TradeStation
The platform of choice for serious active traders and algorithmic developers. Powerful scripting and backtesting capabilities.
Score Breakdown
Six dimensions assessed across a 15-year investment horizon.
Protection & Custody
Investor Protection
SIPC + excess coverage
$500,000 (SIPC) + $24.5M excess
Additional coverage through private insurers
Track Record
44+
Years in operation since 1982
Total Cost of Ownership
“Low per-trade cost for active traders”
Commission
$0 (stocks) / $0.50/contract (options) / $1.50/side (futures)
Spread
Raw + routing fees
Inactivity Fee
$50/year (if balance < $2,000 and no trades)
Withdrawal Fee
$0 (ACH) / $25 (wire)
FX Conversion
N/A
Est. Monthly Cost
$0–$25/month depending on activity
Order Flow & Execution
Routes to market makers; receives PFOF
TradeStation route retail equity orders to market makers. Options and futures routed to exchanges. Best execution obligation applies.
Pros & Cons
Pros
- Elite trading platform with EasyLanguage scripting
- Excellent backtesting and strategy automation
- Futures and options on futures available
- Competitive per-share pricing for high volume
Cons
- Complex for beginners
- Monthly platform fees unless trade minimums met
- Limited fundamental research
- Customer service not 24/7
The platform of choice for serious active traders and algorithmic developers. Powerful scripting and backtesting capabilities.