TradeStation is a US broker with a long history dating back to 1982. Its parent company, the Monex Group is listed on the Tokyo stock exchange. TradeStation is considered safe as it is regulated by a top-tier regulator, the US FINRA. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.
TradeStation has low trading fees and there are multiple fee structures to choose from. Non-trading fees, like inactivity fees are high.
- Low fees
- More fee structures you can choose from
- High non-trading fees
TradeStation account opening is fully digital and user-friendly. On the other hand, it takes more days until your account is approved.
- Account opening fully digital
- Slow account opening
Can you open an account?
TradeStation is a US broker, but clients from all over the world can open an account.
There isn’t a list who can open an account. But, if you are not a citizen of a usually banned country, e.g. North Korea or Sudan, you will likely be able to open an account with TradeStation.
The minimum deposit differs at the different account types.
- Equities account
- Cash account: $500 minimum deposit
- Margin account: $2000 minimum deposit
- Day trading: $25,000 minimum deposit
- Futures account has a $5,000 minimum
DEPOSIT AND WITHDRAWAL
TradeStation deposit and withdrawal can be improved. As a plus, the deposit is free. However, you can use only bank transfer and there is a high, $35 withdrawal fee.
- Free deposit
- Credit/Debit card deposit and withdrawal not available
- Not user-friendly
- High withdrawal fee (for non-US clients $35 /tansaction)
Account Base Currencies
If you open an equity account, only USD is available. For futures accounts you can choose from a great selection of base currencies: USD, EUR, GBP, AUD, CAD, HKD, SGD, CHF, and JPY.
Why does this matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won’t be charged.
Deposit fees and options
TradeStation deposit is free of charge. On the other hand, you can use only bank transfer. This is a bit of a letdown, but quite common at other US brokers too.
If you are from the US, you can also use
- ACH (automated clearing house)
WEB TRADING PLATFORM
TradeStation has a good web trading platform. It is user-friendly with and looks nice. It also offers a great order management. On the flip side, it lacks the alerts and the clear fee reports.
- Good variety of order types
- Good customizability (for chart, for workspace)
- No price alerts available
- No clear fee report available
TradeStation has a great telephone support, but a slow live chat support. You can contact them only weekdays.
- Live chat available
- Relevant and fast telephone support
- Practically no email support
- No 24/7
TradeStation is regulated by top-tier US regulator, FINRA. In addition, the parent company is listed on a stock exchange. On the flip side, negative balance protection is not provided.
- Regulated by top tier financial authority
- High amount of account protection
- Parent company listed on stock exchange
- Negative balance protection not available
TradeStation is a great US broker.
The mobile platform is very user-friendly with many functions. It also offers great research tools, including a wide range of analytical tools.
Lastly, education is well-structured and high-quality.
On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. It lacks many asset classes, e.g. forex or CFDs.
The customer service can be improved as the response time at email and chat support are very slow.
Feel free to try TradeStation if you prefer Recommended for buy and hold investors with any experience level.