TradeStation Review (2025): Powerful Tools for Serious Traders

If you’re an active trader, you’ll be hard pressed to find a trading platform better suited to your needs. Few platforms offer more customization and control over the entire trading experience. 

From the truly impressive array of indicators and studies to the platform’s mind-blowing backtesting capabilities, TradeStation gives traders everything they need to develop, test, and execute their trading strategies.

In this TradeStation review, I’ll discuss their powerful trading technology, advanced research and charting tools, and exceptional trade execution and order routing system. By the end, you’ll know if TradeStation is the right fit for your trading and investing needs.

Let’s dive in.

TradeStation
TradeStation, the platform designed for pros

TradeStation is one of the few brokerages that prioritizes the needs of active traders over everyday investors. If you’re looking for a high-powered trading platform to help you find and capitalize on market opportunities, you’ll appreciate all that TradeStation has to offer.

On the other hand, if you’re a buy-and-hold investor or just learning the day-trading ropes, you may be outmatched by TradeStation tech and underwhelmed by the educational offerings and customer support.

About TradeStation:

TradeStation is one of the smaller brokerages in terms of assets under management but it has a rich history of innovation and support for active and institutional traders. Originally offered as a software product in the 1980s, TradeStation pioneered backtesting tools, automated alerts, and customized tools that enabled self-directed traders to connect directly to brokers and trade like the pros. In 2001, TradeStation combined its award-winning software and trading platform with real-time market data and order execution to become an online self-clearing brokerage for equities, options, and futures.

Pros
Exceptional backtesting and automation capabilities
Powerful trading platform with comprehensive charting and research tools
Pricing structures that suit various trading styles and strategies
Cons
Dated platform UX with steep learning curve
Less than stellar educational resources and customer service
No access to forex, crypto, fractional shares, or international markets
High inactivity and associated service fees
TradeStation
INVESTMENT OPTIONS & MARKETS
80 %
COMMISSIONS & FEES
80 %
TRADING PLATFORM
90 %
TRADING APP
80 %
TOOLS & RESOURCES
90 %
FAST FACTS
Account Minimum:
$0
Interest on Uninvested Cash:
0.15%
Inactivity Fee:
Ranges from $10 to $149.95 per month if you don’t meet minimum activity or account balance requirements
Platforms:
TradeStation 10 desktop (Windows only), web trading platform, futures options platform, TradeStation mobile app for iOS and Android
Commission-Free Trading:
Stocks, ETFs, and stock options (+ $0.65 contract fee; additional $0.50 for directly routed orders and index options)
Futures Fees:
$1.50 per contract per side; $0.50 for micro contracts
Options Fees:
$0 commission, $0.65 per contract + $0.50 for directly routed orders
Margin Rates:
As of 1/1/2025, 12.50% for balances below $50,000; 11.50% for balances between $50,000 and $499,000, negotiated for balances above $500,000
Cryptocurrency Trading:
No
Geographic Availability:
US markets only 
Other Unique Features:
TradeStation has its own programming language, EasyLanguage, that lets you easily create custom trading algorithms
Source: https://www.tradestation.com/
Disclaimer

Trading carries significant risks, including the potential loss of your initial capital or more. Most traders lose money, and trading is not a guaranteed path to wealth. Products like FOREX and CFDs are complex and involve leverage, which can magnify gains and losses. CFD trading is banned in many countries, including the United States.

Our take

It’s tough to compare TradeStation to many of the highly rated online brokerages it competes against.

That’s because, despite recent attempts to broaden its appeal to a less sophisticated audience, it remains essentially a niche product. An extremely powerful, effective, and well-regarded niche product, but a niche product just the same.

If you fall within that niche—sophisticated, self-directed, active traders—TradeStation is tough to beat. The platform offers endless customization, direct connection to dozens of market centers, outstanding research and charting tools, and maximum control over orders and timing. And when it comes to backtesting, TradeStation’s 30 years of historical market data make possibilities endless. What’s not to love?

