TradeStation doubles gross new accounts amid promotion toward Crypto

Rick Steves

Behind the exploding figure in Total Customer Accounts and Gross New Accounts is the marketing promotion that began December 20, 2021 in which TradeStation Crypto makes the initial account funding for the customer (BTC equal to $10.00).

TradeStation Group has reported a 14.4% lower Daily Average Revenue Trades (DARTs) – 232,104 – despite the number of customer brokerage accounts with a positive account balance shooting up by 55.3% to 226,506 year-over-year (YoY) in March 2022.

Other metrics for the parent company of the self-clearing online brokerages for trading stocks, ETFs, equity and index options, futures, futures options and cryptocurrencies, include 21,985 Gross New Accounts (120.1% higher than prior year), $12.0 billion Total Customer Assets (16.4% higher than prior year), and $2.9 billion of Total Customer Cash (4.0% higher than prior year).

Crypto account promotion ends April 2022

Daily Average Revenue Trades (DARTs) are the daily average revenue trades made by customers. These include equities, options, futures, or crypto trades, and trades completed under TradeStation’s “zero commission” plans, which are supported by payment-for-order-flow revenue. Each “side” of a futures trade is counted as one revenue trade.

Behind the exploding figure in Total Customer Accounts and Gross New Accounts is the marketing promotion that began December 20, 2021 in which TradeStation Crypto makes the initial account funding for the customer (BTC equal to $10.00).

Cryptocurrency accounts opened under this promotion represented 12,628 of the 13,919 total gross new cryptocurrency accounts added in the month of March 2022. This cryptocurrency account promotion is expected to end at the end of April 2022.

The broker announced that new TradeStation Crypto customers will be awarded up to $2,500 in cash or a supported cryptocurrency after opening a TradeStation Crypto account.

TradeStation Crypto offers customers a $10 reward just for opening an account with them, but they can qualify for a higher tiered cash or crypto reward for funding their account, based on the amount of a qualifying deposit.

To qualify for the tiered reward, a new approved TradeStation Crypto customer must fund at one of the following deposit levels:

A Minimum Deposit of $5,000 will reap the reward of $200 in cash or crypto, while a customer with an amount of $10,000 gets $500. Higher figures give access to higher rewards. A minimum deposit of $100,000 will collect $1,000 USD or Crypto, and the maximum reward of $2,500 USD can only be achieved with a deposit of $1,000,000.

TradeStation also announced access to trading crypto via a financial information exchange (FIX API) protocol for crypto traders, investors, institutions, and third parties.

The FIX API for TradeStation Crypto provides customers with full access to crypto order execution and real-time market data when connecting via the TradeStation Crypto FIX API.

In addition, the protocol improves customer service support for onboarding, integration, and testing, as well as ongoing product support, and provides access to TradeStation’s aggregated liquidity and intelligent order routing algorithm and the ability to transfer large amounts of data as quickly as possible.

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