CenterPoint Securities Review
Richard Montana | August 2, 2022
CenterPoint Securities is an online US-based stock broker for those of you who need powerful trading platforms and a range of excellent tools to help with your day trading activities. They let you take control of your order flow with advanced routing for optimal executions. You get cost-effective commissions with low order minimums. I feel they are catered more towards professional traders with a large account. However, I think the broker can be a great choice for anyone who is looking to get direct market access with discoufinted fees on high-volume trades. You can even take a test drive of the brokers state-of-the-art trading platform with a simulated trading account that is free for 14 days.
Pros & Cons
- Incredibly powerful trading platforms for all of your devices
- Premium trading tools for complex market analysis
- 30+ unique advanced order routing options
- Smart routes, ECN’s, dark pool access, market maker routes and more
- Cost-effective commission rates with low order minimums
- Superior execution speeds for better fill prices
- Discounts for high-volume traders
- Excellent support with rapid phone and email response time
- Try the platform free for 14 days with a simulated trading account
- The minimum $30,000 deposit requirement is quite high
- Quite a lot of fee to consider (commissions, routing, platform, data, account, etc)
- Do not support forex trading
- Limited account funding options
Operating since 2000, CenterPoint Securities is an online stock trading broker that offers you a powerful range of premium trading products and services for professional online trading. I like how they provide you with direct market access and give you an institutional array of routing options which they are constantly adding to. This means that anyone can get access to industry leading trading conditions, although CenterPoint Securities was built from the ground up with active traders in mind.
You can choose from a good range of flexible pricing plans with competitively price tiered commission structures and incentives for high-volume traders. The customer support team can give you customised trading solutions and offer the same dedicated support to all traders whatever their level of experience or investment size. I like the personalised approach that they take, similar to SpeedTrader. CenterPoint Securities enable you to actively trade the markets with complete control and professional support.
When it comes to choosing a broker, regulation is one of the first things that I look for. I would always prefer to trade with a regulated broker as they can give some protection that an unregulated brokerage firm cannot. That being said, 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. I personally consider this to be top-tier regulation and thus, would have no problem trusting this broker. I can focus on my day trading without worrying if they will be operating in an honest manner as they must comply with rules and procedures set out by the regulators.
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 USA 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. The broker has user-friendly yet powerful 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. I like how they are always up to date, with easy to navigate interfaces. 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. I am constantly checking my trading apps to keep track of my positions and the latest market news.
They don’t offer the popular MetaTrader platforms nor the cTrader platform. If you’d like to trade on these platforms, I recommend checking out IG. They are another top US broker with thousands of trading instruments and the aforementioned platforms do not incur any fees. That being said, the provided platforms should be more than good enough for both new and experienced traders alike.
- Advanced charting platforms for Desktop, Web, and Mobile
- Built for Speed, Power, and Reliability
- Premium Executions with different routing options
- Fully Customizable including layouts, preferences, styles, and settings
- Free Platform Access for High-Volume Traders
CenterPoint Pro is a premier desktop trading workstation for active traders. It gives you direct market access in a real-time environment that has support for advanced order types, detailed charting and multi-account management. You can take advantage of world-class charts and technical indicators built specifically for active traders.
Some of the key features of the desktop platform include the following:
- 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 Web platform was specifically designed to offer you a powerful, reliable and fully-customisable trading experience. It runs directly in your web browser which is great if you need to access your account from different devices or if you don’t have your device to hand and need to borrow someone else’s.
Some of the key features of the web platform include the following:
- Real-Time Level 2 Market Data
- Fully Customisable Hot Keys
- Customisable Order Entry
- Advanced Charting
- Custom Alerts
- Feature-Rich Web & Mobile Apps
The broker provides mobile trading without any compromise on performance. Granted, the mobile app doesn’t quite have all of the same functionality as the desktop or web platforms. Nonetheless, it is still a great platform that is easy to use and makes it convenient for you to access your account and manage traders whenever you feel like it. The mobile trading app is available for iOS and Android devices.
Some of the key features of the mobile platform include the following:
- Take your favourite chart setups with you with advanced mobile charting
- Stream real-time level 2 directly from your mobile device
- Access your favourite routes and place orders on-the-go
- Monitor your buying power, positions, and trades
If traders do not meet monthly volume minimums, they will need to pay platform fees that range from around $63 and above. Depending on the platform, the minimum could be anywhere from 20,000 to 200,000 shares traded per month. They also charge fees for market access data packages. I would prefer not to pay platform or data fees, but think it is worth it when you consider these are some of the best trading platforms in the industry.
