TradeStation is a Forex broker founded in 1982. It’s in the business for so many years now, but does that make it trustworthy? Obviously not. To see if this broker deserves clients trust or not, we will have to go above and beyond and familiarize ourselves with the way it does business. Only then we will be able to say if it’s recommended to open an account and start trading here.
This broker comes from the United States. It offers ten different asset classes, so clients can choose between stocks, cryptocurrencies, futures, etc. Aside from all that, there is a TradeStation app store, where you can purchase software products that are compatible with the trading platform and upgrade it that way.
From first glance, everything works excellently, but there is one thing that troubles us the most. This broker has so many negative comments from its clients. Apparently, everything is problematic here. Accounts are closed without any notice, customer service is not responsive, the software is not working properly and the worst thing of all, nobody ever got a money refund. We are sure everyone understands why this worries us. Frauds are possible, we are all aware of that, but let’s see if TradeStation knows better than that.
Quality of service
Here, we want to focus on one part where you will be spending the majority of the time — trading platform. There is a separate part of the main menu dedicated to Platforms and Tools. When you open it, ten new subcategories will appear. This is quite confusing and unnecessary, especially if you are not an experienced broker. We completely understand the comments that say it’s hard to navigate through this website and find the right information.
Apparently, there is a desktop, web-based and mobile platform. As this broker says, the platforms are dynamic, advanced and fully customisable. Well, clients cannot know that unless they open an account. Needless to say, this is not a good thing. Why would anyone open an account if they cannot even see the trading platform?
The worst part about this is that you can find a separate page about simulated trading. This is something like a demo account and it allows you to test the platform before you start the whole trading journey. But we got excited too soon, apparently. To see the trading platform, we decided to open the test account. The thing is, when you want to open it, it won’t give you the possibility for the test one. So, it turns out that the test account doesn’t really exist.
Another thing we have to mention about accounts is the fact that you have to leave so many personal data upon registration. Yes, it’s the most normal and necessary thing to prove your identity to a Forex broker, but in this case, you will have to add employment information, financials, previous trading experience, etc. If you have experience as a broker, you know this is too much information to ask.
Speed of response
Speed of response and customer service, in general, is one of the most criticized things about TradeStation. We have to say, the page for contact is equally confusing as the one for the platform. This broker adds so many details on the website and it’s not an easy task to find something specific.
There is a separate support centre for the people who want to open new accounts. In that case, you can use the phone line, email or Live Chat as a method for contact. They have separate divisions for the United States and for international clients, so you have to choose the department based on your current address.
When it comes to supporting already existing clients, an interesting thing is that you cannot send an email. The only way to reach out to them is with a phone or Live Chat. We do understand the complaints because the Live Chat is not working at all. We tried several times and it was always offline even though the working hours are pointed out on the website.
Since we were unable to use the Live Chat, we decided to send an email and see what the speed of response is. Well, there is no speed of response because we never got a reply. Apparently, as a TradeStation client, you won’t be able to count on the support and that’s a huge problem.
TradeStation offers three different methods for deposits and withdrawals. This is not bad, but an interesting thing is that you cannot use Credit Cards. There is a possibility to deposit with Bank Wire, Check or Smart Transfer and depending on the method, you will have to wait a certain amount of time to receive money on the account.
If you go with the Bank Wire, the money you deposited will be available for trading the next business day if they are received after 4 PM (E.T). So, if you deposit on Friday, you will have to wait until Monday to start trading.
Things are a little bit different for Checks and you will have to wait a lot more. It’s between three to five business days and you can send that Check via U.S. mail or overnight or certified mail, along with your signed account documents. Lastly, with Smart Transfer, the waiting time is three days and you have a deposit limit of $50,000.
We have to say this part disappointed us completely. We are not used to waiting that amount of time just to start trading and we fail to understand why anyone would do that when there are so many other brokers who transfer funds on the account instantly.
When it comes to withdrawals, TradeStation won’t give you any information about it. Each person who wants to know more needs to become the client first, otherwise, you won’t know how long it takes to receive money to the bank account. It’s more than clear that TradeStation is not a transparent broker. Some of the most important information is hidden and that is unacceptable.
Maybe we won’t find much about withdrawals, but when it comes to fees and charges, this broker doesn’t have a problem to charge for every service. There is a separate part about commissions and at the first glance, it looks perfect. There are no additional charges and everything is free.
As expected, that’s not the case. Once you finish reading about free commissions, you will come to the part where TradeStation charges even the overnight check delivery fee and it’s $25. Also, there is a TradeStation IRA Account annual fee of $35, restricted security processing fee of $500 per issue, stop payment fee, short debit fee, etc.
We could go on and on about the fees, but the list is endless. So, if you want to know everything, read carefully each page on the website, otherwise, you will be negatively surprised when they start charging for every single detail.
After everything we have seen, it’s hard to imagine that TradeStation is a regulated broker. There are so many irregularities in the way this broker does business and some trading conditions are very questionable.
You should know that the license is not a mandatory thing when the broker offers good conditions and provides excellent service. With TradeStation, that’s not the case and you could easily be scammed. In that case, there is not an option to report it to a regulatory facility because it was your choice to deposit money at the broker who is unlicensed.
Variety of Payment Methods
There are three payment methods and you have the freedom to choose the one you prefer. Unfortunately, Credit Cards and eWallets are not an option, so if those are the methods you prefer, you can skip this broker.
The options clients have are Bank Wire, Check and Smart Transfer. It’s not a bad selection, but still, it’s missing the most common deposit methods nowadays. It looks like TradeStation is not eager to follow innovations and modern things.
Well, you don’t have to be a rocket scientist to realise whether we will recommend you to open an account here. This TradeStation review was not going into the positive direction at any point so the only thing we can say is that there are so many other brokers who are willing to follow trends and offer impeccable service. There is no need to waste your time with someone who won’t provide you with decent trading conditions and security.