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SpeedTrader Broker

 

 

SpeedTrader Broker Review

SpeedTrader-Broker Review

SpeedTrader is a regulated stock/Forex broker from United States which was founded in 1999 and is registered with FINRA and the NFA. This company allows to trade with Forex, stocks and options based on shares. It offers access to the main stock exchanges in North America.


Type of broker

This broker is a Non Dealing Desk and ECN broker.


Regulation

SpeedTrader is registered and regulated by FINRA (Financial Industry Regulatory Authority) and the NFA (National Futures Association) of United States which are regulators for financial services companies doing business in this country.


Country of origin

The headquarters of this broker are located in New York.


 Trading Instruments

Speedtrader is characterized by offering a wide variety of instruments for trading which are described below:
 
-Forex Market: 35 currency pairs in the spot market, from the most important like the EUR/USD and the USD/JPY to other more exotic such as the USD/SEK.
-Futures: Futures contracts based on various types of financial assets such as currencies, stocks, indices, commodities and other.
-Stocks: Speedtrader allows to trade directly with Stocks and ETF´s of the U.S. market and the Canadian market through the main stock exchanges such as NASDAQ, NYSE and AMEX among other. In this case, this broker offers its customers the possibility to make their trades using the main ECN´s and routers in the stock market.
-Options: Stock Options based on a U.S. and Canadian stocks. In this case, Speedtrader offers American-Style options.
-Bonds: Bonds of the U.S. Government.
-Mutual Funds: The most important Mutual Funds of the U.S. Market.
 
Also, this brokers offers the following investment products:
  • Forex.
  • Stocks.
  • Options.
  • Futures.
  • Futures symbols.
  • No-load Mutual Funds.
  • ETF.
  • Bonds.
  • Futures symbols.

Trading Accounts​

SpeedTrader offers several types of trading accounts for clients with different profiles. These accounts offer different features and functions. In this case we describe the characteristics of the Standard type accounts.-Individual: It is a personal trading account for one person which allows to trade with Forex, stocks, Futures and Options.-Joint Tenants with Rights of Survivorship: This is a join trading account in which in the event of death of one of the owners, the ownership of the account reverts to the surviving owner. This account allows to trade with Forex, stocks, Futures and Options.

-Joint Tenants in Common: In this type of trading account, in the event of the death of one of account owners, the surviving owner is entitled to only his/her pro rata portion of the account before the death of the other owner. This account allows to trade with Forex, stocks, Futures and Options.

-Custodial: This is a special trading account opened by an adult in benefit of a minor. In this case margin trading is no available. This account allows to trade with Forex, stocks, Futures and Options.

However, this broker also has the following special types of accounts:

  • Organizational Account Types: These are investment accounts designed for corporations and other types of organizations.
  • IRA Account Types: In this case these are  tax-deferred retirement accounts for individuals and small business which allows individuals to set aside up to $4,000 per year.  It is a special account for U.S. citizens.
  • Margin Account Types: These accounts can be divided into two types, Day Trade Margin Accounts which requires a minimum equity of $25000 to make day trades and Non-Day Trade Margin Accounts that requires a minimum equity of $2000 to continue their margin status.

Demo Accounts

SpeedTrader offers a free demo account with $50000 of virtual funds.


Trading Platforms

SpeedTrader offers 15 trading platforms with different features which are designed specifically to trade with different financial instruments such as Forex Stocks or Futures for example. The main features of each of these applications are described below:

-SpeedTrader FX (Forex): This is a multifunction electronic trading platform designed to trade in the Forex market. It offers multiple indicators, customizable charts, multiple orders types and deep liquidity and low latency execution.

-Metatrader 4 (Forex): It is the most famous and one of the most complete trading platform in the Forex market (It also allows to trade in other markets). It offers more than 50 built-in indicators, advanced charts and many other market analysis tools. This application includes an user-friendly interface, many types of orders, a fast execution and the possibility to create, analyze an implement automated trading systems called Expert Advisors.

-BestDirect 8 (Forex and Futures): This is an effective trading platform designed to trade with Futures and Forex. This application offers and interesting way to see the market and place trades through trading panels called DOM (depth-of-market). This platform includes a flexible workspace, many order types including OCO orders and a user-friendly interface.

-Best Direct FX Platinum (Forex): This is an application designed for Forex (spot market and Futures) trading which offers many features such as multiple orders types, instant executions, full reports of trades and multiple market analysis tools. It is a trading platform created for individuals, multinational corporations and institutions. This platform offers a very liquid trading environment.

-eSignal (Forex and Futures): eSignal is a trading platform specialized in Forex trading and Futurex trading which offers the advantages of BESTDirect order routing and trade execution with the market analysis tools of eSignal. Among its advantages this application offers global market coverage, advanced charts, multiple technical analysis features, a powerful engine that allows deeper market analysis and many more.

-X Trader (Futures): This platform is an advanced application designed for professional derivatives traders which offers many orders types, full access to many exchanges such as ICE Futures US (formerly NYBOT), London Metal Exchange, a fully customizable desktop, market analysis tools, market maker functionality, market depth, the possibility to trade multiple products easily and many other trading features.

-SpeedTrader 2 (Equities, options and Futures): This trading platform is a web-based application designed to trade with Futures, equities and options. SpeedTrader 2 includes  Real-Time Level 1 Quote Data, real time news from Bloomberg, options chains, risk management tools, price charts and a flexible interface.

