Summary

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.

FEES

TradeStation has low trading fees and there are multiple fee structures to choose from. Non-trading fees, like inactivity fees are high.

Pro

  • Low fees
  • More fee structures you can choose from

Cons

  • High non-trading fees

ACCOUNT OPENING

TradeStation account opening is fully digital and user-friendly. On the other hand, it takes more days until your account is approved.

Pro​

  • Account opening fully digital
  • User-friendly

Cons

  • 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.

Minimum deposit

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.

Pro

  • Free deposit

Cons

  • 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)
  • Check

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.

Pro

  • Good variety of order types
  • Good customizability (for chart, for workspace)
  • User-friendly

Cons

  • No price alerts available
  • No clear fee report available

CUSTOMER SERVICE

TradeStation has a great telephone support, but a slow live chat support. You can contact them only weekdays.

Pro

  • Live chat available
  • Relevant and fast telephone support

Cons

  • Practically no email support
  • No 24/7

SAFETY

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.

Pro

  • Regulated by top tier financial authority
  • High amount of account protection
  • Parent company listed on stock exchange

Cons

  • Negative balance protection not available

BOTTOM LINE

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.

Disclaimer:
By trading with securities you are taking a high degree of risk. You can lose all of your invested money. You should start trading only if you are aware of this risk. ProperBrokers.com is not providing any investment advice, we only help you find the best broker suitable for your needs. ProperBrokers.com is free for everyone, but earns commission from some of the brokers. We get a commission, with no additional cost for you. Please use our link to open your account and we can further provide broker reviews for free.
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