As it turns out, a lot, especially if you’re just starting your trading career and need a little more education and support. Even experienced traders have a bit of a learning curve, thanks to a less-than-intuitive user interface, infinite configuration options, and eye-popping assortment of widgets on the TradeStation desktop. And educational resources are thin, unless you’re looking for platform tutorials and guides.

Don’t get me wrong, It’s possible to get up and trading in a day or so, including opening a new account. To truly master the platform and take advantage of the innovative tools to develop and test new trading strategies, however, plan to invest a good bit of time. 

TradeStation’s trader focus is evident in its range of trading products. You can trade a wide variety of equities and over 3,000 ETFs and ETPs, plus options, futures, and futures options all at competitive prices, including zero commission pricing plans. You can even customize your data package to support your trading strategy. But if mutual funds are more your style, you’re limited to just 50 fund families and you’ll pay $14.95 per trade and need to use a broker. Treasuries, corporate bonds, and munis are also quite pricey to trade. 

Fees are also geared toward active traders. Inactivity fees for the commission-free TS Select plan run $10/month if you don’t maintain a $5,000 balance or place 10 trades in a 90-day period. The fee runs to $149.95 per month for brokerage accounts on the tiered and per-trade plans. You can skip the brokerage account and pay $99.99 a month for the TradeStation platform ($199.99 for the professional plan). You’ll also pay a $35 annual admin fee for retirement accounts. And there are no cash management services with brokerage accounts—and no checks or debit cards.

Ultimately, TradeStation excels at what it was designed to do: Give active self-directed traders the tools and access they need to trade like the pros. And while they’ve taken steps to make everyday investors and less sophisticated traders feel welcome, it’s not there yet. 

TradeStation: A Quick Overview

Minimum deposit
$0

No account minimum. Annual IRA maintenance fee of $35. Inactivity fees ranging from $10 to $149.95/month depending on plan and account balance.
Types of accountsIndividual brokerage, retirement, entity, and institutional account options
Investment Options and Tradable Markets
80%
US stocks including OTC stocks, ETFs, ETPs, options, futures, options on futures, IPOs. Mutual funds and fixed income assets are available by broker-assisted trade only.   
Commission and fees
80%
TS Select offers zero-commission trading on stocks, ETFs, options (+$0.60 per contract), futures (+$1.50 per contract per side or $0.50 for micro futures) and futures options (+$0.85 per contract per side). Broker-assisted mutual funds are $14.95 per trade, US Treasuries are $50 per trade, and corporate and municipal bonds are $14.95 per trade plus $5 per bond.
Trading platform
90%
TradeStation10 for desktop plus web trading platform; both are high-powered with institutional-grade trading tools, including OptionStation Pro and FuturesPlus.
Mobile app
80%
Full-featured complement to the desktop experience, available in both iOS and Android. Includes a sim environment to test your ideas. Note: The mobile app only syncs with the web platform, not the TradeStation desktop platform.
Trading tools and resources
90%
Scan and monitor up to 1,000 symbols in real-time with 180+ customizable technical and fundamental indicators and advanced charting and customized dashboards. Specialized options and futures tools. Use EasyLanguage programming language to create automated trading algos. Maximum control over order execution with direct routing available. Note: Desktop platform is only available for Windows. 
Paper trading account
✅ 
Yes, available with both the desktop and mobile app. Note that while the sim environment uses simulated currency, you have to have a funded brokerage account to use it.
Customer reviews
4.1/5 on Trustpilot
The platform itself gets mostly rave reviews but users complain about the fees and the lack of customer service and support options and response time.
Visit https://www.tradestation.com/pricing/ to double check fees that will actually apply to your specific situation

Investment Options and Markets

TradeStation offers trading products catering primarily to US-focused traders.

