TradeStation has been a leading player in the online trading industry for over 30 years. Its powerful trading platform, competitive pricing, and wide range of trading tools have earned it a loyal following among traders of all levels.
Whether you’re a novice trader just starting, or an experienced professional looking for advanced strategies and tools, TradeStation has something to offer. In this review, we’ll take a closer look at what TradeStation has to offer, and help you decide if it’s the right platform for your trading needs.
Features
- Commission-Free Trading: TradeStation offers commission-free trading on stocks, options, and ETFs. This makes it a great choice for cost-conscious traders.
- Comprehensive Tool Suite: TradeStation provides users with an array of powerful research and analysis tools to help them identify profitable opportunities in the markets.
- Automated Strategies: For those looking to take their trading to the next level, TradeStation’s advanced automation capabilities allow you to create your own automated strategies or utilize pre-defined ones from the extensive library.
- Professional Grade Platform: The platform is designed for experienced traders who need sophisticated tools and features, but also appeals to inexperienced traders who may prefer its intuitive interface and comprehensive educational resources.
- Comprehensive Customer Support: TradeStation provides traders with 24/7 customer support and a range of services to ensure they get the most out of their trading experience.
Trading Platform
TradeStation’s trading platform is a powerful and comprehensive offering that has been developed over three decades. It provides a range of features and functionality that can be used by traders of varying levels of experience.
Features and Functionality
One of the key highlights of the TradeStation platform is its highly customizable nature. It offers extensive configuration options for its charts, order panels, and other elements, enabling traders to tailor the platform to their specific preferences.
The platform also supports a wide range of product types, including stocks, ETFs, options, futures, and cryptocurrencies. This makes it a versatile option for traders with diverse investment portfolios.
TradeStation’s platform also includes several advanced features and functionality, such as custom scripting capabilities using the EasyLanguage programming language, access to advanced analytics tools, and algorithmic trading strategies.
Ease of Use
While the TradeStation platform offers a vast array of features and functionality, it can take some time to learn how to navigate and make use of them. It is recommended that users take advantage of the various educational resources offered by TradeStation to fully utilize the platform’s capabilities.
However, once users have become familiar with the platform, it can be highly intuitive to use, with a well-organized interface and efficient order management tools.
Supported Product Types
As previously mentioned, TradeStation’s platform supports a variety of product types, including stocks, ETFs, options, futures, and cryptocurrencies. This allows traders with diverse portfolios to manage all of their investments from a single platform, without the need to switch between different accounts or interfaces.
Pricing and Fees
TradeStation offers a range of pricing options to suit different trader needs and budgets.
Platform Fees
TradeStation charges a monthly platform fee for access to its desktop and web trading platforms, which starts at $99.95 per month for the desktop platform and $29.95 per month for the web platform. Active traders may be eligible for discounted or waived platform fees based on trading activity.
Commission and Fee Structure
TradeStation charges a commission on each trade placed on its platform, with fees varying depending on the product traded. For example, stock trades are subject to a commission of $0.01 per share with a $1 minimum, while futures trades are subject to a flat rate of $1.50 per contract. Options trades are subject to a base commission of $0.50 per contract, with additional fees for options exercises and assignments.
TradeStation also charges additional fees for certain services, such as data feeds, margin borrowing, and account management. For example, users may be charged for real-time quotes, and margin borrowing may involve interest charges.
Comparison to Competitors
TradeStation’s pricing structure is generally competitive with other industry participants, although it may be slightly higher than some lower-cost competitors. However, its comprehensive platform and wide range of features may make it a worthwhile investment for traders looking for a more advanced platform.
Trading Tools and Resources
TradeStation provides an extensive suite of trading tools and resources to help users analyze market data, develop trading strategies, and execute trades effectively.
Charting and Analysis
TradeStation’s platform offers sophisticated charting tools that enable traders to perform technical analysis on a wide range of products, including stocks, options, futures, and cryptocurrencies. The platform provides a wide range of chart types, with multiple time horizons and customization options for traders to create personalized chart layouts.
Indicators
TradeStation offers a library of over 270 pre-built and customizable technical indicators, designed to help traders interpret market data and identify trends. Traders can create their custom indicators using TradeStation’s EasyLanguage programming language, which offers a high degree of flexibility and customization.
Market Data
TradeStation provides real-time and delayed market data for a wide range of products, including stocks, options, futures, and cryptocurrencies. The platform also offers premium data packages, including market depth and advanced charting features, for an additional fee.
Algorithmic Trading
TradeStation’s platform offers advanced algorithmic trading capabilities, enabling users to automate their trading strategies and execute trades automatically. The platform supports a variety of programming languages, including EasyLanguage and Python, and provides a range of resources to help traders develop and test their strategies.
Educational Resources
TradeStation offers a wide variety of educational resources, including webinars, tutorials, and articles, designed to help traders improve their trading skills and stay up-to-date on market trends and news. These resources cover a broad range of topics, from market analysis and strategy development to risk management and trading psychology.
Customer Support
TradeStation places a high premium on customer support and offers multiple ways for users to receive assistance.
Customer Service Quality
TradeStation provides customers with access to multiple channels for customer support, including phone, email, live chat, and a ticket system. The platform also offers a dedicated phone line for users with VIP accounts, ensuring a higher level of personalized service.
In general, TradeStation’s customer service is responsive and helpful, with well-trained representatives that are knowledgeable about the platform’s features and functionality. Users generally report positive experiences when dealing with TradeStation’s customer service team.
Online Resources
TradeStation offers a comprehensive library of online resources to support users’ trading needs. These resources include articles, webinars, and tutorials that cover topics ranging from beginner-level educational content to advanced trading strategies and techniques.
In addition, TradeStation provides users with access to an extensive knowledge base that offers step-by-step guides, FAQs, and instructional videos on a wide range of topics.
Self-Help Tools
TradeStation also offers robust self-help tools, including a community forum where users can ask and answer questions, troubleshoot issues, and share trading strategies.
The platform also provides an online chat with AI-powered virtual help assistant, which offers automated responses to frequently asked questions, enabling users to quickly resolve common issues.
Advantages:
- Comprehensive selection of trading tools and features
- Real-time market data and technical indicators
- Access to algorithmic trading capabilities
- Extensive library of educational resources
- Multiple channels for customer support with well-trained representatives
- Robust self-help tools, including a community forum and AI chatbot
Disadvantages:
- Additional fees for premium market data packages
- No mobile platform available for traders on the go
- Limited research and analysis tools available for non-professional traders
- No options trading available on the platform
Summary
TradeStation’s platform offers powerful trading tools and features, including a comprehensive selection of technical indicators, real-time market data, algorithmic trading capabilities, and educational resources. The platform also provides customers with access to multiple channels for customer support and self-help tools to help traders troubleshoot issues. In general, TradeStation’s customer service is responsive and helpful, making it an ideal choice for active traders looking for a reliable and feature-rich trading platform.
- Strategies: 5
- Customer Support: 4
- Educational Resources: 5
- Online Resources: 5
- Self-Help Tools: 4
