SprintTrader Information
SpeedTrader is a New York-based online stock broker specializing in online trading services since 1999 and is designed specifically for active day traders. Investors can trade equity, stocks & options, bonds and mutual funds with them. Stocks can be traded in several It offers 2 trading platforms with different features and focuses. Moreover, the broker is a member of Securities Investor Protection Corporation (SIPC) that can cover a claim of up to a ceiling of $500,000 (including $250,000 for cash claims) from clients.
However, it should not be neglected that the broker currently operates without regulation from any authorities, degrading its credibility and reliability. Its wide range of service fees also increase trading costs.
Pros and Cons
Is SprintTrader Legit?
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.
What Can I Trade on SprintTrader?
SpeedTrader offers a variety of products and services for active traders, including:
- Stocks: Trade US stocks, including ETFs on platforms like OTCBB and Pink Sheets.
- Options: Trade equity options, index options, and more.
- Bonds: Trade a variety of bonds, including government bonds, corporate bonds, and municipal bonds.
- Mutual Funds: Trade mutual funds from a variety of fund families.
Account Types
SpeedTrader offers a demo account for testing trading strategies, while for live accounts, there are two types basing on the platform traders use:
- SpeedTrader Pro Platofrm account: This account is designed for active traders who require advanced features and tools. It has a minimum deposit of $10,000.
- SpeedTrader ActiveWeb Platform account: This account is designed for less active traders who need a simpler platform. It has a minimum deposit of $2,500.
They also require a minimum of $30,000 to day trade. SpeedTrader offers margin accounts and option accounts, but not cash accounts.
Trading Platform
SpeedTrader offers two trading platforms: SpeedTrader Pro and SpeedTrader ActiveWeb.
SpeedTrader Pro is a downloadable software platform designed for active traders who require advanced features such as real-time market data, advanced charting, Level 2 data, and hot key support. It also allows you to manage multiple accounts and create custom watchlists and stock scanners.
SpeedTrader ActiveWeb is a web-based platform that offers a more basic set of features, but it is still a viable option for traders who do not need all the bells and whistles of SpeedTrader Pro.
In addition, the broker claims that Sterling Trader® Pro will be available with them soon.
SpeedTrader Fees
SpeedTrader has a variety of fees, including:
Commissions:
- Stocks: As low as $0.0009 per share for 25 million+ shares per month.
- Options: As low as $0.25 per contract for 25,000+ contracts per month.
For detailed commission for each volume range, you can visit https://speedtrader.com/commission-fees/.
Account Fees:
- Inactivity Fee: $30 per quarter if your account is inactive for less than 15 trades.
- Statement Fees: $4 per confirmation and $10 per statement for physically mailed documents.
For more details you can visit https://speedtrader.com/account-fees/.
Monthly Software Subscription Fees:
- SpeedTrader Pro:
- $0/month with $499+ monthly commissions
- $49/month with $199+ monthly commissions
- $99/month with less than $199 monthly commissions
- SpeedTrader ActiveWeb:
- $0/month with $199+ monthly commissions
- $35/month with less than $199 monthly commissions
- SpeedTrader Mobile:
- $0/month with $199+ monthly commissions
- $35/month with less than $199 monthly commissions
Data and Service Fees:
- Level 1 data package: $15 for non-pro users, $115 for pro users
- Level 2 data package: $24 for non-pro users, $70 for pro users
- Optional services: $35 for web user stand alone, $20 for fundamentals, $30 for news body, $40 for trade signal, $25 for demo account add on.
More and most updated details can be found https://speedtrader.com/software-fees/.
Deposit & Withdrawal
SpeedTrader accepts deposit and withdrawal by wire transfers and ACH transfers.
Customer Support Options
SprintTrader offers a comprehensive customer service channels for traders to seek support and help when encountering problems or want clarification.
Traders can contact SprintTrader by phone, email, fax and visit their office address during the period of Monday-Thursday: 8AM-5PM or Friday: 8AM-4:30PM.
A support ticket form and social platforms are also available as supplementary interaction methods.
The Bottom Line
In summary, SpeedTrader is a brokerage firm that offers a variety of products and services for active traders. Their two main trading platforms, SpeedTrader Pro and SpeedTrader ActiveWeb are designed for different trading styles and needs. However, due to high barrier for initial investment and multiple range of service fees, SpeedTrader may be more suitable for experienced traders who have have more capitals and comfortable with various fees for advanced services and functions.
FAQs
Is SprintTrader safe?
No, we cannot say the broker is safe because it's not regulated by any financial authorities.
Is SprintTrader good for beginners?
No, though the broker offers demo accounts for practicing, the broker's high initial capital requirements are more suitable for veteran or institutional traders.
What trading platform does SprintTrader have?
SprintTrader offers a proprietary platform with app available on iOS and Android devices.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for every client. Please make sure that you totally understand the risks involved and notice that the information above provided in this review may be subject to alteration owing to the constant updating of the company's services and policies.
