Intro: SpeedTrader Review (Fees, Penny Stock Trading, and Many More Reviews)
There has been increased interest in SpeedTrader reviews in recent months. Here, we will attempt to deliver the most complete and comprehensive SpeedTrader review to date, including details on their desktop software, SpeedTrader Pro, and their SpeedTrader penny stocks. We will cover SpeedTrader fees, ease of use, and overall quality.
SpeedTrader is a privately held online stock brokerage firm. SpeedTrader.com has been in business for over 20 years and is now a division of Stock USA Execution Services. That sort of longevity says quite a bit about a company in today’s economic climate. They are SIPC members and offer SIPC protection up to $500,000, so they are an established company that is very safe to work with.
They offer an array of services and software designed to put more information into the hands of the average trader.
Their stated mission is to provide independent traders nationwide with access to high quality information on equities, options, futures, foreign currency, and advanced automated algorithmic trading solutions which would have previously been unattainable.
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A Long History
The idea of day-trading penny stocks and making millions off of micro-transactions is no longer an original thought.
But back in 1999, when SpeedTrader penny stocks first became available on SpeedTrader.com, the concept of being a truly independent day trader with similar access to the data streams that the big brokerages have was unheard of. Consider that in that same time period many other online brokerages have come and gone. In our SpeedTrader reviews, we will attempt to examine what makes SpeedTrader Pro a standout software.
A Crowded Field
In modern finance, the online trading brokerage space continues to be a crowded one. Market share can be gained or lost based upon quality of data, timeliness and responsiveness of trades, and transparency of billing processes.
Considering that online brokerages are all essentially providing access to the same data sets, it is the extra mile that makes the difference between firms in terms of ease of use and profitability. A big plus for SpeedTrader penny stocks is their customer support team, who are often available to chat online or over the phone about trades or issues. Less fully featured brokerages often have harder to reach staff and a culture that relies more heavily on their software solutions over good old-fashioned people solving problems with other people.
Many Ways to Trade
SpeedTrader.com offers subscription based access to their top of the line software and solutions. This access is of course, like anything good in life, not without SpeedTrader fees; these will be discussed in depth later on in this review.
Depending on your subscription level and preference, you can make trades from SpeedTrader’s desktop software solution, SpeedTrader Pro, or their ActiveWeb-based online platform right from your browser. While somewhat less sophisticated than the more traditional trading options, you can even include iSpeedTrader mobile access to your account to make quick buy/sell calls anywhere you may be.
Simplicity of Use
The most difficult part of turning graphs, common sense, and a little intuition into cold hard cash is being able to survey the battlefield from a top down perspective. SpeedTrader Pro’s simple and immersive interface evens the playing field for even beginner traders by providing real time tickers and analysis from many funds and options.
With their browser-based SpeedTrader ActiveWeb system, you can easily lose yourself in trading and spend all day monitoring trades, analyzing trends, and keeping abreast of industry news with the built in Bloomberg News feed. Or, with SpeedTrader Pro, you can even opt for more hands off automated algorithmic trend analysis, automated buy/sell, and call orders based upon the goals that you set up.
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Of course, nothing can replace using your noodle to carefully consider each move you make on your path to financial security, but having advanced automated tools can give even a mediocre trader the edge they need to surge ahead.
Things that can be typically difficult to track without a software solution like SpeedTrader Pro web access are suddenly the same as checking your email while drinking coffee. Things like:
- Online trade history tracking and sorting
- Real-time stock charting
- Day-to-day and day-over-day Profit/Loss display
- Automated trend spotting
- Constructing options chains
- Automated risk analysis
Like with anything, though, SpeedTrader Pro has areas in which they excel as well as areas in which they struggle.
The Devil Is in the Details; Mind Your Service Fees!
In online trading of any sort, and SpeedTrader penny stocks are no different, keeping an eye on the SpeedTrader fees you are paying with your transaction; these can make the difference between making a ton of money or losing a ton of money. Generally speaking, you are going to get better per trade rates (and as this SpeedTrader review discovered, sometimes much better) with an online brokerage firm than with a traditional Wall Street firm.
