Speedtrader rating

SpeedTrader Review

SpeedTrader Commissions, Fees, and Minimum Deposit

Stocks and ETFs per trade plan $6.95 for accounts under $25,000
Stocks and ETFs per trade plan $4.49 for accounts above $25,000
Stocks and ETFs per share plan $0.0044 per share, $1.99 min per trade (only for accounts above $25,000)
Options$0.40 per contract ($1.99 min per trade) + routing and other fees

Investments stocks, options, ETFs
SpeedTrader minimum deposit to open account $0 for cash account, $2,000 for margin account

SpeedTrader.com Website/Trading Platform/Tools Review

SpeedTrader Review

SpeedTrader (member of SIPC) offers state-of-the-art trading systems developed with lots of bells and whistles available only in professional platforms. There are three trading platforms to choose from:

  • Mobile app, free of charge - allows to view account status, get level-2 stock quotes, and place trades from the iPhone.
  • ActiveWeb platform for $75 per quarter - browser-based direct access trading.
  • SpeedTrader PRO platform is $49 per month (waived for clients who generate $199 in commissions per month). With SpeedTrader PRO customers get NASDAQ (Level I), NYSE, AMEX (Level I), News Headline, Hi - Lo Ticker, Advanced Chart Studies, and one Training Account for free.

Some of our favorite SpeedTrader trading tools features are:
  • Point and click trading
  • SpeedTrader Pro provides users with visual alerts that can be set to automatically alert you of possible trading opportunities

SpeedTrader Review

SpeedTrader Review: Pros

  • Low commissions for very active traders
  • Professional trading platforms
  • Virtual trading

SpeedTrader Review: Cons

  • $30 Quarterly Inactivity Fee (if under 15 trades in a quarter)
  • Steep trading platform fees
  • Mutual funds and bonds are not available
  • $75 annual IRA fee
  • Platforms availability and pricing are changed often
  • Option exercise and assignment fees are $30 each
  • No research tools and a poor tax record keeping
  • Mobile app available only for iPhones

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SpeedTrader Review Summary

SpeedTrader lowered its commissions and removed volume requirements. Customers now pay $6.95 per trade in the flat-rate plan ($4.49 for accounts with $25,000+) and $0.0044 per share with $1.99 minimum in the pay-per-share commission plan (available only for accounts with $25,000+). The company also introduced a $10 quarterly fee for those users making fewer than 15 trades in a quarter. Options trades are now priced $0.50 per contract with no trade ticket charge.

The SpeedTrader brokerage targets mostly very active traders and is definitely not the right choice for beginner investors. Because of the annual $75 IRA maintenance fee, it is also not a good fit for an individual retirement account - there are plenty of other companies that don't charge annual IRA or account inactivity fees.

SpeedTrader offers fast and efficient trading platform, but its charts are poor. The platform comes with a minimum price tag of $49 per month. Users, however, can trade with the browser-based system for $75 per quarter. The line of platforms as well as pricing and product availability is changing often.

The firm offers virtual trading that allows customers to practice trading and test various strategies without risking real money.

One huge disadvantage of SpeedTrader is that you need to make at least 15 trades per quarter or otherwise you'll be paying $120 ($195 for IRA) a year to maintain account at the firm. If you are not an active trader, you'll be better off with one of the companies in our Top Brokerage Firms list.

SpeedTrader was ranked at the bottom of the list in Barron's magazine annual broker survey in 2013 and in prior years (it did not get rated in last four years). It got very poor results in almost all categories including Trading Experience and Research Amenities, Mobile, Ranges of Offerings, Portfolio Analysis and Reports, Customer Service and Education, and Costs.

SpeedTrader Promotion Code

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Speed Trader reviewed by Brokerage-Review.com. Reviewed by Editor and Speedtrader customers. Rating: 2