How to Trade Bitcoin at Tradestation
If you’re still trading stocks, you’re stuck in the Renaissance. To break into the 21st century, it’s time to move to cryptocurrencies. Reward and risk await at TradeStation.
First, Open a Bitcoin Account
To trade Bitcoin or other cryptocurrencies at TradeStation, the first step is to
open a crypto account. Digital currencies can’t be traded in a securities account, so you will have to open a discrete account.
Moreover, you must have an existing securities account with TradeStation before you open a crypto account. Your new crypto account will add the letter C to the end of your securities account number to create a new account number for crypto trading.
Next, Log In
TradeStation has a discrete crypto trading platform. Trades for Bitcoin and other digital currencies can only be placed within this program (there is a sister program for mobile apps). Coins cannot be traded on the broker’s desktop platform, regular mobile app, or securities platform.
To get to the crypto platform, click on the Log In button at the top of TradeStation’s website. Then select TradeStation Crypto. After entering your regular login credentials, you’ll get the appropriate platform.
To get the mobile platform, you can select crypto trading on the home screen on TradeStation’s mobile app. Alternatively, you can first log into the securities side. Then enter a crypto ticker symbol (like BTCUSD) and tap on the Trade button. You’ll see a pop-up login screen. Follow the prompts and you’ll get the mobile interface for submitting crypto orders.
Now, Start Trading Bitcoin
With the right software platform open, it’s time to analyze some price movements. The crypto platform doesn’t have any news articles or other learning resources; so you’ll need to conduct your research elsewhere.
TradeStation’s crypto platform displays two charts for two coins side-by-side. That’s the
maximum number of coins that can be displayed simultaneously. TradeStation currently offers
trading in these coins:
- Aave (AAVE)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- ChainLink (LINK)
- Compound (COMP)
- Ethereum (ETH)
- Litecoin (LTC)
- Maker (MKR)
- Polygon (MATIC)
- Shiba Inu (SHIB)
- USDC (USDC)
Each trading window has a drop-down menu where it’s possible to switch to another coin. Currencies are displayed by ticker symbols and icons.
At the top of a coin’s window is a menu icon with three bars. Clicking on this reveals a selection of choices:
- Order book
- Time & sales
- Depth chart
- Order form
- Price chart
The depth chart is a graph of the number of coins that can be bought or sold at the present time. It is a graphical representation of the order book.
The order form can also be pulled up by clicking on the blue BUY button or the red SELL button that appears on the platform.
With the order ticket pulled up, it’s time to place a trade. There are three order types for cryptocurrencies: market, limit, and stop. The third order type would be a good choice to limit losses on an existing position. Although there is a destination menu, there is only one choice right now.
With a market order, there is only one time-in-force option: immediate or cancel. With a limit order, there are three additional choices: day, good-till-canceled, and good-till-a date.
On the far right-hand side of the platform is a list of available currencies and their current bid-ask spreads. Clicking on a bid or ask price generates a pop-up trade ticket.
Open Tradestation Account
Open Tradestation Account
Bitcoin Trading on the Mobile App
As already mentioned, it’s possible to trade Bitcoin and other digital currencies on a crypto interface. There is no discrete crypto app in the App store, though.
The mobile interface has the same tools as the computer platform has with the same order ticket. On the app, it’s easy to change a limit price by scrolling over digits with a finger.
On both the mobile app and computer platform, TradeStation’s software displays balance information and pending orders.
Earning Interest
TradeStation is a rare bird for actually paying interest on Bitcoin and other crypto positions. The current interest schedule is as follows:
Ethereum 1%
Litecoin 0.25%
Bitcoin 0.25%
Bitcoin Cash 0.25%
Ripple apparently earns zero interest. TradeStation pays a very impressive 4% on USD Coin (ticker symbol USDC). This is a stablecoin that is pegged to the U.S. dollar. Every USD Coin is backed by an actual U.S. dollar that’s held in reserve. Transactions are recorded on Ethereum’s blockchain.
Depositing and Withdrawing
TradeStation is also one of the few crypto brokers to permit transferring digital currencies into
a crypto account and out of it. Robinhood and Webull, by comparison, do not allow this.
Open Tradestation Account
Open Tradestation Account
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.
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