TradeStation.com Review

1.833 · 44 REVIEWS
Updated: Aug 17, 2020 · Visit site  · Is this your company?

TradeStation is a stock broker. Trade Station offers online trading through mobile app. TradeStation.com offers,stocks, ETFs, options and futures for your personal investment and trading options.

TradeStation.com
October 2017:  The FPA is informed that TradeStation no longer offers forex.  The company now allows clients to trade stocks, options, and futures.

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1.833 · 44 REVIEWS
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mark,
Tampa, FL,
Oct 29, 2008,
Guest

Mishandling of Tradestation Account Funds

This situation began on Oct 8, 2008 and remains unresolved.

On the morning of Oct 8 (around 8am), I attempted to short USDJPY but the order was never filled according to the information I had available. There was no open position and no open P/L. Later the same day, around mid-day and later in the evening, I was in Tradestation and still no indication of any open position. My position was flat.

The following morning, Oct 9, 24 hours later, out of nowhere, an open short position now shows up for TWICE THE QUANTITY. At the time, I didn't understand where this came from and called the forex trading desk. I was told Gain Capital was having serious problems the previous morning. I was also told the open position on the USDJPY was entered around 1pm on Oct 8 and it was because of 2 orders. The average entry price for the open position was 99.554 and the open P/L was a loss for over $1,000. I was told to close the position and, of course, my account balance dropped by more than $1,000. The forex trading desk said they couldn't understand what was going on but it was obvious some strange things had happened. I needed to send them an email explaining what I knew so they could look into it and get it fixed. I sent the email.

On Oct 13, Greg, futures trading desk manager, contacted me and said he had looked into this and talked to Gain Capital and arrived at the conclusion that there was definitely a mistake and they were correcting the mistake by putting about $236 back into my account. Why? This was based on the premise that the position I closed on Oct 9 was opened around 8am on Oct 8. He said this was what was told to him by Gain Capital and how they thought it should be handled and he agreed. But this was contrary to all the information that exists about the circumstances. The open P/L and the loss on the account was for more than $1,000 which corresponded to the average entry price of 99.554 and the time the position was opened of around 1pm on Oct 8 and this is what Tradestation shows for the closed position. But Greg refused to recognize any of these contrary facts. He was sticking to the storyline from Gain Capital but he would look into it further even though they were so busy.

We spoke again on Oct 15 but he was so busy he had not had a chance to get back to it but he said he would get to it in a day or two. Well, more than a week later (on Oct 23) and after leaving several messages, I finally heard from Greg but he was sticking to his story (the one from Gain Capital who apparently ends up taking the loss from what I was told earlier). But Greg refuses to acknowledge the same facts others quickly saw. That is that the open position was based on opening a position around 1pm on Oct 8; not based on an entry price from 8am. Greg doesn't want to talk about or listen to anything except his story from Gain Capital. He says he's reversing my loss by refunding $236. But my loss was for more than $1,000. It doesn't matter to Greg because Gain Capital says my loss was only $236 and he's sticking to that story. So how does Greg explain the rest of the money that was taken out of my account (since he insists that the loss was only $236)? He doesn't!! He refuses to talk about it. I asked to speak to someone else about this. He refused to give a name. Is this what Tradestation considers to be customer service? What other types of manipulation takes place on accounts that perhaps goes unrecognized amist the volume of transactions? Others quickly saw and acknowledged the details about the open position. But not Greg. Why is he protecting Gain Capital at the expense of Tradestation clients?

