SpeedTrader is one of the many available platforms designed specifically for day traders. This powerful platform—which can be accessed using dedicated software, a mobile app, or a web browser—claims to be the “The Broker of Choice for Active Day Traders for Over 20 Years.” Of course, any company can make a claim, but that doesn’t mean it’s accurate. In this abbreviated SpeedTrader review, we’ll go over all the main points you should consider before giving it a try. While this won’t be the most in-depth review, you’ll learn more than enough to know if SpeedTrader is right for you!
SpeedTrader is best for…
Active day traders who want the ability to maximize their daily returns using a single platform. Combining the ability to make trades alongside in-depth data accessible from a single page, SpeedTrader makes it possible for day traders to recognize—and take advantage of—patterns in the market. This real-time feedback is incredibly helpful for day traders but is practically useless for those looking for passive investment options. Later on, in this SpeedTrader review, we’ll also go over the various fees charged to use the platform. These fees (combined with the lack of a need for on-demand data) make SpeedTrader a poor choice for long–term investors.
Pros & Cons
Like any other platform, SpeedTrader has advantages and disadvantages. The service itself is quite amazing, allowing for on-demand analysis and same-page trading that can truly maximize your daily performance. However, it’s not an intuitive platform, has some geo-restrictions, and requires a large deposit upfront, which severely limits its availability to some investors.
| Pros | Cons |
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Offers both software and mobile platforms Browser-based version available Three services to choose from Optional add-on services Some fees can be waived Point-and-click trading Designed for day traders |
$30,000 minimum deposit Copious fees Not beginner-friendly Only offered in certain countries iOS-only mobile support
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Plan Pricing
For more passive investors, there are many affordable options available. However, as active investors tend to require more in-depth analysis features, you can generally expect to pay more for a platform like SpeedTrader. Nonetheless, the monthly charges for the software are fair-to-passable. The amount you pay per month will ultimately depend on the number of trades you make and which plan you choose. If you meet the minimum monthly commission requirements, you can even get your plan for free! Unfortunately, you will still be responsible for paying a variety of other fees (such as per-share or per-trade fees), which can add up fast.
| Item | Fee |
| ActiveWeb | $25 |
| SpeedTrader Pro Level I | $49 |
| SpeedTrader Pro Level II | $104 |
| Stocks and ETFs (Trades) | $2.49-$4.49 per trade |
| Stocks and ETFs (Shares) | $.0009-$.0029 per share |
| Options (Contracts) | $0.25-$0.40 per contract |
Investment Opportunities
The platform’s features are important, but the available investment opportunities are just as important to cover in this SpeedTrader review. Fortunately, we’ve taken a bit of time to look over the options: there’s both good news and bad news. The good news is that SpeedTrader supports trading US stocks, options, bonds, and mutual funds. Unfortunately, you’ll only be able to trade US stocks and options online, which can limit your investment opportunities. Since the available stocks are US-only, SpeedTrader won’t be a suitable option for Americans looking to make foreign investments online.
Convenience
As long as you have an iOS device, you’ll be able to access your SpeedTrader account from anywhere! There isn’t an app for Android devices, but iOS users can trade on their devices using the dedicated mobile app (Mobile Trading). Depending on your plan, app access may cost extra if not included in your original plan. In addition to mobile access, SpeedTrader can also be utilized via a downloadable software solution (SpeedTrader Pro) or a web-based version (ActiveWeb).
Limitations
The limitations you’ll run into will be largely based on the service you’ve chosen. For example, an ActiveWeb subscription will only show you Level 1 Quote Data. If you wanted Level 2 data, then you would need to use SpeedTrader Pro. Alternatively—if your chosen plan doesn’t include the information you’re looking for—SpeedTrader offers many different data packages that you can add to your plan. However, unlike the plan costs themselves, these fees won’t be waived (even if you meet the minimum monthly commission requirements). Fortunately, these costs are much lower for individual investors than they are for trusts, corporations, and similar organizations.
Summary
There are many alternative platforms available, so if you weren’t impressed by what you read during this SpeedTrader review, you still have options! Truthfully, SpeedTrader isn’t a platform for everyone. Endless fees, limited asset classes, and a lack of non-iOS support can make SpeedTrader seem like a pretty hard sell. Nonetheless, it’s an excellent choice for active day traders who want to maximize their daily returns consistently. With the right investment choices, you can easily meet the minimum monthly commission requirements while turning a pretty good profit!
If you’re a casual or long-term trader, we don’t recommend SpeedTrader. However, if you’re an active day trader who wants access to one of the best day trading platforms around, we highly recommend giving SpeedTrader a try. Click here to see how much of a difference using SpeedTrader could make for your portfolio!
