Tradovate Review 2022: Pros, Cons & Key Features

The goal of the company TRADOVATE is to offer intermediary services to merchants. Forex and cryptocurrency trading are initially made available via brokers and exchanges.

Many also offer the option to trade shares from different corporations, indexes, commodities, cryptos, precious metals, and other assets and commodities. This is especially true of brokers. Only a private person may trade any of these products on a trading platform provided by a broker or a cryptocurrency exchange.

Tradovate is focused on meeting the demands of experienced traders rather than being a solution for every user, which is common among its rivals. Instead, it offers customers cutting-edge features and tools to assist them in maximizing the effectiveness of their strategies. But is it the right platform for you? Let’s find out in this detailed overview.

Pros & Cons Of Tradovate 

Tradovate: At A Glance

Tradovate: Company Overview

Tradovate, established in 2015, is a forex broker based in Ohio in the United States. The platform is designed to meet the demands of active futures traders. The broker was established based on years of research, brokerage leadership, and future business experience. 

Additionally, the platform features multiple cutting-edge trading platforms connecting users to its mobile app-based, web, and computer-based programs that seamlessly integrate with all your devices. The availability of numerous indicators and account options that accommodate various trading techniques is fantastic.

To provide futures traders with a fresh and cutting-edge trading experience, Tradovate was founded. The goal was to offer a seamless futures trading platform that uses cutting-edge pricing and new technologies to lower a trader’s total cost of ownership; they went above and beyond to ensure they met the traders’ needs.

Their futures platform was entirely designed from the ground up. With technology created for busy futures traders, it is speedy and capable of multi-device trading. On the same trading platform, you can trade both futures and options on futures. I enjoy that you can easily trade from anywhere and swap between your devices. Tradovate can be a good futures broker if you trade index, interest rate, metals, energy, grains, mini, micro, or new nano size contracts.

Key Features Of Tradovate

Customers that use Tradovate, a specialized broker, can trade futures contracts. However, contrary to some brokers, Tradovate comes with its platform for trading. Several of our preferred aspects of Tradovate’s platform are listed below:

Access To Demo Account

Are you still unsure if Tradovate is the best platform for you? All users of Tradovate are eligible for free 2-week trials; there is no requirement to create and finance an account beyond the trial period. This gives you the chance to evaluate Tradovate’s trade management capabilities side by side with those on your current platform.

Along with a complete platform, Tradovate’s website also provides a variety of technical lectures and educational materials. Using the Community feature of the broker, for instance, you can connect with other futures investors and futures trade possibilities, techniques, and ideas. Making the most of Tradovate’s platform and resources might help you improve your trading with the aid of this kind of unique feature.

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Charting Across Platforms

The Tradovate platform allows you to create custom charts and store and retrieve them on various platforms, including PC and Mac. For instance, you may use your mobile account to access a customized chart you made on your laptop. This is a helpful tool if you constantly switch between several platforms to trade and invest.

The mobile trading platform from Tradovate is simpler and more streamlined than the desktop version. The broker also wants to reduce the number of pointless taps and swipes on mobile devices by improving the accessibility of information.

Additionally, you can practice your trading and investing strategies without taking a significant financial risk using paper trading accounts. This might help you assess how effectively your particular trading approach will work in actual futures market scenarios.

Plan For Active Trader

This active trader plan bundle has a monthly cost of $99 and a trading fee of $0.19. It is appreciated by those who deal in huge volumes and want to cut their commission charges. You must execute 165 trades minimum each month to make this plan an acceptable substitute for free access ($99/$0.79=125).

You can also plan without paying any commissions. This strategy is your best bet if you want to trade in high volumes. It costs $199 per month if paid annually; $349 if paid monthly. The sweet spot for this scheme is around 441 deals per month or more than 3,000 trades annually. All the abovementioned transactions result in cost savings compared to the free and active trader plan.

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On-Demand Streaming Market Replay

Next up is the on-demand streaming market replay feature that makes the platform accessible to every user. It allows users to pick a trade from any specific timeline and analyze the strategy used in it. This way, Tradovate’s ‘Market Replay’ tool allows users to make the most of their strategies, funds, and the time spent in the process. 

In addition, it can also be used as a spot to learn and understand different market movement patterns. Once signed up with Tradovate, you can easily make the most of your future trade settings and amplify your results. 

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Seamless Cross-Device Trading

Tradovate has multiple applications that help users connect with its trading ecosystem. For example, investors requiring mobile trading access can sync their Tradovate account using the company’s app, Tradovate Pulse. 

