Tradovate Review | Tradovate Futures Trading Pros & Cons
Tradovate is a modern, cloud-based futures trading platform that allows users to trade futures contracts in various markets. Founded in 2015 and based in Delaware, Ohio, Tradovate has quickly become a popular choice for traders looking for an intuitive and reliable platform.
Tradovate Platform Review
With its advanced features like depth of market (DOM) and advanced charting, Tradovate offers a powerful trading experience for both experienced traders and beginners.
One potential downside of the Tradovate platform is its relatively steep learning curve. New users may find navigating and taking advantage of all the platform's features and tools challenging. However, the platform offers comprehensive support resources, including video tutorials, webinars, and a user community, to help users get started.
Tradovate Paper Trading
Paper trading on Tradovate is a feature that allows users to practice trading strategies and test out the platform's features and tools without risking real money. Paper trading provides a risk-free environment where users can make trades and experiment with different strategies to see how they would perform in a real trading scenario.
To use paper trading on Tradovate, users simply need to create a demo account, which can be done alongside a live account. This account will have a simulated balance, which can be used to place trades on the platform, just like a live account. Users can use this simulated balance to test different trading strategies and learn how to use the platform's features and tools effectively.
Tradovate Margin Requirements
Margin requirements are a critical aspect of trading futures, and Tradovate provides clear guidelines for its users to follow.
Initial margin is the minimum amount of funds required to open a new futures position, and it varies based on the contract being traded. Day margin is much lower, assuming you are not holding positions overnight.
Maintenance margin is the minimum amount of funds required to keep a futures position open and is typically lower than the initial margin. If the account balance falls below the maintenance margin level, traders may be subject to a margin call, which requires them to deposit additional funds into their account to bring it back up to the initial margin level.
Tradovate Mobile App
The Tradovate mobile app is a powerful tool for traders who need to stay connected and monitor their positions on the go. The app is available for both iOS and Android devices and offers many of the same features and tools as the platform's desktop version.
The mobile app lets users view charts and quotes, place and manage orders, and monitor their accounts and positions. The Chart and DOM can be viewed side-by-side for any product, making it easy to analyze market trends and make informed trading decisions. The app also includes push notifications to keep users informed of important market events and updates.
Compared to the desktop version of the platform, the mobile app may be more limited in terms of screen space and functionality. However, the app's user interface is intuitive and easy to use, making it a valuable tool for traders who need to stay connected and monitor their positions on the go.
Tradovate Fees
There are three different plans Tradovate offers:
Free Plan
No monthly fee
$0.35/ micros per side
$1.29/ standard per side
$0.20 nano $ even contracts per side
Monthly Plan
$99 per month
$0.25/ micros per side
$0.99 standard per side
$0.15 nano & event contracts per side
Lifetime Plan
$1,499 one-time payment
$0.09/ micros per side
$0.59/ standard per side
$0.05 nano & event contracts per side
How Much Money do You Need to Use Tradovate?
To open a Tradovate account, users need to meet certain minimum requirements. The minimum deposit required to open a Tradovate account is $250. This deposit can be made using various methods, including ACH, wire transfer, or check.
In addition to the minimum deposit, users also need to meet margin requirements to trade futures on the platform. These requirements vary depending on the futures contract being traded and can be found on the Tradovate platform.
Users should also be aware of the costs associated with using Tradovate. While the platform offers commission rates that are generally competitive with other futures trading platforms, there are still fees associated with using the platform. These fees vary depending on the account type and plan chosen.
Is There a Withdrawal Fee on Tradovate?
Yes, there are withdrawal fees on Tradovate. For wire transfers, a $30 fee will be issued for domestic transfers, and a $50 fee will be issued for international transfers in the currency being sent.
To minimize or avoid withdrawal fees, users should carefully consider their withdrawal method and the timing of their withdrawals. ACH withdrawals are generally faster and have lower fees than wire transfers. Additionally, some accounts may offer a certain number of free withdrawals per month or quarter.
How Long Does it Take to Withdraw Money From Tradovate?
Withdrawal times on Tradovate can vary depending on the withdrawal method and the account type. Generally, ACH withdrawals will be credited to the user's bank account within 1-3 business days after initiating the transaction.
Wire transfers may take longer, typically 3-5 business days, depending on the recipient bank and any intermediary banks involved in the transfer.
How Many Trades Can You Make on Tradovate?
Tradovate does not impose specific limits on the number of trades that users can make on the platform. However, users should be aware of the margin requirements associated with each trade and ensure they have sufficient funds to support the trades they wish to make.
Can You Day Trade on Tradovate?
Yes, it is possible to day trade on Tradovate.
Do You Need $25k to Day Trade Futures?
No, you can day trade futures with less than $25,000 without any restrictions.
Is Tradovate a US Company?
Yes, Tradovate is a US company. The company was founded in 2015 and is based in Delaware, Ohio.
The platform is operated by Tradovate LLC, which is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
How to Get a Funded Tradovate Account
If you're interested in trading futures but don't want to use your own capital to get started, you may want to consider using a funded trading account. One option is to work with Topstep Trader, a funded futures trading company that partners with platforms like Tradovate to offer traders the ability to trade with someone else's money.
To get started with a funded account through Topstep Trader, you'll need to complete their evaluation process, which typically involves demonstrating your trading skills and risk management abilities. This process may include a combination of trading simulations and evaluations of your trading history, depending on the specific program you're interested in.
Once you've completed the evaluation process, you'll be eligible to receive a funded account to trade futures contracts on platforms like Tradovate. The size of the account and the specific rules and requirements for trading will depend on the specific program you've enrolled in, but generally, you'll be able to keep a portion of the profits you generate from your trades while the remainder goes to Topstep Trader.
There are several benefits to using a funded trading account. For one, it allows you to start trading futures without risking your own capital. Additionally, by partnering with a reputable company like Topstep Trader, you can gain access to additional resources and support to help you become a better trader.
