Be careful to open a account inTradeStation, is this illegal?

Discussion in 'Retail Brokers' started by Ironeagle99, May 23, 2017.

  1. Opened an account at TradeStation, if you don't do any trade one month, TradeStation can charge $179.99 -$181.99 monthly without any notice before. Actually, they gave you promotion (no any fee ) when you opened a new account, but will charge more later.

    From my story, when I wanted to open an futures & futures options account at TradeStation in 2015, their sales representative only opened a futures account for me which was not able to trade future options. Later, she asked me to open another future & future options account, but my future account could not be closed. She told me if I didn't have an future account, I can not trade in my future & future option account. For the reason, I have to put $6000 (min $5000) for keeping the future account even though I truly didn't need it. The sales representative promised me that my future account would no any data fee later.

    Last year from August to December, I didn't do and trade in tradeStation because I took some financial exams and traveling during that time. And then, my future account was charged $1081.94 from last August to this January.

    I called the customer service of TradeStation. Talked with two managers, but they had very bad attitude. Said no guarantee that my money can be return due to I should check my account every month. Also, they said future and future & future option are two different accounts. I can closed future account anytime if I want.

    I think that TradeStation is cheating and illegal to their customers.
    Mostly, I am an active trader, trading futures more than 40 rounds for monthly. TradeStation wants to get commission for trading, and charges high fee ($179.99) for no trading activity.

    If you have any good advice to me, please post here.
     
  2. jl1575

    jl1575

    In the future, if you plan NOT to trade for a few months or for a period of time (half year, one year), you can call the customer service to suspend your platform/account for that period of time , so they don't charge the platform fee (each is $99 or something).

    Platform/charting can't be free, otherwise people would open an account with Tradestation and use their platform/charting, but to place trades with IB or other brokerage. Multicharts, similar to Tradestation's charting system, charges $99 per month.
     
    Last edited: May 24, 2017
    comagnum likes this.
  3. birzos

    birzos

    Tradestation are running a business, you chose their services which are paid for, you didn't cancel or request a pause, it's your fault. Also use Tradestation and they are perfectly fine and equivalent to other brokers. Advice, be smarter and absorb your own mistake.
     
    comagnum likes this.
  4. They charged me $179.99 for month.
     
  5. jl1575

    jl1575

    "a futures account, a monthly $99.95 account service fee will apply to accounts that fail to maintain an end-of-month equity balance of at least $100,000, trade at least 5,000 shares or trade at least 50 options contracts or 10 round-turn futures contracts in the preceding month. Visit www.TradeStation.com/pricing for full details."

    $99.95 is the standard for years. If you have a second platform or second log-in ID, then they will charge double; but again, if you meet the twice amount of the requirement, say 20 rounds of future contracts, then it is free, otherwise it would be 2X$99.95. Real time data fee could be substantial depending on what you subscribed. You need to figure it out what it is included in that $179.99. Call them and they would explain to you, or you can figure it out by yourself from your monthly statement.
     
    Last edited: May 24, 2017
  6. I would guess there was also a real-time data package included in his setup, hence the $80 extra per month.