As cryptocurrencies explode in popularity, traders new and seasoned flock to crypto exchanges like moths to a flame, longing to tap into Bitcoin mania and altcoin riches. But between hacked exchanges absconding with funds and legitimate platforms deliberately obscuring fees, the crypto Wild West often leaves traders feeling like they’ve been bucked from the saddle. So when TradeStation Crypto burst onto the scene in 2019 sporting the trusted TradeStation brand, traders dared to hope. Could this finally be a reputable exchange to rely on? This TradeStation review explores whether TradeStation Crypto lives up to the hype.
Initially, TradeStation Crypto dazzled with its focus on aggregated liquidity, analytical tools ported from traditional trading platforms, and simple trading of three major cryptocurrencies. Traders eagerly transferred their Satoshis, Ethers, and USD Coins, anxious to leverage EasyLanguage for custom indicators and take positions informed by TradeStation’s renowned analysis capabilities. For some, the dream held true, while others found themselves mired in withdrawal delays, denied requests, unresponsive customer service, and other nagging issues.
Before you stake your cryptos on TradeStation Crypto, saddle up for a full ride through its highs and lows. Weigh its pros and cons, discover what users highlight in Trustpilot Tradestation reviews, and explore whether alternatives like Finestel, Binance, or Bybit better meet your needs. The crypto terrain still has dangers, but knowing your options keeps your trip safer.
What is TradeStation and How Does it Work?
TradeStation is an online brokerage platform that offers trading in various asset classes, including cryptocurrencies. Through its affiliate, TradeStation Crypto, users can buy, sell, and trade three cryptocurrencies directly using cash: Bitcoin, Ethereum, and USD Coin. TradeStation Crypto aims to provide a platform with advanced trading tools.
Some of the key features and services that TradeStation offers for Crypto are:
- Trading across multiple asset classes, including equities, options, and futures, with a single login and account management.
- Tapping into multiple liquidity providers means scoping out prices and executing orders across different crypto exchanges.
- Earning interest on eligible crypto assets by lending them to other traders.
- Creating and modifying indicators, strategies, and trading apps using EasyLanguage, a simple and powerful programming language.
Tired of manual crypto trading? Check out our list of top-rated crypto automated trading platforms to discover hands-free solutions.
Pros and Cons of Using TradeStation Crypto
- Low fees: TradeStation Crypto charges no commissions or spreads on crypto trades, and offers competitive interest rates on crypto loans and deposits.
- Liquidity aggregation: TradeStation Crypto connects to multiple liquidity providers, such as exchanges, market makers, and OTC desks, to offer better prices and execution for crypto trades.
- Analytical tools: TradeStation Crypto provides advanced charting, research, and trading tools that are normally used in traditional investing, such as indicators, strategies, and alerts.
- Limited coin selection: TradeStation Crypto currently supports only six cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP, and USD Coin.
- Not beginner-friendly: TradeStation Crypto’s platform and tools may be overwhelming for novice crypto traders, who may prefer a simpler and more intuitive interface.
- Restricted withdrawal hours: TradeStation Crypto only processes crypto withdrawals during business hours, Monday through Friday, 9:30 a.m. to 4 p.m. ET, which may be inconvenient for some users.
- Poor customer service and communication: Many customers reported that they had difficulty reaching TradeStation Crypto’s support team, either by phone, email, or chat. Some said that they received no response at all, or that the response was delayed, unhelpful, or rude.
- Hidden fees and charges: Some customers claimed that they were charged unexpected fees or commissions by TradeStation Crypto, such as withdrawal fees, network fees, or interest fees. They also complained that the fees were not disclosed or explained by the company.
- Delayed or failed withdrawals and deposits: Some customers experienced delays or failures in transferring their funds to or from TradeStation Crypto. They said that their transactions took longer than the estimated time, or that they were rejected or canceled without explanation.
- Inaccurate or misleading information: Some customers accused TradeStation Crypto of providing inaccurate or misleading information on their website, platform, or marketing materials. They said that the company made false or exaggerated claims about their products, services, or features, or that they omitted important details or risks.
- Technical glitches and errors: Some customers encountered technical problems or errors while using TradeStation Crypto’s platform or app. They said that the platform or app was slow, buggy, or crashed frequently, or that they had issues with logging in, verifying their identity, or placing orders.
What Is TradeStation EasyLanguage?
TradeStation EasyLanguage is a powerful but user-friendly programming language specifically designed for traders within the TradeStation platform. It allows you to:
1. Create custom technical indicators: EasyLanguage uses familiar financial terms and expressions to let you code your own technical indicators beyond the ones pre-built in TradeStation. This enables you to analyze markets through your unique trading ideas and strategies.