Besides that, there are other additional applications for users over the iOS, windows, and different settings that help you retain your custom chart settings across any trading application. This way, users of every type can make the most of their trading across multiple devices. 

Additional Features Of The Platform 

• DOM (Depth Of Market): Tradovate’s DOM function will be useful if your trading plan calls for numerous, quick trades. It enables you to manage your holdings, evaluate pricing data quickly, and place orders more quickly.
• Accelerated speeds: The mobile app for Tradovate was made using the creative Flutter UI from Google. This enables you to complete transactions when trading on a mobile device quickly. Within the financial markets, it provides seamless trading across several devices.
• Access to cloud-based order management: Cloud-based order management system from Tradovate keeps orders secure on your server’s exchange, not on your smartphone. You benefit from quicker order handling and higher levels of trade security as a result.
• Access without a subscription: The numerous subscription models present over Tradovate make it a unique platform to get started with. When signing up over the platform, you’re not required to pay monthly subscription fees for using the platform. Every deal over the platform costs you around $0.79 commission per side. Besides, users of the Micro E-mini contracts attract a cost of $0.25 per side. 

Fees Structure 

There are three different kinds of monthly membership options available in Tradovate, which include:

1. Commission-Free Plan: If you anticipate trading in high volumes, this plan is your best option. If paid annually in advance, it costs $199, and if paid monthly, it costs $349. Traders can trade up to 441 trades per month (at $349 per month while attracting fees of $0.79 per side of the transaction over its free plan) or can take over 3,000 trades every year (each trade costs around $199 for over a year or continue with same charges with the free plan). When compared, all the free and active trader plans provide you with cost benefits.
2. Active Trader Plan: This plan has a monthly cost of $99 and a commission of $0.19 per trade. People who trade frequently and wish to lower their commission prices prefer it. To make this plan a viable alternative to free access, you must execute at least 165 trades each month ($99/$0.79=125).
3. Access without a membership: This plan is free to use every month. You are charged a commission of $0.79 per side for each deal. The commission for Micro E-mini contracts is set at $0.25 per side. The plan is appropriate for traders who like the flexibility of paying per trade without any commitments.

If you haven’t paid for a full year in advance, Tradovate lets you change plans every month. The trading platform also offers additional add-on services, such as the Market Replay function. Complete market depth allows the trader to replay the trade pattern for any futures contract during a set time frame. The two-week free platform trial includes the Market Replay feature.

If not, the costs of completing the transaction are determined by its membership plan. For example, for users opting for the ‘Membership-Free plan,’ the transaction price is fixed at $69 per month. Whereas it costs $25 for Commission-Free and Active Trader plans.

Tradovate offers direct interfaces with third-party market data providers for traders looking for extra features. For example, traders can create a unique futures trading station with cutting-edge charting, analysis, and execution capabilities.

Overall, these features make Tradovate a reliable broker start your journey.

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Account Opening with Tradovate

You can open your Tradovate in four different steps. First, follow the following procedure to open your Tradovate account.

Step 1: Go to the website of Tradovate and select the ” register” button on your desktop screen.

Step 2: Select the trading account type that is suitable for you and move toward its payment screen.

Step 3: Complete the account application, and add your details like your name, address, email address, etc.

Step 4: Get trading once your account is approved and funded.

Depending on the kind of account, account processing and approval is usually finished in 1-2 business days. Tradovate will tell you to provide the necessary documentation if more information is needed to process your account.

Customer Satisfaction 

Tradovate includes many features and tools to help you become a better trader. However, it is also noticed that the UI may occasionally get cluttered and difficult to use. In addition, finding tools was difficult when using the desktop trial account, which might be a big disadvantage if you’re a new futures investor who depends on a series of quickly completed trades.

Contrary to other brokers, Tradovate only uses its platform; other brokers enable connections to well-known platforms (like MetaTrader). This suggests you anticipate a learning curve while using Tradovate for the first time.

Before making a decision, you should use a Tradovate demo account to see if the broker’s distinctive platform is suitable for you. This is not to argue that if you have never traded before, you should reject Tradovate. However, we advise using the broker’s free demo platform before deciding. 

Even if you have past futures trading experience, we advise using the demo trading features to become familiar with the platform’s layout before entering a real deal. Overall, Tradovate provides a satisfactory customer experience to its users. 

