SpeedTrader Review 2023

Per-trade pricing starts at $4.49/trade, per-share pricing starts at $0.0044/share, and options pricing starts at $0.40/contract.

SpeedTrader doesn’t offer commission-free trading in their trading platforms, which makes it unlike other brokers.

Users are given the choice between a per trade or per share cost.

Non Professional Traders

For Non Professional traders, the Level 1 Data Package costs $15/month. For professional users, the Level 1 Data Package costs $115/month. Options and Pink Sheets are $20/month. Level 2 data is $24/month for non professional users and $70 for professionals. $35/month Web User Stand Alone. $20/month for Fundamentals, $30/month for NewsBody, $40/month for Trade Signal and $25/month for Demo Account add-on. There is a $10,000 minimum deposit for live trading. Fees are not pro-rated for partial months.

ActiveWeb Trading Platform

The ActiveWeb trading platform costs $25 per month, but is waived for clients generating at least $199 in commissions. For the SpeedTrader Pro platform, there are two cost plans. SpeedTrader Pro Level 1 costs $49 per month, while SpeedTrader Pro Level 2 costs $104 per month. As for the mobile platform, there is a $30 monthly fee for ActiveWeb users, and a $15 per month fee for SpeedTrader Pro users.

Account Inactivity Fee

SpeedTrader charges a $30 inactivity fee, if less than 15 trades are made in a quarter on a particular account. The fee for broker-assisted trades is $30. Wire transfers cost $25 locally and $75 internationally. There is a $20 fee for forced market liquidation, in addition to commission costs. IRA accounts include a $75 annual fee.

SpeedTrader makes up for some of their costs by offering market leading technology and technical indicators, speedy executions, and exceptional customer service.

SpeedTrader Pro

The SpeedTrader Pro trading platform is SpeedTrader’s Level 2 downloadable desktop day trading platform powered by DAS software. SpeedTrader Pro offers impressive features that many day traders may find to be essential.

The platform allows extensive customization and advanced trading options to ensure active day traders truly have a trading environment that suits their needs. Pro allows users to create and manage multiple accounts directly from the platform.

SpeedTrader Pro Offers:

• Fast Trading Executions

• Direct Access Order Routing

• Point and Click Trading

• Real Time Stock Charting

• Real-time streaming of Level 2 and Time & Sales Data

SpeedTrader ActiveWeb

ActiveWeb is SpeedTrader’s web-based platform designed for smaller, less active traders. The ActiveWeb offers minimal features when compared to SpeedTrader Pro. It is great for convenient trading, but the active trader will prefer using Pro as their primary trading platform.

Includes features such as:

• Real Time Level 1 Quote Data

• Watch Lists

• Live Streaming News

• Risk Management Tools

The ActiveWeb trading platform gives access to multiple screen support, allowing traders to create and save multi-screen layouts to be able to use all of their trading tools at once.

Mobile Trading Platform

SpeedTrader’s mobile trading platform provides advanced trading instruments on-the-go. Users can access real-time level 2 data, advanced charting, order management, and more, all from the app. The iSpeedTrader app is available on Apple’s app store, and there is no SpeedTrader app for android. Android users will need to use the DASTrader app from the Google Play Store.

Demo Account SpeedTrader – SpeedTrader offer a free 100k demo trading account. Although the demo account is offered, after going through the verification steps the demo errors out and was not able to be used.

Options, Bonds, and Mutual Funds are also tradable on SpeedTrader.

The maximum order size for a market order – an order executed at current market price – is 100,000. The maximum size for a limit order – trading an asset at a certain price or better – is 1,000,000.

SpeedTrader Education and Research Offerings

SpeedTrader offers a number of video tutorials explaining how to use their various platforms and software.

SpeedTrader also has a blog, where they post articles on the latest technical analysis, trade ideas, financial markets, market data, and more.

There is also a SpeedTrader weekly newsletter available which SpeedTrader traders can sign up for to gain easy access to important news and information.

SpeedTrader’s user manual covers answers to user questions regarding their software. There is a lack of education materials to constitute financial advice and trading, because SpeedTrader is geared towards traders who they expect to understand these topics.

SpeedTrader Customer Support

Customer support is available Monday to Thursday from 8am to 5pm, and Friday from 8am to 4:30pm EST.

Customer support is available via an online chat, free phone call, email, fax, and messengers. SpeedTrader’s support specializes in dealing with day traders, and messages are responded quickly and efficiently.

Does SpeedTrader have a PDT rule?