Here’s a breakdown:

Trading InstrumentAvailabilityDescription
Stocks✅ Trade listed and OTC US stocks. ClickIPO* lets you find and trade newly introduced stocks. 
Fractional Shares❌ No fractional shares or DRIPs.
ETFs✅ Trade over 3,000 US ETFs and ETPs with custom real-time data plans.
Options✅ Options-enabled accounts can trade options with zero commission +$0.60 per contract with the powerful OptionStation Pro tool. There is a $14.95 options exercise fee and a $5.95 options assignment fee. Margin requirements vary by position. 
Futures✅ Trade futures for $1.50 per contract per side ($0.50 for micro futures). Customize and automate your futures trading strategy with powerful futures-specific tools. You can also trade futures options with the FuturesPlus platform on both desktop and mobile. 
Forex❌ Forex trading is not available with a TradeStation brokerage account. 
CryptocurrenciesThere is no crypto trading with a TradeStation brokerage account. In 2022, the company settled a charge with the Securities and Exchange Commission (SEC) and terminated all crypto-related products in the US. 
Commodities✅ You can trade commodities futures and ETFs
CFDsCFDs are banned in the U.S.
Margin Trading✅ Margin trading is available with at least $2,000 in your account. Margin requirements for day trades are 25% for both long and positions and 50% for overnight.  
Short Selling✅ You can take short positions with a margin-enabled account. Margin requirements are 25% for day trades and 50% for overnight.
Automated TradingEasyLanguage is recognized as one of the best programming languages for automated and algorithmic trading. 
International Markets❌ Not available with a TradeStation brokerage account; however, TradeStation Global combines TradeStation software with an Interactive Brokers Universal account for access to 150 global markets in 34 countries and 27 currencies.

Broker’s Commissions and Fees

TradeStation’s commission structure for TS Select clients is in line with other discount brokers. Zero-commission trading is available for US stocks and ETFs with low contract fees for futures and options. The glaring exception is mutual funds. You can only trade them with broker assistance and the fee is $14.95 a trade. 

What truly sets TradeStation apart—in a negative way—are the assorted additional service fees. None of the other brokers we reviewed charge an annual administrative fee for IRAs, for example; TradeStation charges $35 with a $50 closure fee.

The transfer-out fee is an exorbitant $125. And TradeStation is one of the few brokers we reviewed with inactivity fees, which are quite high at $10 a month, although they are waived for accounts that maintain an average balance of $5,000. 

Trading Platform

Traders love the TradeStation 10 desktop platform. The Radar Screen can track up to 1,000 symbols in real-time with 180 customizable indicators.

The Matrix, another standout tool, combines market depth analysis with advanced order entry and tracking functions. And it’s all tied together with a unique linking system that connects your Radar Screen, Chart Analysis, and Matrix windows. Why does that matter? The linked function means that changing the symbol in one application changes it across all of them, turbocharging your research and order processes. 

Speaking of orders, order execution is where TradeStation really stands out. TradeStation has its own order routing technology, which delivers some very impressive results. According to the company’s website, in the third quarter of 2024, TradeStation delivered over $10 million in price improvements for their users, including $1.29 per share on equities and $24.13 per order for options. Execution speed is a blazing 0.044 seconds for stocks. 

TradeStation also gets high marks for its proprietary coding language, EasyLanguage, that makes creating and customizing trading algorithms a breeze. If you’re a fan of automated trading, TradeStation is tough to beat.

There’s also extensive technology and historical data for backtesting—more than we’ve seen with competitor platforms—and the Walk-Forward Optimizer for advanced strategy testing. You’re covered end-to-end with testing tools.

If you trade futures or options, TradeStation is chock full of features and tools to support your tactics. FuturesPlus has built-in templates for vertical spreads and butterflies as well as analysis with first- and second-order Greeks. OptionsStation Pro has custom position groupings, streaming Greeks, and advanced position analysis. It’s a pretty powerful suite of tools, putting TradeStation near the top of the list for futures and options traders.

