Trade Station is a trading company founded back in 1982, and it has been present for quite a while on the market today. You would think that this would add up to its glorious and impeccable reputation, but things seem to be far from this. We decided to check for ourselves if this broker company deserves the clients’ trust, so we had to dig deeper than usual and way back to its original years of establishment. There was a lot of ground to cover here. Most importantly, we went into detail about the different assets that this broker offers to its clients, as well as some details about regulation, account types, funding processes, and many more. What we’ve learned from this experience is that Trade Station is not so reliable as their team would like you to believe.
There are many things lacking when it comes to its various business operations, as well as the security and efficiency of the platform. Although the regulation is spot-on with the strictest names in the industry such as the Security and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), it still isn’t enough to keep the company’s reputation spotless. For starters, the company claims to offer an advanced and innovative trading platform to its clients. However, things seem to be a bit different in reality. Although the company has endured many changes and upgrades back in 2001, it was only transformed into an online brokerage in 2005. Then, the next year, they seem to have changed their minds once again – changing their status to an equities and options firm. After this rollercoaster of information about Trade Station, we decided to set the record straight about it once and for all, hoping it will help you decide if you should give time of day to this broker company.
When it comes to the account types available at Trade Station, there is a total of 14 different packages to choose from. This is quite a lot, especially compared to the biggest names such as FXVC and others who have up to only 5 or 6. This would make you believe that the choice is much greater and easier, but that works only on paper. Mainly, they are quite similar to one another, but yet do not offer a lot of explanation about the important details that are attached to using each one.
For example, the three main accounts are called the Individual and Joint, the Retirement, and the Entity account. The first two are pretty self-explanatory. Then, each one of them also has many subcategories that are kind of confusing and similar to one another. When you visit the first one, for example, you will learn about different subtypes such as Joint Tenants and Custodial. These are all quite difficult to understand since they offer similar services and benefits. The Retirement account, on the other hand, offers different subtypes in terms of your IRA – they include the Traditional IRA, Roth IRA, SEP-IRA, and the Simple IRA. Overall, these are high-roller accounts that promise to help you build up a great amount of profit so you can ensure your retirement will be comfortable and enjoyable.
Lastly, the Entity account types are designed for legal entities who wish to trade on the market as a group or organization. They include account subtypes such as Corporation, Trust, General Partnership, and Limited Partnership. Overall, the thing that we noticed right away is that there are not a lot of details surrounding each one of these account types. If you have been present in the industry for a while – sure, you will be able to find your way around. However, this way of communicating with the clients excludes a lot of them who are just trying out trading for the first time. Trade Station should definitely make an effort to break things down for them, to ensure they are well acquainted with everything on the trading market before they begin.
Back in 1982, Trade Station was established with the goal of appealing to professional traders. However, as time passed, the market participants realized that there are a lot more new traders who are hungry for new knowledge and trading skills. However, Trade Station was not so quick to realize this fact that jump on the bandwagon and the consequences are imminent. This company still lacks a broad range of first-time traders who wish to engage with the market more seriously. So, the educational section here is definitely a reflection of that. For once, there aren’t many basic lessons about the market and finding your way around this fast-paced and exciting environment. There are a lot of articles on different topics, but none of them are able to target specific ones and make your learning organized by steps or levels of proficiency, which is a shame.
However, what we did notice about this company is that it is focused on shoving a lot of unnecessary details into your face to try and distract you from the obvious which is that they do not have a lot to offer when it comes down to it. There is a tutorial on how to use the website, but that is something we are all quite familiar with, no matter which website we’re talking about, don’t you think?
The closest thing we got to an actual learning center is the Simulated trading page. This works similarly to a demo account, which allows you to trade freely and without any consequences since you are not obligated to deposit any money. Rather, it is more of a preview of the real market experience you will have once you join in. However, this experience is quite slow and loads forever, which is another downside in our book.
This section focuses solely on the trading platform at Trade Station. This, after all, is the most visited part of each website so it has to suit your needs to the smallest detail. The first thing we noticed about it is that the platform is customizable to several themes in order to fit the design preferences and needs of different clients. When you visit the home page of the trading platform, you will find a pretty standard layout with all the basic trading information and the list of assets that you can trade here. They are listed neatly by their popularity, as well as by the longevity of being a part of the Trade Station’s offering. They are easy to go through and analyze, as well. So, finding the right fit for your trading needs shouldn’t be too much of a trouble.
The platform is available on both desktop and mobile devices, as well as a web solution which is usually a top choice for more traditional traders. In theory, this would be a great idea. However, there is a lot of details that are covered here, which could seem intimidating to the clients who are visiting the platform for the first time. And though it works without any interruptions, we could still use the solution with less clutter and details which are basically just here to distract us from the platform itself.
While we did our research on the Trade Station’s customer support, we noticed that there are quite a lot of complaints when it comes to their team. They are mainly regarding their slow and delayed responses, as well as the lack of basic communication skills. A lot of clients reportedly had unpleasant experiences with rude support agents, which is exactly the opposite of what an agent should be, don’t you agree? And while the communication channels are easy to use, we can’t help but wonder if the reason is that the clients avoid contacting the support team in the first place.
Lastly, let’s check out the deposits and withdrawals section at this company. The available methods for your funding needs include the bank wire transfer, checks, and something called a Smart Transfer. Still, these are all traditional and quite slow payment methods that not a lot of companies still use. They take a lot of time to process, as well as have additional feels and commissions attached to them. No one wants that, especially today with the offering of e-wallets and credit cards. Still, they seem to be missing from the website entirely.
What is left to say? Trade Station definitely does not enjoy the reputation that it used to, and for a good reason. Their solutions are outdated and slow, as well as unreliable. There is a lot of unnecessary information on one hand, while they simultaneously miss the point completely when it comes to innovations and their use and necessity in today’s trading environment. Overall, we could never recommend trading with this broker company after everything we’ve learned about it during our extensive research.