I'm looking into contacting regulatory organizations and if anyone else has suggestions or comments, I would appreciate them.
 
trader,
Cyprys,
Oct 10, 2008,
Guest

have sent them 3 enquiries, 2 via email and 1 via web site form. last one done 2 weeks ago. until now i have not got any reply.
cannot imagine opening an account with brokers who do not bother to answer to you
 
Steve,
Los Angeles, CA,
Jul 8, 2008,
Guest

As stated in other reviews, TradeStation is a great platform for developing and backtesting your systems. However, they exhibit a glaring deficiency when it comes to undertaking walk-forward forex testing. Their simulated forex account facility was introduced in March, 2008, and still does not work properly. Demo account balances are zeroed out at 5pm each night, making it impossible to feel comfortable enough with their brokerage services through Gain to graduate your system to a live account with them. They say they are aware of the problem and they're working on it. Wow! For a software company four months into it, that just doesn't cut the mustard in this deli. It will be far better for you to use their charting platform but trade demo with another broker you're comfortable with. That way you will pay the higher monthly TS subscription rate, worth it i believe, but you don't have to make a leap of faith and go directly from backtesting to live. Add in the considerations discussed in other TS reviews here of doubts about the fills, commissions and dealing desk of the TradeStation/Gain brokerage and you will be a much happier camper demo trading through another broker until you're ready to go live with that broker's platform. Good trades everyone!
 
Bob W.,
CA,
May 4, 2008,
Guest

I have used tradestation for the last 8 months, and have been subjected to EVERY problem mentioned by others, and then some. BAD data feed for forex. Gain runs a dealing desk against the clients, and tradestation also likely partners with them against your trades. You will RARELY see green on your order bar. Check tradestations list of brokers to choose from. Looks like a small telephone book. They will trade against you, and they have the money, and obviously the right contacts,to guarantee that you will loose money. I have 14 years experience trading the stock market, and about 4 years experience trading the futures markets. I know how to build trading systems that work, (at least reasonably well), but have had every system that I tried fail. You can put together the best system in the world using their software, and their broker teams will just annhilate your trades. The only way to come out ahead using tradestation is to buy and hold like a rock for the long haul, (ya better be on the right side tho), but then you will pay the monthly platform fee. I would not reccomend them to anyone for forex trading!!! And very questionable for trading stocks also!!!!
 
John,
Virginia,
May 1, 2008,
Guest

I would not recommend them for short term trading. This issues with GAIN listed in this thread are real. They also use fractional PIPs so you are making an automatic donation for every trade. Having said all that the Trade Station charting and system testing capabilities are excellent and if you are in for longer term trades it is well worth looking at.
 
John & Peter,
California,
Apr 3, 2008,
Guest

We have used TradeStation in our local Trading Group for more than a year. While reasonably satisfied with the software package for most of the time we find their graphics is much inferior to other software and their data feed highly unreliable in peak market conditions. It can cost thousands of dollars to sit in front of a frozen screen not being able to enter another order like a stop or sell order just a few seconds after an order has been placed and the market has taken off in frantic activity. If your order confirmation is not turned on (for fast execution) it can happen that those orders that did not place due to their frozen order server, go in repatedly several minutes later. Naturally you would expect a respone when you sent off the order and when nothing happens you are likely clicking again only to find no reaction. Then all those order will go in whenever their system can cope with the order flow. This specifically has happened three times within 6 months and cost us each time several thousands of USD not even counting the opportunity losses. We can simply not trade reliably in this environment with Tradestation since news releases are becoming more and more important in a volatile market environment. More than the technology however, it is their attitude towards clients when there are problems which is disappointing. They are highly focused on marketing the platform to newcomers but not equally focused on treating customers well. Money wires are often delayed on their side and turn up very late in your account. While costing you serious amounts several times per year you will be agressively spoken to whenever your stops are only a fraction of a tick away from what they decided to be the rule for that day or who you speak with. You will be without notice locked out within seconds to 2 min and spoken to in an aggressive tone as if a criminal by staff that appears overstressed. It does not make business sense since we are talking about zero risk to TradeStation from a client that has paid over $100,000 in fees per annum at absolutely no risk to them, i.e. all of us have never owned them a penny at any time and have always more money in the account than any possible risk to any position. Overall, it might appear cheap and convenient but we recommend to everyone serious about trading to put a bit more homework into finding the best mix of providers (software, data feed, brokers). You will end up with higher monthly expenditures but enjoy better technology and most importantly a partner whose service quality you can trust. This will save you money within less than one year.