-SpeedTrader Pro (Equities, options and Futures): It is a downloadable application designed to trade with equities, options and Futures. This platform offers Level II Direct Access with fully integrated point and click trading and a Trade Window that shows how the Market Makers and ECNs are lining up. Also it offers advanced charts with many technical indicators, updated news, a Time&Sales windows, an advanced account manager and more.

-Sterling Trader Pro (Equities): It is a professional platform for stock trading with many trading tools, real time market data and a high performance. It offers a fully customizable interface with management tools and a wide range of execution.

-RANorder (Futures): It is an specialized application that provides direct access to both electronic and open outcry products. In this case RANorder routes directly to the brokers workstations in many markets which eliminate the time delays and potential errors that present orders routed to trading desks.

-JTrader (Futures): This platform developed for Futures trading is a versatile and easy-to-use application that offers advanced charts, more than 70 technical indicators, backtesting tools and other features. JTrader includes multi-exchange spreading and one-click scalping, real time profit and loss and real time position update.

-Strategy Runner (Futures): Basically this application offers a host of platforms, created specifically to meet the requirements of each individual trader. It includes multiple features such as Point and click trading from charts, One-click trading from Trading Pad, advanced charts with streaming quotes, automated execution of served based automated trading systems and a function called Strategy Builder, which allows to create Automatic exit and entry strategies

-Ninja Trader (Futures): This advanced trading platform offers many features for experienced traders. This application includes advanced charts, many market analysis tools such as 150 built-in indicators, performance metrics and graphs, an advanced strategy analyzer and more. Other interesting functions are a Times&Sales window, an alert window and a Level II market data window.

-CQG Trader: CQG Trader is a platform for Futures trading which offers advanced features like DOMTrader, Quote Board, and Orders and Positions view. However it does not offers market analysis tools based on technical analysis.

-iSpeedTrader Mobile (Equities and options): It is an application designed to access the account and trade with stocks and option from any mobile device such as the iPAD, iPOD, iPhone and other smartphones. It offers a time and sales window, price charts, a market viewer and other functions.


Payment Options

The client of this broker can deposit and withdraw funds through the following methods: bank wire transfer, check. ACH, These deposits can be made in USD and CAD.


Main Advantages of SpeedTrader

  • Speedtrader is a fully regulated broker from United States..
  • It offers a wide variety of instruments for trading and investment.
  • The client of this broker has the possibility to trade directly with stocks of the U.S. and Canadian markets, and not only through financial derivatives such as options for example.
  • This broker offers different types of trading platforms which are specifically designed to trade with different instruments.
  • As an ECN broker, Speedtrader offers direct access to the main market liquidity providers, ECN´s and routes of the market.
  • In the case of Forex trading, it offers slow and variable spreads.
  • Speedtrader is a member of  Securities Investor Protection Corporation (SIPC), so the funds of the clients are protected.  Also, this company has purchased an additional insurance policy through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to complement the protection offered by SIPC. 
  • This broker includes several options of trading education for its clients, such as seminars and free webinars, training videos in the company´s website, a very complete glossary and other resources.
  • This broker offers regular bonuses and promotions to its clients.
  • SpeedTrader offers several solutions of automated trading including API and Black Box trading systems  through open API or FIX 4.2. It also offers the possibility of using automated trading systems designed for specific trading platforms like the Expert Advisors of Metatrader 4.
  • SpeedTrader has a suite of  algorithmic trading strategies created to minimize the market impact and improve performance. In this way the traders can dedicate more time to planning their next trade.
  • This company developed technological solutions and trading tools for brokers dealers and proprietary trading groups.
  • Speedtrader offers special tailored services and solutions for institutional clients including  flexible pricing, a specialized trading software that offers direct access advanced charting features, NASDAQ® TotalView® market data, back office accounting, trade desk execution, and a dedicated support team for the clients.
  • It offers a lot of trading resources through its website such as market news, live quotes and price charts.

Main Offers of SpeedTrader

This broker offers regular promotions for new and regular clients. 

  • Currently, it offers a bonus of $100 or 25 free trades to those traders that refer a friend.

Other Categories of this broker

  • ECN Broker.
  • Stock Broker.
  • Options broker.
  • Futures Broker.
  • Gold Broker.

Company SpeedTrader is property of Stock USA Execution Services
Minimum account size

The minimum account size is $500 for cash accounts. For margin accounts the trader must maintain at least a capital of $2000. Also, depending of the type of financial instrument that the trader wants to trade the minimum account size must be:

  • To trade with Options the minimum account balance is $2000.
  • To trade with Futures the minimum account balance is $5000.
  • A $25,000 minimum required to establish a day trading account (For stock trading). 
Minimum lot size(FX)0.1 lot.
Maximum Leverage(FX)1:200.
Spread&Commissions
  • Forex Market: Spreads as low as 1-2 pips for the major currency pairs such as EUR/USD and USD/JPY. It charge no commissions for Forex trading.
  • Stocks: Commissions of 1¢ per share, $0.99 minimum / $6.95 maximum for each trade.
  • Options: Commissions of $1.00 for each contract.  Option exercise or assignment will be charged $30 each.
  • Futures:  Commissions of $1.00 for each contract. Futures trades are plus exchange and NFA fees.
  • Bonds: $50 for each ticket.
  • Mutual Funds: $50 per trade for no-load mutual funds.

*Note: All commission rates are negotiated. The values shown above are only guidelines of rates the trader may qualify for based on their activity.

Link to the website SpeedTrader Website
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 Regulated broker SpeedTrader.com

 

 

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