The companies such as TradeStation are a rare occurrence on the market today. First, the company is one of the longest-standing ones in the industry of trading assets, and also one of the most respected ones. It is sufficient to say that this company is based in the United States – which is known as one of the strictest areas of the globe when it comes to providing trading services. Whether your preferences include dividing with CFDs or riding the wave of Forex – TradeStation can guide you through it.
Lately, the company is enjoying the fruits of its hard labour from last year. Namely, in 2019 TradeStation was able to acquire several smaller companies in order to diversify the way it conducts business operations. As a result, YouCanTrade was born – well, technically, it was adopted. Namely, this learning platform is the sole place where you can find anything and everything you will need among educational tools and resources to help you grow as an independent trader.
Let’s not delay this TradeStation review any longer! In the following passages, we will carefully and responsible go through many features and benefits of trading with this company, as well as help you distinguish the good and productive companies from the ones who are just here for a short period in time before they disappear from the radar.
Quality of Service
The quality of service of a trading company consists of its trading platform. At TradeStation, their team strives to make this company a tech leader in the area of providing services that are secure – not only profitable. As a result, they have created 3 different versions of a trading platform. Each one of them contains the valuable benefits that this company keeps close to its heart, but it also has some distinguishing features that different traders strive to.
This platform is available in 3 basic modes – the Web platform, the Mobile platform and the Desktop platform. However, there are also a few subtypes that you can find depending on your asset preference. So, as a result, you can find modes like futures trading, options trading, crypto trading and many more.
However, the part that we found the most appealing and interesting is called Simulated trading. This is the platform type where you can try out your trading journey before you make a final decision on this broker company. That’s right! Here you can apply your skills and knowledge while acquiring new ones, and as a result, try and fail until you find a winning strategy. It can’t hurt to try if you ask us!
Speed of Response
This is where things start to go south at TradeStation. Namely, their customer support team does not seem to be particularly responsive or eager to help. They are available through three communication channels, including the phone, email and the online chat box. Although that could seem like it is more than enough for the clients, the reality is much different.
The first thing we noticed is the fact that the customer support agents are not available 24/7. This is not a big surprise but is still a bit discouraging since many companies tend to make their agents available only during the working hours. After all, they are people too, right? However, what TradeStation failed to do is make up for this fact through other communication channels.
Namely, the email option takes from 1 to 2 business days to respond, which is quite a while when you think about it. In addition, the response seems to be incomplete or too vague, which will most likely make you start all over again with the wait. Quite discouraging, right? Lastly, the live chat option is quite slow, which usually takes about a few minutes to connect. However, with other platforms, the waiting times are only about a few seconds, so we are not really sure what happened here.
A great thing that we noticed at TradeStation is that they do not require any fees or have other strings attached to your depositing. However, the processing speed of your transaction is where this company falls short. Namely, you can only use a single payment method to fund your account and that is the bank wire transfer option. However, there is a catch here – and that is the fact that the bank wire transfer usually takes quite a long time to process these requests. In addition, TradeStation takes about 2 business days to process a deposit for US clients, while that time could stretch up to 15 business days for the clients outside of the country. Ridiculous, right?
When it comes to processing the withdrawal requests, however, we are not sure what the policy is here. TradeStation has somehow to stay vague about these details, and we can’t even imagine the hassle you would have to go through to find this information out. Like we said – we are referring to the poor customer service.
The first thing that the company likes to emphasize here are the commission-free trades on certain assets. This is applied to some stocks and futures, but the catch is that you would have to deposit around $2.000 for the TS Select trading option. This is one of the many benefits of the trading platform that is fully automated and takes advantage of many trading signals and tools to make your trading strategy a winning one.
The TS Go option, on the other hand, brings you zero commissions on trading stocks with no minimum deposit required. However, futures take about $0.05 commission, while that amount goes up to $0.85 per contract. We should also note that the company charges a $10 fee in case you use a desktop version of its trading platform.
Lastly, we should also mention the crypto trading and its commission structure, considering that this is a fairly new section of TradingStation. The digital currency trading has become so appealing in the past couple of years that the company seem to not have had a lot of choices than to jump in on the action. As a result, you can trade digital currencies on a separate platform with many benefits and fast executions. What about the commissions? Things are a bit difficult to catch on here at first, but we will break them down for you. Namely, the fees are quite competitive at 0.5% for market orders and a taker fee of 0.125% for the amount up to $1 million. All in all, this is a pretty good bargain when you think about it.
When it comes to regulation, you probably know already that the US is one of the strictest and toughest parts of the world. If you wish to provide trading services for the US citizens, you would have to own a licence from one of the two most reputable bodies in North America. The first one is the Securities and Exchange Commission (SEC) while the other one is FINRA (Financial Industry Regulatory Authority). And in the case of TradeStation, this company owns both of these licences, which is not an easy thing to achieve.
Namely, FINRA and SEC are two separate regulatory authorities with quite a huge and solid reputation, not to mention decades of experience. They were created with a sole purpose of making the world of finance and investing safe, but also approachable and profitable to all its participants, regardless of their background or trading proficiency. As a result, they are able to impose quite strict regulatory measures and create their own guidelines that ensure your safety, but also a smooth float of all the money and the assets that are regularly going through the US markets.
Variety of Payment Options
As we mentioned already, the main payment option that you should start getting used to is a bank wire transfer. This option is usually not a fan favourite, especially since it takes quite a while to process, no matter what the amount is that you wish to withdraw or put in. However, there are other options to consider, for withdrawals at least. Namely, considering that there are many cryptocurrencies available for trading, it goes without saying that you will need an e-wallet. The e-wallet is quite a handy thing to have, even if you are not indulging in the area of crypto trading. It is quite fast with only a couple of minutes to process your deposit or withdrawal requests. Also, it is able to convert your FIAT money free of charge and directly on the platform, which saves you quite a lot of time while trading. Overall, TradeStation is able to mostly cover its blind spots. However, it is only a matter of time when a better platform will show up to sweep all its clients away with great customer support, as well as other features that this company clearly lacks