owner is a business entity

You can find further information on TradeStation's account types page.

3. TradeStation accounts by leverage (margin availability)

• Cash account - there is a $1 minimum deposit; trading on margin is not possible
• Margin account - $2,000 minimum deposit; trading on margin is allowed

How to open your account

TradeStation account opening is fully digital and user-friendly. For regulatory reasons, US brokers cannot open your account instantly. Still, TradeStation's account opening is one of the fastest among US brokers. It usually takes 1-2 business days for your account to be approved.

To open an account at TradeStation, you have to go through the following steps:

1. Account setup: choose the account type. You can also choose a personal account manager.
2. Personal information: enter personal information, like your address or date of birth.
3. Employment information: add details about your employment status and your employer.
4. Financials and experience: answer a short questionnaire about your trading experience. You also have to estimate your annual income and net worth.
5. Verification: verify your identity and address. For identification, TradeStation accepts a driver’s license, passport or national ID card. For proof of address, you can upload a utility bill or bank statement.

Account base currencies

If you open an equities account, only USD is available as a base currency. For futures accounts, you can choose from a great selection of base currencies, you can choose from 9 base currencies:

This selection is average compared to competing brokers.

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. These usually 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.

Compare digital banks

Deposit fees and options

TradeStation deposits are free of charge, but you can use only bank transfer. This is a bit of a letdown, though quite common at other US brokers too.

If you are from the US, you can also use ACH or checks. Additionally, if you have an equities account, you can set up an Automated Customer Account Transfer (ACAT) to transfer cash and securities electronically from an account at another financial institution.

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

You can only deposit money from accounts that are in your name.

TradeStation withdrawal fees and options

TradeStation's ACH withdrawal is free of charge. However, wire withdrawals cost $35 for non-US clients and $25 for US clients.

Withdrawing money can be done in the same way as deposits, i.e. only via wire transfer for non-US citizens; and ACH, wire transfer or checks for US citizens.

How long does it take to withdraw money from TradeStation? We tested the credit card/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?

• Log in to the TradeStation Client Center
• Click the 'Transfer Funds' tab
• Choose your preferred method of withdrawal
• Enter the desired amount, currency, and scheduled date
• Preview and confirm the withdrawal request

Deposit and withdrawal in cryptos

Both deposits and withdrawals can be done using cryptos. The available cryptocurrencies for both processes are the following:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Litecoin (LTC)
• US Dollar Coin (USDC)
• Ripple (XRP)

Withdrawals are processed only on banking days, between Monday and Friday from 9:00 AM to 5:00 PM.

TradeStation's web platform has a good design and user interface, offering a comfortable trading experience for both first-timers and professionals.

The web trading platform is available only in English.

Look and feel

The TradeStation web trading platform is user-friendly and has a neat design.

The platform is customizable: you can choose from 9 layout types, and you can also create your own. The tabs can be easily resized and moved around.

Login and security

TradeStation requires all users to use two-factor authentication when using the web platform. They recommend using Auth0 Guardian, but you can also use SMS or the Google Authenticator app.

Search functions

TradeStation's search function works well, but ironically, the search function itself is not easy to find at first. Instead of a conventional 'magnifying glass' search field, you can search for products under the 'Quotes' tab.

Placing orders

TradeStation has outstanding order management functions.

You will find orders from the most basic to the professional level:

• Market
• Limit
• Stop
• Trailing Stop
• Order-sends-order (OSO)
• One-cancels-the-other (OCO)
• Bracket

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

You can also choose from a great variety of order terms:

• Day
• Good 'til canceled (GTC)
• Good 'til day (GTD)
• Immediate or cancel (IOC)
• Fill or kill (FOK)
• At the opening
• At the close
• 1/3/5 minute

Portfolio and fee reports

You can check your account performance and the fees you have paid through the Client Center. Here, you can see your performance under the 'Account' tab, which clearly shows your profit/loss history and how much you have paid in fees.

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The TradeStation mobile trading app is available for both iOS and Android. It is only available in English.

It has very similar functions to the web platform, so we'll focus mostly on the differences here.

