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

[Ironeagle99]

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.

 

[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.

 

[birzos]

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.

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.

 

[Ironeagle99]

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.

They charged me $179.99 for month.

 

[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.

 

[SideShowBob]

I would guess there was also a real-time data package included in his setup, hence the $80 extra per month.