TradeStation

Before you start trading with money, it’s beneficial to utilize a demo account to test the trading platform’s functionality. Having access to money, allows you to familiarize yourself with the platform and also experiment with investment strategies. This option is particularly recommended for novice traders who’re not well versed in the concepts of trading on the market. It provides an opportunity to refine trading skills and refresh forgotten trading concepts. Although TradeStation does not offer a free demo trading account, for beginners they do have a Simulation Trading feature available.

How to open a TradeStation account 

You have an opportunity to select one of the account types at TradeStation:

• Individuel – held by a single person.
• IRA – personal retirement account (only for US clients) – there is a $35 annual statement fee for IRA accounts.
• Entity – when the proprietor is a company entity.
• Cash account – there is a $1 lowest deposit; trading on margin is not entitled.
• Margin account – $2,000 lowest stake; trading on margin is entitled.

Opening a TradeStation account is not quite simple, but it’s fully digital and designed with user friendliness in mind. However, due to requirements, instant account approval is not possible for US brokers. Nevertheless, compared to US brokers, TradeStation offers one of the account opening processes typically taking just 1-2 business days for approval.

Take care when selecting your account type as it directly influences your investment approach. If needed you can easily switch the account type after registering. Just head to the account settings. Make the changes, with just a few clicks.

To create an account with TradeStation broker you’ll need to go through the steps:

1. Account setup: Select the type of account you want and decide if you’d like an account manager.
2. Personal information: Provide your address, date of birth and other relevant personal details.
3. Employment details: Share information about your employment status and the company you work for.
4. Financials and experience: Complete a questionnaire about your trading experience. You’ll also be asked to estimate your income and net worth.
5. Verification: Confirm your identity and address. TradeStation accepts forms of identification such as a drivers license, passport or national ID card. Additionally you can upload a utility bill or bank statement to verify your address.

To register you’ll need to go through a process that can be quite complex and time consuming. The account setup involves five steps, which require you to provide contact information well, as well as complete an investment questionnaire that asks about your previous trading experience. It typically takes around 30 minutes to review and fill out all the documents and forms.

Additionally, you’ll be asked to validate your information by submitting copies of two documents and a selfie with your passport. You can simply take photos of the documents. Make sure they are clear and easily readable.

Deposits and withdrawals

Although TradeStation broker does not require a deposit, for cash accounts margin accounts must have a deposit of $2,000 while futures accounts require a minimum deposit of $5,000.

One aspect that some may consider a disadvantage of TradeStation is the options for withdrawing funds. The only available method for withdrawing money from your account is, through a bank transfer. It’s important to note that you can only withdraw funds to accounts that are registered under your name.

Just remember, if all of your money is tied up in investments you’ll need to sell off some of your positions, before you can access cash that can be withdrawn later. Once you’ve sold off some of your positions the broker may take some time to make the funds available for withdrawal. At TradeStation, the process of withdrawing funds typically takes a day. There are no fees charged by the broker.

Fees

TradeStation broker applies fees and charges in relation to account transfers. For IRA accounts there is a $125 fee for outgoing transfers. Additionally for IRA accounts there is an account fee of $35 and a termination fee of $50 for closing the IRA account. In cases where accounts have an end of month equity balance below $2,000 or do not execute at least five trades within a 12 month period after the account was first funded a $50, annual inactivity fee is imposed.

It’s worth noting that TradeStation does not provide options for no transaction fee funds and their research on funds may be limited. However, the commission of $14.95 for funds is comparable to what other mainstream brokers charge.

Please keep in mind that the amount of commission can vary depending on the plan and investment product you engage with. To have an understanding of their pricing structure, we suggest reviewing the “Pricing” section, on www.tradestation.com before proceeding with opening an account.

Trading platforms

TradeStation has gained a reputation for its cutting edge trading technology and state of the art tools that cater to the requirements of traders. It boasts a range of platforms that stand out in particular.

1. TradeStation Web Trading Platform

TradeStations Web Trading platform provides users with the flexibility to conveniently access their accounts and execute trades directly through a web browser eliminating the need for software downloads or installations. The platform boasts an interface, real time market data, sophisticated charting capabilities and an extensive selection of indicators. It proves advantageous for traders who favor a browser based solution or require, on the go account accessibility.

2. TradeStation Desktop Platform

TradeStations main platform is their desktop application offering traders a range of tools and features. This desktop platform is well known for its charting capabilities, customizable options and the ability to test trading strategies. Traders can. Evaluate trading strategies using TradeStations unique EasyLanguage programming language. With the TradeStation desktop version investors have the ability to trade assets, including equities, options, CFDs and option trades.

3. TradeStation Mobile App

For traders who prefer trading, on their smartphones or tablets TradeStation has developed an app. This app enables users to keep track of their accounts, access real time market data, execute trades and manage their positions while on the move. It offers a user trading experience with all the necessary features conveniently available at your fingertips. The mobile app provides the functionalities as the web platform, including analysis, stock screening and order placement.

4. TradeStation FuturesPlus

TradeStation FuturesPlus is a platform specifically created for traders who specialize in futures. It provides charts for futures real time market data and various order types customized to suit the needs of TradeStation futures trading.

5.TradeStation TSCrypto

TradeStation also offers a platform for cryptocurrency trading. Traders have the opportunity to utilize a selection of assets, access real time data and leverage technical analysis tools. These resources assist in making informed trading decisions within the cryptocurrency markets.

On the TradeStation platform there is a feature called “Simulation Trading” that traders can utilize. This simulation tool is beneficial, for traders of all levels whether you’re a beginner looking to learn or an experienced trader wanting to tune your skills, explore strategies or get acquainted with the platform’s features before risking real money.

Customer support

If you reach out to a broker whether you’re new to investing or an experienced trader it’s essential to find customer service that’s prompt and genuinely helpful.

To quickly gauge what kind of customer service you can expect from TradeStation we’ve compiled some information for you.

Should you have any inquiries, TradeStation client services are available for support by phone 24/7. However for the response we recommend utilizing the Live Chat feature while logged into your trading account on the Client Profile tab. During business hours (From Monday to Friday – 9 a.m. – 6 p.m.) you can expect a reply. Alternatively you can also contact the broker via email. Please note that regular emails might not receive a response. If you send your email directly from the platform and include your contact details a reply will be sent within 24 hours during business hours.