TradeStation
Overview
TradeStation is the "hacker's choice" of brokerage platforms. It was originally built for professional fund managers and institutional traders who needed to write their own code to automate trading strategies. Today, it offers that same power to retail investors. It is famous for "EasyLanguage," a proprietary coding language that lets you build, backtest, and automate your own custom indicators and trading bots. If you are a serious technical trader who wants to remove human emotion from the equation, TradeStation is your workshop.
Key Specifications
| Account Minimum | $0 (But $2,000+ recommended for full features) |
|---|---|
| Stock & ETF Trade Fee | $0 (TS Select plan) |
| Options Fee | $0.60 per contract |
| Futures Fee | $1.50 per contract (per side) |
| Fractional Shares | No (Not supported) |
| Inactivity Fee | $10/month (Waived with $5,000+ balance or 10+ trades/quarter) |
Trading Platforms
1. TradeStation Desktop
This is the platform's engine. It features "RadarScreen," a real-time scanner that can monitor up to 1,000 symbols based on your custom criteria. It also includes the "Strategy Performance Report," which details exactly how your algorithmic strategy would have performed over the last 10 years, down to the "maximum drawdown" and "profit factor."
2. TradeStation Web & Mobile
While the desktop app is for heavy lifting, the web and mobile versions are for monitoring. They are surprisingly modern and user-friendly, allowing you to check positions and place manual trades. However, you cannot write or compile new code on the mobile app.
Investment Features
- OptionStation Pro: A dedicated tool within the platform for visualizing option spreads. It creates 3D graphs of your risk profile, showing how changes in volatility or time decay will affect your profit.
- Matrix: An advanced "ladder" trading tool that lets you see market depth (bid/ask volume at every price level) and place orders with a single click of the mouse. Essential for scalpers.
- Simulated Trading: Offers a robust paper trading environment where you can test your automated bots with live market data before risking real capital.
- Crypto: TradeStation Crypto allows you to trade major cryptocurrencies with the same professional interface you use for stocks, bridging the gap between traditional finance and DeFi.
Account Types
TradeStation focuses on active traders and entities:
- Individual & Joint (WROS)
- Traditional, Roth, & SEP IRAs
- Corporate / LLC Accounts
- Partnership & Trust Accounts
- Entity Accounts (for professional trading firms)
*Note: Custodial accounts (UTMA/UGMA) and 529 plans are not supported.