- Report: #191585
Report - Rebuttal - Arbitrate
Complaint Review: Tradestation Securities
Tradestation Securities8050 SW 10th Street, Suite 2000 Plantation, Florida U.S.A.
Tradestation Securities ripoff Tradestation Securities Crooked Prejudiced Illegal Broker Plantation Florida
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I read through their site and their requirements to open an account. To open a regular account which will allow you 3 open trades per day, you have to fund it with $5,000. If you want to be a daytrader, you need to open an account with $25,000. I am not a day trader, so I applied for the regular account.
Their sales rep Matthew was helpful and convinced me that I would be approved to trade options with no problem. I already have traded options for over a year and have traded more than 500 contracts. I also study with Investools at the PHD level, so my experience with options exceeds that of the average trader.
Tradestation requires an income of $50,000 anually just to qualify and I explained to Matthew that I made that much combined with my wife's income. He said that would be no problem and everything seemed great. I was looking forward to opening my account and using their backtesting software.
But after they received my funds, everything changed. They charged my account the monthly service fees for stock quotes and they did not approve my account. Then when I asked why they did not approve me, they said I had to have over $25,000 liquid net worth. So since I could not even use my account, I asked for my money back and now they are saying I have to wait 10 business days for them to send my money back.
Tradestation is totally prejudiced against lower income families. I have been trading options for over a year now with OptionsXpress at level 4. I never had a single problem getting approved with other companies. I have experience and I have been trading my own money, not borrowed money.
Tradestation illegally deducted funds from my account for services I can never use. They charged me service fees for stock quotes when I can't even use my account.
Tradestation illegally is borrowing my money for 10 more business days. I did not sign anything saying they could borrow my money without paying me interest.
Now they have cheated me out of $5,000 for a full month and have caused me to miss a full month of trading.
Be warned. Tradestation looks good on the outside, but they only cater to rich people. If you only make $35K a year, then forget about applying. They will just use your money for a month, charge you fees for nothing and charge you to send the money back to you.
They have many sales reps to tell you that you will be approved and to send in your $5,000 to open an account, but then they don't
New York, New York
This report was posted on Ripoff Report on 05/15/2006 12:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/Tradestation-Securities/Plantation-Florida-33324/Tradestation-Securities-ripoff-Tradestation-Securities-Crooked-Prejudiced-Illegal-Broker-P-191585. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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