Nick LaMaina, senior vice president of product management and strategy at TradeStation, a trading technology and brokerage service for individual and institutional traders, spoke with Benzinga regarding the company’s prospects.
TradeStation is a subsidiary of Monex Group, a Japanese online financial service provider.
The firm began as Omega Research, a trading analytics software company that caught its first big break after striking a deal to offer a premium service to Dow Jones’ institutional clients.
After going public in 1997, Omega Research transformed into an online securities brokerage, TradeStation, that evolved into a self-clearing equities, options and futures firm.
“Last month, we saw some pretty transformational changes in the retail brokerage space,” LaMaina told Benzinga.
In October, the firm rolled out commission-free stock and ETF trading via a new service, TradeStation TSgo.
Now, when customers open accounts, two choices are available: Select and TSgo.
Users receive the same high-quality execution and educational offerings with both products.
TSgo has fewer analytical offerings.
"We’re not just about technology," LaMaina said.
TradeStation is a destination for novice and professional traders, he said.
“It’s really about building user-friendly, easy-to-use products, education and community. That’s where we really see the value in TradeStation moving forward.”
Trade Station's TradingApp Store allows platforms like TradingView, Yahoo! Finance, and 85 other API partners to connect and link with TradeStation accounts, the exec said.
Additionally, TradeStation has increased its focus on its trading platforms, he said: “We’ve totally revamped our futures offering and relaunched our FuturesPlus platform this summer.”
TradeStation Group will soon introduce cryptocurrency trading through its subsidiary, TradeStation Crypto, LaMaina said.
"It’s in beta right now. We have external customers trading seven different crypto currency crosses and pairs. We have Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin."
Additionally, TradeStation has acquired YouCanTrade, an online trading community and educational offering.
“It is an ecosystem of multiple coaches — a combination of live training and trading demonstrations. It also has a wealth of recorded education — the ability to subscribe to different coaches’ trading signals.”
The intent is to attract users through the commission-free model and increase engagement with the educational and technical offering.
“So, the thought of free commissions bringing customers in, but the breadth of products, services, education, and community keeping people here,” LaMaina said.
You can check out dozens of up-and-coming fintech companies at the fifth annual Benzinga Global Fintech Awards on Nov. 19 in New York City.