- Customer Service
- Commission Fees
- Trading Platforms
- Research Tools
This broker is made for seasoned, tech-savvy traders who are serious about their work. But, in order to draw casual investors, TradeStation implemented some changes, so every trader can use this platform and utilize the maximum of its potential.
*Completely redesigned platform, the New TradeStation
*Simple to use web trading
*Support for third-party development with EasyLanguage
*Flat fee accounts have free data, but it lacks index quote data for Russell 2000 and Dow Jones Industrials
*Watch lists have to maintained separately as they don’t sync across platform
TradeStation was founded in 1982. They offer trading tools experienced traders need for success. Their desktop platform is one of the most robust available, and they are trader tech leaders.
TradeZero Fees and Commissions
Even though TradeStation supports all types of trading, we focused on equities and options offerings for this review.
For equities, there are three commission structures you can choose from – per share, unbundled, and flat fee. Options trading comes with two structures – flat fee and per share.
Flat fee trades are the most frequent ones, and they cost $5 for equities and $5 plus $.50 per contract for options. With this plan, you get basic market data in real time for free. If you’re not a professional trader, this plan is the best for you.
One thing that is unique for TradeStation is the fact that veterans, first responders, and active military members can sign up for the Salutes program. They get 100% free ETFs, stocks, and options trades with all the same benefits that otherwise come with the flat-fee plan.
TradeZero Tools and Platforms
TradeStation has two platforms in its offer – WebTrading which is web-based, and TradeStation 10 which is a desktop platform.
The web platform is simple. You can manage active positions with it, open watch lists, orders, trades, and stock chart analysis.
The desktop platform has everything a trader might want, including a lot of non-essential features. It’s amazingly functional, very customizable, and there are tools for every professional investor type.
Charting lets you to go deep into analysis and to customize indicators with many different options. There are incredible 274 indicators available, and you can adjust everyone to your specs. You can view plotting strategies, simplified chart trading, and active alerts at any moment.
For options traders, TradeStation has a built-in tool, OptionStation Pro. Also, they have groupings for current positions, advanced position analysis, real-time greeks streaming as well as many other features.
Other tools that we found interesting on this platform are Radar Screen (real-time watch lists with 329 columns that you can customize), Scanner (customizable screening), Walk Forward optimizer (strategy testing), and Matrix (for ladder trading).
TradeStation app is available for both Android and iOS devices, and it has amazing ratings in both stores. As soon as you log in, you see your watch list which is highly customizable and includes real-time quotes. The columns can be completely customized, but they don’t sync with either web or desktop platform.
You can create basic stock alerts, and get smart notifications for your portfolio.
While all of this is great, flat-fee clients of TradeStation should bear in mind that the free basic real-time data comes without level II quotes. If you pay $11 more each month, you will have this option.
Charting on this app is clean, simple, and robust. We really like that it has a lot of options so it is suitable even for the most demanding traders.
Overall, the app is very functional and effective, providing a simple trading solution for traders on the go.
We called TradeStation from several locations in the U.S. and we found that it is satisfying. Call center reps answer in less than a minute, chat support is fast and friendly, and all of their representatives are pleasant and professional.
TradeStation clients will notice that they have a lot of options. Whoever signs up will get two or more webinars on a daily basis. Plus, this website has an interesting learning center, called TradeStation University. You can watch educational videos on topics like equities and options, but also, platform functionality.
Final Thoughts on TradeZero
After more than 30 successful years in this industry, it’s no wonder TradeStation is a leader. Their innovative trade platform has an incredible list of features, and it is one of the most powerful trading tools available at the moment.
We really like their low commission prices, the fact that they removed platform fees, and that they give free basic real-time data. All of this combined makes a pretty good case in their favor – especially if you’re a new trader.
Professional investors and active traders can only love the TradeStation platform, as it has almost no rivals in the industry. Mobile trading isn’t lacking either, and their web-based platform is simply perfect.
With all of this in mind, we firmly believe this broker will only grow in days to come.