1. Home
2. Online Brokers and Trading Platforms 2023

SpeedTrader Review 2023

Visit

Available in United States

Our Rating

3
/ 5

SpeedTrader is #36 in our broker rankings.

SpeedTrader will suit experienced and active day traders looking for very low fees and advanced platforms, in exchange for a $30,000 minimum deposit.

- DayTrading Review Team

SpeedTrader is an online stock broker based in New York. Founded in 1999, the brokerage provides direct access trading software to experienced stock traders, with over 25 routing options. The broker is authorized by FINRA and SIPC, providing robust client protection.

✓
Trusted

✓
Demo Account

✓
Trade Signals

Minimum Deposit $30,000

Trading Platforms Own

Instruments Stocks, options, bonds, mutual funds

Bonus Offer -

Account Currencies

Payment Options Wire Transfer, Cheque

All SpeedTrader Details

Compare SpeedTrader

Stock Trading

SpeedTrader offers shares with low fees from $0.0009 per share or $2.49 per trade. With a choice of two advanced platforms and integrated stock scanners, traders have reliable tools to analyze equity markets.

✓ Pros

• Access a range of US stocks, options, bonds and mutual funds, plus extended hours trading available from 4am to 8pm EST
• Two powerful platforms with level 1 price data, live news streams, advanced charting and more
• Heavily regulated in the US by FINRA, plus SIPC compensation coverage up to $500,000
• Competitive fees at $0.0009 per share and $0.25 per options contract
• Reliable 24/7 customer support via live chat, telephone and email
• Multiple routing options
• Short selling aids

✗ Cons

• Only US stocks available, with no forex, commodities or cryptos
• Not suitable for beginners with a $30,000 minimum deposit
• Mobile trading is limited to iPhone and iPad users
• Demo account valid for 14 days only
• $30 inactivity fee every quarter
• $35 withdrawal fee
• No APIs

SpeedTrader is an online brokerage aimed at active clients. Users can trade US stocks and options through a high-speed web platform and mobile app. This review covers the broker’s trading services, including demo and margin accounts, regulatory status, and fee structure.

SpeedTrader Details

SpeedTrader is a New York-based online broker established in 1999. The company is part of Mint Global Markets and is registered with FINRA & SIPC.

Aimed at experienced traders, the broker offers competitive fees and powerful trading tools. In return, clients must meet hefty minimum deposit requirements and receive minimal hand-holding in terms of educational resources.

Trading Platforms

SpeedTrader PRO

SpeedTrader PRO is a powerful, desktop-based trading platform. The software promises advanced trading options, account management tools, and real-time streaming.

The interface is laid out so that features are easy to find and use on both Mac and Windows devices. Traders get access to stock scanners, 25 routing options, and 100 hotkeys. There’s also a decent level of customisation so users can find a look and feel that works for them. Reviews of the platform are generally positive and it will meet the needs of experienced traders.

ActiveWeb

ActiveWeb is a browser-based HTML5 trading platform packed with market data, options chains, live streaming news, and real-time level 1 quote data. The easy-access program also offers a suite of risk management tools, multiple screen support, and comes with a built-in Twitter feed. ActiveWeb ticks the box if you’re looking for a hassle-free direct market access platform.

Assets

SpeedTrader has a relatively narrow product range with users only able to trade US stocks, options, bonds, and mutual funds. Clients looking to trade forex, futures, cryptocurrency, or commodities will be disappointed. With that said, it does means tools and resources are focussed on the few asset-types that are available.

Popular Alternatives To SpeedTrader

#1

Forex.com

Visit

Review

Bonus

Active Trader Program With A 15% Reduction In Costs

#2

eToro USA

Visit

Review

Bonus

Invest $100 and get $10

eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation

#3

NinjaTrader

Visit

Review

Commissions & Fees

SpeedTrader’s commission structure permits clients to choose between a per trade or per share charge. Per-trade pricing begins at $2.95, per-share at $0.0025, and options pricing at $0.30 per contract. An inactivity fee of $30.00 will also be charged to accounts if fewer than 15 trades are executed per quarter.

See the Commission Fees section of the website for further details.

Leverage

Leverage up to 1:400 is available and 1:200 on overnight trades. Leverage provides an opportunity for greater exposure with minimum equity, but whilst it can earn big returns, it does carry risk. Leverage levels are flexible and there are potential discounts on margin interest rates. Contact the customer support team to negotiate a leverage package that works for you.

Note, as per PDT rule, any margin account identified as belonging to Pattern Day trader should have a minimum balance of $25,000.

Mobile App

SpeedTrader offers a mobile app for trading on-the-go. The app offers all the features of the desktop experience including level 2 data, advanced charting, options chains, order management tools, news updates, and more. The app is only available to download on iOS devices.

Payment Methods

Funding your SpeedTrader account can be done via wire or electronic transfer. Domestic transfers (US) will take up to 24 hours to clear, and international transfers up to 48 hours. The minimum deposit is $30,000 and the maximum daily deposit permitted is $50,000.

Withdrawals can be requested via electronic transfer or check. Electronic transfers are free of charge while checks may be charged an overnight delivery fee of $40.00. Overnight delivery cannot be made to international addresses.

Demo Account

SpeedTrader offers users a 14 day free trial of the PRO platform. The paper trading account is a great way to explore trading software, market simulators, plus advanced charting tools and stock scanners. No credit card is required and the demo account registration and login processes are quick and easy.

