TradeStation Review

TradeStation supports casual traders through its web-based platform and active traders through its desktop platform. We like the web-based platform and mobile app, but think the flagship desktop platform would benefit from a styling refresh. TradeStation ranked among Best in Class in the Commissions and Fees and Investment Options categories in our 2023 Annual Review of online stockbrokers.

Pros & Cons

Overall summary

Investment options

TradeStation gives its customers access to a robust offering of trading products, with full access to stock, ETFs, futures, and options trading, including comprehensive direct-market routing, numerous advanced order types, IPO access, and more.

Drawbacks: Dividend reinvestment plans (DRIPs) are not offered at TradeStation and all orders for mutual funds can’t be ordered online. The broker does not offer fractional shares or forex trading, nor is there international trading.

Cryptocurrency: TradeStation Crypto allows users to trade 11 cryptocurrencies, and the broker won our No. 1 award for Crypto Technology in our 2023 annual review, thanks to its innovative web-based crypto trading platform. Unlike most other brokers we reviewed, TradeStation Crypto provides detailed information on the depth of markets, providing Level 2-like quotes on currencies.

Retirement services: TradeStation offers traditional, Roth and rollover IRAs. There is an administration fee of $35 per year for an IRA and a closure fee of $50, which is unusual.

Commissions and fees

The retail-oriented TS Select pricing plan offers $0 trades, includes some free market data and has no monthly platform charges. Traders may have to subscribe to data they could get free or less expensively elsewhere, depending on what and how they trade.

TS Select: TradeStation's most commonly used pricing structure includes access to all three of TradeStation’s trading 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).

TradeStation Salutes: Unique to TradeStation, active military personnel, veterans, and first responders can sign up for the TradeStation Salutes program, which offers free stocks, ETFs and options trades.

Penny stocks: Under TS Select, penny stock trades are $0 for the first 10,000 shares and $0.005 per share after that (and an extra $0.005 per share if you direct the order to a specific venue).

Cryptocurrency trading: TradeStation Crypto offers competitive volume-based fees beginning at $2 + 0.65% for trades up to $1,000 and decreasing from there, which we found unnecessarily complicated. TradeStation Crypto also offers you the ability to earn interest when holding certain cryptocurrencies in your account.

Other fees: Like all brokers, TradeStation charges incidental fees, and TradeStation’s fee schedule is complicated. We noticed the charge to transfer out, whether it’s some of your positions or all of them, is $125.

Mobile trading apps

TradeStation's mobile app is meticulously designed and provides the functionality that active and professional traders need to succeed. Thanks to Matrix (ladder trading) and complex options trading support, most day traders can zip their money around the markets with ease. Note: Matrix requires Level 2 market data, which is available for an additional monthly charge. Traders can access their TradeStation Crypto account directly through the TradeStation app.

Watch lists and hot lists: While mobile watch lists automatically sync with the Web Trading platform, they do not sync with the TradeStation desktop platform. On the positive side, there are dozens of predefined screeners available in the Hot Lists section to scan the market.

Charting: Charting on TradeStation mobile is awkward. Its initial horizontal view compresses the chart area too much. Once you expand it, the chart area is clean, and includes most features a demanding trader could want: full chart type and date range flexibility, after-hours visibility, active and filled order visibility, and 45 optional indicators, to name a few. Drawing tools are available, so you can draw anything from trend lines to Fibonacci retracements on charts. We think TradeStation mobile charting screams for larger phone screens.

Other trading platforms and tools

TradeStation offers three trading platforms: TradeStation desktop, which is the company's flagship product; Web Trading, which is a browser-based platform designed for traders seeking simplicity; and TS Crypto, which is a platform dedicated solely to cryptocurrency trading.

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 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 user experience: Though TradeStation’s downloadable platform offers a compelling roster of tools, we think its user experience comes across a bit stale when compared to the other top desktop platforms we reviewed. Some of the widgets remind us of Windows 95. Happily, that outdated feel is restricted to the desktop version and not the web platform, the mobile app or TradeStation Crypto.

TradeStation desktop charting: More than 40 years of historical data are viewable for stock charts, which is stupendously great for backtesting strategies but requires time to download. Furthermore, 290 indicators/studies are available, each of which can be reworked or adjusted to your specifications using EasyLanguage. I did uncover two minor flaws with charting: there is no way to plot basic y-axis markers for corporate events such as dividends, splits, and earnings; and there’s no automated technical analysis.

TradeStation Web Trading: TradeStation Web Trading is easy to use and gives traders a way to manage active positions, open orders, set up 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 that 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.

Futures 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.

Research

Like its nipping-at-its-heels competitor tastytrade, TradeStation is not built for performing in-depth company research.

Stock research: Pros include full stocks and options screening, equity backtesting, and streaming futures and forex data. But there’s no traditional fundamental research for stocks. There is a ton of fundamental data available but, unlike simply reading a PDF report, it’s primarily a data set. You will have to decide how to interpret it.

ETFs and mutual funds research: TradeStation does not offer mutual fund or fixed income research and the research experience for ETFs is nearly nonexistent.

Market commentary: In-house analysts provide research for TradeStation customers.

Market research is a mix of written and video content for both technical and fundamental analysis, found under the Insights section within the TradeStation website. That said, the range and depth of research available across TradeStation’s platforms is limited and pales in comparison to industry leaders such as Fidelity, Charles Schwab, and TD Ameritrade.

Education

TradeStation has been working to upgrade its educational experience. Its sister site, YouCanTrade.com, is sunsetting; TradeStation customers can now access the Master Class channel for free.

