TradeStation Global: Official Review 2024

07 April 2023

Summary:

  • Ideal for automated trading
  • Variable fee for shares and fixed fee for derivatives
  • Broker regulated both in the USA and in Europe
  • Ability to use both IBKR and TS platforms

pros Pros:

  • One of the largest range of products and markets available
  • Possibility to connect both TradeStation and Interactive Brokers platforms to your account
  • Maximum level of safety guaranteed
  • Account protected up to $250,000 by Securities Investor Protection Corporation (SIPC)

pros Cons:

  • Time-consuming account opening process
  • Money transfers by bank transfer only
  • OptionStation PRO is not available
  • Not as accessible for beginners
star rating 4.7  4.7
Safety:
100/100
Fees and Costs:
90/100
Products and Markets:
92/100
Trading platform:
96/100
Tax regime:
60/100
Ease of use
50/100
Overall rating
86/100

TRADESTATION GLOBAL: Pros and Cons Uncovered

In this review we analyze a peculiar product but one with great potential, born from the combined action of two of the world's leaders in the online trading landscape. 

This synergy made it possible to gather the strengths of both entities, making the weaknesses that characterized each of them superfluous. 

Let's talk about TradeStation Global, a trading account created from the combination of TradeStation US and Interactive Brokers.

Those who have a TradeStation US account cannot trade all products, such as Forex or CFDs, nor can US users access markets such as the European stock markets, IDEM and Euronext. TradeStation Global solves that problem

Those who have an Interactive Brokers account and want to code and backtest their strategies but cannot do so on IB Trader Workstation (TWS). TradeStation Global solves that problem.

Those who have never had an account with either broker can now take advantage of all the advanced services offered by Interactive Brokers, while having the ability to integrate the TradeStation platform, one of the most popular platforms in the trading community, for free.

In the following sections you will find our in-depth analysis and unbiased opinions for 8 different categories

Is opening a TradeStation Global account the right choice for higher level traders, or are there other solutions for advanced online trading?

Safety

How safe is it to have an account with TradeStation Global? 

To answer this question, we must shift the spotlight to Interactive Brokers, since the account resides under the jurisdiction of IB. When choosing a broker, one of the first steps must be to ascertain the intermediary's reliability and safety. Only once the security criteria are met, can you move to evaluating other parameters. That said, we can presume that Interactive Brokers ranks among the safest brokers in the world. Let's see why.

 

We have studied the Client Agreement in detail (the Agreement with the Client, only available in English). Let's start by clarifying that UK clients open an account with Interactive Brokers U.K. (IB UK), the European subsidiary of Interactive Brokers LLC, with the parent company headquartered in the United States. IB LLC is a listed company on the NYSE (ISIN: US45841N1072) and has received a BBB+ rating with a stable outlook from Standard & Poor's.

IB UK has been authorized by and is supervised by the UK Financial Conduct Authority (FCA), one of the most stringent and reputable regulatory bodies in the world. Interactive Brokers is an execution-only broker, which means that it cannot provide any advice or promotion of financial instruments, it can merely send client orders to the trading venues. This setup also defines IB as a DMA broker that does not act as a Market Maker in any way.

The US Financial Services Compensation Scheme (“SIPC”) applies to this online broker, but how? This scheme is a real insurance that covers cases in which the intermediary becomes insolvent, for a maximum amount of up to $250,000 (where the European compensation scheme is €20,000). Should a negative event occur for the broker, your funds are still covered by this fund up to that maximum amount.

 

Login and Security

Access to the TradeStation Global account takes place on two levels: First, you need to log in with your username and password. At this point the system will ask you to enter a code that will be received via SMS on your registered mobile number. For those who want to avoid receiving SMS, it is possible to enable the so-called two-factor authentication on the Interactive Brokers app. After entering the username and password, the system will confirm the login request from the app in order to access the account. 

Two-factor authentication login allows you to keep hackers and account access attempts by malicious bad actors at bay. 

For the reasons listed above, opening a TradeStation Global account allows you to benefit from the highest security conditions.

TradeStation Global Account

Opening an account may leave one a little perplexed by its complexity. To open an account with TradeStation Global you will first need to specify whether you are an existing Interactive Brokers client or want to open a new account from scratch. Both natural and legal persons can become customers. It is also possible to jointly hold the account between two natural persons.

Next, you will need to enter your personal data and accept the conditions, after which you will be directed to the Interactive Brokers website to complete the registration (from a legal point of view, an Interactive Brokers account is activated).

To verify your identity, you will need:

  • An identity document (passport, driving license or identity card);
  • A proof of residence not older than 6 months (for example a utility bill or bank statement).

Once the account opening request has been approved (in this case it took 3 working days), you will be able to make a deposit that will be used to feed the newly opened trading account. In this regard, the only option available is to arrange a bank transfer, whose recipient is Interactive Brokers and whose IBAN is German (therefore a SEPA transfer must be made). The transfer can be done in the currency of your choice.

Overall, registering an account was quite cumbersome and far too long. This is largely due to the stringent requirements of the American legislator. Although tedious, this procedure guarantees that the security standards are high with this broker.

 

What is the minimum deposit for TradeStation Global?

Until a few months ago, the minimum deposit required to open a TradeStation Global account was $1,000. Now, however, you can activate the account with any amount. You can fund the account with a minimum deposit starting from $0.01. Once the transfer is credited, it will be time to install and configure the trading platforms.

First, you will need to download and install Interactive Brokers TWS. Once you have logged in with your username and password, you will need to configure the API settings to allow the TradeStation platform to integrate with TWS. The TradeStation team will send a detailed email with all the instructions to follow for this process.

Author of the review:

Alfredo de Cristofaro author
Alfredo de Cristofaro
Founder
Graduated in Economics of Financial Intermediaries, after having worked for several years at one of the main financial brokers in Europe, he decided to make available to investors the knowledge gained over the years. On QualeBroker.com he's responsible of reviewing the stockbrokers, making sure that the highest standards of safety and transparency are guaranteed.
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