The Forex industry is a big community where every broker can access international markets no matter where they are seated. We have often witnessed that Asian brokers come to Europe and vice versa, whereby the combination of the European-American broker is hard to find. This is mostly due to different legislations and it is hard to harmonize with both legislations. Usually, such brokers have to offer separate service packages for European and American customers. Trade-Station is a US broker which means that the broker has very few things in common with the European brokers. What Trade-Station offers and who is taking care of its business conduct can be found in the following Trade-Station review. The EU market differs from the US market, and one of the biggest differences is that the US market does not allow hedging, whereby it is completely normal in Europe. That is one of the reasons why the Meta Trader 4 platform is not popular in America since the platform completely supports hedging, as well as scalping. Nevertheless, let us analyze the Trade-Station broker and what benefits American traders have at their disposal.
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History
Trade-Station is a US broker who is a member of the Securities Investor Protection Corporation (SIPC), Financial Industry Regulatory Authority (FINRA), New York Stock Exchange (NYSE), and the CME (American futures company). The broker offers the most popular assets like CFDs, currencies, commodities, ETFs, and stocks. The broker is especially known as the direct-access online broker. The broker has a long history dating back to the beginning of the 1980s which means that Trade-Station is one of the experienced, and thereby, trusted brokers. Otherwise, the broker would not have made it so far.
The Trade-Station Platform
The broker offers a specific, self-developed in-house platform and proudly presents its WebTrader. The platform offers dynamic market-scanning and chart-pattern recognition options and tools. You can use the platform for back-testing and history tracking, as well as customize the settings according to your preferences. As the MT4, the platform might carry out completely automated trades. Another interesting feature is the Trade-Station Manager tool which assists you in ordering and managing all of your trade orders and positions in real-time. In that way, you will have a better overview of your trading situation. The webtrader version lets you trade directly from your browser no matter if you own a Mac or Windows PC. As the European brokers, American brokers also offer the corresponding mobile apps. Do not miss out on downloading the Trade-Station mobile app which offers the same trading experience as the desktop version. You have access to the same features.
Account Types
US brokers classify accounts differently. The broker offers an Individual account for natural persons who want to trade. Then, they offer the Joint with the Right of Survivorship which is a normal joint account with the addition that if one of the owners dies, its responsibilities and interest are automatically transferred to the other owner(s). Joint as Tenants-in-Common is also a shared account, with the difference that beneficiaries of the deceased get the interest, instead of the co-owner. The Traditional IRA, Sep IRA, and Roth IRA, and Simple IRA are only meant for US taxpayers and do not include international traders. All of the four accounts refer to retirement and pension accounts. The broker also offers separate accounts for Corporations and Limited Liability Companies. They also have a Trust account for grantors who want to designate beneficiaries to the Trust Fund. Sole Proprietorship, Custodial, and a DVP/RVP account are also available to customers. Margin requirements can be demanding and vary from $5,000 to $25,000 in the account balance. The broker also charges a per-trade commission, which depends on how much you trade. For example, over 50 trades will lower the commission to $46.99 and over 200 trades a month to $4.99 from the regular fee of $8.99 per trade.
Trade-Station Bonus
Trade-Station does not offer typical bonuses, but it does run certain promotions. The thing is that the promotions are based on your trading activity, i.e. commission rebates in the amount of $1,500, or 90 days commission-free trades if you fund your account with $5,000. We see that the Trade-Station bonuses have to be earned and that you have to be an active trader to enjoy some of the rebate promotions.
Funding Options
Trade-Station offers only three payment methods, which is very limited, considering that the broker also trades internationally. The broker accepts:
- Wire transfer
- Cheques
- Electronic transfer (ACAT)
The broker handles withdrawal requests within 24 hours which means that you do not have to wait long until the requested money appears in your account.
Customer Support
The broker offers the standard contact forms like a phone line, e-mail, and live chat. If chat is offline, you can also fill out an online request form. The broker offers different phone lines for different departments in order to handle inquiries more efficiently. The Trade-Station support team is very forthcoming and will help you with platform and account questions, and much more.