Look and feel

The TradeStation mobile trading platform is user-friendly and has a neat design.

Login and security

TradeStation offers safe login functions. You can log in using two-step verification, and then set up biometric authentication for added convenience.

Search functions

Search functions on the mobile platform are OK. You can search by typing the symbol you are looking for, but you cannot filter according to asset types.

Placing orders

You can use the same order types and order terms as on the web trading platform.

Alerts and notifications

You can set price alerts and notifications on the TradeStation mobile platform, unlike on the web platform.

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TradeStation's desktop trading platform is so advanced and has so many functions that even a separate review would not be able to cover them all. Still, we have tried to provide a comprehensive summary.

At the time of our review, the desktop platform was only available for Windows and only in English.

Look and feel

TradeStation's desktop platform is not very user-friendly and has what many may find an outdated look.

If you are an advanced and professional trader, the platform is ideal. However, if you are a first-timer or a long-term investor looking to occasionally carry out simple transactions, you'll struggle to take advantage of many of its features.

The platform has good customizability. You can also choose from pre-defined workspaces, like a day trader or a futures trader workspace.

Login and security

Similarly to the web trading platform, you can set up a safer two-step login.

Search functions

The search function is hard to use, as each tab has its own different search feature.

Placing orders

You can use the same order types and order terms as on the web trading platform. You can also set some advanced features, like an activation rule.

However, it's not easy to find where you can actually place an order. If you open the Active Trader layout, there is a tab on top called 'Trade'.

Alerts and notifications

You can set up price alerts and order notifications on the desktop trading platform. However, we were unable to figure out how to do that because of the complexity of the platform.

Portfolio and fee reports

You can see your profit/loss balance under 'Trade Manager', but you can't view the fees you have paid.

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This selection is average compared to competing brokers.

TradeStation has a good US stock offer. Its fund, options and futures selections fall roughly between those of its most immediate competitors.

Stocks and ETFs

At TradeStation, you can trade on the biggest US stock markets like the NYSE or NASDAQ. You cannot trade on non-US stock exchanges, though.

You can buy ETFs traded on US exchanges even if you are a European client. This is a unique opportunity that most European brokers do not provide.

When compared with some close competitors, TradeStation's stock and ETF coverage matches that of tastytrade, but lags behind Interactive Brokers, which covers markets all over the world.

Funds

TradeStation's fund coverage is mid-range.

This selection is average compared to competing brokers.

Bonds

This selection is average compared to competing brokers.

Options

At TradeStation, you can trade options on equities and futures. TradeStation's options coverage is average, beating some competitors but far from the best on the market.

Futures

TradeStation gives you access to the biggest US futures markets, like CBOT or ICE US.

When weighed against its immediate competitors, TradeStation has a wider futures selection than tastytrade, but ranks behind Interactive Brokers, which covers markets all over the world.

Cryptos

You need to open a separate crypto account for trading actual coins: TradeStation Crypto can connect to exchanges, OTC desks, market makers, and other electronic liquidity pools.

As a broker, TradeStation Crypto is not bound to a single exchange (like Kraken or Coinbase) and has the flexibility to provide access across multiple liquidity sources.

At TradeStation Crypto, you can trade the following crypto and cross pairs:

• Pairs to USD: Bitcoin (BTCUSD), Bitcoin Cash (BCHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD), USDC (USDCUSD)
• Cross Pairs: Ethereum/Bitcoin (ETHBTC), Litecoin/Bitcoin (LTCBTC)

You can also deposit and withdraw in cryptos at TradeStation, a really unique feature among brokers.

Another alternative to trade cryptos is to open a TradeStation Futures account, where you can trade Bitcoin futures.

Trading ideas

TradeStation provides trading ideas on the desktop platform: its 'RadarScreen' tool continuously monitors and ranks up to 1,000 symbols in real-time, based on more than 180 fully customizable technical and fundamental indicators.

Fundamental data

TradeStation offers very detailed fundamental data. All of Reuters’ fundamental data is at your disposal, allowing you to analyze the markets, as well as to create and back-test strategies in TradeStation through EasyLanguage (a proprietary programming language developed by TradeStation that can be used for creating custom indicators and algorithmic trading strategies).

