SpeedTrader Review

SpeedTrader Review

These days it might feel like investment and trading accounts are popping up seemingly overnight. Turn on the tv and chances are it won’t take you very long until you see the first commercial from an investment or brokerage company or website.

With so many options to choose from, it can be difficult to know which company or website to choose when it comes to buying and selling stocks.

Keep reading to learn more about SpeedTrader and get a SpeedTrader review.

What Is SpeedTrader?

SpeedTrader has been around since the early days of the internet. Founded in 1999 in the shadows of Wall Street in NYC, SpeedTrader is one of the best brokerage accounts and online platforms for traders of all kinds including day traders and options traders.

The company is part of Mint Global Markets and provides its clients with competitive fees as well as powerful trading tools. They also offer three different platforms so there is an option for everyone.

Who Is SpeedTrader For?

SpeedTrader can be used by anyone who is looking to be active in the stock market. In fact, it was designed specifically for advanced day traders as well as stock and options traders.

Day traders can take advantage of the ECN order route options that SpeedTrader offers in addition to the potential to circumvent quarterly inactivity and software platform fees.

Meanwhile, stock and options traders can take advantage of all the features and services that SpeedTrader provides from a brokerage standpoint including online trading.

What Are SpeedTrader’s Commissions and Fees

SpeedTrader offers a flexible commission structure that allows you the option to either be charged per trade or per share. Per share fees start at $.0025 per share and per trade fees start at $2.95 per share. There is also an options pricing option that starts at $.30 per contract. Fees and pricing vary based on your activity as well as the balance that you keep.

For those looking to day trade, there is a $25,000 minimum account balance requirement.

Does SpeedTrader Offer Different Platforms?

SpeedTrader has two different platforms to choose from, SpeedTrader PRO and ActiveWeb. SpeedTrader PRO comes with a 14-day free trial period. This allows you to try it out risk-free to make sure the platform offers what you are looking for.

SpeedTrader ActiveWeb

ActiveWeb is SpeedTrader’s web-based platform. It’s both browser-based as well as an HTML5 trading platform that offers a variety of features including:

  • Market data
  • Live streaming news
  • Real-time level 1 quote data
  • Options chains
  • Risk management tools
  • Built-in Twitter feed
  • Multiple screen support

Access to ActiveWeb and all its features starts as low as $25 a month. However, if you generate over $199 a month in commissions, that monthly fee is waived.

If you are looking for a hassle-free direct market access platform then ActiveWeb is the choice for you.

SpeedTrader PRO

The platform offers a powerful desktop-based trading platform that they offer in two tiers: SpeedTrader Pro Level I and SpeedTraer Pro Level II.

Both tiers offer the following features:

  • Account management tools
  • Real-time streaming
  • Advanced trading options
  • Hi-Lo Ticker
  • Free web and mobile access
  • Multi-account access
  • Hot Key Trading

SpeedTrader Pro Level I offers Equity Level 1 Streaming while Pro Level II offers Equity Level 2 Streaming.

Pro Level I is available starting at $49 a month. However, just like with ActiveWeb if you generate at least $199 a month in commissions that monthly fee is waived. Pro Level II starts at $104 a month. That monthly fee is also waived if you generate a minimum monthly commission of at least $499.

Is My Money Protected With SpeedTrader?

The short answer to this question is yes. SpeedTrader is a member of the Securities Investor Protection Corporation. This means that they not only have access to funds for customer claims up to $500,000 but accounts are protected up to $25 million per client, including $1 million for cash balances.

Clients also have additional account coverage of up to $24.5 million, including $900,000 in cash available to them through SeedTrader’s clearinghouse.

How Easy Is It To Open an Account and Get Started?

SpeedTrader has made the process of opening a new account pretty easy, especially compared to some of its competitors. You will need to provide basic information first. This includes your social security number or tax ID number, bank account information, and provide valid photo identification.

After you have provided all the relevant information, SpeedTrader will send you an email confirmation. This lets you know that your account has been opened. From there you will fund your account and can begin trading.

For those who might be new to the market or still learning about buying and trading stock, they also offer free virtual practice accounts complete with virtual buying power.

Are You Interested After Reading This?

If you are an experienced day trader, options trader, or stock trader who is looking for a brokerage that has been around for over 20 years, look no further than SpeedTrader.

For more information about this SpeedTrader Review, or to get their 14-day free trial period, visit their website by clicking here.

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