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Security Over The Platform

Assessing and attempting to remove risks are crucial when trading futures to maximize your chances of success. In an effort to obtain an advantage, futures traders frequently devote hours to studying technical analysis, the optimal time of day to trade, volume analysis, money management, and other topics. These are all wise choices since they may reduce danger.

Account security is a risk that every trader should consider carefully. At Tradovate, several tools are provided to assist you in keeping your account secure. Two-factor authentication, or 2FA, is the first tool. Any trader’s worst nightmare is having their username or password stolen. Therefore, it also provides two-factor authentication  at Tradovate. Any new device will require user authorization when 2FA is activated before account activity is allowed. It is recommended that all traders enable 2FA because it is quick and simple to do so in Tradovate.

 Push alerts are yet another feature that can assist reduce security threats. Traders can enable push notifications to receive notifications for alerts, fill notifications, order status, conversations, and more on their mobile devices. In addition, trading users can set an alert whenever their account changes due to various variables because Tradovate also enables custom alert creation.

A cutting-edge derivatives platform and futures brokerage is Tradovate. Tradovate established a reputation in a cutthroat market because of its cutting-edge trading tools and unique features. The creative commission structures and the margin for day trading futures that starts at $50 for the Micro E-Mini are some of its main selling factors.

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Tradovate Vs. Competition

Tradovate is one of the most reliable platforms to get started as a broker! Once signed up, users can make the most of their everyday trading without attracting high transaction fees. However, even after the platform’s unique features, the broker has several drawbacks. 

Therefore, if you’re a beginner trader, you might want to consider your options. When looking for such alternatives, you might want to compare its features with TradeStation. So to help you better, let’s look at the primary difference between the platforms. 

Tradovate Vs. TradeStation

Both are two unique platforms that come with similar trading features. Both have a reliable UI, host several tools, and offer a competitive fee structure. But besides that, several unique features make it unique. So let’s check out the competition: 

1. Tools: Customers of TradeStation and Tradovate can choose from an infinite number of configurable portfolio analyses, tools, and different data stream choices. Both have several connections to third-party apps, allowing better in-depth analysis and automated strategies for your trade. However, in terms of comparison, Tradovate takes the lead over TradeStation. 
2. Zero commission program: These two brokers offer a variety of price alternatives to accommodate their wide customers and have a lengthy history of drawing regular traders. Both businesses unveiled zero-commission programs in 2019 with a variety of limitations. 
3. Pricing plans: During the fall 2019 price war, Tradovate introduced two new pricing tiers, including commission-free equity trades and different transactions for options. The programs offered by TradeStation are significantly more complex and include tiers of per-contract or per-share fees dependent on how frequently an asset class is traded. Tradovate’s price page is a fantastic place to start if you’re a regular trader.

Final Verdict

Should You Consider Using Tradovate?

Users that use Tradovate can gain access to the futures trading market through this specialized broker. Contrary to some brokers who demand that traders pay for their trading platforms, Tradovate provides a surprisingly thorough and strong proprietary platform. The following are some of the functions offered by Tradovate’s platform:

1. Cross-platform charting: Tradovate’s platform enables you to save your customized charts and access them from PC and Mac computers and other platforms. You can use your mobile account to access, for instance, a custom chart you’ve created on your desktop. This functionality may be beneficial if you frequently transfer between different trading and investing platforms.
2. Cloud-based order management: This technology keeps orders safe on the exchange on your server rather than directly on your device. You benefit from quicker order handling and increased trade security as a result.
3. Simulated trading accounts: It lets you practice your trading and investing ideas without putting any of your actual money at risk. This might assist you in determining how well your trading strategy will perform in actual market conditions.
4. Demo account: As mentioned earlier,  All users of Tradovate have access to 2-week free trials, and there is no pressure to create and fund an account once the trial time is up. This can let you test out Tradovate’s tools and immediately contrast the platform with the one you’re using now. 

Shortcomings Of Tradovate

1. Pricey solution for active traders: Tradovate appears to be a pricey solution for active traders. If you’re someone dealing in quantities, it might not be your ideal solution. 
2. Platform with complex metrics: The UI of the platform can be a bit complex for beginners. If you’ve started trading in forex right now, it can be a little too complex to understand your way around the market. 

This brings us to the end of our comprehensive review of the Tradovate broker. Considering the different aspects of the platform, it’s evident that this broker is reliable and has a competitive fee structure to get started. 

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However, if you’re a beginner user, you might want to look for your options. Therefore, we suggest you look for a platform with a more simplified UI. All the best! 

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