TradeStation commits superior customer service while offering high-quality market data which makes it a good choice for the active trader of an intermediate level who wants to improve their trading skills along with making a profit.
TradeStation offers a simple solution for automatic trading. From the TradeStation Review, we get to know that transaction costs with TradeStation are low. To open an account with TradeStation, you need to follow few steps given below:
- Go to TradeStation.com and click on “Open Account”. Then register as a new customer.
- Fill out the personal information and choose the type of account between the options “Individual,” “joint,” and “IRA” also, you can click here to know more types of accounts. If you want to share your account with other people, you need to choose a Joint Account. IRA account is the Individual Retirement Account where retired individuals can put their pension money which helps them in saving tax.
- Now you will have to provide a series of personal and financial information. Personal information includes country name, date of birth, social security number, personal identification number, and residential address. Under financial information, you will need to fill approx. Annual income, total net worth, liquid net worth, source of income, and the way you are going to fund your account. You will also be asked about your experience in trading.
- After finishing up the signing of the form by simply writing your name, you will need to wait for TradeStation to open the account.
TradeStation doesn’t charge any deposit fee, which means you only have to calculate the costs charged by the bank or the third party that you use to send money with. According to differentiate of TradeStation & Interactive Brokers, it supports many deposit methods, including bank transfer, credit/debit, and online wallets. Wire transfer may take up to 2-3 days while with debit/credit card the transfer is automatic.
As per TradeStation vs TD Ameritrade, it supports major currencies like GBP, USD, and EUR, but it doesn’t support any minor currencies. Each Broker has its own base currency in which it will keep your deposited money. If you deposit in a different currency, a currency conversion fee will be charged. TradeStation doesn’t charge any conversion fee if you make deposits in USD, EUR, and GBP.
The best way to save the currency conversion fee is by opening a multi-currency digital bank account. In these banks, you can upload your existing currency into your new account and get it exchanged at great rates. After converting it, you can deposit the money in your brokerage account for free. TradeStation offers two commission plans: TS GO and TS SELECT. TS GO allows clients to trade trading products ETFs and Stocks for no fee, keeping charges of $0.50 per contract for options transactions. TradeStation also allows free trades on OTCBB/penny stocks trades which are listed on U.S. exchanges. T.S. selection is a plan which is most suitable for advanced traders. While the equity trades are free, options contracts and futures contracts are charged $0.60 and $1.50 respectively.