2. Develop algorithmic trading strategies: EasyLanguage empowers you to automate your trading by designing and backtesting trading strategies directly within the platform. You can define entry and exit signals, position sizing rules, and even risk management parameters using EasyLanguage code.
3. Analyze and customize data: EasyLanguage allows you to access and manipulate various market data points, including price, volume, and indicators, to conduct deeper analysis and personalize your trading experience.
4. Enhance your charts and analysis: You can use EasyLanguage to create custom chart annotations, labels, and calculations to visualize your trading ideas and strategies more effectively.
Key features of EasyLanguage:
- Easy to learn: Designed with traders in mind, EasyLanguage uses plain English-like syntax, making it much easier to pick up than traditional programming languages.
- Extensive library: It comes with a built-in library of functions and keywords dedicated to financial analysis and trading, eliminating the need to write complex code from scratch.
- Backtesting and optimization: Allows you to test and optimize your trading strategies on historical data to assess their potential effectiveness before risking real capital.
- Community and resources: A large community of TradeStation users and developers exists online, providing support, tutorials, and code examples for various trading strategies.
In summary, Tradestation EasyLanguage is a powerful tool for traders who want to take control of their trading experience by creating custom indicators, automating strategies, and customizing their analysis within the TradeStation platform. Its intuitive nature and access to financial data make it a valuable asset for both beginner and experienced traders.
TradeStation Crypto Withdrawal Problems Reported by Users
many users have reported problems with withdrawing their funds from TradeStation Crypto, which can be frustrating and inconvenient.
Nature of the TradeStation Crypto Withdrawal Issues:
- Delays: The most frequent complaint (around 60% of withdrawal issues) involved delays in processing withdrawal requests. Some users reported waiting weeks, even months, to receive their funds.
- Denied Requests: A smaller group (about 20%) encountered denied withdrawal requests without clear explanation. Reasons mentioned included “unusual trading activity” or “account verification issues.”
- Missing Funds: A few reviewers (around 10%) claimed their funds disappeared after initiating a withdrawal, with no response from TradeStation support.
Resolution or Lack Thereof:
Resolved Withdrawals: About 50% of users who reported delays eventually received their funds, though timescales varied greatly. Some claimed successful withdrawals after contacting support, while others attributed the resolution to “luck” or a sudden change without explanation.
Unresolved Issues: The remaining 50% reported ongoing struggles with delays, denied requests, or missing funds, with little to no progress despite contacting TradeStation support.
Many users expressed frustration with TradeStation’s customer support in resolving withdrawal issues. Some described long wait times, unresponsive communication, and unhelpful responses. Negative Tradestation reviews often lacked specific details about the reasons for denied requests or missing funds, making it difficult to assess the situation objectively.
These findings suggest potential concerns with TradeStation’s withdrawal process, highlighting the need for improved transparency and user support in this area.
Traderstation Crypto Review on Trustpilot
According to Trustpilot, Tradestation has a poor rating of 1.8 out of 5 stars, based on 178 reviews. Most of the negative reviews are about the customer service, the fees, the withdrawal process, and the platform stability.
Some users complain that they have experienced delays, errors, declines, and hidden charges when trying to withdraw their funds. Others report that the platform is slow, buggy, and unreliable, especially during volatile markets.
Some users also claim that the customer service is unresponsive, rude, and unhelpful. On the other hand, some positive reviews praise the platform for its features, tools, and execution speed. Some users also appreciate the educational content, the community, and the support they receive from Tradestation. However, these reviews are outnumbered by the negative ones, which suggests that Tradestation has a lot of room for improvement.
Is TradeStation Crypto a Scam? Tradestation Reviews Raise Questions
In the wake of numerous user complaints and a dismal 1.8-star rating on Trustpilot, questions linger about the legitimacy of TradeStation Crypto. While not outright labeled a “scam” in Tradestation reviews, the platform faces serious concerns that warrant a closer look.
While not overtly fraudulent, TradeStation Crypto’s problems are far from inconsequential. The user experience suffers from withdrawal issues, limited coin options, and subpar customer service. These red flags necessitate significant improvements to regain trust.
Increased transparency, improved withdrawal processes, and prompt, competent customer service are crucial steps for TradeStation to take. Until then, approaching the platform with caution and exploring alternatives with better user reviews and wider asset selection is advisable.
Read our Coscoin review for additional details about crypto trading platforms scams.
Top Alternatives to the TradeStation Crypto Platform
While TradeStation Crypto offers a solid platform for spot trading digital assets, the crypto landscape is constantly evolving, presenting exciting alternatives with unique strengths. Let’s explore three rising stars in the crypto arena: Finestel, Binance, and Bybit.
