PROS / The TradeStation platform is completely customizable.
CONS / This stock trading software requires the highest minimum initial deposit: $5,000.
VERDICT / If you have enough cash to make the sizable initial deposit, TradeStation is a good choice thanks to the highly customizable platform and helpful educational resources.
TradeStation is among the best stock software for customizable options. This stock software lets you customize your dashboard by arranging your windows and tools so you can see the information that is most important to you and discard the information that is not pertinent to your trading strategy.
The online stock software platform has a range of tools for you to use. These tools include real-time quotes and analytic charts. You can even create your own watch lists with alerts, so you never miss an important trade. In our hands-on tests, this platform was one of the easiest to use and had the most customization features. If this is the biggest consideration when you are choosing a platform, this may be the best stock software provider for your needs.
If you want to trade on the go, you can install the TradeStation mobile app on your iPhone, iPad and Android devices. Though these apps do not offer the full capabilities of the desktop version, you can still view quotes, make trades and monitor your watch lists. While other platforms offer more comprehensive mobile apps, you can still achieve most of what you need to through the TradeStation app.
The pricing for TradeStation is very straightforward. At $5 per trade for stocks, options and ETFs, its commission is well below the average pricing of $6.60. The cost for an options trade is $5, plus $0.50 per contract, which is right about average. You have to pay a $14.95 fee for broker-assisted trades, which is lower than average. Since you have to fund your account with at least $5,000 initially, this software simply won’t work for everyone. This is the highest minimum requirement among the platforms we tested; most require $2,500 or less, and some have no minimum.
If you need more information about general investing, the TradeStation platform or developing a trading strategy, you can visit the online learning center. TradeStation’s website offers great resources that explain investment strategies and how to analyze stocks. Tutorials are offered in article and video form, so you can choose the medium and skill level that works best for you. If you need additional support, you can contact customer service via phone or email.
TradeStation offers the most versatile platform in our lineup. However, it does have by far the highest minimum investment amount of $5,000. If customization is a key draw for you, then TradeStation is good choice.