Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Lightspeed vs SpeedTrader to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Lightspeed charges $4.50 per stock trade which is $0.01 more than SpeedTrader which charges customers $4.49 per trade. For options trading, both Lightspeed and SpeedTrader charge the same base fee of $0. Option contracts are pricier at Lightspeed, costing $0.60 versus $0 at SpeedTrader. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews.
Next, investors want to make sure they can trade the investment vehicle they want. SpeedTrader supports Stock Trading and Options Trading while Lightspeed supports Stock Trading, Options Trading and Futures Trading. As far as mutual funds go, both brokers offer the same number of mutual funds, 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed and SpeedTrader both offer virtual trading. For mobile trading, SpeedTrader offers the iPhone App and Android App while Lightspeed offers the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Banking is not popular with Lightspeed and SpeedTrader as Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are all unavailable.
Overall, between Lightspeed and SpeedTrader, Lightspeed is the winner.