Overall SpeedTrader is a trustworthy and low-risk broker with an overall rating of 7 out of 10. SpeedTrader is authorized and regulated by FINRA and offers leverage up to 1:2.
SpeedTrader at a Glance
| 🔎 Broker's Name | SpeedTrader |
| 📍 Headquartered | United States |
| 📅 Year Founded | 1999 |
| ⚖️ Regulating Authorities | FINRA |
| 🌐 Countries not accepted for trade | This is not indicated |
| ☪️ Islamic Account (Swap Free) | No |
| 👍 Demo Account | Only on Trading Platforms |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:2 |
| 💰 Minimum Deposit | $25,000 |
| 💳 Deposit Options | Bank Wire Transfer, ACH and Broker-to-Broker (when transferring securities) |
| 💳 Withdrawal Options | Bank Wire Transfer, ACH and Broker-to-Broker (when transferring securities) |
| 💻 Platform Types | MetaTrader 4 |
| 📱 OS Compatibility | SpeedTrader PRO, SpeedTrader ActiveWeb, iSPEEDTRADER, Takion |
| 📈 Tradable Assets | U.S Stocks, options, bonds, mutual funds |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | Monday to Thursday – 08H00 to 17H00 EST and Fridays from 08H00 to 16H30 EST |
| 👉 Open a account | 👉 Click Here |
Min Deposit
USD 25,000
Regulators
FINRA, SIPC
Trading Platform
Proprietary Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
SpeedTrader Review – 22 key points quick overview:
SpeedTrader at a Glance- SpeedTrader Review – 22 key points quick overview:
- SpeedTrader Overview
- SpeedTrader Safety and Security
- SpeedTrader Leverage
- SpeedTrader Accounts
- SpeedTrader Market instruments
- SpeedTrader Fees
- SpeedTrader Deposit and withdrawal
- SpeedTrader Trading platforms
- How to open a SpeedTrader account step by step
- SpeedTrader Customer support
- SpeedTrader Education
- SpeedTrader Research
- SpeedTrader Awards
- SpeedTrader Best Countries by Traders
- SpeedTrader vs Etoro vs XM – Comparison Table
- SpeedTrader Customer Reviews
- SpeedTrader Pro and Cons
- Conclusion
- Disclaimer
- Frequently Asked Questions
SpeedTrader Overview
According to research in South Africa, SpeedTrader is an exchange broker based in the United States which has been in operation since 1999 and is strictly regulated by FINRA.
SpeedTrader caters specifically to active traders in providing premium trading platforms, although when compared to other brokers, the tradable financial instruments are quite limited.
When trading with this broker, traders are provided with direct market access along with competitive commissions when trading stocks and options.
SpeedTrader forms part of Mint Global Markets, which is a New York online stock broker which specializes in online trading services, with SpeedTrader predominantly catering to active traders through the latest market-leading technology.
SpeedTrader Safety and Security
When choosing a broker, it is imperative that traders ensure that brokers are regulated and authorized only through reputable, well-known regulatory entities.
SpeedTrader has the following authorization and regulation in place:
The Financial Industry Regulatory Authority, or FINRA, and
The Securities Investor Protection Corporation, or SIPC
The SIPC provides clients with protection in the event that SpeedTrader cannot fulfill its financial obligations. Should this occur, client protection of up to $500,000 in securities and a $250,000 limit for cash is provided?
In addition, SpeedTrader is in possession of policies that are maintained through Lloyd’s of London, which further provides clients coverage on accounts of up to $24.5 million, which includes $900,000 in cash, which is provided per client according to SIPC rules.
SpeedTrader Leverage
Leverage is an especially useful tool that traders can use to open larger positions despite their initial deposit, providing them with a chance at greater gains, but simultaneously increasing the risk of loss which may exceed the trader’s initial deposit.
Due to the nature of SpeedTrader’s business, when considering that the minimum deposit is $30,000, traders are only offered leverage of 1:2, which means that positions twice as large as their initial deposit can be opened.
Brokers such as SpeedTrader offer such low leverage levels due to this initial deposit and due to the significant risks to which traders are exposed. Seeing that the initial deposit is already so substantial, there is truly little provision needed for leverage.
SpeedTrader Accounts
SpeedTrader operates in a much different manner than conventional brokers, offering traders flexible options. Mainly focused on active traders, in opening a day trading account, traders will need to pay the minimum required deposit of $30,000.
Should accounts be opened with less than the required minimum deposit, these accounts will be subjected to certain restrictions, and additional funds may be required from the trader.