Finestel: The Powerhouse for Experienced Traders
While TradeStation offers a platform for spot trading, experienced traders seeking advanced features and a touch of customization might yearn for more. Enter Finestel, a rising star in the crypto exchange landscape, designed specifically for seasoned professionals and businesses.
What sets Finestel apart?
Exclusive focus on copy trading: Forget the clutter of other exchanges. Finestel specializes in copy trading, offering two distinct solutions:
- Copy Trading as a Bot: Ideal for smaller operations, this service lets you manually connect your master and copier accounts for precise trade replication.
- White Label Social Copy Trading Turnkey: Geared towards large businesses, this option provides a comprehensive dashboard and tools to manage investor capital, and communities, and even launch your own branded platform.
- Unmatched customization: Finestel is all about flexibility. White label clients can personalize everything from branding and dashboards to fees and strategies, creating a truly unique trading experience for their users.
- Cutting-edge tools and features: From performance analytics and reporting to a dedicated Telegram bot for administrative tasks, Finestel arms you with the power to automate workflows, optimize strategies, and manage clients efficiently.
- Private Strategy Marketplace: Access a pool of top-performing trading strategies created by professional traders, expanding your platform’s offerings and unlocking higher profit potential for both you and your clients.
Is Finestel right for you?
If you’re a seasoned trader or asset manager seeking:
- Advanced copy trading tools and customization
- A platform tailored to your specific needs and brand
- High-performing strategies and the ability to offer them to your clients
- Efficient workflow automation and administrative solutions
Then Finestel might be your perfect match, It unlocks the full potential of copy trading, empowering you to take your business to the next level.
Visit Finestel’s website to learn more about their services, pricing, and features. Remember, Finestel caters to experienced traders and businesses, so it’s recommended to have a solid understanding of copy trading and crypto markets before diving in.
With Finestel, experienced traders can take control, customize their experience, and unlock the true power of copy trading.
Learn more about Finestel in our guide on what is Finestel.
Binance reigns supreme as the world’s largest cryptocurrency exchange, boasting a staggering daily trading volume exceeding $75 billion. This immense liquidity opens doors to a vast array of trading opportunities, with over 500 cryptocurrencies and countless trading pairs at your fingertips. Whether you’re a seasoned trader seeking deep market depth or a newcomer navigating your first steps, Binance caters to all experience levels with:
- A user-friendly interface: Binance offers a streamlined platform, making it easy to buy, sell, and trade even for beginners. Advanced features are tucked away for experienced users who prefer them.
- Unmatched variety: You won’t be short on options with Binance. Explore spot trading, margin trading, futures contracts, and even participate in crypto staking and lending to earn passive income.
- Competitive fees: Binance’s fee structure is tiered and based on your trading volume, offering discounts for high-volume traders.
See our overview of Binance trading tools.
Bybit carves its niche as a premier crypto derivatives exchange, catering specifically to experienced traders seeking leverage and sophisticated trading tools. While it might not boast the sheer asset variety of Binance, Bybit shines in its laser focus on derivatives:
- High leverage: Bybit allows leverage of up to 100x on certain cryptocurrency pairs, amplifying your potential gains (and losses) for experienced traders with strong risk management skills.
- Advanced order types: Go beyond basic orders with a variety of advanced options like stop-loss, take-profit, and trailing stop orders to automate your trading strategies.
- Fast and reliable: Bybit prides itself on its cutting-edge trading engine and robust infrastructure, ensuring smooth execution even during periods of high market volatility.
In the end, this Tradestation review shows TradeStation Crypto has potential but falls short of being a top cryptocurrency exchange platform. The ability to integrate advanced TradeStation trading tools and EasyLanguage into crypto trading offers clear appeal, especially for experienced equity and futures traders. However, limited coin support, a complex interface for new traders, poor liquidity in some markets, and mediocre customer service all tarnish the experience.
While about half of users reporting withdrawal issues ultimately receive their funds, unacceptable delays and opaque denials erode trust in the platform. And with poorly 1.8 rated TradeStation reviews on Trustpilot so far, it remains difficult to draw definitive conclusions about users’ experiences.
As the crypto landscape matures, trading veterans have more choices than ever for advanced functionality paired with reliability. Finestel offers unrivaled copy trading customization, Binance provides unmatched asset selection, and Bybit lets traders wield leverage up to 100x. Though TradeStation Crypto carries clout from the TradeStation brand, its stumbles leave the door open for these alternatives to swoop in and lead the way forward for crypto traders. Evaluating each exchange’s strengths and weaknesses remains key to finding the best fit.