Speedtrader Review

MIN. DEPOSIT $15,000
Up to $100 BONUS
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Speedtrader
Up to $100
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Overview

Company Information SpeedTrader is a reputable broker that offers direct access to the markets with excellent execution times. The brand is just a division of the Stock USA Execution Services,… more

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Details

BrokerSpeedtrader
Website URLhttp://speedtrader.com/
Founded1999
HeadquartersCarmel, New York, U.S.A.
Support Number1 (800) 874-3039 (Toll free)
Support Emailinfo@stockusa.com
Support TypesPhone, E-mail
LanguagesEnglish
Minimum 1st Deposit$15,000
BonusUp to $100
Free Demo AccountYes
Regulated Yes
RegulationFINRA & SIPC
Deposit MethodsACH, Wire Transfer, DTC, DWAC, ACAT, Check
Withdrawal MethodsACH, Wire Transfer, DTC, DWAC, ACAT, Check
Types of AssetsStocks (US), Options, Bonds, and Mutual Funds
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

SpeedTrader is a reputable broker that offers direct access to the markets with excellent execution times. The brand is just a division of the Stock USA Execution Services, Inc., which is one of the biggest financial institutions around the US. The company is a member of FINRA and SIPC, it’s based in New York and provides numerous online financial services. But let’s get back to SpeedTrader and focus on the branch’s activity. There are not many brokers who offer their services in the USA, but SpeedTrader is surely one of them. With a strong management team and vast experience in the sector, the online broker quickly attracted clients and made a great base of traders. Their high-tech business model, which combines small commissions with lighting fast execution speed, is undoubtedly attractive for both professional market players and beginners. Apart from its services for private clients, the US broker also provides extensive institutional trading services correctly adjusted for the need of the business. Trading groups and independent broker-dealers can also take advantage of various partnership programs, tools, and technological solutions. Education is also available for the new traders, but it can be improved for sure. Regardless, there are various video materials with detailed explanations of the basics, as well as an extensive glossary.

 

Trading Information

SpeedTrader provides various trading instruments for its client, and all of them employ fixed commissions. The most common ones are stocks and options, but traders can also trade with bonds, mutual funds, and IRAs. Unfortunately, ETFs, futures, and Forex pairs are not included in the list. One of the huge advantages of SpeedTrader is their excellent pricing structure. The fully transparent model and fee calculation make it very easy for traders to do the math right away. The usual commission applied to traders is $4.49 per trade for equities and $0.40 for options, but the active players on the market can get exclusive rates and lower the commission to $2.50 per trade. It may not seem like a significant promotion, but in the long run, the numbers add up to make a fantastic saving amount. The US online broker applies some extra charges on its services that are usually represented as software, routing, and margin fees. They are closely related to the platform usage and the specific needs of the trader. Account taxes for inactivity are also applied, so plan your vacations accordingly.

 

Trading Platforms

SpeedTrader relies only on its custom trading platforms and tools. In fact, the online broker is one of the best examples for trade execution speed and accuracy. Day traders will fall in love with SpeedTrader PRO as a primary desktop trading platform. The software is extremely stable and quick, which gives a significant market advantage over the other brokers. The platform itself is well designed and offer a broad range of features, charting tools, and gadgets. There is an intuitive account manager, detailed history of each order and trade, as well as real-time news from the market. Unfortunately for Mac users, they will not be able to install the program without the help of third-party software, such as Apple Bootcamp, Parallels or Fusion.

 

SpeedTrader developed different solutions for both web and mobile experience. Traders who prefer their browsers will be able to log into SpeedTrader ActiveWeb without any hassle or download requirements. The web-based software can be accessed from smartphones and tablets as well. Also, the iSpeedTrader is available on iTunes as an excellent solution for the dedicated Apple users.

 

Security and Customer Service

It’s natural for a broker like SpeedTrader to provide employ extensive security measures on their platform and servers. The company represents the high technological development of the online trading and can show nothing less than top safety. All data transmitting parts of their website are carefully guarded by SSL encryption issued and certified by COMODO CA. Accounts are also under heavy protection by the SIPC (Securities Investor Protection Corporation). Customers’ claims can be met up to $500 000 with the half of them in cash. However, this policy does not cover losses from the market value of the securities.

 

SpeedTrader’s customer care department can be quickly contacted by two phone lines – a central and a toll-free one. There is also an email address, live chat, fax and even social media channels, where a customer can drop a message anytime. The New York office is also open for clients from Monday to Friday, 8 AM to 5 PM EST. Traders can also find a useful FAQ section on the website with detailed explanations about most processes in the company.

 

Deposits and Withdraws

Opening a new account employs certain funding requirements. US clients will be happy to learn that they need to deposit minimum $15 000 to start trading with SpeedTrader. However, foreigners must deposit at least $25 000 to receive the same right. Deposits are processed through various methods, which are quite different from most of the online brokers. Almost all the payment options are unique for the US, except for bank wire transfers. Account transfers from other brokerage companies are also possible. Almost all deposit methods take from three to five business days.

 

Withdrawals have quite limited options. Funds can be processed via bank wire transfers, checks, and ACH. After all the required documents are supplied by the client, SpeedTrader begins the money processing. Take note that some extra checks may be initiated before the withdrawal.

 

Deposit Bonus and Loyalty Programs

SpeedTrader does not employ many promotions at this time, but the few available are quite beneficial. New traders with the US broker can take advantage of free $100 directly credited to their accounts without any obligations. The only requirement is that the client fund the newly opened account within 48 hours after the approval. Traders should take note that these $100 are used only for commissions.
There is one additional promotion called “Refer a Friend.” Customers can easily recommend a friend of theirs and receive an extra $100 bonus. The free cash is accepted only when the referred person opens an account and begins trading with a sum more than $25 000.

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