SpeedTrader review

SpeedTrader was founded by a guy named Guy Gentile in 1999. Its purpose is to enable cheap electronic trading and direct market access. It started with trading in stocks, later added futures, and six years after its foundation it added the Forex. It now has the option to trade over the phone, in equities, futures and options.

SpeedTrader provides its clients with 3 platforms for trading. The main platform is SpeedTrader2.0, which is a browser platform through which you can directly trade.
Next is SpeedTrader PRO, but it is per pay, and it costs 49 USD per month. In the price, Level 1 data feeds are included along with a free training. For the traders who execute orders that gain more than this amount, the charge gets waived.
The third platform is Sterling Trader PRO. It is a desktop based platform, and it costs 250 USD per month, but it gets all the trading tools you can imagine.
The option of “point and click” enables a bit faster trading. There are options to set automatic buy and sell orders, there are alerts that blink and beep, so you can adjust the automatic orders upon the alerts.
Professional traders can really find this platform useful.
There is an option to use a test platform for two weeks. It is a simulator that uses quotes from real time and full system functionality. It is found as a good way to learn about trading with SpeedTrader. After the trial period, a message is being sent by SpeedTrader rep. if you chose to use the package, you can continue using the simulator so that you can test your strategies on it.

SpeedTrader has got its commissions lowered and its volume requirements removed. Customers are now charged 6.95 USD per trade, and for accounts with more than 25,000 USD, the rate is even lower – 4.49 USD. For accounts with 25,000 USD, the cost per share with 1.99 USD is 0.0044 USD. On the other hand, there is a 30 USD fee for those who make less than 15 trades in a quarter. Cost of options and futures are 1USD per contract. For penny stocks, large orders or extender hours trading there are no charges. For the mutual fund commission is 50 USD per transaction.
Customers who tried SpeedTrader have to some extent divided opinion, but the idea that it is too expensive for what it offers is mutual.
There are two structures for commission that are offered to customers. One is the charge per share of 0.0038 USD with a minimum of 0.99 USD, which comes in below of most of the competition. Other is a flat fee of 6.95 USD per trade. This is also very good in comparison to the competition. If the trader doesn’t have more than 30 trades in a month, the trader gets charged with an inactivity penalty of 30 USD. Such penalties are not present in some other competitive trade platforms. But other platforms charge telephone assistance 30 USD, for example, or even 45. Normal charge for such assistance is usually around 5 USD.
SpeedTrader offers certain webinars but the competition has got much more comprehensive such aid. Among things that educate traders there are some videos that teach how to buy and sell orders, and buy and sell stop orders. Unfortunately, these videos are without sound, and very basic, but the note is that videos are not mere reflection of what SpeedTrader really offers.
Offering direct access to markets is what SpeedTrader does best. High speed trading functionality through its platforms is what SpeedTrader stands for. But if you are a kid of an investor that wants to have a hold of all investments in one place, than SpeedTrader is not for you. For example, there is no option to trade Mutual funds.
The thing about SpeedTrader is probably not as cheap as it claims to be, even though the commissions may be low. Other fees for the higher specification platforms minute the low costs for the commission.

Below you can see full review and Speedtrader in action :

SpeedTrader is a platform very suitable for traders who on professional basis conduct more than 50 trades per day.
There are many other better platforms suitable for the professional traders, but SpeedTrader’s fast click execution and option to automatically trade is very good for those who have several dozens of trades per day.
It is easy to open an account to give it a try, so you can try it for yourself.