Charting

Charting tools are really sophisticated, and include advanced features on all platforms. There are more than 170 technical indicators. On the flip side, it is not very user-friendly.

News feed

TradeStation offers a high-quality news feed. It can be found under the 'Market Insights' section of the public TradeStation website, as well as on the trading platforms.

At Market Insights, news is categorized based on products and sectors. On the trading platforms, you can filter news based on several criteria, and you can also search for an asset symbol.

Other research tools

You can access a wide range of research add-ons by TradeStation and by external developers, available on the desktop platform. Some of these are free, but many are available only for a hefty subscription fee.

Compare research pros and cons

You can contact TradeStation via:

• live chat
• telephone
• email

Customer service is available only in English.

TradeStation's phone support is okay, as most of the time we received prompt and useful answers.

TradeStation also has a live chat function. Waiting times can be a bit long, but we got helpful responses during our test.

The quality of email support was okay, as we got replies within 1-2 business days, but the relevance of the answers was not always the best.

We also missed 24/7 availability, as customer support is only available Monday to Friday, 8:00 a.m. to 5:00 p.m. EST.

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At TradeStation, you can learn in the following ways:

• Demo/Simulation account
• Platform tutorial videos
• General educational videos
• Webinars
• Quality educational articles
• Booklets
• Live events

You can use a demo account to familiarize yourself with the platform. We think this is the best way to learn how the TradeStation trading platform works. However, only those with a funded account can use it.

There are two pages where you can find education tools:

• The 'Education' section under the 'Insights' tab
• Useful investment and trading educational presentations and materials can be found on TradeStation’s affiliate site, YouCanTrade.com.

On the 'Education' page, you will find high-quality articles.

At YouCanTrade.com, you can also find some scheduled live events and webinars, although these are mainly US-based.

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Is TradeStation regulated?

Yes, it is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

TradeStation is based in the US and was founded in 1982.

Is TradeStation safe?

To be certain, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

TradeStation handles all customers through a US legal entity.

This matters because clients are therefore covered by the US investor protection scheme, called SIPC. However, only equities accounts are eligible for this scheme. So, if you have a futures account, your assets on that account won't be eligible for protection.

SIPC investor protection protects against the loss of cash and securities in case the broker goes bust. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. A non-US citizen with a TradeStation account is treated by the SIPC the same as a US resident in case something goes bad. These amounts are substantially higher than what most European investor protection schemes offer.

Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual fund and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

On the flip side, TradeStation does not provide negative balance protection.

Background

TradeStation was established in 1982. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

In another positive, TradeStation is owned by Monex Group, a Japanese online broker. It is one of the largest online brokers in Japan and is listed on the Tokyo Stock Exchange. This is a good sign, as listed companies are more transparent and under stricter scrutiny than private companies.

Providing annual financial statements and being regulated by the SEC and FINRA are all great signs for TradeStation's safety.

Find your safe broker

Below you can find links to all aspects of TradeStation in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our TradeStation fees article.

What about the minimum deposit?

Our ultimate guide to the TradeStation minimum deposit is updated regularly.

How to start your TradeStation account?

Look no further than our evaluation of the TradeStation account opening.

How's their trading app?

Here's our expert view after checking the TradeStation trading app.

Is the quality of customer service satisfactory?

All you need to know about the TradeStation customer service.

Legit or scam?

Is TradeStation legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether TradeStation is really free.

Is this broker good for beginners?

We checked it in Is TradeStation good for beginners.

Should you buy your silver bullets on TradeStation?

Research for silver bugs in the Silver buy on TradeStation guide.

I want to trade options, are they available at TradeStation?

We explored the topic in Can you trade options on TradeStation.

What is the minimum account balance at TradeStation?

Check out the current account balance requirements at TradeStation in our What is the minimum account balance at TradeStation article.

Looking for commission and fees data for TradeStation?

We collected them in TradeStation commission and fees.

How do you withdraw money from TradeStation?

We tested it and collected the options and costs in How to withdraw money on TradeStation.