TradeStation Australia has quickly become one of the most popular online brokers. This comes as little surprise as the broker offers a strong range of trading instruments and exceptional trading platforms to choose from.
One thing that allows TradeStation Australia to stand out from many other online brokers is the fact that you can buy, sell and hold cryptocurrency on the platform. Not just speculate on the price movements with CFDs. Our TradeStation review Australia takes a closer look at some of the fees on the site, the available platforms and the different accounts you can open.
Getting your TradeStation Australia account setup is really not all that difficult. You need to navigate to the “open account” button in the top right-hand corner of the homepage. From there you will need to follow a few simple steps.
- Enter your email, preferred username and password.
- You’ll then need to fill out a form that includes all your personal details and your preferred currency.
- You then need to give TradeStation Australia some information on how experienced you are with online trading. The survey shouldn’t take you too long to complete.
- Accept the terms and conditions of the broker.
- The last step is the most important. You will need to verify your account by providing TradeStation with a copy of your I.D. and proof of residence. You can do this by giving them a copy of your driver’s license, passport or standard I.D. document. The proof of residence can be done by sending them a copy of your credit card statement or utility bill.
Before you finish off your account creation process, our TradeStation review Australia found that you can also cash in on a welcome bonus as well. New users will receive an extra $100 if they deposit $500 or more into their account using the offer code “TSTVAFVE”. From there, your TradeStation trading account has a great little boost so you can kick things off the right way.
Using the broker’s site was an absolute pleasure while we were conducting our TradeStation review. Getting from point A to point B was made easy with the search bar function. The site itself is laid out in a way that is easy on the eyes and simple to understand. You’ll have no problem finding the sections of the site you want to see as the main tab at the top of the homepage has everything you need.
The trading platform itself caters to novice and experienced traders all the same. You can take your pick from the exceptional trading tools they have on offer. Or you can learn more by navigating to the educational pieces they have on the site.
Overall, we found that navigating between pages took no more than a few seconds. And that was a worst-case scenario. For the most part, you’ll have barely any waiting times to endure while using the site. This makes executing trades and taking advantage of the analytical tools all too easy.
Our TradeStation review found that there were a few different accounts to choose from when you join the platform. You’ll have your choice of standard options such as an individual, joint, IRA, custodial and entity.
The account options you have available at TradeStation Australia go into far more detail than that though. You can also specify what type of trading account you want to use. You may want to use an equities account which will give you access to stocks, ETFs, bonds, options and funds. There are three kinds of equities accounts, namely; a cash account, a margin account and a day-trading account. Each with its own minimum deposit amount which will get to shortly.
A futures account, as the name suggests, will give you access to futures trading. A futures options account will give you access to, you guessed it, futures options trading. And lastly, you can access a crypto account that will allow you to trade cryptocurrencies through CFDs. If you already have an account with TradeStation Australia, you will then need to request access from the broker to open a seperate, additional crypt trading account.
The final step in the account choosing process will give you an option between TS GO and TS Select. TS GO gives you free access to the TradeStation Australia desktop platform where TS Select accounts will need to pay. Essentially, you are choosing a pricing plan. TS GO will serve you better in the long run but will require that you make a minimum deposit of $2,000 where TS Select will require any amount of your choosing.
It’s important to keep in mind that TradeStation does in fact charge an inactivity fee for those users who don’t maintain $2,000 in their account or if they don’t make a trade within 12-months of opening their account.
Fees – varying costs at TradeStation
The fees on the TradeStation platform can look a little bit confusing at first glance but when it boils down to it, they are relatively straightforward. We mentioned the two pricing plans in the previous section which you can choose from but there are other fees to consider. You can choose from three options that include per share, per trade and unbundled pricing.
The per trade option is recommended for traders who execute large volume trades as it costs $5 per trade. The per share option is for traders who are using smaller volume trades more frequently as it i’ll set you back $0.01 per share. And lastly, the bundled pricing option works similarly to the per share options butin much higher volume trades. If you trade more than 100,000 shares per month, your trading fees gradually decrease.
Take a look at the TradeStation Australia pricing and fees page as it gives you a detailed look at all of the fees on the site that include everything from margin interest rates to options and bonds fees. Check out our Oanda review to see how their fees stack up against TradeStation.
The TradeStation desktop platform gives you access to exceptional market-scanning tools, swift trade execution, customizable charting, detailed order management and fully automated strategy trading. Essentially, everything an active trader will need to make a success of their trading strategies.
The TradeStation FuturesPlus platform is the perfect tool for futures options traders. Users can trade the international exchanges and liquidity platforms through the desktop or mobile platforms respectively. Take advantage of enhanced market views and customized trading to take you futures options trading to new heights. Our Tradestation review was most impressed by the number of different platforms available to users. And while we were disappointed at the omission of MetaTrader 4 or 5, we believe the options available more than make up for this.
At the time of writing our TradeStation review, we found that there was only one payment method for making deposits into your trading account. The same method needs to be used for making withdrawals as well. Users will only be able to do all of the above by using a bank transfer.
However, that is only strictly speaking true for depositing and withdrawing fiat currency. TradeStation makes a number crypto deposits and withdrawals possible via:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- US Dollar Coin (USDC)
- Ripple (XRP)
Many online brokers won’t give you this option which is why our TradeStation ranking is so high, in spite of the shortage of fiat currency payment methods.
For the most part, your minimum deposit is a mere $1 when using a cash account. However, this minimum will vary from account to account. If you are using an individual margin account your minimum deposit needs to be $2,000. If you use an active day trader account, S25,000. A futures account will require that you deposit a minimum of $5,000. Compare our Blueberry Markets review to TradeStation to see the difference in payment methods.
Our TradeStation review Australia was most impressed with the customer service provided by the broker. We decided to chat with one of the support staff members about a few trivial questions and issues and we found them to be professional and polite.
You will undoubtedly run into one or two problems where you will need the assistance of the customer support team. If that is the case, you can contact them via their live chat feature, email or via their telephone number. Our TradeStation review found that they respond within a reasonable amount of time for each of these options but that the live chat feature was quite clearly the best.
One thing that the customer support of TradeStation could afford to improve is the number of languages that they provide their support in. As it stands you can only contact the customer support team in English. This is fairly limiting for those residents in Australia who are perhaps more comfortable speaking another language. You also won’t be able to contact the customer support team 24/7 which was a bit of a letdown as well.
While our TradeStation rating may be affected by the latter two points, we were still impressed with the overall quality of service. As such, our TradeStation ranking won’t be impacted too badly overall.
One of the most important aspects of our TradeStation review is that we make sure the broker is regulated by an official financial authority. This helps us to rid readers of any fears about a TradeStation scam.
Thankfully our TradeStation review found that the broker is fully regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Australian Securities and Investments Commission (ASIC). As such, you need not worry if the broker is safe to use or not.
There are safety measures in place for users on TradeStation. The customer protection rule ensures that TradeStation keeps users funds in a separate account from the company. In doing this, users’ investments capital investments are secure from any potential calamitous financial downfall of TradeStation Australia. See our TradeDirect365 review to see if they cover you with this kind of protection as well.
That brings our TradeStation review to a close. You should now know what TradeStation Australia is all about and what you can expect to find on the platform in terms of the available accounts, the fees, trading platforms and more. There is no surprise that our TradeStation rating is so high, as the broker has done nothing but impress with its diverse range of trading instruments and robust trading platforms.
If you need more convincing about the overall quality of TradeStation, we recommend taking a look at our City Index review or our Vantage FX review for a comparison with some of their industry competitors.