CenterPoint Securities Review 2020
CenterPoint Securities is an online US stock broker for active traders who need powerful trading platforms and tools. There are multiple fees charged and instruments are limited compared to other online brokers with no Forex, CFD or Crypto trading.
CenterPoint Securities Review 2020, Pros & Cons
- Strict regulation
- Securities Investor Protection Corporation (SIPC)
- Premium trading platforms & tools
- Minimum $30,000 deposit
- No forex, CFD or crypto trading
- No MetaTrader platform
- Restricted leverage
- Limited funding options
- Multiple different fees
- No online chat support
In this detailed CenterPoint Securities review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
CenterPoint Securities is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including CenterPoint Securities.
CenterPoint Securities Review: Summary
CenterPoint Securities is an online stock broker for active traders, offering a range of premium trading products and services for professional online trading. They provide direct market access and give retail clients an institutional array of routing options which they are constantly adding to.
CenterPoint Securities is a US broker that has been in operation since 2000 and currently has offices in San Diego and Michigan. They have flexible pricing plans with competitively price tiered commission structures and incentives for high-volume traders.
The customer support team can provide customised trading solutions and offer the same dedicated support to all traders whatever their level of experience or investment size.
CenterPoint Securities Review: Regulation
CenterPoint Securities are a division of Precision Securities LLC, a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC) scheme in the United States.
FINRA lets investors and firms participate in the financial markets with confidence by helping to safeguard its integrity. It is a non-governmental organisation that regulates member brokerage firms and exchange markets.
The SIPC is an investor protection scheme that was established to help protect clients against the loss of cash and securities in case an online broker cannot fulfil their financial obligations. The SIPC protection is limited to $500,000 with a $250,000 limit for cash.
CenterPoint Securities Review: Countries
CenterPoint Securities is a US brokerage primarily servicing US traders although they do accept clients from some other countries provided that you meet some minimum requirements. Some CenterPoint Securities broker features and products mentioned within this CenterPoint Securities review may not be available to traders from specific countries due to legal restrictions.
CenterPoint Securities Review: Trading Platforms
CenterPoint Securities provide a range of premium direct market access trading platforms with an abundance of necessary trading tools to assist traders with market analysis and efficient trading. The platforms implement multiple clearing options and extensive lists of routing options.
They have platforms for trading via desktop, web and mobile. The web platforms run directly in most modern web browsers and thus do not require any additional software downloads or installations. The mobile platforms are available for Android and iOS devices. These are useful for those who wish to access their account and trade whilst on the go from anywhere in the world provided there is an internet connection.
If traders do not meet monthly volume minimums, they will need to pay platform fees that range from around $100 and above. Depending on the platform, the minimum could be anywhere from 300,000 to 1,000,000 shares. They also charge fees for market access data packages.
DAS Trader Pro
DAS Trader Pro is a direct market access trading platform in a real-time environment that has support for advanced order types, detailed charting and multi-account management. This platform fee is $120 per month but is waived if the client trades more than 300K shares in any given month. Note that terminal fees not waived for users on the “Per-Ticket Plan”.
- Multiple Stop Types
- Real-Time Account Management
- Supports Multiple Monitors
- Advanced Charting
- Collocated Order Executions
- Regional, Totalview, ARCA and BATS Book
- Market Access Order Routing
The CenterPoint Trader platform was specifically designed to offer CenterPoint Securities customers a powerful, reliable and fully-customisable trading experience. This platform fee is $100 per month but is waived if the client trades more than 200K shares in any given month. Note that terminal fees not waived for users on the “Per-Ticket Plan”.
- Real-Time Level 2 Market Data
- Fully Customisable Hot Keys
- Customisable Order Entry
- Advanced Charting
- Custom Alerts
- Feature-Rich Web & Mobile Apps
Sterling Trader® Pro
Sterling Trader® Pro is a multi-purpose front-end direct market access trading platform that is fully equipped with a variety of unique features specifically designed to meet the ever-demanding needs of active traders. This platform fee is $250 per month but is waived if the client trades more than 500K shares in any given month. Note that terminal fees not waived for users on the “Per-Ticket Plan”.
