If you’re an active trader, chances are, you’ve at least considered an online brokerage before. SpeedTrader is a well-known online stock and options broker that’s been offering brokerage services for over 23 years. Its users have given the platform a lot of praise over the years, so we decided to take a look at SpeedTrader for ourselves. We’ll be covering all the basics that you’ll want to know in this review, so you’ll be able to decide if using SpeedTrader is right for you. However, there are plenty of detailed breakdowns available if you want to know all the ins and outs of the platform.
A Bit of Background
Taking a look back at history is always a great place to start, so that’s where we’ll begin this SpeedTrader review. The company was founded back in 1999 and has been operating successfully ever since. SpeedTrader aims to provide its clients with maximum efficiency to conduct trades online, specifically for day traders. The company is a member of both the INRA & SIPC, which offers more asset protection for investors than you’ll usually find on similar platforms.
Being able to trade from nearly any device has its advantages, especially for those making time-sensitive trades. This is why SpeedTrader is so popular amongst day traders: it offers both analytical data and the ability to conduct trades on a single platform! While less active traders can still enjoy SpeedTrader, the expansive variety of fees that the platform charges make this a less attractive option. You can avoid monthly fees by meeting the minimum trading requirements, but SpeedTrader charges commissions on every order you make. If you’re looking to make long-term investments, we’d recommend searching for a commission-free service instead.
Whether you prefer to invest using a mobile device or on your desktop, SpeedTrader has an option for you. Currently, they offer three different services: ActiveWeb, SpeedTrader PRO, and Mobile Trading.
ActiveWeb is SpeedTrader’s web-based trading platform. You can access it using a standard web browser, making it the ideal option for investors who don’t want to download dedicated software. It offers a wide variety of features including live news, trending data, real-time stock charting, and online trading history. However, ActiveWeb only offers real-time “Level 1” quote data, so you’ll need to upgrade to PRO for “Level 2” data. Pricing begins at $25 per month.
SpeedTrader PRO is your go-to option if you’re looking for “Level 2” data. As a dedicated piece of software, SpeedTrader PRO offers many more features than ActiveWeb including point-and-click trading, advanced order types, hotkey support, and—of course—Level 2 data. The plethora of real-time trading data you’ll be able to access makes it easy to maximize your daily profits, although mentally processing data fast enough is another thing! Unsurprisingly, you’ll be looking at higher monthly costs for SpeedTrader’s primary offering ($49 per month). If you require Equity Level 2 Streaming then you’ll be looking at a starting price of $104 per month.
The Mobile Trading app is only available on iOS devices, making it useless for Android users. As you might expect, it doesn’t have as many features as the desktop services, but it can still be a useful tool. Using Mobile Trading, you’ll be able to access market data, make orders, read the news, and more while on the go. If you have a busy schedule but don’t want to limit your daily trading potential, Mobile Trading could prove invaluable.
How to Get Started
No SpeedTrader review would be complete without telling you how to get started! Fortunately, it’s an easy process, requiring only a bit of patience and personal data. First, you’ll need to head over to the SpeedTrader website and click “Open An Account.” From here, the website will prompt you for some basic information such as your email, name, and SSN. After you’ve completed the sign-up application, SpeedTrader will send you a confirmation email. Once you’re confirmed, you can fund the account and begin trading!
SpeedTrader offers plenty of real-time data for you to take advantage of, but it doesn’t specialize in long-term trends. While you’ll have access to more than enough data to make split-second trades effectively, it may be worth considering using a complimentary service as well. Technical analysis services such as TrendSpider or options trade alert services Option Strategies Insider are both excellent options for individuals interested in options trading. They provide additional analysis, alerts, and recommendations as well as various educational resources for newer investors.
Hopefully, this SpeedTrader review has helped you determine if the platform is the right one for you! While the commission fees make it a less viable option for infrequent traders, active traders can offset these costs by meeting monthly trading requirements and making profitable trades on the platform.
Still not sure? Fortunately, SpeedTrader offers a free virtual account that allows you to test out the platform before decking to start trading for real. There’s nothing to lose by testing out your skills using this demo account. Whether you’re already an active trader or simply interested in giving options trading a try, we think SpeedTrader is worth checking out. Grab yourself a free 100k demo account today!