Under the name Mint Global Markets, Inc., SpeedTrader began its operations as a stock market broker in 1999. The company is currently subject to FINRA’s regulation and is a shareholder in the Securities Investor Protection Corporation (SIPC). SpeedTrader offers trading software with a direct connection to reputable exchanges and online trading platforms with a selection of analytical tools.
SpeedTrader’s global headquarters is in New York, USA. SpeedTrader collaborates with investors with substantial cash reserves and practical expertise in trading on stock markets.
- A quick and efficient day trading platform
- A wide range of ECN order channels, including EDGX, ARCA, BATS, INET, etc.
- efficient execution
- Fast direct access order routing
- Affordable trading fee after the account balance exceeds $25,000.
- Customizable hotkeys
- Fewer available asset classes
- Only iOS devices are eligible for mobile trading.
- Exorbitant fees for specific services, such as option assignment or exercise, as well as for transactions with broker assistance
SpeedTrader Is Best For:
- Advanced or experienced day traders
- Traders who are cut out for stocks and options trading
Advanced/Experienced Day Traders
Advanced and active day traders may be able to avoid the software platform and quarterly inactivity fees due to their high activity levels. The ECN order routing options are also available to traders in this group.
Traders Who Are Cut Out For Stocks and Options Trading
Online trading only supports stocks and options trading. Therefore, stock and options traders stand a better chance of benefiting from all the features the financial services company offers.
SpeedTrader Fees and Commissions
Pricing is either per trade or per share, with the former starting at $4.49/share and the latter at $0.0044/share. Prices for options begin at $0.40 per contract. The rates mentioned above apply to users with an account balance of more than $25,000.
Traders with an account balance below $25,000 pay $6.95 for each equity trade. For trades totaling more than 400 per month, SpeedTrader also provides discounted commission rates. The following are the commissions for electronic transaction clearing (ETC):
A deposit of $30,000 is required to open an account for both US and foreign clients. You’ll pay a $30 monthly fee if you have an overseas account and/or don’t actively trade. Only options and margin accounts are now available through SpeedTrader.
SpeedTrader does not support cash accounts. If your account meets a fixed monthly commission, the brokerage will waive software fees. Software fees work out to $49 per month for Pro Level 1, $104 per month for Pro Level 2, and $25 per month for the web platform if the account’s minimum commission is not generated.
SpeedTrader Platform and Tools
SpeedTrader provides mobile trading platforms or web-based desktops, including SpeedTrader PRO, an effective level 2 desktop trading program. Advanced orders and direct access order routing are available through SpeedTrader PRO.
Trading a financial asset directly with a specialist or market maker on the exchange’s trading floor ensures immediate order execution. This method of order routing is known as direct access order routing. Real-time stock charting is available with various indicators and chart types. The chart supports point-and-click trading and multiple screens.
For quicker order entry, the hotkey support makes it possible to use more than 100 hotkey options. To find the perfect trading opportunity that fits this strategy, you can build custom stock scanners and organize various stock watch lists.
SpeedTrader Pro Security
Industry-standard security measures, such as SSL protocols and firewalls, are used to protect trading platforms, information shared over customer support, and payment methods. For its clients, SpeedTrader offers a secure trading environment.
SpeedTrader Pro Customer Support
SpeedTrader offers live chat, phone, email, fax, and other forms of support. Monday through Friday, from 8 am to 5 pm ET, SpeedTrader is accessible.
Tradeable Asset Classes Offered By SpeedTrader Pro
- S. stocks
- mutual funds
For a limit order, the maximum order size is 1,000,000, and that for a market order is 100,000. While a limit order is an order to buy or sell an asset at a specific price or better, a market order is one that is immediately executed at the current market price.
SpeedTrader and Its User-Friendliness
Creating an account is a simple process. You’ll need to fill out an application and submit it online by email, fax, or postal mail. Tax identification or social security number, a valid photo ID, your employer’s address and phone number, bank account details, and financial information are all basic pieces of information that are required.
After that, SpeedTrader will email you to confirm the account opening. Additionally, SpeedTrader provides a free virtual practice account with virtual purchasing power. You can send an email to the seller and ask for a change to the trade rate if one is necessary. The modification will take effect 1-2 business days after the request is made, but it can only be made once per month.
Frequently Asked Questions
Where Is SpeedTrader Pro Regulated?
SpeedTrader is registered with the SIPC and FINRA in the US Online traders can open an account with the understanding that if the broker behaves inappropriately, sanctions may be imposed.
Is A Demo Account Available On SpeedTrader?
Yes, a 14-day free trial of the SpeedTrader PRO platform is available. Various trading instruments and tools are available for prospective clients to test.
How Much Capital Am I Required To Have To Trade On SpeedTrader?
$25,000 is the minimum account requirement. This is much more money than is required to open an account with other brokers, which might put inexperienced traders off.
Final Thoughts on SpeedTrader Pro
SpeedTrader is strongly recommended for you if you are an experienced trader who utilizes direct access order routing and the various available routing options. It is also an excellent online trading option if you frequently trade, which helps bring down commissions.
On the other hand, if you are a novice and an infrequent trader, you are advised to stay away from SpeedTrader Pro. SpeedTrader Pro is also not good for you if you seek a diverse selection of tradable asset classes.
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