SpeedTrader is an online broker that provides professional-level trading solutions for active stock and options traders. Its platform features include low-latency high-speed execution, direct market access order routing, customizable trading front-end, etc., fully meeting users' needs for high performance and flexibility. At the same time, SpeedTrader also offers competitive trading fees, which are highly favored by investors.
SpeedTrader Information
SpeedTrader provides a versatile trading experience with account minimums and fees that range from free for certain accounts to variable fees based on the type of transaction. New accounts are free from account fees, making it accessible for new traders. While specifics on interests on uninvested cash and margin interest rates are not provided, SpeedTrader does offer mutual funds among its trading options. The platform is available on iOS, Android, and Web, ensuring seamless access across multiple devices for a comprehensive and convenient trading experience.
Pros and Cons of SpeedTrader
SpeedTrader stands out for its compliance with financial regulations and its diverse range of asset offerings, making it a reliable choice for traders seeking a secure and comprehensive trading platform. Its availability across multiple platforms, including iOS, Android, Mac, Windows, and Web, ensures accessibility and convenience for users. However, some drawbacks include a complex fee structure that may require careful consideration and planning. Additionally, the lack of specified interest on uninvested cash and margin interest rates could be seen as areas for improvement in terms of transparency and clarity for users.
Is SpeedTrader safe？
Regulation
SPEEDTRADER, INC. is a broker-dealer registered with the Financial Industry Regulatory Authority (FINRA) in the United States.
SPEEDTRADER, INC. is a member of the Securities Investor Protection Corporation (SIPC), a non-profit organization that protects investors' securities accounts up to $500,000 (including $250,000 for cash). In addition, SPEEDTRADER, INC. carries excess SIPC insurance that provides an additional layer of protection for its customers' accounts. The exact amount of excess SIPC insurance coverage is not publicly available, but it is generally believed to be significant.
SPEEDTRADER, INC. also has a number of other measures in place to protect its customers' funds. These measures include:
Segregating customer funds from company funds: SPEEDTRADER, INC. is required by law to keep its customers' funds separate from its own funds. This means that even if SPEEDTRADER, INC. were to go bankrupt, its customers' funds would still be safe.
Using a custodian bank: SPEEDTRADER, INC. uses a custodian bank to hold its customers' securities. A custodian bank is a specialized financial institution that is responsible for safeguarding securities.
Regular audits: SPEEDTRADER, INC. is subject to regular audits by the SEC and other regulatory bodies. These audits help to ensure that SPEEDTRADER, INC. is complying with all applicable laws and regulations and that its customers' funds are being safeguarded.
What are securities to trade with SpeedTrader？
SpeedTrader offers a variety of investment tools, including stocks, options, exchange-traded funds (ETFs), mutual funds, and bonds. These products help investors achieve diversified portfolios and select different risk-reward options. However, it does not provide products like commodity futures, forex, and cryptocurrencies.
Stocks: Direct investment in publicly listed companies, suitable for investors seeking capital appreciation and dividends.
Options: Provide experienced investors with more strategic choices, allowing them to hedge risks or speculate by buying rights or obligations.
ETFs: Funds that invest in a variety of assets, typically tracking a specific index, offering immediate market exposure and liquidity.
Mutual Funds: Professionally managed, these funds invest in a wide range of stocks, bonds, and other assets, facilitating risk diversification.
Bonds: Debt investment products where investors lend money to a borrower (corporate or government) expecting to get back the principal plus interest in the future, suitable for low-risk investors.
SpeedTrader Accounts
SpeedTrader offers flexible account options tailored to different trading preferences, including the choice between per-share or per-trade pricing structures. Investors can select an official account for real trading, complemented by a demo account for practice and strategy testing, ensuring a versatile and comprehensive trading experience.
SpeedTrader Fees Review
Stocks and ETFs
SpeedTraders Stocks and ETFs fees are tiered depending on the number of shares traded per month. The lowest rate is $.0009 per share for those trading 25 million shares or more per month. The highest rate is $.0025 per share for those trading less than 1 million shares per month. There is a $0 minimum order fee and a 1 million share maximum order size.
Options
SpeedTrader offers competitive options fees with a tiered structure depending on the number of contracts traded per month. The lowest fee is $0.25 per contract for those trading 25,000 contracts or more per month. The highest fee is $0.35 per contract for those trading less than 1,000 contracts per month. There is a $1 minimum order fee.
SpeedTrader App Review
SpeedTrader's mobile app is a cutting-edge and intuitive trading platform designed for on-the-go traders. It provides a comprehensive trading eSpeedTraderperience, available on iOS and Android devices, facilitating easy access to markets anytime, anywhere. In addition to the mobile app, SpeedTrader also offers a versatile range of platforms and tools for different devices and operating systems, including Web Trading platforms, as well as dedicated applications for Mac and Windows. This variety ensures that all users, regardless of their preferred device, can access the trading services seamlessly.
Research and Education
SpeedTrader provides a robust suite of research and educational resources, including comprehensive video tutorials designed to enhance trading proficiency. These tutorials cover a wide range of topics, from platform navigation to advanced trading strategies, offering valuable insights and practical guidance for both novice and experienced traders.
Customer Service
SpeedTrader offers responsive and accessible customer support through multiple channels, including toll-free and main phone numbers, email, and live chat. Their support team is available Monday through Thursday from 8 AM to 5 PM and Friday from 8 AM to 4:30 PM, ensuring traders receive timely assistance and solutions to their queries.
Conclusion
SpeedTrader offers a comprehensive and versatile trading platform with key strengths in compliance with financial regulations and a diverse range of asset offerings, making it an attractive choice for traders seeking a secure and comprehensive trading experience. Its availability across multiple platforms including iOS, Android, Mac, Windows, and Web ensures accessibility and convenience for users. However, potential investors should note the complex fee structure and the lack of specified interest on uninvested cash and margin interest rates. SpeedTrader caters well to active traders and investors who value flexibility in trading options and platforms.
FAQs
Is SpeedTrader safe to trade？
SpeedTrader is considered safe to trade as it is a broker-dealer registered with the Financial Industry Regulatory Authority (FINRA) in the United States. It is also a member of the Securities Investor Protection Corporation (SIPC), providing protection for investors' securities accounts up to $500,000, including $250,000 for cash. Additionally, SpeedTrader has measures in place such as segregating customer funds from company funds, using a custodian bank, and undergoing regular audits to protect customers' funds.
Is SpeedTrader a good platform for beginners？
SpeedTrader can be challenging for beginners due to its complex fee structure and the absence of specified interest rates on uninvested cash and margin interest rates. However, it does offer a demo account for practice and strategy testing, which can be beneficial for beginners to learn and familiarize themselves with trading before committing real funds.
Is SpeedTrader legit？
Yes, SpeedTrader is a legitimate broker-dealer registered with FINRA and a member of SIPC, which provides a level of assurance regarding its legitimacy and adherence to regulatory standards in the financial industry.
Is SpeedTrader good for investing/retirement？
SpeedTrader is more suitable for active traders and investors due to its focus on trading flexibility and platform availability across various devices. It may not be the best option for long-term investing or retirement planning, as it primarily caters to individuals who engage in frequent trading activities.
Risk Warning
The information provided is based on WikiStock's expert evaluation of the brokerage's website data and is subject to change. Besides, online trading entails substantial risks, potentially leading to total loss of invested funds, so comprehending associated risks before engaging is crucial.
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