Learning center: The Learn tab on the TradeStation home links to educational articles that include novice trader topics. There’s also thorough materials for new customers learning how to use the TradeStation desktop platform, which is almost obligatory given the complexity of the desktop platform.

Platform education: TradeStation provides thorough materials for new customers learning how to use the TradeStation desktop platform, which is almost obligatory given the complexity of the desktop platform.

Customer service

To score Customer Service, StockBrokers.com partners with customer experience research firm Confero to conduct phone tests from locations throughout the United States. For our 2023 Broker Review, 168 customer service tests were conducted over six weeks, with wait times logged for each call.

Customer service representatives were asked for assistance or details in several areas of broker services, including account opening, trading tools, apps, rollovers, active trading, and more. Here are the results for TradeStation.

• Average Connection Time: 1-2 minutes
• Average Net Promoter Score: 7.7 / 10
• Average Professionalism Score: 6.4 / 10
• Overall Score: 7.5 / 10
• Ranking: 10th of 14 brokers

Final thoughts

Active traders will feel right at home with TradeStation's desktop platform, which is loaded with trading tools. Meanwhile, casual investors will appreciate the TradeStation web trading platform, thanks to its focus on simplicity and ease of use. Here are our three top takeaways for the broker for 2023:

1. TradeStation’s unique niche is customizability through its proprietary programming language, EasyLanguage, but that requires a serious commitment of time.
2. We think everyday investors will prefer the research, investment choices and tools that can be easily found at industry leaders like Charles Schwab, TD Ameritrade, and our Best Overall winner, Fidelity Investments.
3. TradeStation offers many of the tools traders prefer, but traders can find many of those tools at other brokers. We think TradeStation’s desktop platform needs a refresh.

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Can TradeStation be trusted?

TradeStation is a well-established broker that traces its roots back to 1982. While investing and trading have obvious and inherent risks, TradeStation is regulated by the Financial Industry Regulation Authority, or FINRA, in the same manner as other online brokers in the United States.

Is TradeStation easy to use?

TradeStation’s web trading platform and mobile app are easy enough to use. The desktop application has a bit of a learning curve, due to sophisticated tools and a less intuitive user interface. There is, however, a host of tutorials for the desktop app.

TradeStation’s client services could stand to be streamlined and more integrated with the investing experience. Pro tip: When you reach out to TradeStation for help, have your account information handy. Reps require account number and full name during chats and phone calls for security.

Is TradeStation really free?

TS Select, the broker’s most commonly used retail pricing plan, offers $0 stock and ETF trades, up to 10,000 shares, on all platforms. Options and futures contracts do carry fees. There’s no platform charge for retail clients and no minimum deposit or balance. Regulatory bodies and exchanges add on small costs, but that’s true for all brokers.

How much does TradeStation cost per month?

TradeStation recently simplified its commission structure. Retail clients pay $0.00 commissions on ETF and stock trades up to 10,000 shares. The mobile, web and downloadable trading platform are free and there are no minimum deposits. Military personnel and veterans can get a unique pricing plan, TS Salutes.

Is tradestation good for beginners?

We think there are better brokers for beginners. TradeStation’s target market is active traders, not novices. It doesn’t have nearly the depth of educational content and isn’t as easy to use as our current beginner fave, TD Ameritrade, or our 2023 Best Overall winner, Fidelity.

What is the minimum deposit for TradeStation?

There is no minimum deposit at TradeStation to open an account or use its trading platforms. You do need $2,000 to use a margin account, but that’s a regulatory requirement that applies to all U.S. brokers.

About TradeStation

Headquartered in Plantation, Florida, TradeStation is a wholly owned subsidiary of Monex Group, Inc. TradeStation's roots date back to 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,when it was acquired by Monex Group.

2023 Review methodology

Our mission at StockBrokers.com is simple: provide thorough and unbiased reviews of online brokers, based on an extraordinary level of hands-on testing and data collection. Our ratings and awards are based on this data and our experts’ deep authority in the field; brokers cannot pay for preferential treatment. Here’s more about trustworthiness at StockBrokers.com.

For the StockBrokers.com 13th Annual Review published in January 2023, a total of 3,332 data points were collected over three months and used to score 17 top brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Brokers also were offered the opportunity to provide executive time 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.

TradeStation 2023 results

For the StockBrokers.com 2023 Annual Awards, published on Jan. 24, 2023, all U.S. equity brokers we reviewed were assessed on 196 different variables across eight areas: Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall.

StockBrokers.com also presented “Best in Class” awards to brokers for additional categories Beginners, Options Trading, Futures Trading, Active Trading, IRA Accounts, Investor Community, Penny Stock Trading, Banking Services and Customer Service. A “Best in Class” designation means finishing in the top five brokers for that category.

For more information, see how we test.

Primary categories

Secondary categories

Industry Awards

TradeStation fees and features data

The data collection efforts at StockBrokers.com are unmatched in the industry. The following tables show a deeper dive into the offerings available at this broker. You can also compare its offerings side-by-side with those of other brokers using our Comparison Tool.

In addition to meticulous annual data collection by our in-house analyst, every broker that participates in our review is afforded the opportunity to complete an in-depth data profile. We then audit each data point to ensure its accuracy.

Trading fees

Account fees

Margin rates

Investment options

Order types

Beginners

Stock trading apps

Stock app features

Stock app charting

Trading platforms overview

Trading platform stock chart features

Day trading features

Investment research overview

Stock research features

ETF research features

Mutual fund research features

Options trading overview

Banking features

Customer service options

About the Editorial Team