Active trading lets investors benefit from market discrepancies, tilting the odds in their favor. However, many dive in as if they’re in a game, exposing themselves to risks. Smart trading isn’t just about clever software; it’s about using data and strategies to minimize risks.
TradeStation provides the crucial data and strategy insights to boost your trading success. Yet, remember that no platform can stop you from making a hasty decision. This review will delve deeper into TradeStation to guide your choice.
TradeStation Essentials
TradeStation stands out as a futures commission merchant (FCM) and self-clearing broker-dealer. Its tool suite for active traders is top-notch, with four decades in the trading business. Online accolades showcase the company’s awards for technological innovation.
Traders benefit from access to a plethora of asset markets. TradeStation’s commission-free trading covers up to 10K shares per transaction, followed by competitive per-share rates. By late 2021, they revealed plans to go public through Quantum Fintech Acquisition Corporation or QFTA SPAC in 2022.
There’s a variety of account options: Taxable, SEP, Roth, Traditional, Simple IRAS, and more.
TradeStation Desktop Highlights
Available exclusively for Windows, this platform includes:
- RadarScreen: Monitor up to 1000 symbols in real-time with customizable indicators.
- Matrix: Proprietary system for rapid and precise order management.
- EasyLanguage: Design custom indicators and strategies.
- Back-Testing: Test strategies against historical data.
- OpenStation Pro: Quickly discern options and chain strategies.
- Desktop PC: Add charts, strategies, and indicators directly from the App Store.
- Hot Lists: Monitor symbols approaching their 52-week high.
TradeStation Web & Mobile
While the web platform operates on both Mac and Windows, their mobile apps cater to both Android and iOS users, incorporating features like Matrix and Hot Lists.
Other Platforms
- Futures Plus: Merges futures trading with free market data sans platform fees.
- TSCrypto: Facilitates trading for major cryptocurrencies like Bitcoin, Ethereum, and more.
Understanding TSCrypto
TradeStation offers a limited cryptocurrency selection in comparison to popular brokers. Using TSCrypto doesn’t equate to using a standard exchange. The inconsistent and fragmented nature of the cryptocurrency market might surprise traditional securities traders.
TradeStation tackles this by pulling liquidity from various sources ensuring competitive prices. The TSCrypto interface boasts in-depth analytics tools, best suited for experienced traders.
TradeStation’s Fee Structure
The two primary account tiers, TS Go and TS Select, offer commission-free trades for stocks and ETFs up to 10,000 shares, with ensuing costs. Note that mutual fund trades come at a $14.95 fee.
Distinguishing Features of TradeStation
Four notable aspects:
- RadarScreen: Spot investment opportunities swiftly.
- Competitive Fees: Especially beneficial for high-volume traders.
- Hot Lists: Keep an eye on trending activities.
- Innovative Spirit: Always enhancing their tool suite.
Educational Resources
From TradeStation Labs to Technical Analysis, they offer myriad resources including free books, video tutorials, and forums.
Is TradeStation Reliable?
With BitGo as the chief custodian, TradeStation ensures robust security features like two-factor authentication, multi-signature wallets, and more.
User Experience with TradeStation
Although packed with features, TradeStation remains user-friendly across platforms. The platform’s “apps” offer various tools which can be further expanded with third-party options.
Opening a TradeStation Account
A swift six-step process via their website will have you set up in minutes.
Customer Service
Reach out via live chat, phone (including 24/7 for crypto and futures), or even schedule a callback. They boast an A+ BBB rating.
Advantages and Disadvantages
Pros:
- Commission-free trades and competitive pricing.
- User-friendly interfaces.
- Reliable platform with excellent uptime and fast execution.
Cons:
- Potential long waits for technical support.
- Steep learning curve due to its comprehensive features.
- Extra charges for desktop trades on TS Go.
Ideal Users
TradeStation caters to all, from novices to pros. Its reliability during high trading volumes and exceptional features make it a top choice for active traders.