Other accounts that can be opened are margin and options accounts as cash accounts are strictly prohibited. The minimum initial deposit for opening a margin account is set at $25,000.
SpeedTrader does not offer Forex and therefore does not offer an Islamic Account. Demo Accounts are only available for the different trading platforms supported by SpeedTrader.
SpeedTrader Market instruments
The only tradable instruments that SpeedTrader offers are:
S Stocks
OptionsFunds
Min Deposit
USD 25,000
Regulators
FINRA, SIPC
Trading Platform
Proprietary Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
SpeedTrader Fees
SpeedTrader offers extremely competitive trading conditions that cannot be compared to that of conventional brokers, thus the fee schedule differs greatly in providing active traders and institutional clients with tailored solutions.
When trading with SpeedTrader, traders have the option between per-share or per-trade pricing models, each with its own set of competitive commission rates that cater to various types of traders, with varying levels of skill, knowledge, and experience.
SpeedTrader’s pricing models are as follows:
Per-Trade Pricing starts from $2.95 per trade.
Per-Share Pricing starts from $0.0025 per trade, and
Options Pricing starts to form at $0.30 per contract.
There are certain account and routing fees that traders need to evaluate and review thoroughly before opening an account, these pertain to:
AXOS Clearing
ETC Clearing, and
Margin Fees
Seeing that SpeedTrader does not offer financial instruments such as Forex, there are no overnight fees are charged, but traders who are interested in using this broker to facilitate trades need to verify additional trading costs.
Should a trader’s account become inactive, there is a $30.00 fee per quarter which is charged and deducted from the trading account unless 15 trades per calendar quarter are executed by the trader to prove activity present on the account.
Traders should note that SpeedTrader also charges fees for using different trading platforms such as:
ActiveWeb – starting at $25 per month which is free for use by clients who generate more than $199 in monthly commissions.
SpeedTrader Pro Level II – which starts at $104 per month but is free to clients who generate more than $499 in monthly commissions.
SpeedTrader Pro Level I – starts at $49 per month and is free to clients who generate more than $199 in monthly commissions.
SpeedTrader Deposit and withdrawal
SpeedTrader only offers traders two payment methods when either depositing or withdrawing funds, these are:
Bank Wire Transfer
ACH, and
Broker-to-Broker (when transferring securities)
This puts SpeedTrader at a slight disadvantage when compared to other brokers who offer more options such as Credit/Debit Cards and various e-payments.
Although, when considering the sheer amounts that have to be transferred to fund the trading accounts, the two methods provided have proven to be the most reliable and trustworthy.
Min Deposit
USD 25,000
Regulators
FINRA, SIPC
Trading Platform
Proprietary Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
SpeedTrader Trading platforms
SpeedTrader offers a vast choice of trading platforms that host powerful and state-of-the-art technology that provides traders with the best possible trading environments and experiences.
These trading platforms have been designed to cater to active traders who need a reliable, stable, innovative, and advanced trading environment. Although, there is a subscription fee to each of these trading platforms that are added to other fees.
There are demo accounts available on each of these trading platforms, allowing traders to evaluate and test which platform will better cater to their trading needs and preferences.
All trading platforms offered by SpeedTrader can, however, as an added advantage, be used across a multitude of devices including desktops, web browsers, and mobile devices.
SpeedTrader offers the following trading platforms:
SpeedTrader PRO
SpeedTrader ActiveWeb
iSPEEDTRADER
Takion
How to open a SpeedTrader account step by step
A SpeedTrader demo account can be opened easily by using the following simple steps:
Step 1 – Open Your Account
To open an account with SpeedTrader, traders will have to navigate to the broker website and select the green ‘SIGNUP NOW’ banner presented in the top right corner of the website.
Step 2 – Fill out the form
This will redirect the trader to an online application form which can either be filled in online, or it can be downloaded, completed, and submitted either by email, or fax.
To successfully complete the application form for an account, traders will need the following:
Either a Social Security Number or a Tax Identification Number
A Valid photo ID in the form of a driver’s license, passport, or any other government-issued identification card
Bank account information
The address and telephone number of the trader’s employer, and
Financial information comprises annual income, liquid as well as net worth.
Once the application form has been completed and submitted either through the online portal or via fax or email, the trader will receive a confirmation email from SpeedTrader support or the accounts department.
Once this has been received, the trader can log into their account, choose a payment method from the available, supported funding options, and start trading once the minimum deposit amount has been paid.
Min Deposit
USD 25,000
Regulators
FINRA, SIPC
Trading Platform
Proprietary Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
SpeedTrader Customer support
SpeedTrader has superb customer support ready to assist traders with any and all queries. Support can be contacted either through email, by phone, or by using the instant/live chat function on the website.
