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TradeStation Review

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Rank: 7th (of 15)

As a trading technology leader, TradeStation supports casual traders through its web-based platform and active traders through its award-winning desktop platform, all with $0 stock and ETF trades.

Top Takeaways for 2020

After spending five months testing 15 of the best online brokers for our 10th Annual Review, here are our top findings on TradeStation:

  • Our testing found TradeStation to be a leader in trader technology, with one of the most robust desktop platforms available we've ever seen. No question, TradeStation is a winner for Futures Trading, Options Trading, Mobile Trading, alongside specialties such as Day Trading and Professional Trading.
  • TradeStation offers great tools through a platform suite that includes desktop, web-based, and mobile variations. All three are terrific. Top that off with $0 trading through TS Select and TS Go accounts, and there is a lot to like.
  • Like its other active-trader focused competitors, TradeStation lacks in its offering of fundamental company research for casual investors. Education is also a mixed bag, making it just an "ok" choice for beginners.

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  • Commission-Free Trades on Stocks, ETFs & Options Trades Open Account

Overall Summary

FeatureTradeStation
Overall 4 Stars
Commissions & Fees 4.5 Stars
Offering of Investments 4.5 Stars
Platforms & Tools 5 Stars
Research 2 Stars
Education 2.5 Stars
Mobile Trading 4.5 Stars
Customer Service 4 Stars
Ease of Use 4 Stars

--> View TradeStation Features List

Commissions & Fees

Rank: 4th (of 15)

TradeStation offers a variety of different commission structures, which can be confusing. Fortunately, TradeStation's most commonly used pricing plans, TS Select and TS Go, offer $0 trades, are easy to understand, include free market data, and incur no monthly platform charges.

TS Select: TradeStation's most commonly used pricing structure requires a $2,000 minimum deposit and includes access to all three TradeStation platforms. With TS Select, all stock trades (including ETFs) are $0, options trades run $.60 per contract, and futures are $1.50 per contract (per side).

TS Go: With no minimum deposit required, TS Go offers unlimited $0 stock and ETF trades alongside options trades for just $.50 per contract and futures trades for $0.85 per contract (per side). The one limitation to using TS Go is that while all three platforms are available, any trades placed with TradeStation desktop incur a $10 fee.

Penny stocks: Under TS Select and TS Go, penny stock trades are $0 for the first 10,000 shares and $0.001 per share after that.

Other pricing plans: $0 trades aside, TradeStation offers two different commission structures to select from for professional traders: per share and unbundled. For a full pricing breakdown, see our detailed TradeStation commissions notes.

TradeStation Salutes: Also, unique to TradeStation, active military personnel, veterans, and first responders can sign up for the TradeStation Salutes program, which provides 100% free stocks, ETFs, and options trades.

TradeStation pricing summary:

FeatureTradeStation
Minimum Deposit$0.00
Stock Trade Fee (per trade)$0.00
ETF Trade Fee$0.00
Options Base Fee$0.00
Options Per Contract Fee$0.50
Mutual Fund Trade Fee$14.95
Broker Assisted Trades Fee$50.00
Commission-Free ETFsall

Platforms & Tools

Rank: 2nd (of 15)

TradeStation offers two trading platforms: TradeStation desktop, which is the company's flagship product, and Web Trading, which is a browser-based platform designed for traders seeking simplicity. Both are excellent.

TradeStation desktop tools: The functionality provided in the TradeStation desktop platform is rich with depth and widespread. Tools in the TradeStation arsenal include Radar Screen (real-time streaming watch lists with 329 customizable columns), Scanner (custom screening), Matrix (ladder trading), and Walk-Forward Optimizer (advanced strategy testing), among others. Using TradeStation's proprietary coding language, EasyLanguage, traders can even code apps for the platform and make them available in TradeStation's TradingApp Store.

TradeStation desktop charting: More than 40 years of historical data are viewable for stock charts. Furthermore, a staggering 274 indicators/studies are available, each of which can be reworked or adjusted to the trader's specifications using EasyLanguage. Pros aside, I did uncover two minor flaws with charting. The first is that there is no way to plot basic y-axis markers for corporate events such as dividends, splits, and earnings. Second, there is a lack of automated technical analysis.

TradeStation Web Trading: TradeStation Web Trading is easy to use and provides traders a way to manage active positions, open orders, watch lists, conduct stock chart analysis, and place trades with ease (ladder trading via Matrix included). The chart-trading functionality alone is superior to many flagship platforms. Note: With TradeStation Web Trading, watch lists do not sync with TradeStation desktop, which is a bit annoying for traders who use both platforms.

Options trading: Options trading is a breeze using OptionStation Pro, a built-in tool within the TradeStation desktop platform designed for streamlined trading and robust analysis. Options tool capabilities include custom grouping for current positions, streaming real-time greeks, and advanced position analysis, to name a few.