Unfortunately, launching TradeStation out of the box with default settings is a bit overwhelming. The dashboard feels crowded, like you’ve crash-landed in Widgetville. The UI is dated, lacking the sleek intuitive feel of many of today’s top trading platforms. And the unending customizations—welcome as they are if you’re a sophisticated trader—are a bit confusing and more time-consuming than I expected.

The web version is a little easier on the eyes and more user-friendly. It does pretty much everything you need it to do, although surprisingly, watch lists don’t sync between the web and desktop app.

TradeStation’s trading simulator gives you access to all of the platform’s advanced tools, including their historical database so you can backtest your strategies. This is a great perk that isn’t always available with paper trading accounts. You can even switch on the fly between your sim account and real capital. But there’s a big caveat: You can’t use the sim unless you have a funded brokerage account.  

Mobile App

TradeStation is built for active, dedicated traders and the assumption is that most will be using the desktop app. That said, even professional traders occasionally need to manage their positions on the go. The TradeStation mobile app, available for both iOS and Android, was recently refreshed and is surprisingly easy to use, given the somewhat less intuitive desktop app. 

That’s probably because there’s not a lot of overlap between the desktop and the mobile app. Mobile watchlists don’t sync with the desktop app, but that’s not necessarily a deal-breaker because the Hot Lists section has built-in predefined screeners. 

Mobile charting is fine, but it’s not on the same level as the desktop experience. There’s a bit of jumpiness when you zoom in and the screen feels very busy at times. There are about a dozen chart types and drawing tools in the mobile app with big, easy bid and ask buttons. The app does have Matrix and options chains with streamlined ordering and order tracking, and it supports the same trade types as the desktop version. You can also use the simulated trading environment in the mobile app. 

The app was recently updated with new options chain features including a new expiration row, an in-the-money line, and expandable call and put windows. TradeStation has top-of-the-line options and futures tools in the desktop app, so it’s nice that the experience isn’t short-changed on the mobile app.

Trading Tools & Resources

TradeStation is built for traders who rely on technical analysis, but it does offer some fundamental data for those who want it. You won’t find in-depth stock research like you would on platforms designed for long-term investors, but you can access earnings reports, financial statements, and industry comparisons—all pulled from Reuters—without leaving the platform.

Hot Lists, which highlight the market’s biggest movers, are a great way to spot trading opportunities. The Market News tab streams live updates from Benzinga and other sources, while the Learn section provides in-house market insights.

As expected, TradeStation’s stock and options screeners are robust. The Scanner tool searches the entire market for equities that meet your criteria, while RadarScreen works in real time, ranking symbols based on the indicators you select. If you’re screening for stocks or ETFs, TradeStation holds its own against the competition.

For options traders, OptionsStation Pro takes things a step further. It extends all the platform’s screening capabilities to options while adding advanced visualization tools that help traders map out their strategies before placing trades.

Unlike some platforms, TradeStation doesn’t have a built-in idea generator. That said, the traders who use it typically prefer to develop and test their own strategies anyway. If that’s what you’re looking for, this platform is built to support you every step of the way.

Education & Support

It’s probably not surprising that TradeStation’s educational offerings are pretty thin and focused almost entirely on platform tutorials and technical how-tos. It’s not an easy platform to master and the customizations alone take a lot of time and effort to unwind. On that front, there is ample educational content to get you up and running, although it’s not organized as well as I’d like and finding answers isn’t always intuitive. 

There’s also a good bit of strategy and tactical education, mostly long-form articles, videos, and a few webinars. The MasterClass section is chock full of in-depth video content covering advanced features, analysis, and strategy for serious traders. TradeStation also offers live events and webinars for more interactive learning. 

However, if you’re interested in learning more about your overall financial picture—retirement planning, for example—the content is very basic and not particularly helpful. Then again, TradeStation wouldn’t be my first choice for passive investing and retirement accounts. As the company says on its website, it’s a platform for sophisticated and institutional traders. 

On the support front, TradeStation offers live chat, a virtual assistant, email support, and a basic FAQ library. There’s also phone support for technical assistance. The trade desk is available by phone from 5:30 am to 6 pm EST. Account holders can use the support forum to get tips and advice from other users. While I didn’t test it as part of this review, it appears to be a fairly active community. 