Deals & Promotions

There were no welcome deposit bonuses or other sign-up offers at the time of writing. However, the broker has been known to offer $100 of free trades to new clients in the past, so it’s worth checking their website for offers before you open an account.

Regulation & Licensing

SpeedTrader is authorised by the US Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Client funds are insured up to $500,000 and the company’s clearing policy provides additional coverage of up to $24.5 million per client as outlined by SIPC. Accounting for both coverage policies, clients are protected up to a total of $25 million, including up to $1 million for cash balances.

Note, SpeedTrader isn’t available in Canada but does offer services to foreign countries, including the UK, Australia, and Europe.

Additional Features

SpeedTrader offers additional resources in the form of webinars, a blog, and a Short List tool that locates specific tickers that may be eligible for shorting. The broker also offers a rebate on a market intelligence tool – Trade Ideas, plus a discount on Ticker Tocker, an intuitive trading platform that offers an algorithm builder, amongst other features.

The additional resources available are targeted towards experienced traders, so beginners may find the education tools limited.

Account Types

SpeedTrader offers two account plans for stocks and options trading – COR and ETC. The COR account offers per trade and share options. The ETC account offers only per-share trade options. The price structure on the ETC account starts at $0.0039 per share. Fees on the COR account begin at $3.95 per trade and $0.00039 per share.

Regardless of account type, platform and routing fees are an additional cost passed onto the trader. Account login can be found in the top right corner of the broker’s homepage.

Trading Hours

SpeedTrader platforms are available to view 24/7, however trading hours follow general market opening and closing times. Standard US trading hours are from 09:30 to 16:00 local time, Monday through to Friday. The only exception to this is a reduced schedule over holiday periods, details of which the broker will publish on their website.

On the SpeedTrader blog, users can find information on pre-market and after-hours trading.

Customer Support

Customer support is located in the bottom right of the homepage. Help is available via:

• Email – info@speedtrader.com
• Phone number – 800-874-3039

SpeedTrader also offers a live chat function. Live chat is available from 08:00 through to 17:00 ET, Monday to Thursday, and 08:00 to 16:30 ET on a Friday.

Users can also find SpeedTrader on Facebook and Twitter, as well as helpful videos on YouTube.

Trader Security

Trading platforms, payment methods and information shared over customer support are all secured using industry-standard measures, including firewalls and SSL protocols. SpeedTrader provides a safe trading environment for its clients.

SpeedTrader Verdict

If you take SpeedTrader vs the likes of Lightspeed, Interactive Brokers, Suretrader, or eToro, it’s clear the broker can hold its own in terms of market access and trading fees. For active traders seeking a high-speed platform and access to US markets, SpeedTrader is a credible option. Beginners or intermediates not willing to put up $30,000 to open an account may want to consider alternatives.

Accepted Countries

SpeedTrader accepts traders from Australia, Thailand, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Luxembourg, Qatar and most other countries.

Traders can not use SpeedTrader from Afghanistan, Albania, Algeria, Angola, Belarus, Cambodia, Canada, Congo, Cuba, Korea, Ethiopia, Ecuador, France, Ghana, Indonesia, Iraq, Jamaica, Kenya, Kuwait, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Mongolia, Namibia, Nepal, Nicaragua, Nigeria, Pakistan, Sao Tome And Principe, Somalia, Sudan, Syria, Tajikistan, Tanzania, Turkey, Viet Nam, Yemen, Zimbabwe.

Payment Methods

• Wire Transfer
• Cheque

SpeedTrader Details

Compare SpeedTrader

Compare SpeedTrader with similar brokers that accept traders from your location. Among available brokers these are the most similar to SpeedTrader:

1. IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
   Go to IG Group
2. Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
   Go to Just2Trade
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

SpeedTrader Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by SpeedTrader and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

SpeedTrader vs Other Brokers

Compare SpeedTrader with any other broker by selecting the other broker below.

FAQ

Where is SpeedTrader regulated?

SpeedTrader is registered with the US FINRA and SIPC. Traders can open an account in the knowledge that the broker may be subject to sanctions if it acts inappropriately.

Does SpeedTrader offer a demo account?

Yes, SpeedTrader offers a 14 day free trial of the SpeedTrader PRO platform. Prospective clients can test the range of trading tools and instruments available.

How much capital do I need to trade with SpeedTrader?

The minimum account requirement is $25,000. This is significantly higher than the amount needed to create an account at other brokers, which may deter less-experienced traders.

Is SpeedTrader a trustworthy broker?

SpeedTrader has a credible reputation and is subject to regulatory oversight from the US FINRA and SIPC. With that said, there are always risks involved with day trading, so users should only invest what they can afford to lose.

Does SpeedTrader accept foreign accounts?

Yes, SpeedTrader does accept clients from outside the US. Clients from Europe are advised to speak to customer support about creating an account. Note, clients from certain countries, including Canada, are not able to open a SpeedTrader account.

	Visit	SpeedTrader is an online stock broker based in New York. Founded in 1999, the brokerage provides direct access trading software to experienced stock traders, with over 25 routing options. The broker is authorized by FINRA and SIPC, providing robust client protection.
SpeedTrader is an online stock broker based in New York. Founded in 1999, the brokerage provides direct access trading software to experienced stock traders, with over 25 routing options. The broker is authorized by FINRA and SIPC, providing robust client protection.