CenterPoint Securities Review
Alyaziah Hayat | May 14, 2022
Table of Contents
CenterPoint Securities is an online US stock broker for those of you 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. A better alternative can be found at our broker ratings.
Broker 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
CenterPoint Securities is an online stock broker that offers you a range of premium trading products and services for professional online trading. I like how they provide direct market access and give you 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 with offices in different states. I like how 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 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 you participate in the financial markets with confidence by helping to safeguard your 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 you 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. I recommend going through their terms and conditions since they’re pretty specific on who is eligible for compensation.
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. However, if your country is not accepted by this broker, you can check out our broker comparison tool for alternatives.
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. However, they don’t offer the popular MT4 and MT5 platforms nor the cTrader platform. If you’d like to trade on these platforms, I recommend checking out Pepperstone.
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. I like these platforms as they 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. You should know that most platforms like FXFlat don’t charge any fees for trading on their platforms.
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 you trade more than 300K shares in any given month. I have to add that terminal fees not waived for those of you 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 you a powerful, reliable and fully-customisable trading experience. This platform fee is $100 per month but is waived if you trade more than 200K shares in any given month. Note that terminal fees not waived for those of you 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 you trade more than 500K shares in any given month. Note that terminal fees not waived for those of you on the “Per-Ticket Plan”.
CenterPoint Securities do not provide any standalone tools as there is 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. However, if you’d still like a good selection of trading tools and educational resources, I recommend checking out IronFX.
CenterPoint Securities offer you the online trading of stocks and exchange-traded funds (ETFs). However, 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. Most brokers like FXGiants aren’t as strict with their trading fees.
You should know 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 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 like Trade Nation. I don’t like how they also 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 like Valutrades can provide you access to trading platforms and market data free of charge.
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. I would’ve liked to see them offer online webchat support like other top brokers such as Trading 212.
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. I would’ve liked to see them add credit/debit card and online payment processor options like other top brokers such as FXTM.
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, I like how you can also 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.
|Broker Features||AvaTrade||IG||IC Markets|
|Regulated||ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA||FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF||ASIC, CySEC, FSA, SCB|
|Country||Australia, Ireland, South Africa, Japan, British Virgin Islands||Australia, UK, USA, Switzerland, UAE, Singapore, Japan||Australia, Seychelles, Bahamas, Cyprus|
|Min. Deposit||Min $250 Deposit||Min $100 Deposit||Min $200 Deposit|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs||Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile||MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile|
|Type||Market Maker, STP||STP, ECN, DMA||ECN|
|Funding||Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill||Wire Transfer, Credit/Debit Cards, PayPal||Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli|
|Visit Broker||Visit Broker||Visit Broker||Visit Broker|
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. I don’t like how there are also multiple fees that all add to the overall trading costs. Funding options are limited and there is no online chat support. You can find better alternatives by going through the best trading platforms.