Full SpeedTrader Review
SpeedTrader is an extremely fast platform, making it perfect for those who want to start day trading. There is a minimum deposit of $30,000, although day trading requires at least $25,000 of equity per US regulation.
SpeedTrader is best for:
- Day traders
- Full-time traders
- Those who need 24/7 support
Do you need a platform to help you make money through day trading?
SpeedTrader is designed for the advanced trader who needs a solid, reliable, direct access online broker. Offering access via multiple platforms, it utilizes the Das Trader trading software. If you require advanced tools to facilitate your day trading, SpeedTrader provides state-of-the-art tools, including a huge range of routing options and shortlists.
If you want to know more about the core features of SpeedTrader, read through our SpeedTrader review.
What is SpeedTrader?
SpeedTrader has been in the business of day trading since 1999. Based out of New York, it’s part of Stock USA Execution Services Inc. It’s aimed specifically at day traders who require advanced tools to maximize their profitability. Most reviews on SpeedTrader highlight the flexible fee structures, but we believe this can be confusing.
For this reason, SpeedTrader is not recommended for beginners. There’s quite a steep learning curve and those who are starting for the first time are expected to already have prior day trading experience.
However, this is a platform aimed mainly at active veteran traders. The SpeedTrader fees favor those who make regular trades, with $30 inactivity fees charged if fewer than 15 trades are made per quarter. The more trades you make, the better a deal SpeedTrader is.
Our review on SpeedTrader believes this is one of the best day trading platforms for advanced traders. By continually offering highly advanced tools to meet the needs of the modern trader, this is a service that can help you facilitate more profitable trades.
Let’s examine its core features.
SpeedTrader offers three different platforms for trading. These are known as SpeedTrader Pro, ActiveWeb, and Mobile Trading.
Although they are marketed independently, they are iterations of the same platform on separate platforms. While these three platforms offer a considerable amount of flexibility, one of the downsides is there’s no support for trading via Android devices.
Direct Access to Multiple Routing Options
Although SpeedTrader focuses exclusively on the U.S. stock markets, where it truly shines is in the number of ways you can take advantage of market liquidity. There are more than 25 different routing options within the tradable markets offered on the platform.
Orders are fulfilled at lightning speed, which means traders can make more profit faster. Advanced day traders taking advantage of SpeedTrader will benefit from better pricing and up-to-the-second market data.
Streamlined Das Trader Software
Das Trader is the software at the heart of this trading platform. It’s seamless and extremely fast while consuming a smaller number of resources than its competitors. The platform also comes with limited news feeds and a Twitter feed.
For day traders who use multiple setups, a low-resource direct access brokerage platform avoids any lag in pricing and trade execution.
Pricing at SpeedTrader can get confusing because there are multiple pricing structures. There are separate SpeedTrader fees for the software, account fees, commissions, and routing fees. It’s important to keep a tab on these fees or expenses could become unacceptably high.
The minimum deposit for both U.S. and overseas clients is $30,000, so this is a trading platform for those with deeper pockets.
Trading fees depend largely on how much you trade. If you make more than 500 trades per month, you pay as little as $2.95 per trade. For smaller trading frequencies, the cost per trade can be as high as $4.49.
SpeedTrader is not for beginners. It’s for experienced investors with a focus on the U.S. markets. We answer some of the most common queries people have about this platform.
Is SpeedTrader Open to Overseas Traders?
Yes. Despite there being no access to trading on the global markets, overseas clients are still welcome to create an account on the platform and trade on equal terms.
Can I Trade Futures and Currencies with SpeedTrader?
No, SpeedTrader sticks to more traditional asset classes. One of the few downsides of the platform is a limited list of tradable assets.
Is SpeedTrader Legit?
SpeedTrader protects your money by being a member of the Securities Investor Protection Corporation. This enables the platform to fulfill claims of up to $250,000 in cash and $500,000 in total assets.
Is SpeedTrader Right for You?
Our review on SpeedTrader believes this is the number one trading platform for the experienced trader in need of an advanced platform that supports them. When comparing SpeedTrader vs. other free brokerages, frequent traders can extract a lot of value from this lightning-fast platform.
Overall, for the frequent day trader who wants to focus on traditional assets within the U.S. markets, it doesn’t get much better than this.
Create an account with SpeedTrader and try out the 14-day free trial of SpeedTrader Pro.