Close TradeStation Account in 2024
How to Close a TradeStation Account
If it’s time for you to say goodbye to TradeStation, there are several ways to turn off your account. We’re going to show you how exactly to do it with several methods. Here we go:
Close TradeStation Account With ACAT
We think the ACAT system is the simplest way to close an account at TradeStation; so we’ll start with it first. To transfer an entire account or just certain securities from a TradeStation account to another brokerage firm, you’ll need to fill out an ACAT form at the new brokerage firm. You don’t need to do anything at TradeStation. Once TradeStation receives the account transfer request from the new brokerage firm, it will transfer the requested securities. If you do a full account transfer, your TradeStation account will be automatically closed.
Although this method is very convenient, it does take a while (sometimes up to a couple of weeks) and there’s usually a charge by the broker sending the account. TradeStation charges $125 for its side of the transfer, which is rather steep.
Closing TradeStation Account With an ACH or Wire Transfer
If you don’t want to pay the $125 ACAT fee, you could instead liquidate your holdings and then move the cash out of your TradeStation account with the Automated Clearing House network. TradeStation charges nothing for this service, and ACH’s are typically much faster than the ACAT network. At TradeStation, the process takes about 3 business days. However, ACH withdrawals are limited to $50,000 per day.
If you have more than this amount to move, you’ll need to send funds via wire transfer instead. A significant advantage of using the wire is that it has the fastest turnaround time; but there’s a charge for it. TradeStation customers must pay $25 for domestic wires and $35 for international transfers.
Remember that in order to move cash out of your brokerage account, you’ll first have to liquidate securities, and at TradeStation that means incurring commissions. Depending on how many positions you need to sell, it’s possible that the broker’s $125 ACAT could look more reasonable.
To make an ACH or wire transfer, you’ll need to log in to the TradeStation website (not the browser platform or desktop software) and click on ‘Transfer Funds’ in the top green menu. Then select ‘Smart Transfer’ for ACH movements or ‘Wire Transfer’ for the obvious.
After you have received the wire or ACH at your receiving financial institution, and your TradeStation account has a $0 balance, you’ll need to contact TradeStation to request your account be closed. You could leave the account open, but due to the possibility of the account being used by an unauthorized party, we suggest closing it.
TradeStation Alternatives
How to Contact TradeStation
A TradeStation rep can be reached on the phone Monday through Friday, 8 am till 8 pm, EST. Unfortunately, the company is not open on the weekend. The phone number is 800.770.4049. During more limited hours, there is an online chat service on TradeStation’s website. You’ll need your account number when requesting a closure.
We’re disappointed that TradeStation does not offer internal messaging on its website.
A final option is to send a letter via snail mail and request your account be closed. Here’s the broker’s address:
TradeStation
8050 SW 10th Street
Plantation, FL 33324
Alternatives to TradeStation
If you’re leaving TradeStation, we have some possible alternatives for you. If you’ve been day-trading,
Webull
also has a great commission schedule with the best trading software.
If you’ve used TradeStation for buy-and-hold investing, a good alternative may be
Charles Schwab.
Open Charles Schwab Account
Get $0 commissions + satisfaction guarantee at Charles Schwab.
Open Schwab Account
|