Customer Support is available from Mondays to Thursdays from 08H00 to 17H00 EST, and Fridays from 08H00 to 16H30 EST.
SpeedTrader Education
SpeedTrader has a few educational tools and resources featured on the website, including:
Video Tutorials that show traders how to use SpeedTrader’s various stock trading platforms and other software
Market educational articles, and
Day Trading webinars
SpeedTrader Research
The trading platforms that SpeedTrader offers host a variety of built-in tools which assist traders in conducting comprehensive in-depth market analysis in addition to aiding traders in reaching their full potential.
SpeedTrader Awards
There are no rewards mentioned for SpeedTrader.
SpeedTrader Best Countries by Traders
| 🌎 Country of Trade | 📌 % of Traders |
| 🥇United States | 42.64% |
| 🥈Canada | 11.84% |
| 🥉Vietnam | 9.94% |
| 🥇Panama | 4.39% |
SpeedTrader vs Etoro vs XM – Comparison Table
| 🔎 Broker | 🥇SpeedTrader | 🥈 eToro | 🥉 XM |
| 💰 Minimum Deposit | $25,000 / R 426 247,25 | $1000 USD | $5 USD |
| 📝 Sign-Up Bonus | No | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | 1:2 | 1:400 | 1:888 |
| 💵 Currency Pairs | - | 47 | 57 |
| 🚀 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
SpeedTrader Customer Reviews
The SpeedTrader website states that it is for active traders. Of course, no one forbids using any strategy, but the full potential from the proposed trading conditions can be obtained only when working within the day. Instant order execution, reduced commissions due to contract and stock volumes, setting up a tariff plan following the number of transactions performed. This is an incomplete list of advantages of the SpeedTrader broker for intraday traders. There are decent trading conditions, full technical support, and withdrawals without problems. Trade for health!
SpeedTrader positions itself as a broker for active traders, and I am engaged in medium-term trading. Nevertheless, I believe that it is not in vain that I am a client of this particular company. I was attracted by its advanced trading platform with a wide range of tools for technical analysis and hotkeys, as well as the ability to directly enter the stock market. The SpeedTrader website has a lot of useful information, even for experienced traders. I recommend it.
Trading conditions of the leading brokers differ insignificantly, so it is important to find a company that does not enrich itself at the expense of its clients. Oftentimes, you are promised mountains of gold in the form of tight spreads and zero commissions, and when it comes to withdrawing funds, technical support gives incomprehensible answers about the reasons for the delay, and then completely stops communicating. From personal experience, I can recommend the SpeedTrader broker as a decent and conscientious partner. Timely withdrawal of funds in several ways without restrictions on the amount, quick response of technical support on any questions, online chat, and several phone numbers make this broker a winner. You can and should cooperate with SpeedTrader.
SpeedTrader Pro and Cons
| ✔️ Pros | ❌ Cons |
| Regulated by FINRA | Substantially high minimum deposit of $30,000 |
| Member of SIPC | Limited tradable financial instruments |
| Additional cover through Lloyd’s of London | MetaTrader not offered |
| Premium trading platforms | No Forex, CFDs or cryptocurrencies offered |
| Restricted leverage | |
| Limited amount of payment methods supported |
Conclusion
Overall, SpeedTrader can be summarised as a credible and trustworthy broker and is considered an average risk with competitive trading fees and spreads. SpeedTrader offers a vast choice of trading platforms that host powerful and state-of-the-art technology.
Disclaimer
SpeedTrader warns that all investing involves a certain degree of risk, which may lead to the loss of principal invested. Past performance of either a security or a strategy will not guarantee any future results or success.
None of the information provided by SpeedTrader should be seen as encouragement towards investing or any form of trading decisions that should be made and should be treated merely for information purposes only.
Frequently Asked Questions
How many instruments can I trade with SpeedTrader?
You can trade U.S Stocks, options, bonds, and mutual funds with SpeedTrader.
Which platforms are supported by SpeedTrader?
SpeedTrader PRO
SpeedTrader ActiveWeb
iSPEEDTRADER, and
Takion
Does SpeedTrader offer leverage?
Yes. SpeedTrader offers maximum leverage of 1:2.
Does SpeedTrader charge commission?
Yes. SpeedTrader offers competitive commission rates with each of its pricing models.
Per-Trade Pricing starts from $2.95 per trade.
Per-Share Pricing starts from $0.0025 per trade, and
Options Pricing starts from $0.30 per contract.
What is the overall rating out of 10 for SpeedTrader?
7/10
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