TradeStation Level 2 Quotes

TradeStation Level 2 Quotes in 2022


TradeStation level 2 quotes (NASDAQ TotalView) data and real time streaming stock quotes cost and account requirements. Does TradeStation offer free NASDAQ level II quotes? How to access level 2 quotes on TradeStation.


Level II Quotes Cost at TradeStation


TradeStation (read review) is a broker-dealer that offers Level II quotes, although it does charge $11 per month for nonprofessionals. Pro traders must pay a significantly higher $112 per month. While this is very steep, the data is available, which is more than some other brokerage firms such as Firstrade is able to offer.


Level II Data at TradeStation Rivals


TD Ameritrade's clients receive Level II data at no charge. The broker also charges rock bottom rate for stock and ETF trades - $0 per trade. With Thinkorswim best-in-class trading technology, it’s hard to beat TD Ameritrade. Non-professionals also get free real-time OPRA, AMEX, and NYSE quotes. Professionals have to pay extra for this info (learn more).


Try TD Ameritrade For Free



Open TD Ameritrade Account


Try TradeStation For Free



Open Tradestation Account



Tradestation Browser-based Platform


There are two login choices on the broker's main page: client center, which is the website, and web trading. Clicking on web trading will produce a simple trading platform in a separate browser window.


TradeStation Review: Platform


The trading environment can be slightly customized. There are light and dark themes, multiple layouts, and order entry settings.


Recommended Articles


Tradestation vs Thinkorswim
Tradestation vs IBKR
Tradestation vs TD Ameritrade



Advanced Trading Platform


A much more advanced platform is available as a desktop program. It is downloaded from the website. After installing it, you have to login again, as the program has its own login window. At the login window, either the regular version or a paper-trading mode can be selected.

Not just stocks and options, but also futures can be traded with the desktop software. The order-entry bar is located at the top of the platform, and it can be used to submit a wide range of order types. These include entry orders along with exit strategies. For example, you could place an entry order with OCO breakout/fade buy with an exit bracket of two limits and one stop level.


TradeStation Trading Review


On the left-hand side is a 'TradingApps' tab. Clicking on it produces a selection of icons. Many different windows can be added to the platform. These include charting, market depth, a dealing window, and an option scanner.

A chart can be displayed the width of the monitor, and almost full screen. There are several drawing tools that aren't available on the other platform. These include Gann Fan, Regression Channel, arc, and text. Over 100 technical studies are available. You can add a study to a graph by right-clicking on the chart and selecting "Insert Analysis Technique..." from the drop-down menu.


Mutual Funds


Once you’re finally inside, you can see what security research tools the broker has. Unfortunately, there is no mutual fund screener, and the company was not able to tell us how many funds it offers. The broker, however, provides funds from 79 families which means there are a lot of them. Some of these families include Allianz, Blackrock, Franklin Templeton, Janus, and Vanguard.

TradeStation does not offer no-transaction-fee funds, although some of the broker’s funds have no loads. The $14.95 mutual fund transaction fee is applied to both purchases and sales.

While all U.S.-listed exchange-traded funds can be bought and sold at TradeStation, the brokerage house does not offer any that are commission free. This is a failure at a time when many other low-cost brokers, including Schwab and Firstrade, do offer a list of commission-free ETF’s.


TradeStation Research


IRAs


Besides regular taxable investment accounts, TradeStation also offers Individual Retirement Accounts. These come in either Traditional, Roth, SEP, or SIMPLE varieties. The company charges a $35 annual fee for an IRA, and closing one costs $50.

Depositing $25,000 will eliminate both the annual IRA fee and termination fee. It will also create a reduced commission schedule. Equity trades under this plan cost just $4, and options are $4 plus 30¢ per contract. As with taxable accounts, a TradeStation retirement account now has no software fees if it is setup for per-share pricing.

Futures can be traded in an IRA with the broker. The commission is a very low 65 cents per side. All of the brokers advanced trading tools are available to IRA customers.


Recommendation


TradeStation would be a good broker for active stock and option traders who place orders for thousands of shares per month or more. The broker's pricing schedule and trading technology are both designed for professional or highly experienced investors.

Traders interested in futures will enjoy the ability to trade contracts, and TradeStation's simulated trading service also offers the opportunity to practice trading them.

Fund traders can easily find better brokerage houses. TD Ameritrade, for example, offers over 2,300 products with no load and no transaction fee.

Although TradeStation offers fixed-income securities, the broker does not seem like an ideal choice for bond traders. Other firms, like Etrade, offer much better fees and learning materials.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.