CenterPoint Securities Review: Trading Tools & Education
CenterPoint Securities do not provide any standalone tools as there are an abundance already built-in the powerful trading platforms that they offer. There are also no educational materials but that is expected from an online broker who has a minimum deposit requirement of $30,000 as they tend to cater towards the seasoned investor.
CenterPoint Securities Review: Trading Instruments
CenterPoint Securities offer clients online trading of stocks and exchange-traded funds (ETFs). They do not offer forex, CFD or cryptocurrency trading. The more volume that you trade, the lower the commissions charged. Commission starts from $5.95 and go down to $3.95 for high volume traders. There is a $0.95 minimum commission per order.
- Stocks – $5.95 per trade (less than 300k shares per month) plus routing and regulatory fees. Or, per-share pricing, starting at $.004 per share
- ETFs – $5.95 per trade (less than 300k shares per month) plus routing and regulatory fees. Or, per-share pricing, starting at $.004 per share
CenterPoint Securities charge routing fees and have over 30+ routing options. You can contact them for the latest available routes along with the associated fees/rebates. There are also regulatory fees as certain regulators impose transaction fees to cover their costs of regulating the brokerage industry. CenterPoint Securities pass these fees through to customers as part of normal transaction processing.
Please note that rates and fees are subject to change at any time. There may be some fees not covered or outdated in this CenterPoint Securities review, so ensure that you check the official brokerage website for the latest charges.
CenterPoint Securities Review: Trading Accounts & Fees
CenterPoint Securities offer an online brokerage account with flexible commission plans and lower rates for high volume traders. The minimum deposit for opening a brokerage account is $30,000 which is very large compared to most other online brokers. They charge fees for using their premium platforms unless you meet a certain amount of trading volume each month. There are also fees for market access data packages. Many other online brokers provide clients access to trading platforms and market data free of charge.
As broker fees can vary and change, there may be additional fees that are not listed in this CenterPoint Securities review. It is imperative to ensure that you check and understand all of the latest information on the official CenterPoint Securities website before opening a brokerage account.
CenterPoint Securities Review: Customer Service
CenterPoint Securities have a knowledgeable and helpful trading desk that is available via telephone and email. They take great pride in the relationship and trust that they build with clients, offering quick and efficient responses to customer requests. It would be useful if they added an option for online webchat support.
CenterPoint Securities Review: Deposit & Withdrawal
CenterPoint Securities offer wire transfer deposit and withdrawals, with fees from $20 to $50 depending on the financial institution used and client location. Accounts are offered in USD, thus if you plan to fund with another currency, conversion fees will apply. Funds can take a few days to process and there may be additional fees. The funding options are limited so it would be useful if they could add credit/debit card and online payment processor options.
CenterPoint Securities Review: Account Opening
If you would like to sign up for a CenterPoint Securities account, you will need to submit a new brokerage account application form online. Alternatively, you can email them to request the PDF application form which you can print, fill in, sign and return.
There is a trader profile questionnaire that needs to be completed at the start of the application to make sure the online brokerage services offered are suitable for you.
During the application you will be asked for personal information which can be used for verification with third parties. You should have documents at hand for proof of identification and address.
It can take a few business days for your account to be approved. The accounts team will contact you if they require any further information. Otherwise, you will receive an email confirming your new brokerage account after which you can fund it and commence trading.
CenterPoint Securities Review: Conclusion
CenterPoint Securities is a US brokerage for active and professional traders who require powerful trading platforms and tools. The lack of educational materials, account fees and minimum $30,000 deposit requirement confirms this to be an online broker for experienced traders.
They are lacking in tradeable instruments, with no forex, CFD or cryptocurrency trading. There are also multiple fees that all add to the overall trading costs. Funding options are limited and there is no online chat support.
Day trading can be extremely risky. Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading.