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Suretrader rating

Suretrader Review


Suretrader review, rating for 2018. Broker stock trading fees, margin account investing cost for US and non-US citizens. Suretrader minimum deposit.



Day-Trading Specialist


SureTrader specializes in day trading, where investors buy and sell securities on an intra-day basis. The broker provides very competitive pricing with some regulatory advantages. Its platform offers sophisticated tools, although in other areas, the company falters. Let’s make a detailed analysis of SureTrader and see if it can be recommended.


Suretrader Commissions


SureTrader has a tiered commission schedule that is based on the total number of monthly trades. A transaction can cost as much as $50 or as little as $1.95.

Monthly Volume Price Per Share Per Trade Min Per Trade Max
0 – 250,000 $0.01 $4.95 $50
250,001 – 500,000 $0.008 $3.95 $50
500,001 – 750,000 $0.006 $3 $50
750,001 – 1,000,000 $0.004 $1.95 $50

Options $4.95 + $0.50 per contract

Investments stocks, options
Suretrader minimum deposit to open account $500 for cash account, $500 for margin account


These prices are for U.S. equities. Non-DTC eligible securities carry additional trading fees. Options have a $4.95 base with a 50¢ per-contract charge. Trading over 100 contracts reduces the base charge by $2 and provides a reduction of 10¢ on the option commission.

The broker does not charge any routing fees, and there is no annual account fee. There is also no on-going maintenance or low-balance fee. However, SureTrader does have a $50 inactivity fee for accounts that don’t perform at least 15 trades every three months.

SureTrader has live agents available on the phone to help clients with order submission. Using this service tacks on an extra $25. Derivative assignments and exercises are $25. FINRA and SEC surcharges are passed onto the customer. If an account has an equity below 50%, SureTrader charges an overnight margin call fee.


Technology


Desktop Platform

SureTrader has a sophisticated desktop trading system. After double-clicking on the desktop icon, the software is launched. A login is required. New customers can try out the software in demo mode. The program has many helpful tools, including option chains, charting, and Level II quotes. Market news is available in article format. Unfortunately, there is no streaming video news. A trade ticket with buy and sell options is available.

Besides limit and market orders, stop orders are available. A variety of expiration times can be used, including some with several minute choices. A market view shows a variety of stock indexes. All of these features have their own windows that lie within the overall desktop window.

The platform is not very customizable, although the charting section is. Graph styles can be changed to almost unlimited number of colors using the software’s RGB scale. Lines and crosshairs can be modified. A few technical indicators are available. These include MACD, Price Oscillator, and Medaugh Shading. The indicators can be adjusted easily. Trend lines and Fibonacci tools can be added to a chart, too. Strangely, there doesn’t seem to be any tool for comparisons, either to an index or another stock.


SureTrader Review


A YouTube icon at the top of the platform links to the broker’s YouTube page where a large number of videos is available that leads viewers step-by-step through a variety of tasks. These include such important topics as placing stop orders, using the platform on a Mac, and how to save a chart.

The bell icon can be used to set up alerts. There are a variety of choices, such as volume, last trade price, or bid price. A beep can be selected or even a custom audio can be uploaded. Alternatively, a computerized voice can be selected that will read out information about the alert. A desktop layout can be saved as a .dsk file. It will be saved in the SureTrader folder, which sits on the hard drive.


SureTrader Review


Mobile Platform

A platform for Apple phones and tablets is available, although there isn’t one for Android or Windows devices. While the interface is rather elementary, a variety of useful functions are available. These include option chains, news articles, Level II quotes, order status, charting, and of course trading. Only four technical studies are available. Clients who don’t have an Apple device can login to the broker’s mobile site at mobile.suretrader.com.


SureTrader Mobile Review


Is SureTrader Legal For U.S. Citizens


SureTrader is headquartered in the Bahamas, a situation that creates unique issues. First and foremost is the fact that the broker-dealer is not subject to U.S. financial regulations. It is subject to the Securities Commission of the Bahamas, which is the Bahamian equivalent of the SEC. There is no requirement in the Caribbean nation that day traders keep an account value of $25,000. Because this mandate does exist in the United States, some American traders may have an interest in opening an account with SureTrader.

The broker’s telephone number is not toll-free from the U.S., which means calling will incur long-distance charges. There is also no FDIC or SIPC in the Bahamas, although SureTrader does have a private insurance policy for brokerage accounts.

The SEC prohibits any foreign brokerage house from soliciting residents of the United States. The financial watchdog interprets a website as a form of solicitation. While U.S. citizens can open a SureTrader account, they need to reside outside the United States under current legal interpretation.


SureTrader Review


SureTrader Minimum Deposit and Account Opening


SureTrader has a $500 minimum opening deposit requirement. This is all that is needed to day trade; so amateur investors can open an account and practice day trading with real money, something they can’t do in the U.S. There is no charge to open an account, and as already mentioned, the fee schedule looks really good, other than the inactivity charge.

There is an on-line application form. The broker provides a pdf form for institutions that can be filled out and then submitted via fax or snail mail. This application asks many questions about the business and the personal applicant, such as educational background and past financial crimes.


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Customer Service


SureTrader can be reached through Skype (ID is SWISSAMERICAS) and e-mail. The broker also has a VoIP number for US, UK, and Australian clients. The numbers forward to a Bahamian number. There are telephone and fax numbers for American and Canadian clients, and the broker also has a snail mail address. It can accept overnight deliveries. Because SureTrader is headquartered in the Caribbean, it obviously has no brick-and-mortar locations in the US.


Deposits and Withdrawals


SureTrader has policies on withdrawals and deposits that differ significantly from most American brokerage firms. For instance, the broker accepts deposits by credit and debit cards. Using this method to withdraw funds costs 3.5% of the withdrawal amount, unless you have never placed any trades with the broker. Gains cannot be sent back to a card. For instance, if you deposit $1,000 with a Visa card and earn $300 through capital gains, you can only send a $1,000 back to the card. The other $300 would be sent by wire or some other method.

All types of withdrawals must be $100 or more. An ACH withdrawal carries a $40 fee. E-wallet transfers and wires also cost $40 each. As might be expected, the broker’s customers have complained about some of these policies.

The time frame for withdrawals is above average. SureTrader takes up to three business days to complete a withdrawal request. After this period, it can take a week for the funds to appear on the receiving end.


Investment Products


As we have already seen, SureTrader offers stocks and options. The over-the-counter market is available, and penny stocks can be traded. Unfortunately, the broker does not offer other securities. Mutual funds are not available, nor are bonds, forex, or futures.


Managed Accounts and Financial Advice


SureTrader offers self-directed accounts. It does not provide any financial advice or managed account services at any price.


SureTrader Review Summary


SureTrader makes a tempting offer for day traders. It has a good platform with advanced charting, and a simple mobile platform can quickly place trades. The broker’s low fees and commissions provide a comfortable environment in which to trade, and the low minimum opening deposit makes the broker even more enticing. While American-based firms are competitive, traders with less than $25,000 to deposit would probably be better off with SureTrader.


Open SureTrader Account



Open SureTrader Account



SureTrader reviewed by Brokerage-Review.com. Rating: 4