Futures trading: Like options trading, futures traders will also find themselves right at home with TradeStation desktop. Many of the advanced tools used for trading equities apply to futures trading, creating a seamless trading experience.

Gallery

Research

Rank: 11th (of 15)

Like its close competitors, TradeStation is not built for performing in-depth company research. Pros include full stocks and options screening, equity backtesting, as well as streaming futures and forex data. Cons include no traditional fundamental research for stocks, no mutual fund or fixed income research, and a nearly non-existent ETFs research experience.

Customer Service

To score Customer Service, StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations throughout the United States. For our 2020 Broker Review, 280 customer service tests were conducted over ten weeks.

Results

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 8.6 / 10
  • Average Professionalism Score: 7.9 / 10
  • Overall Score: 8.46 / 10
  • Ranking: 7 th (14 brokers)

Mobile Trading

TradeStation's mobile app is meticulously designed and provides the functionality active and professional traders alike need to succeed. Full day trading functionality is incorporated, thanks to Matrix (ladder trading) and complex options trading support. Note: Matrix requires Level II market data, which is available for an additional $11 per month.

Charting: Charting on TradeStation mobile is robust, clean, and includes pretty much everything a demanding trader could want: full chart type and date range flexibility, after-hours visibility, active and filled order visibility, and 43 optional indicators, to name a few. Even drawing tools are available so you can draw anything from trend lines to Fibonacci retracements on charts, although I would recommend a large phone screen or iPad as my iPhone XS was too small.

Watch list syncing: While mobile watch lists automatically sync with the Web Trading platform, they do not sync with the TradeStation desktop platform.

FuturesPlus: For futures options traders specifically, TradeStation offers a standalone app (trading platform) called FuturesPlus. Designed in conjunction with Trading Technologies, FuturesPlus provides a variety of advanced tools one would expect from TradeStation. Highlights include price visualization, predefined and custom strategy builders, advanced contract analysis, real-time time and sales, and of course, risk management via Greeks.

Mobile app Gallery

Offering of Investments

Rank: 5th (of 15)

TradeStation provides its customers access to a nearly complete offering of trading products. Full access to stock and options trading, including comprehensive direct-market routing, numerous advanced order types, and more.

Drawbacks: Besides a lack of international trading, the other downside to TradeStation's offering is that all mutual funds orders must be phoned in.

Cash management: Rare in the online brokerage industry, any account cash sitting idle will earn customers interest of 0.55% annually (varies depending on the Fed Funds Rate). In TradeStation's case, the one major catch is that a $500,000 minimum account balance is required for equities accounts, and $250,000 is required for futures accounts.

Education

Rank: 12th (of 15)

The future is bright for TradeStation in terms of trader education; however, as of early 2020, the broker is in the middle of a multi-year transition.

Good stuff: In 2019, TradeStation launched YouCanTrade, an independent education-focused website run separately from TradeStation brokerage. While still in its early days, the educational platform looks very promising. Traders can pay to gain access to full-featured courses, including webinars, live trading room access, real-time alerts, and more.

Bad stuff: Looking at TradeStation's website learning center on its own, there is little to no educational content offered. For starters, TradeStation needs to create free learning paths (ideally article and video mixed) to teach the basics. Next, opening up YouCanTrade to current TradeStation customers would be beneficial. Bottom line: TradeStation customers deserve to have an excellent, free learning center foundation leveraging YouCanTrade technology to compete with other broker offerings.

Platform education: Traditional investor education aside, TradeStation provides thorough materials for new customers learning how to use the TradeStation desktop platform. Alongside numerous videos and help guides, advanced traders seeking personalized one on one training can pay $150 for one-hour private learning sessions.

Education Gallery

Final Thoughts

With more than 30 years of experience under its belt, TradeStation is a market leader and innovator. The TradeStation desktop platform is top-notch, while mobile trading is also feature-rich. Even casual investors will be happy with the Web Trader platform, thanks to its focus on simplicity and ease of use.

The bottom line: Regardless of the asset class, TradeStation offers a winning solution for traders across all skill levels.

About TradeStation

Headquartered in Plantation, Florida, TradeStation is a wholly owned subsidiary of Monex Group, Inc., one of Japan’s largest online financial services providers. (1). TradeStation's roots date back to the 1982, when the company was formed under the name Omega Research. The company's flagship TradeStation platform was launched in 1991, and TradeStation Group was a NASDAQ listed company from 1997 - 2011, until it was acquired by Monex Group (2).

2020 Review Methodology

For the StockBrokers.com tenth annual best online brokers review published in January 2020, a total of 3,540 data points were collected over six months and used to score brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.

Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.


Blain Reinkensmeyer

About the author: As Head of Research at StockBrokers.com, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in the Wall Street Journal, The New York Times, Forbes, and the Chicago Tribune, among others.

All pricing data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

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