Wednesday, January 19, 2011

TradeStation is an awful brokerage firm!

I have been with TradeStation now for over 3 years (actually I have worked with their software since 1992).  They have awesome software whereby I can program and test trading programs, indicators, showmes etc.   Their commissions are $0.01/sh then down to 0.006/sh based on quantity of shs.   In my first couple years I was trading sector baskets of stocks and ran up commissions of $35k.   then I got hammered and stopped trading in late 2009 and held onto (erroneously) my piece of crap "investment" TZA.  I continued to work on systems and indicators and practice with simulated accounts.  TradeStation has a policy that if you generate $50 of commissions in a month they won't charge you $100 for the platform.  Once I stopped trading they began hitting me with this $100/month regardless of the fact that I had paid for almost 700 months of platform commissions!  I didnt pay much attention to it thinking that any day now the market would sell off and I would be back in business.   It has now been 14 months of this and I am realizing what a royal ripoff this is.  I have asked them to give me back the $1400 in light of fairness however I have not heard back from them.  At this point all I can say is that I strongly DO NOT recommend them as a brokerage.  I knew Bill Cruz back in the days of Omega Research (which became TradeStation) and the company no longer has the integrity that it originally did.  If anyone would like to talk to me more about my TradeStation experience please post a comment.  In the meantime I am thinking of suing the bastards or finding out if there are many others that have had this experience with them and put together a class action suit.  And I am most likely going to move my account to another firm and make due with lesser platform/software.  Tdameritrade has a nice offer going right now and I may take them up on it.  Also it seems they offer a lot of tools.  Any suggestions?

1 comment:

  1. Suing them for what? They are very upfront and clear about the monthly fee.

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