I think a lot of traders are totally oblivious about the interest they collect in their TS accounts, otherwise TS would be losing accounts in droves. Interestingly, most traders are very much aware of $.001/share higher commissions when obviously the interest has a much bigger effect on the bottom line. Cybertrader, IB, Schwab, Fidelity, E-Trade, Ameritrade, etc. all offer competitive credit interest rates or a money market sweep at the end of each day. I don't know who would be ripping off their customers with such low interest like Tradestation, they are pretty much alone in that regard.
Once again, Cruz CAN get away with it so he DOES. Call them up and say you have a 250k account but can't move it there because your free cash rates suck large. They may claim that at least the rate is 'large'
The TS platform is $100/month, not $250/month. Also, IB charges nothing for their Trader Workstation. And I'm speaking for daytraders who have to have at least $25K in their account, but more realistically need at least $50k or $100k to trade effectively. Thats $1500 to $3000 per year they are giving to Cruz. TS DOES care about that. That's why they won't increase their measly credit interest rates from 1.125% even though Fed Funds is 5%.
hmm, i was just navigating the TS site to make my first withdrawal, and it indicates that before any can be made, the user must fill out and return the following form, which usually takes about 10 days for approval. LOL https://www.tradestation.com/pdf/online transfer authorization agreement.pdf might as well fill it out now. this applies even to check requests, even though none of the information on the form applies. amazing it's not an online form like everything else, why on earth would that be? how do you feel when someone stands between you and your money?
Don't teach ME, you know shit. I'm talking TS is $250 if you want to take your brokerage account elsewhere If you think TS.8 plateform make no significant differance to your trading, then stop wasting your time with them and close your account a.s.a.p. and Pay $250 and recieve your % credit interst from other brokerages
in the latest quarter TS revenue came from: > > > > brokerage commissions & fees: 18.6M > > Interest Income : 8.4M > > Subscription fees : 2.4M
8.4M in a quarter! Thats over 33M a year they are making off that interest spread between what they earn in money market/T-bills and the 1.125% that they pay out. They probably make even more than that because short term interest rates have been rising since the beginning of last quarter. Cruz is doing a lot of shopping for yachts with all that interest from customers' money.