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TradeStation

*Est. $6.99 to $9.99 per trade
Reviewed
June 2012
by ConsumerSearch
TradeStation

Pros
  • Excellent research tools
  • Direct-access trading
  • Fully customizable trading platform
  • Active online community
Cons
  • Software-based only
  • Costlier than most
  • Learning curve

TradeStation is a good choice for those who trade frequently and want the latest technology. The software-based trading platform provides minute-by-minute quotes and executes market orders in a split second, according to Barron's. An active online social network adds to TradeStation's appeal. Customers who don't make a certain number of trades per month pay $99.95 monthly to use the software platform. The account minimum is $5,000 for nonday traders. If you want a less expensive broker with sophisticated trading technology, Interactive Brokers (Est. $0.005 per trade) may be a better choice, reviewers say.

TradeStation is not as extensively reviewed as some other online brokers. However, we did find a thorough review from Barron's, and the publication Technical Analysis of Stocks & Commodities lists this broker as the winner of a few 2011 Readers' Choice Awards.

Our Sources

1. Barron's

TradeStation is ranked fourth among 27 in this year's survey of online brokers. It is named the best online broker for frequent traders and among the top brokers for international traders. However, reviewer Theresa W. Carey says that it is "clearly not … a broker who is catering to the uninitiated."

Review: Cut the Cord, Theresa W. Carey, March 12, 2012

2. Technical Analysis of Stocks & Commodities Magazine

Subscribers to the magazine Technical Analysis of Stocks & Commodities vote TradeStation the first runner-up for best stock brokerage, best futures brokerage and best Forex (foreign-currency trading) brokerage. TradeStation also wins awards for best institutional, professional and online analytical platforms.

Review: 2011 Readers' Choice Awards, Editors of Technical Analysis of Stocks & Commodities, 2011

Online Brokers Runners Up:

E*Trade Est. $10 per trade

7 picks including: Barron's, Kiplinger.com…

Fidelity Est. $8 per trade

6 picks including: Kiplinger.com, SmartMoney.com…

Interactive Brokers Est. $0.005 per trade

5 picks including: Barron's, Technical Analysis of Stocks & Commodities Magazine…

OptionsHouse Est. $4 per trade

5 picks including: Barron's, TopTenReviews.com…

Charles Schwab Est. $9 per trade

4 picks including: J.D. Power & Associates, Stockbrokers.com…

optionsXpress Est. $10 per trade

4 picks including: TopTenReviews.com, Reviews.com…

Vanguard Est. $7 per trade

3 picks including: J.D. Power & Associates, Yelp.com…

ShareBuilder *Est. $4 per trade (automatic investment)

2 picks including: Barron's, SmartMoney.com…

USAA Brokerage Services Est. $8.95 per trade for most traders

2 picks including: J.D. Power & Associates, ConsumerReports.org…

Lightspeed

2 picks by top review sites.

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