SpeedTrader ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
SpeedTrader is a US-based online brokerage for active traders who are looking to trade stocks and options. They have premium trading platforms that are packed with excellent tools for detailed chart analysis and conducting your day trading activities. I found the pricing to be very reasonable with competitive commissions and fees. However, there is a minimum deposit of $10,000 which is high when you consider many brokers let you get started with just $1. I think they are worth consideration is you are a day trader located in the USA looking for access to powerful trading platforms, market-leading technology, and exceptional customer service.
Pros & Cons
- Powerful trading platforms
- Great range of trading tools
- Extensive short lists
- Fast executions
- Low-cost trading
- 25+ routing options
- Free 100k demo account
- Excellent customer support
- Minimum $10,000 deposit is high
- Do not support forex trading
- No online payment processors
- Limited educational content
- Inactivity fee of $30.00 per quarter
- Platform and data fees apply
Founded in 1999, SpeedTrader is a New York based online stock broker specializing in online trading services who have been serving active traders for several years. They are able to cater to the specific needs of both retail and institutional clients including hedge funds and high-frequency traders (HFT).
SpeedTrader’s brokerage services have been specifically designed with the active trader in mind. They implement the latest market-leading technologies with access to over 25 routing options and fast execution speeds. SpeedTrader offers access to 4 third-party locate services so you have access to the best short lists.
I like how they provide direct market access (DMA) with competitive commissions for both per-share and per-trade plans. You get top class trading conditions via advanced trading platforms for all of your devices with a large selection of essential trading tools to choose from. This includes Level-2 Quotes, Advanced Charting, Direct Market Access, Customization, Hot Keys, & More.
When it comes to choosing a broker, regulation is one of the most important things to look out for. I would always prefer to use a regulated broker as they must follow strict rules and procedures that are put in place to protect investors. SpeedTrader is a member of FINRA and SIPC. I personally consider this to be top-tier regulation which gives me confidence that I can trust them and focus on my trading without worrying about the safety of my funds.
FINRA lets you 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 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. However, I recommend going through their terms and conditions since they’re pretty specific on who is eligible for this compensation.
SpeedTrader accepts clients from the USA and some other countries. Check on the SpeedTrader FAQ section for the latest availability in your country. If your country is not accepted by the broker for whatever reason, you can check out our broker comparison tool for some alternative options.
The broker supplies you with a vast choice of powerful and state-of-the-art trading platforms that have been specifically designed for those who trade frequently and thus need an efficient and reliable trading environment. The SpeedTrader platforms can be used across multiple devices including desktops, web browsers and mobile devices that run on iOS and Android. The trading apps and web platforms are very useful for those of you who need to access your account and manage trades whilst on the go. You can trade on any device. Whether you’re trading behind a multi-monitor workstation, a laptop, or a mobile device, SpeedTrader equips you with the tools you need to make smarter trading decisions. I found all of the platforms to be some of the best in the industry, user-friendly enough for beginners but powerful enough to satisfy professional traders. However, I was quite disappointed to find that the premium platforms require a monthly subscription unless you are meeting specific trading volume requirements. That being said, free trials of the platforms are available upon request. I would like to see them implement the MetaTrader platform as this is popular amongst day traders but can’t really complain given the quality of the SpeedTrader platforms.
SpeedTrader PRO is a desktop trading software designed specifically for day traders with optimal performance so that you can focus on your trading. It delivers cutting-edge features that help maximize your trading performance. You can take advantage of real-time market data, advanced features, direct access order routing, & more. I like how you can build strategies, analyse the markets and execute trades all in one convenient platform.
SpeedTrader PRO gives you a wealth of stock charting capabilities and timing indicators. Choose from a full range of chart types including Price, Candlestick and more.
Real-Time Streaming Level 2 Pricing
SpeedTrader PRO delivers streaming Level 2 and Time & Sales data in real-time. Customize your settings, link to your charts, and place orders directly from the Level 2 screen.
SpeedTrader PRO allows you to manage multiple accounts directly within the platform. Control your positions, monitor your P&L, and execute trades with ease.
Some of the key features of the SpeedTrader Pro platform include the following:
- Desktop Platform
- Real-time Streaming Level-2 Quotes
- Advanced Chart Types & Indicators
- Advanced Order Types
- Direct Market Access
- Account Management (Portfolio & Positions)
- Fully Customisable (save layouts, watchlists, hot keys, stock scanner, etc)
- Point & Click Trading
- Multiple Screen Support
SpeedTrader ActiveWeb is a browser-based HTML5 trading platform loaded with features and optimized for speed. You can access the trading tools you need at any time, from anywhere. It is truly a web-based platform without compromise. I think it is great how you can access it from any browser and you will always get the latest version. This is useful if you are frequently switching between devices or even if you need to borrow someone else’s device to access your account. ActiveWeb provides real-time streaming market data with Level 1 quotes and live charting. It doesn’t quite have the advanced capabilities of the desktop platform but is still an excellent platform that I find convenient for day trading.
