SpeedTrader - New Account Offer
SpeedTrader Review
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Likes
Negotiable commission rates for active clients.
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Dislikes
No research tools or education; basic DAS Trader WEB platform minimalist solution; expensive options exercise and assignment fees; numerous fees associated with other platforms.
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Bottom Line
While SpeedTrader may be a competitive cost solution for an active trader making over 1500+ trades per month, it has little value to offer the average retail investor.
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Ideal Client
Professional investors.
Our SpeedTrader review provides trade platform screenshots, detailed commissions information, and online broker ratings. Please note - SpeedTrader chose not to be included in our 2013 Online Broker Review and thus does not have any star ratings.
Compare SpeedTrader to Key Competitors
Trade Commissions Breakdown
| $6.95 | Flat-Fee Trade Plan* |
|---|---|
| N/A | Per-Share Trade Plan |
| N/A | Options Base Trade Fee* |
| $1.00 | Options Contract* |
| N/A | Options Exercise Fee |
| N/A | Options Assignment Fee |
| $50.00 | Mutual Fund Trade Fee |
| N/A | Broker Assisted Trade Fee |
| $500.00 | Minimum Deposit |
Miscellaneous Fees
| N/A | Bond Trade Fee |
|---|---|
| N/A | Treasury Trade Fee |
| N/A | Certificate of Deposit (CD) Trade Fee |
| N/A | Interactive Voice Response (IVR) Phone Trade Fee |
| N/A | IRA Annual Fee |
| N/A | IRA Closure Fee |
| N/A | Forced-Margin Sellout Fee |
| N/A | Returned ACH Fee |
| N/A | Returned Wire Transfer Fee |
| N/A | Stock Certificate Processing Fee |
| N/A | Stock Certificate Delivery Fee |
| N/A | Paper Statement Fee |
| N/A | Paper Confirmation Fee |
| N/A | Outgoing Domestic Wire Transfer Fee |
| N/A | Outgoing International Wire Transfer Fee |
Commission Notes
SpeedTrader has two main platforms: SpeedTrader 2.0 (Free) and SpeedTrader PRO. PRO costs start at $49.00 per month unless $49 spent in commissions that month. There are additional market feeds that be purchased for extra. All accounts are subject to a $30 quarterly inactivity fee if less than 15 trades are placed in the quarter.Stock Trades - SpeedTrader offers two sets of commission rates for trading equities. Plan A offers $6.95 flat rate trades. Plan B offers a $.0039 per share rate with a $.99 minimum order.
Options - Options are $1 per contract, no minimums. Option exercise and assignments are $30 each.
Mutual Funds - Are supported at a minimum charge of $50 per transaction and must be phoned in.
Other Offerings - SpeedTrader also offers futures and forex trading.
Retirement accounts - Are supported but there is a $25 setup fee and a $35 yearly maintenance fee.
SpeedTrader was reviewed by Blain Reinkensmeyer on 2013-02-19.
Misc. Account Information
| Clearing Firm | |
|---|---|
| N/A | No. of Commission-Free ETFs |
| N/A | No. of Retail Locations |
| N/A | No. of Mutual Funds (w/ Load) |
| N/A | No. of Mutual Funds (No Load) |
| N/A | No. of 3rd Party Research Report Providers |
| N/A | Max. No. of Legs (Complex Options) |
Account Features
|
Virtual Trading |
|---|---|
| No Minimum Deposit | |
| No Maintenance Fees | |
| No-Fee IRAs | |
| Online Trader Community | |
| Investment Education | |
| Live Seminars |
Mobile Trading
|
|
iPhone App |
|---|---|
| iPad App | |
| BlackBerry App | |
| Android App | |
| Mobile Site |
Customer Service
|
|
Phone Support |
|---|---|
|
|
Email Support |
|
|
Live Chat Support |
| Retail Locations | |
| 24/7 Customer Support |
Trade Types
|
|
Stock Trading |
|---|---|
|
|
Options Trading |
|
|
Mutual Funds |
|
|
FOREX Trading |
|
|
Futures Trading |
Recommended For
| Discounted Trading | |
|---|---|
| Long Term Trading | |
|
|
Options Trading |
| Active Trading | |
| International Trading |
Banking Features
| Checking Accounts | |
|---|---|
| Savings Accounts | |
| Credit Card Accounts | |
| Debit Card Accounts | |
| Mortgage Loans |
Trading Platform Features
| Web Browser Platform | |
|---|---|
| Windows Desktop Platform | |
| Mac Desktop Platform | |
| Platform Backtesting |
Active Trading Features
| Direct routing offered to clients | |
|---|---|
| Broker receives payments for order flow | |
| Broker internalizes trades | |
| Clients receive rebates for adding liquidity |
