SpeedTrader was founded in 1999 and is a division of Stock USA Execution Services, Inc. (Stock USA). Stock USA is a New York based broker/dealer and a member of FINRA and NFA.
In this SpeedTrader review, I’ll cover what SpeedTrader has to offer and my honest opinion about them.
First off I can say that I have used SpeedTrader for a number of years now, and so far my experience with them has been good. SpeedTrader is geared more to the active traders and is not for the average retail investor.
SpeedTrader is the sister broker of SureTrader. Both are run by the same company and use the same platform.
However, if your trading with an account that is under $25k and want to bypass the pesky PDT rule then I would recommend SureTrader first. If you are trading with a larger account than SpeedTrader is a good broker.
SpeedTrader Commissions & Fees
As far as commission, they offer very competitive commission rate with two options when you open an account.
Plan A: is $6.95 per trade.
Plan B: is .0039 per share, with a minimum of 1.99 per trade
The above commission rates can be negotiated for each individual trader.
SpeedTrader PRO – $49.00 Waived for clients who generate commissions of $199 that month.
SpeedTrader offers 2 trading platforms:
SpeedTrader 2.0 – a web-based platform with direct access trading and free to use
SpeedTrader PRO – the SpeedTrader PRO is powered by the DAS Trader platform, which has been around for years. It is a great day trading platform that is simple, easy to use and with good execution. The platform comes with a $49 fee, but it is waived if you generate commissions of $199 that month. There is also a $15 fee for level 2 quotes, but that can also be waived if a certain amount of commission is generated each month.
In addition, SpeedTrader also has a mobile trading app called the iSpeedTrader app. The app can be downloaded from iTunes Store and from there you can view account status, get quotes and place orders
Pros & Cons Of SpeedTrader:
- Fast executions
- Good routes
- Fast platform
- Easy to use
- Great OTC/Pink Sheet Quotes for penny stocks
- The best direct-routing for OTCBB/Pinksheets orders of any brokerage
- Negotiable commission for active traders
- Free virtual trading offered to practice trading without risking real money.
- Platform fees (waived for those who generate commissions of $199 that month).
- Fees for routing in and out money,
- Not the best charting software
Overall, I’m very pleased with SpeedTrader and while I do have other brokerage accounts, I use SpeedTrader as my main account to execute trades.
I would recommend SpeedTrader for day traders or very active traders who are in and out of the market several times in a month. I wouldn’t recommend them for new investors who have a longer time horizon and are not active traders.
Visit the SpeedTrader website to learn more and see their latest promotions.