Speedtrader is a company based out of New York City. Their state- of- the- art system will help those who trade stocks turbo charge the process by using the internet. In 1999, when Guy Gentile established this company, his goal was to allow people to make their trades quickly and hassle free. With a vast amount of experience in the market, their goal is to help their users make money and understand the ups and downs of the market.
Trading Platforms and Virtual Trading
There are two major trading platforms on this site, Speed Trader 2.0 and Speed Trader PRO. They offer both desktop and web based trading options. To be able to utilize the desktop trading, one must be an account holder with the Pro Version platform. For those who love downloading apps and trading via their cell phone, they are in luck. This company has an app that can be downloaded for the iPhone and allows trades to be conducted anytime, anywhere. They do allow virtual trading, but it is not unlimited. To use virtual trading there is a starting balance required in the account of $100,000.
Trading Types and Applicable Fees
Speedtrader reviews show that they do offer several other types of trade. They offer the ability to trade on an IRA. The IRA trading fees are a minimum of $1,000 and an annual fee of $35.00. They allow, Long & Short Calls & Puts, Collar & Vertical Spreads, Time & Diagonal Spreads, Strangles, Straddles and Butterfly, Condors, Back-Ratio & Complex Strategies. They offer Stock Trading, Options Trading, Mutual Funds, FOREX Trading and Futures Trading.
Their fee structure is pretty simple; they have a minimum balance requirement of $2,500 and a $25,000 for those using a day trading account. Any account that falls inactive will be charged a $30.00 fee per quarter. Here are some other typical fees one might encounter with an account:
- Stock Trading Fee
- Per Share Plan: $0.0039 per share – $0.99 minimum per trade.
- Per Trade Plan: $6.95 per trade
- Options Exercise Fee $30.00
- Options Fee Per Contracts $1.00
- 5 Contracts $5.00
- 10 Contracts $10.00
- 50 Contracts $50.00
- 100 Contracts $100.00
- Mutual Fund Fees $50.00
- Bonds & Fixed Income Fee $50.00
- Broker Assisted Fee $30.00
Those new to online trading or the stock markets in general, can benefit from the vast amount of training materials offered. Speed Trader has one of the best resources of most trading companies on the web. On their main web page, there is a tab for education. Under this section it is easy to find all kinds of information. The free seminars and webinars are a great way to get questions answered and hear issues others are having or listen to success stories. For those who cannot attend at the time of the sessions, they record them and place them on their webpage. The webinars cover every area of the website and online trading that one will need to know. There are also videos and a glossary of commonly used trading terms for those new to the game.
Most companies are only as good as their customer service departments. Speedtrader customer service is outstanding. As soon as the main webpage loads, instantly a box comes up asking if live chat is needed. Their customers service number is open Monday-Friday, 8:00 am to 6:00 pm EST. They have email assistance and instant chat available 24/7.
Who Would Benefit From Using This Site?
Those who are interested in Options Trading would benefit from using this site. They are not the best option on the web for full service or discount trading. Additionally, those looking to trade internationally or long term should look elsewhere. Stockbroker.com rated this company with 2 stars and it is clear it is geared toward the professional investors. Those who are new to the stock market and internet trading may find that it is not the best option on the web.
Incentive Bonuses and Other Information
When signing on a new account, customers are offered the chance to refer friends for cash or prizes. Referring a new trader can get an account holder 25 free trades, or the equivalent of $100. There are also T-shirts and other free gifts. After a trader has been actively trading for some time, they do offer the ability to negotiate commission rates, which means more money one’s pocket.
It is clear that Speedtrader has a great deal of options to provide those who prefer to trade stocks online. What they lack in some areas they make up in others. For example, while they may not have as many trading options as other companies on the web, they have an excellent educational center that gives specific instruction and is easy to understand. Their customer service department is top rated and they staff seem to really know the market well. They do have a state of the art trading system and a reasonable price at $6.95 per trade. However; if a person is not an active trader, they are better off to look to other online brokers for assistance.