John, Peter & the BayTraders
 
Bill,
Canada,
Feb 20, 2008,
Guest

I have read most of the input with reference to TS. How naive a lot of the people are. Trade Station are THIEVES of the worst kind. They charge a commission plus a spread and stick right to you. They are not competitive with reputable brokers [if there is such an animal] at all.
THE WORST THING I FIND WITH THEM IS HOW THEY M A N I P U L A T E their data feed to you. Trading the S & P 500 emini today they stopped the feed for a move of 11 full points. Approximately 2:00pm Feb 20/08 they stopped the feed again during a fast market of ups and downs of 5 full points. Thieves, thieves thieves = PLEASE do not deal with them. get their charts etc. but DO NOT TRADE with them. I run Dynamic Trader with their signal and that is the only reason I have not told them where to shove it at present. However today is getting extremely close to the straw that breaks the camels' back. I trade currencies also and have witnessed the feed stopped numerous times. Dumb a**es still have the data feeding but their trading platform and charts are frozen. No lies told here. BASTARDS of the worst kind.
STAY CLEAR..
 
Jason,
New York, NY,
Nov 29, 2007,
Guest

They are a den of thieves. Allow to me explain.

(preface - TradeStation as a charting/system development package is fine. I also hear their futures and equities trading is ok too.)

As far as FX trading is concerned, avoid them at all costs. First & foremost, they outsource FX trading to Gain, which utilizes a hybrid dealing desk. "Hybrid" in the sense that the spread is controlled, they are not an ECN. Spreads are tighter than other dealing desks, but not as tight as ECNs. Since they're charging the same commission as other ECNs, the spreads should be competitive. They are NOT competitive.

Now for the real kicker, TradeStation adds 0.5 pip to Gain's spread at all times to all currency pairs (except eur/usd, they add 0.3 pip). You can download the Gain demo and run it simultaneously side-by-side to compare.

**TradeStation has the audacity to steal a pip from their clients per r/t trade.**

This has been confirmed from multiple sources at TradeStation, the extra pip goes to them. For this "service" they have the audacity of charging an ECN commission. What a joke...

Keep in mind Gain's spreads, while tight, do not compare with other retail ECNs (InteractiveBrokers, MBT/EFX, etc). You're effectively paying a commission for a higher spread at Gain, then paying an extra pip to TradeStation!

On top of this, they rob you of any interest on idle funds. Inactive funds receive 0% interest. Absolutely ridiculous...

To reiterate, TradeStation's FX offerings are a joke compared to reputable ECN brokers. The extra pip they take is blatant robbery. 0% interest just adds to the disgrace. Avoid at all costs. Use an ECN broker.
 
Bob,
USA,
Nov 29, 2007,
Guest

TradeStation trades forex through GAIN Capital, which as stated below, takes the other side of the trade. Slippage can be over 70 pips and averages over 20 pips per trade per side. If you have an effective automatic trading strategy written in TS' EasyLanguage, you'd do best to find someone else to trade it through.

Their TradeManager export function executes in dollars, not lots, so that can be a problem with some programs like Collective2.
 
Phil,
Coral Springs, FL,
Nov 23, 2007,
Guest

TradeStation is the total package. I have used their platfrom for over 5 years now and trade stocks, options, and forex. Now that they have integrated forex I can trade and track all instruments right from the platfrom. TradeStation is programmable and can be of great assistance in helping watch the market.

Forex is cleared through Gain but I have yet to experience a problem with that. Every broker clears through someone else. The spreads are competitive and the executions are instant.

Years ago customer service wait times were lengthy but over the last year they have addressed this and there are virtually no hold times at all. The trade desk can be a little curt at times but the need to call them is rare.

TradeStation is a professional platform that can be leased for $250/month or $100/month with a small account. If you trade 10 lots or 100 minis in a month the platfrom is free.