"I feel the need … the need for speed - a SpeedTrader Review, that is!" So batten down the hatches, lower the boom, raise the mizzenmast: full speed ahead with our SpeedTrader review.
When you’re searching for a day trading friendly broker for the first time, you’re bound to come across many popular brokers names such as Lightspeed (Lightspeed Trader), Interactive Brokers (Trader Workstation - TWS), TradeStation (TradeStation 10), TD Ameritrade (thinkorswim), Fidelity (Active Trader Pro), and most likely SpeedTrader. Read on to see why we love SpeedTrader for good reason.
One of the reasons you’ll find SpeedTrader in your googling results is likely because it has been around for a long time servicing the day trading industry. It's one of the best brokerage firms and loved by day traders for over 20 years.
In 1999, Guy Gentile, one of the youngest persons to ever own a licensed broker dealership at the time, launched the trading brokerage service to provide direct access trading with added value compared to a typical online broker.
Today, this company continues to be a leading online stock trading platform. It has been the ranked among the best online brokerage by Barron’s multiple years in a row.
Is SpeedTrader the Best Day Trading Platform? (Review Breakdown)
- SpeedTrader is one of the best day trading platforms
- Lightening fast trade executions
- Integrates with DAS Trader platform
- Customization of hot keys
- Large ECN order routes
According to Guy Gentile, the company Speedtrader.com, Inc., ultimately became “Stock USA Investments, Inc.” and later on “Stock USA Execution Services” which is now Mint Global Markets, Inc.
As a result, if you are doing business with SpeedTrader, you are doing business with Mint Global Markets, Inc., a New-York based online stock broker, who is a member of FINRA & SIPC. If you have not heard of Mint Global Markets, it’s likely because it conducts its business of online trading services under the name SpeedTrader.
Those looking for a direct-access online broker will likely consider SpeedTrader among other brokers. Direct Market Access (DMA) is not usually available to individual traders. Brokerage firms will typically have direct market access in order to facilitate trade orders.
Having direct market access allows you as a trader to view an exchange’s order book and all its trade orders. It is intended for active traders who want more powerful solutions while being sensitive to cost savings.
1. Electronic Communications Networks (Ecn): SpeedTrader Review
SpeedTrader routing options can generate ECN rebates which may lower your commission costs. Indeed, they have a good selection of ECN and exchange routes from ARCA, INET, BATS and EDGX to less known routes such as CUTC (Citadel), XALL, LQPT and ONXX.
With a broker like SpeedTrader you do have control of your order routing. Find out more about routing via ECNs on the SpeedTrader website here.
Having multiple routing options, over 25 with this company, is important when the speed of trade executions and liquidity often determines the success of a trading plan. SpeedTrader also caters to financial institutions such as hedge funds and Proprietary Trading Firms (Prop Firms).
If you are a trader focused on shorting stocks, you may find that SpeedTrader has a more extensive shortlists compared to a traditional broker. Integrated locates allow you to search for locates directly within the SpeedTrader PRO Platform. Take our day trading course. Check out our trading service to learn more about our community.
2. Platform Options: SpeedTrader Review
Like many of its peers in the trading industry, SpeedTrader offers 3 types of platform access. The standalone software (SpeedTrader Pro), the web interface (ActiveWeb), and the mobile option (Mobile Trading) that comes free with the desktop Pro version.
These platforms are licensed products of DAS INC. a provider of electronic trading solutions. The desktop program may be called SpeedTrader Pro but it’s running on the Das Trader Pro platform. There’s nothing wrong with that of course (learn how to open an investment account).
3. Das Trader
The Das Trader products are powerful and liked by many day traders. Let’s review some of the options:
SpeedTrader PRO: While labeled software from DAS Trader comes with advanced features that professional traders cannot live without. Here’s a taste:
- Ability to create, save, and load custom multi-screen layouts.
- Build and organize custom watch lists
- Speed up your order entries with over 100 hotkey options
- All your trading accounts are managed within the trading platform
- Customized stock scanners
- Over 25 direct access order routing options
- Advanced Level 2 screens
- Real-time charts
- You can trade off the charts
4. Web Interface
ActiveWeb Platform: the web-based interface of SpeedTrader may be more suited for part-time traders. It does cost less than the desktop application and offers basic options such as:
- Level 1 quotes
- Streaming news
- Real-time charting
- Option trading
- Tools for risk management
What Are SpeedTraders Fees & Commissions for 2020? (Pricing Breakdown)
- 500 or more trades per month = $2.95 rate per trade
- 200 to 499 = $3.95 per trade
- Under 200 = $4.49 per trade
- Per share pricing: over 500K = $0.0025, 250K to 500K = $0.003, Under 250K = $0.0044 per share
- Options pricing: 1000 contracts or more - $0.30 per contract, 500 to 1000 - $0.35, Under 500 - $0.40
1. The Offer
When opening an account with SpeedTrader you will have the choice between COR Clearing or ETC Clearing. Check out a list of the top trading companies. Also, here's a list of the top free trading brokers.
The COR account has the option of per trade commission which is more cost efficient for those trading larger size orders. The ETC choice only has a per share commission options. ETC (Electronic Transaction Clearing) is available through the SpeedTrader PRO service.
The SpeedTrader platforms have monthly fees ranging from $25 a month to over $100 a month. As for commission fees, the per-trade pricing starts at $4.49/trade, the per-share pricing starts at $0.0044/share, and if you trade options, pricing starts at $0.40/contract.
Keep in mind that there are other account fees and routing fees. You can find the details here.
2. SpeedTrader Review on Are They for You?
SpeedTrader is a broker for very active day traders. If you are just starting in the trading world, you won’t appreciate this company as much.
3 pros that you’ll easily be in love within SpeedTrader:
- Speedy executions and efficient order routing
- Low commissions for active traders.
- Robust trading platform with advanced features
3 cons that you may find less appealing are:
- Software fees are higher than most other brokers
- No Forex, ETFs or Futures trading.
- The minimum deposit to open an account is $30,000 (USD).
What Broker Is Best for Shorting? (SpeedTrader Short List)
- SpeedTrader is one of the best brokers for shorting. Check this out! SpeedTrader has just increased their ability to find hard to borrow (HTB) stocks! That's right! They now have 4 new pools called CURV, CUTL, STCK and CWEN. This new feature will help you find shares that everyone desires to short but simply cannot find on many other brokers.
1. The Takeaway
SpeedTrader distinguishes itself by offering direct market access. Their commission structure is in line with other discount brokers. Keep in mind that you won't be able to trade futures or Forex.
Although there is nothing that necessarily sets SpeedTrader apart from the competition offering direct market access, it is nonetheless a solid broker that has stood the test of time offering all the basic features professional traders need to succeed.
If your dream is to become a skillful consistent trader, Bullish Bears has well over $3,000 worth of courses at your disposal but beyond the education programs that we've put together for you.
It's the support of our stock market trading community members and the coaching provided by our moderators that will take you from being a little green as a trader to finishing the week green.
It's important to treat your trading just like a business. Take it seriously and invest in yourself. Come and get to know Tim, Dan, Lucien, and the Bullish Bears Team.
We are passionate about your success. Subscribe, study and you too will one day say "I day trade for a living!" Thank you for reading our SpeedTrader review and happy trading!