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There are few issues with the performance and reliability of the TradeStation, mainly due to the frequent crashes and incorrect trade orders. TradeStation clients might also experience ghost orders that are in no way related to their trading accounts, which may result in massive drawdowns. The CFTC has recently penalized the company for their platform errors, which has made the company to sit up and take notice of their platform flaws.
We would be careful while trading with TradeStation until all the platform errors are brought under control. The maximum leverage is limited to 1: Forex spreads on major currency pairs range between 1 to 3 pips, which is the average spread for market maker accounts. Unfortunately, you cannot enjoy zero TradeStation spread due to the absence of an ECN account option, as all orders are transacted through the market maker access protocol.
Although the company does connect traders directly to stock exchanges for equities trading, Forex traders and investors in CFDs do get access only to the market maker protocol, which does come with a certain amount of conflict of interest. TradeStation might not be the best option for traders in the market, owing to the significant capital requirements and the lack of an ECN account option.
There are also other drawbacks such as issues with platform performance, lower leverage, and the severely limited payment options. Deposits and withdrawals can only be made through wire transfers or card payments, as the broker does not accept e-wallet payments or payments through online banks or payment processors.
Therefore, you might be forced into overtrading or taking risks to maintain the minimum capital requirements. If you are looking for better alternatives, we provide you with an excellent list of recommended Forex trading companies that have the best trading conditions, lower capital requirements, and highly reliable trading platforms. Our recommendations include regulated FX brokers that not only provide you with a safe and secure trading account, but also ensure that your investments are safe for the long term.
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TradeStation is no longer offering Forex self. I have been a TradeStation customer for the past couple years, and primarily algorithmically trade Forex. A couple days ago, they announced that they will no longer offer Forex to their clients, and will migrate all accounts to Oanda. With that said, I have a few questions. Are there any Oanda customers in this sub? How do you like it? What platform do you use that they offer? Has anyone used it, and what do you think?
MT4 is also a consideration, but I would have to re-write my code. I have an account with Oanda. They are good, pending you do not trade around news or daily rolls. If that is the case, then that might be an option for your Algo trading. I'm not familiar with QCG, did a quick Google search and didn't come up with anything. It is mostly used on the Futures side. They are working with Oanda to offer it for US traders. Oanda is excellent in every aspect except for their OK spreads.
I'm a high leverage kinda guy. You can also do MT4, but can only trade in full lots or mini lots. I really like them as a broker.
Did tradestation offer an explanation why? They have the best platform out there, this is sad news indeed. Thanks for starting this thread.