Some of the key features of the SpeedTrader ActiveWeb platform include the following:
- HTML5 Web Platform (runs in any modern web browser)
- Real Time Candlestick Stock Charting
- Real-Time Level 1 Quote Data
- Live Streaming News
- Online Trading History
- Trending Data
- Risk Management Tools
- Multiple Screen Support
- Direct Access Order Routing
SpeedTrader have an incredibly powerful mobile platform. It contains all of the advanced trading tools that you need to keep track of your portfolio and manage your trades while you are away from your trading desk. This includes account management, real-time Level 2 data, candlestick charting, and more.
Some of the key features of the iSPEEDTRADER app include the following:
- Access multiple chart types, timeframes, and technical indicators
- Manage watch lists and track market activity tick-by-tick
- Enter and exit positions with multiple order types
- Analyze options chains straight from your phone
- Access real-time Level 2 and Time and Sales data on the go
- Stay up to date on the latest market news and press
SpeedTrader have a great selection of tools that empower your trading and assist you with conducting in-depth market analysis to help you reach your full potential. Active traders can’t afford to settle for anything short of the best tools. SpeedTrader offers state of the art platforms that are designed specifically for active traders who demand advanced trading tools and uncompromising technology. I found the platforms to be loaded with more tools than most traders will ever need. You can customise your chart templates to be as simplistic or complex as your strategy requires. You can even expand the platforms capabilities by purchasing add-ons including news releases and trading signals.
SpeedTrader’s online trading platforms & software are powered by DAS INC, an industry leader in direct access trading technologies. I was pleased to see that the SpeedTrader website has a selection of video tutorials that will show you how to use SpeedTrader’s various stock trading platforms and software. They also run day trading webinars and stock market educational articles. You may browse through the archive of free webinars and join them for their next event. To be honest, there isn’t a great deal of educational if you are a beginner with little market knowledge. You may wish to have a look at our best brokers for beginners if this is the case. SogoTrade is another USA broker with similar conditions that do have some more educational resources.
SpeedTrader offers direct market access so you can trade stocks, exchange traded funds (ETFs) and options. Direct market access allows you to route orders directly to the market, providing the opportunity for faster executions and better fills. SpeedTrader is a direct market access broker offering 25+ routing options to give active traders an edge in their trading. I think there is a good selection if you are focused on these particular asset classes but would like to see them expand their portfolio into other assets.
- Stocks and ETFs: From $2.49 per trade
- Stocks and ETFs From $0.0009 per share
- Options: From $0.25 per contract
- Routing, Software, Account and other fees may apply
SpeedTrader has flexible pricing options to meet different trader needs. You can choose between per-share or per-trade pricing models, with competitive commission rates given to all traders. There is a high $10,000 minimum required to open a day trading account. Accounts that fall below the required minimum will be subject to certain restrictions, and additional funds may be required. SpeedTrader accepts applications for margin and option accounts only – no cash. They do not currently offer debit card and/or checking accounts. Trading on margin gives you extra buying power to get into the positions you want. If you need leverage, they can offer discounts on margin interest rates based on your margin debit balance. The minimum required to open and maintain margin account is $25,000. An inactivity fee of $30.00 per quarter will be charged unless 15 trades per calendar quarter are executed. I find these conditions to be quite pricey but acceptable considering the trading conditions and support you get access to.
The SpeedTrader customer support team values each and every client the same, ensuring that they take the time to make sure all of your trading needs are met in a prompt and efficient manner. The support team can be reached via email, online chat and telephone. Support hours are Monday-Thursday: 8AM-5PM EST, Friday: 8AM-4:30PM EST. I found them to be very friendly and really like how they take a personalised approach, treating clients as family and making sure everyone is looked after, regardless of their investment size. They could improve by increasing support hours but this isn’t a deal breaker from my perspective.
SpeedTrader let you fund your accounts via wire transfer or ACH. I like how you can transfer your account from another broker by completing an Account Transfer form (ACAT) for listed securities and sending them a copy of your last brokerage statement. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the bank although transfers usually take a few business days to clear. I would prefer if they added some online payment processors for quicker funding. If there is a market event that I want to try and take advantage of, I wouldn’t want to be waiting around days for my funds to clear.
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
SpeedTrader is a regulated US broker with a good selection of premium trading platforms and powerful tools for the professional active day trader. They also have the capabilities for servicing institutional traders. I like the platform reliability, execution speed, and their customer service. Keep in mind that you do need to pay monthly data and service fees, which are reasonable considering the products you get access to. They provide multiple routing options and fast executions for both listed stocks and OTCs. Despite the many positives, the minimum account balance is quite high at $10,000. They are also lacking in payment options and educational content for new traders. However, I feel the broker is a good option for anyone in the USA who is looking to day trade in a professional and regulated trading environment.
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