SpeedTrader review

Trading sits at the pricier end. A stock trade is $4.49 and an options contract is $0.35, while an inactive account is charged $120. Moving money also matters: deposits and withdrawals run at ACH free; domestic wire $30. The mix suits active options traders rather than occasional investors.

Opening an account takes a minimum deposit of $30,000. That figure sits well above what many investors need to start, and it rules the broker out for anyone building a position gradually. It suits traders who are already funded and ready to trade US markets.

SpeedTrader is registered with FINRA and SIPC in the US, and the protection listed is SIPC up to USD 500,000. The legal entity behind the account is SPEEDTRADER INC, and the SIPC listing reads SIPC member 53035. That gives readers a named regulator and a published membership number to check.

Across the brokers listed on the site, the median share of retail accounts that lose money is 70.15%, and the range runs 40.3% to 88%. SpeedTrader names its audience as experienced day traders, which is a caution for anyone starting out.

Deposits and withdrawals run at ACH free; domestic wire $30, so ACH transfers cost nothing while a domestic wire is charged. The broker is based in the US and serves US day traders, so funding is a domestic arrangement rather than an international transfer service. Budget for the wire when moving larger sums.

SpeedTrader offers several platforms: Sterling, SpeedTrader Pro and ActiveWeb. Alongside them sits a mobile app, and a demo account lets a new user practise before committing funds. The mix is broad for a day trading broker, with both web terminals and a phone app.

The markets list covers stocks, etfs and options. Options sit alongside shares and ETFs, with an options contract priced at $0.35, which is the cheapest part of the cost picture. The range is aimed squarely at short-term equity and derivatives trading.

SpeedTrader says its audience is experienced day traders, and the practical picture matches: a $30,000 minimum deposit and options contracts at $0.35. It suits US traders running frequent positions, and less so long-term investors or first-time buyers, for whom the entry threshold is high.