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As an experienced day trader, you need to make the most out of every tool made available for you. The trading app that you use for your strategies is also very important. You are basically “betting” your money on an investment, so you need to use a trading app that you know for sure you can trust.
With that in mind, there are a lot of people that are placing their trust in Tradestation. What is this brokerage app, and is it worth the effort? This Tradestation review will tell you about the basics in that regard.
Who Is Tradestation For?
Tradestation is for advanced traders that already know their way around investing. It is a great choice for traders who are interested in stocks, futures, and options. It is also suitable for those dabbling with cryptocurrencies, mutual funds, and ETFs.
Moreover, Tradestation is great for those who like a commitment from customer support. This makes the platform amazing for those who are still looking to improve their skills – and are, therefore, looking for guidance.
The platform appeals to the mainstream investor due to its ease of use. However, considering the features and tools that it was equipped with, this app is the perfect choice for experienced traders with a more technical mind.
Things We Like
We liked the fact that Tradestation was built on a stable platform and that it doesn’t have much downtime. You can pretty much access it at any point and do your trading with ease. Opening an account is also very simple, and customer support is usually easy to access.
We also liked that you have a wide array of securities that you may trade. Furthermore, the forum discussions are very convenient when you are looking for insight, and the education corner is well thought of. Even if the platform was made for pros in mind, they did not skim on the research materials.
Things We Don’t Like
We did not like that the fee structure was quite difficult to understand. The pricing features are confusing, meaning that the traders might not have a clear understanding of how much they have to pay.
The platform may also be conveniently clad with tools and research materials – but at the same time, it feels quite cluttered. As a beginner, you might experience a bit of a learning curve. And while Tradestation does offer a few free trading courses, a lot of them are very expensive.
Pros / Cons
- Comprehensive research
- Advanced tools available
- Commission-free stock, ETF and options trades
- High-quality trading platforms
- No transaction-fee-free mutual funds
- Plans and pricing can be confusing
- Free trading on advanced platform requires TS Select
Safety and Regulation
Before using a broker service, you need to learn as much as you can about it. This way, you will be able to determine whether they are the right choice for you or not.
Who Is Tradestation?
Tradestation is a futures and brokerage company that was founded in 1982. Originally, the company was formed under the name of Omega Research, Inc., but eventually, it became Tradestation Group, Inc. The company has been on the market for some time, and as a result, managed to leave quite an impact on the finance sector.
Is Tradestation Regulated?
Considering that Tradestation has been a U.S. stockbroker ever since 1980, it would not get this far without the proper regulations. At the moment, it features Securities and Exchange Commission (SEC) regulation, along with Financial Industry Regulatory Authority (FINRA) regulation.
Is Tradestation Safe?
Tradestation features several safety precautions. It was encrypted with technology to detect fraudulent account activities, protecting people from being scammed of their money. While there were no breaches, Tradestation still offers Securities Investor Protector Corporation Insurance (SIPC).
There are also various methods to prevent fraudulent logins. Users can set two-factor authentication in the app, as well as biometric (fingerprint or face) login. This way, you can be sure that no one but you will be able to enter your account.
Countries Tradestation Accepts Clients From
Tradestation may be a U.S. broker, but it accepts clients from all over the world. Bear in mind that if you are not from the United States, you may not have access to all the products offered by the broker (i.e., no-commission trades).
That being said, there is no clear list that specifies what countries can or can’t use Tradestation. However, as long as your country does not prohibit the use of financial markets, you should be able to use Tradestation without any issues. Examples of countries that banned these apps are Sudan and South Korea.
Over time, Tradestation won several awards. It won a total of five TASC awards, being rated as the best trading system for stocks and futures for 13 years in a row.
Range of Tradestation Offerings and Products
Tradestation has a wide range of offerings and products. Some are like your typical stocks and bonds, whereas others are less traditional cryptocurrencies. Here is a basic list of what you may trade with:
- Penny stocks
- Long and short stocks
- Mutual funds (with assistance from a broker)
- Futures options
- Leg options (simple and multiple, up to four)
- Cryptocurrencies: Bitcoin Cash, Bitcoin, Litecoin, Ethereum, XRP, and USDC
Some of these features may be integrated into the app, whereas others may be used from a connected platform.
Tradestation offers multiple trading platforms that you may use. For your computer, you have two options: a desktop app and a browser app. The desktop app offers several customizable features, whereas the browser app has only the core functionality. The latter is the best option for when you are using another computer.
You also have a mobile app that you may use on the go. It will show you technical indicators on charts, give you access to watchlists, and keep you connected to all potential trading news.
Tradestation allows you to choose from an array of different accounts, based on what you wish to trade with. You can go for accounts working on tradable products (equities, futures, etc.), margin availability, or ownership and taxation.
Equities accounts are also broken down into several different types: cash, day trading, and margin. You can also go for futures accounts.
The deposit methods of Tradestation are fairly limited, as your only option is the bank transfer. The deposits are mostly done in USD unless you are trading on a futures account.
The minimum deposit will depend mostly on the type of account that you wish to go for:
- Cash accounts: min. $1 deposit
- Margin accounts: min. $2,000 deposit
- Futures accounts: min. $5,000 deposit
- Day trading accounts: min. $25 deposit
Withdrawals, like deposits, are also done through wire transfers. That being said, the wire transfer fees are quite high. Tradestation has no debit card for you to immediately withdraw from an ATM, which means it might take a couple of days until the transfer reaches your account.
Tradestation also offers a demo account to its users so that they may familiarize themselves with the platform. So, the only ones that can have access to these types of accounts are those who already have a funded account.
Tradestation also offers quite a few promotions that you should be able to enjoy. For example, users can earn up to $5,000 for their investments when they deposit money in their accounts. The more money is deposited, the more money gets wired into your account.
Tradestation also offers $100 with every new account. However, the money is not given all in one sitting. You will receive $20 in your account each month for 5 months, at the end totaling the sum at $100.
Tradestation also has several codes that users are free to use. You may either find them on their newsfeed or your email. You need to keep an eye on the updates for these coupon codes.
Client Support and Education
At first, when Tradestation was originally founded, its focus was mainly on education. However, with the goal shifted to trading, it is no longer that education oriented. With that in mind, there are still some educational materials that you may enjoy. You can go for both free and paid videos – and while the paid videos are slightly pricey, their educational value is high, and you have plenty of things to learn from them.
The demo account, for one, can teach you quite a lot. You have educational videos to enjoy, articles, webinars, and several educational resources. You may also join live events where you can familiarize yourself even more with the trading market.
By going to ‘Market Insights,’ you may also find a few high-quality articles that will teach you about the stock market. You can find trading tips, stock information, chart analyses, and a lot of useful information.
Verdict – Overall Rating
Overall, Tradestation is a convenient option for traders that already know their way around day trading, but still want to learn even more on the matter. You have a wide variety of options, and there aren’t any hidden fees for you to be wary of. Overall, it is great for those who wish to invest professionally.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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