Customers that are classified as a pattern day trader (PDT) are required to maintain minimum of $25,000 in account equity in a margin account. PDT restrictions come into effect when the net liquidation value falls under the $25,000 requirement.

Does SpeedTrader offer Day Trading?

Yes SpeedTrader is, in it’s own words, The broker of choice for active day trading

Is my online day trading account insured?

As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000 (including $250,000 for cash claims).

For accounts at Axos Clearing – Axos Clearing’s policy with Lloyd’s of London provides additional account coverage up to $99.5 million.

With the combination of SIPC coverage and Lloyd’s of London insurance, accounts held by Axos Clearing are protected up to a total of $100 million per client, including up to $1.15 million for cash balances with an aggregate limit of $100 million.

Is there a minimum requirement to open an account?

The minimum for the SpeedTrader Pro platform is $10,000 and $2500 for the Active Web platform. A minimum deposit of $30,000 is required for US and foreign traders to day trade. SpeedTrader accepts applications for margin and options accounts only. There are no cash accounts accepted. Accounts that fall below the required minimum will be subject to certain restrictions, and additional funds may be required. SpeedTrader does not currently offer debit card and/or checking accounts.

Do they accept foreign clients?

Yes, foreign accounts are accepted, except for Afghanistan, Albania, Algeria, Angola, Belarus, Burma, Cambodia, Canada, Congo, Cuba, Democratic People’s Republic of Kora (DPRK) , Ethiopia, Ecuador, France, Ghana, Indonesia, Iraq, Ivory Coast, Jamaica, Kenya, Kuwait, Kyrgyzstan, Lao PDR (Lao People’s Domestic Republic), Lebanon, Liberia, Libya, Mongolia, Namibia, Nepal, Nicaragua, Nigeria, North Korea, Pakistan, Sao Tome and Principe, Somalia, Sudan, Syria, Tajikistan, Tanzania, Turkey, Venezuela. Vietnam, Yemen, and Zimbabwe.

If I am on a per-share rate (Plan B) how much will the commission be to buy 100 shares?

The per share commission is $0.0044 per share with a $1.99 minimum per trade. A 100 share trade would be only $1.99 plus the ECN charge.

The Trading Fees & Commissions and Routing Fees pages provides all the information traders need to know about fees.

Is SpeedTrader Regulated?

Yes SpeedTrader is regulated by FINRA and is a member of the Securities Investor Protection Corporation

Can users enter a GTC Order?

Good Til Cancelled Orders:  It is the client’s responsibility to review all open orders daily, especially GTC (good till cancelled) orders. The order management system does not have the capability, at this time, to send the orders as GTC.

Orders entered as GTC on the software are actually system held as DAY or DAY+ orders that are saved by the system each night and then replaced each morning.  

You should know that certain routes do accept GTC orders: those orders are sent as Day+. If you believe you had an order that for some reason is not showing on your software or have any other issues or problems with any order(s) you must contact SpeedTrader immediately. 

You are responsible for the daily review of your open orders. Any issues caused by your failure, as a client, to conduct this review and/or to contact SpeedTrader, in a timely manner (within 10 calendar days) of discovery to resolve any discrepancies will be solely the client’s responsibility.  

Also please note that you alone are responsible for any orders placed in your account or through your user and the resulting executions from those orders.  GTC orders that remain on the software for more than one day cannot be reduced or increased, in the event of a corporate action; such as for ordinary dividends.

It is the client’s responsibility to monitor GTC orders and act accordingly, in the event, a corporate action has been announced.

The software company is in the process of re-coding and testing the system to allow GTC orders. Clients will be notified in advance of any changes

How can users check if a stock is shortable?

On the SpeedTrader PRO software, users are able to check one of 2 ways. They can click on the “Trade” tab and then “Short List”, or they can look at the top right corner of the trading Montage, where it will have an S directly under the anchor, if the stock is shortable.

How do I transfer my account from another broker?

They would complete an Account Transfer form (ACAT) for listed securities only and also send SpeedTrader a copy of their last brokerage statement. Please complete the ACAT form and return it to SpeedTrader.

Can I deposit stock certificates?

Currently SpeedTrader does not accept deposit of stock certificates. Users may however, ACAT transfer stock certificates, for listed stocks only, from another broker/dealer.

My final verdict: Is SpeedTrader any good?

Founded in 1999, SpeedTrader is a competitor in the ultra-competitive niche of professional traders. SpeedTrader’s trading platform pricing is slightly better than its close competitors, which helped the broker finish Best in Class (top 5) for Commissions & Fees.

In this SpeedTrader review i have looked at why people say they provide experienced traders with a high-quality day trading with reasonable fees.