- CenterPoint Pro: $138/mo, Includes Mobile App + NYSE & NASDAQ Level 1 and 2 Data
- CenterPoint Web: $63/mo, Includes Mobile App + NYSE & NASDAQ Level 1 and 2 Data
- Custom pricing based on your own platform & data bundle
The CenterPoint Securities platforms are loaded with all of the tools you need to find, analyse, and trade your favourite setups. I think there is more than enough to build very complex trading strategies. I was able to choose from my favourite indicators and create customised templates. You can create chart templates to be as simplistic or complex as you need them to be.
The charts are designed specifically for active traders. Platforms come equipped with world-class candlestick charts and advanced technical indicators.
- Multiple Chart Types
- Technical Indicators
- Fully Customizable Design
Level 2 Order Entry
Utilize Level 2 to gauge real-time supply and demand levels, analyse trades as they hit the tape, and route your orders directly from the Level 2 montage window.
- Customizable Level 2 Window
- Multiple Routing Options
- Real-Time Streaming Data
- Time & Sales
Stock Discovery Tools
Find fresh trade opportunities daily with built-in stock discovery tools. Create custom scanners or take advantage of one of the ready-to-use market scanning tools.
- High/Low List
- Custom Scanners
- Market Viewer
There really are way too many tools to cover them all in this review. I think the best way to see what they have available is to take the platform for a test drive with the free 14-day trial that they offer. I am pretty sure you will be blown away by the vast array of tools implemented within each platform. Some other notable features and tools worth mentioning include:
- News Feeds
- Integrated Short Locator
- Account Management
- Options Chains
- Advanced Order Types
- Custom Alerts
- Basket Trading
- Window Linking
- Hot Keys
- NASDAQ TotalView
- Trade Signal Scanners
- Fundamental Data
- Multiple Account Support
- Multiple Monitor Support
- Multiple Color Themes
- Multiple Layout Support
There are some handy trading guides and videos available free of charge on the brokers website. They cover a range of important topics including trading concepts, strategies, platforms and methodology with in-depth guides. I think they could improve by adding a dedicated trading academy but you can find plenty of free resources online and practice trading with a free demo account before making a financial commitment. if you are looking for lots of guides and videos, tastyworks have a great selection.
CenterPoint Securities provide online trading of stocks, exchange-traded funds (ETFs) and options. I think there is a good selection for anyone focused on these asset classes. However, I would like to see some forex and crypto instruments added as these are two of my preferred markets.
- Equities Rates as low as $0.001 per share
- Options Rates as low as $0.20 per contract
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 Firstrade who let you get started with just $1. They charge fees for using their premium platforms and getting access to market data unless you meet a certain amount of trading volume each month.
They offer flexible pricing that allows traders to utilize powerful services at cost-effective rates. Generally speaking, the more volume that you trade, the lower the commissions charged. I found the commission fees to be very competitive. 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. 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.
Locate Discount Program
Every CenterPoint client is eligible for the locate discount program, with discounts automatically applied to locate fees. I think it is great that the broker rewards you for your loyalty. There are some other brokers that will do this but they won’t go about promoting it unless you reached out and asked them directly.
CenterPoint Securities have a knowledgeable and helpful trading desk that is available via telephone, email and live chat. They take great pride in the relationship and trust that they build with clients, offering quick and efficient responses to customer requests. I have seen lots of feedback that complement the support provided by the broker who offer a personalised approach.
CenterPoint Securities only 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. I don’t always want to wait around days for a bank transfer to clear, especially if there is some market news that I need to quickly try and capitalise on. However, I do understand that it may be due to regulatory restrictions why they do not have a larger range of payment options. If you would prefer to fund your account using digital wallets, you could have a look at FXChoice.
Overall, I think that CenterPoint Securities is a good brokerage for active and professional traders based in the USA who require powerful trading platforms and exceptional tools for conducting in-depth market analysis. They have very competitive trading conditions including lots of routing options with quick execution speeds. You can trade equities and options from all of your devices in a regulated environment. Customer support is excellent although they could add some more payment options. The lack of detailed educational materials, various fees and minimum $30,000 deposit requirement makes me believe this to be an online broker directed more towards the experienced traders amongst you. That is certainly not a bad thing by any means. There is the 14-day trial if you want to test the broker to see if they can meet your demands.