Security

TradeStation has above industry-standard security with two-factor authentication (2FA) through Google Authenticator, Auth0 Guardian, and SMS text. It also uses biometric logins for the mobile app. 

Beyond that, TradeStation has excess SIPC insurance through Lloyd’s of London with an aggregate limit of $300 million. The single customer maximum is $24.5 million with a cash limit of $900,000 per account. This is a superior level of protection compared to competitors. 

TradeStation customer reviews

TradeStation had just 314 Trustpilot reviews at the time of my review. It earned an overall score of 4.1 stars out of a possible 5, with 47% of all reviews having just one star. Most of them focused on high fees, poor customer support, and buggy apps. Here’s a sample of the most recent reviews.

That said, satisfied users are far less likely to leave reviews, so the overall rating may be skewed more negatively than it deserves. Here’s a look at some of the most recent feedback:

Out of all the brokerages, TradeStation is at the top of my list for user interface, workflow and ease of use. If anyone from TradeStation is reading this, please add a Mac desktop app. 

Date of experience: January 03, 2025

I really enjoy autotrading using EasyLanguage. Been doing this for more than 10 years.

Date of experience: January 02, 2025

Started charging a monthly and other fees (inactivity and others), needs a minimum balance. I’m guessing if you’re not active, it’ll go down to 0/negatives. There’s no reason why you’d have an account here. The website is outdated and impossible to navigate.

Date of experience: October 03, 2024

From beginning to (what is hopefully soon the) end, this broker has been an absolute nightmare. The signup process is atrocious and requires the signing of dozens of uncomfortable documents before being remotely usable. The fees are a complete scam and have been maliciously designed to thieve from you at every opportunity.

The website is slow, terrible, and laggy. The layout intentionally obfuscates their services and billing plans, which they force you into, then drains your account automatically over time.

This broker is a bunch of crooks who’ve designed an awful product to waste your time and money.

STAY AWAY!

Date of experience: April 20, 2024

Stay away from this broker. Their fees are ridiculous, mobile application crashes as well as desktop application. Unable to place order sometimes. Closed my account and never again. I made $8905 one day and they charged $8560 for commissions. You have been warned

Date of experience: May 17, 2024

Final thoughts

TradeStation excels at all the things sophisticated traders want. Powerful trading technology and sophisticated tools? Check. Superb order routing technology with the ability to route your own orders? Check. Easy-to-use programming language for creating customized trading algorithms? Check. A zero-commission pricing model with negotiated commissions, margins, and yield on excess cash for high-volume traders? Check. 

But all those amenities come with a few notable trade-offs. First, compared to its competitors, TradeStation has a limited range of trading products—if you trade forex, crypto, or international markets, you’re out of luck. And don’t try to buy fractional shares or DRIPs, because TradeStation doesn’t offer them.

Second, the fee schedule is designed to reward active traders who carry a large balance—and punish those who don’t. High inactivity fees, unexpected administrative fees, and heavy penalties for closing accounts and transferring assets can drain the accounts of less-active traders. 

And finally, the platform isn’t the easiest to learn or most intuitive to use. If you’re already on top of your trading game, you’ll master it fairly quickly. If you’re just getting started, the learning curve is very, very steep. 

Bottom line? This is the Ferrari of trading platforms for serious traders. If you’re a high-speed trader who lives for 8th gear, TradeStation is a perfect fit. If you still have your learner’s permit, however, and need to take it slow, you might be better served with a more user-friendly, full-service broker like Fidelity or Charles Schwab. 

author
Sheila Olson

Sheila has been a key figure in health IT, collaborating with innovators in healthcare since the 1990s. Her expertise extends to writing on healthcare trends, public policy, and biotech innovations for industry publications. Her deep understanding of healthcare significantly informs her investment strategies, particularly in biotechnology and pharmaceutical sectors.

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