That being said, those bigger firms can often offer better pricing on account services like check processing, transfers, distributions, and physical security processing. Of course, for your average day trader, the savings made up in per trade fees can often justify paying more in fees.
SpeedTrader Review Uncovers Low Trade Fees
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One of the biggest selling points for both SpeedTrader Pro and SpeedTrader penny stocks remains that their trade fees are among the lowest in the country. For accounts with a balance less than $25,000, trades are only $6.95. If you’re fortunate enough to be working out of an account with over $25,000 in it, then your per trade cost drops to either $4.49 per trade or $0.0044 per share traded. These are rock bottom prices industry-wide.
The industry average rate is $12.53 per trade or maybe as low as $7.95 if you’re getting a good deal. As you can see, for a trade-focused or particularly volume heavy trader, the opportunity exists to save a fortune in trade fees with SpeedTrader Pro.
Different Strokes for Different Folks
There are two subscription levels offered, SpeedTrader ActiveWeb ($25 dollars per month) and SpeedTrader Pro ($49 dollars per month), both of which include software access as well as the built-in NASDAQ level 1, NYSE, AMEX, and Bloomberg News Headline data feeds.
SpeedTrader Pro Desktop Software
While a standard subscription offers access to the web-based trading platform, a SpeedTrader Pro subscription gets you the fully featured desktop software which offers a few cool bonuses over the web access only:
- Point and click stock tracking
- Stops and trailing stops
- Direct access order routing
- Advanced charting
- Multiple screen support
Customize Your Experience
One of the cooler options that SpeedTrader Pro offers is the ability to customize your incoming data streams, perform advance trade chains, and sort trades based upon last price, high/low; you name it! In addition to the standard streams, SpeedTrader ActiveWeb and SpeedTrader Pro both offer additional, customizable data streams at additional monthly cost:
- Pink Sheets
- OPRA Options
- E-mini Futures
- TSX Canadian
Deep Market Analysis with SpeedTrader Pro Access
One thing we wanted to be sure to cover adequately in this SpeedTrader review was the two subscription levels and their respective pros and cons. SpeedTrader Pro comes with a proprietary market view tool which allows you to see every security that you track with their service, and then sort them by any number of metrics to ferret out trends. Plus, in addition to the level 1 benefits mentioned, a SpeedTrader Pro subscription for only $24 per month more than the basic subscription nets you the added opportunity to include (priced separately) data streams and real-time access to:
- Regional Quotes
- Nasdaq Total View (Book Depth)
- Pink Sheets (Level 2)
- OPRA Options (Level 2)
- NYSE ARCA Book
Variable Rates and Fee Waivers
Depending on what sort of risks you feel comfortable with, access to these higher end funds and options can of course be more lucrative over the long run. Plus, as a high volume or high dollar value trader, SpeedTrader Pro offers both preferred trading rates and the opportunity for your monthly subscription to be waived entirely. SpeedTrader Pro Level 2 clients have their monthly subscription waived if they generate over $499 per month in commissions. Level 1 clients have only to generate $199 per month in commissions for the same.
Is There Really No Such Thing as a Free Lunch?
At the time of the writing for this SpeedTrader review, SpeedTrader.com was offering a sign up and referral bonus cash program: if you sign up and deposit $25,000 into your account to start trading with, SpeedTrader penny stocks will toss an extra $100 into your account.
You can buy a pretty nice lunch with what $100 to trade with can net you. In addition, if you refer a friend to SpeedTrader Pro, and they then deposit the $25,000 into their account and start trading, you get an extra $100 referral bonus (and your friend gets his $100 as well).
All in all, SpeedTrader penny stocks and their SpeedTrader Pro software seems like a lot of bang for your trading buck.
The rates per trade are great, and the software provides all of the comprehensive real time data, many variable fund and stock tracking tools, and automated trend tracking solutions that you could possibly want to turn your day trading into a real machine.
Of course, as is the case everywhere in financial services, it is the fees that you have to keep your eyes on with SpeedTrader. For a high-volume trader, the trade savings will likely be worth the while.
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