Trading options and stocks can be somewhat challenging when you’re not sure how to do it, and more importantly, when you don’t know the right trading platform for your needs.
You should keep in mind that you need to get all the information you need to evaluate the market, as well as select a service provider with an easy-to-use platform.
SpeedTrader is a discount brokerage that emerges as a new option for traders, based in New York, offering independent traders access to US markets.
Yet they are still growing and some traders haven’t paid much attention to the platform. To help you know more about them, we have prepared this quick review.
First of all, you must be aware that American traders cannot open an account on this platform.
They have little time in the market, but the platform is presented as an attractive trading possibility, as it was designed by day traders for traders who trade for a living. It also incorporates advanced graphics, hotkeys, among other things.
Regarding customer service, there are different ways to get help information. First of all, there is the live chat window, available to users and non-users alike.
An online submission form for submitting troubleshooting tickets is also available, as well as an email address.
SpeedTrader Rates and Fees
While some traders are attracted by this platform system of fees, others don’t.
The fact is that there are no hidden rates or fees that take you by surprise every time you trade on this platform.
On the other hand, not hiding fees doesn’t mean that they are 100% beneficial if you make less than 15 transactions within a quarter, you suffer a $50 penalty –Remember when we said this was to daily traders? Well, it is also for traders who work with short-term transactions.
Each stock trade applies for a flat commission of $5, this is imputed to the trade regardless of the volume (1 or 100,000 shares) or the number of moves you make during the day. On the other hand, option trades have no commission, only a $0.50 per contract fee –Which is still a bit high if you compare this platform with eToro or other options.
To be able to pay for the services keep in mind that all SpeedTrader deposits must be converted to US dollars to make transactions. This means that currency exchange rates may reduce the amount of your deposit, and your bank may charge a fee for the exchange.
The web-based platform is free to use, but the desktop platform costs $25/month, SpeedTrader Pro II starting at 104$/month and SpeedTrader Pro Level I starting at 49$/month.
In the End
SpeedTrader is not a scam, but it isn’t your best option for trading if you are just learning. On the other hand, if you live from trading you should give them a try.Visit SpeedTrader