SpeedTrader Review 2023

Jeremy Biberdorf By: Jeremy Biberdorf Nov 24, 2022
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SpeedTrader Logo

4.0/5

4.0 rating based on 5 ratings

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In a nutshell: SpeedTrader is a trading platform aimed at active day traders requiring advanced tools. Offering the highest level of trading services, industry insiders praise it for its fast execution and its variety of routing options.

Our SpeedTrader review shows this is one of the best trading platforms for day traders.

Service TypeFeesPromotion
Advanced trading platform$25 - $104/month, plus trade feesFree 100K demo account

SpeedTrader’s lightning-fast trading platform gives you some of the best tools you need to start day trading. If you’re looking for a place to start day trading, this is a great one to try.

Pros & Cons
PROS
  • Extremely fast day trading platform
  • Low trading fees
  • Hotkey customization
  • Free 100K demo account
CONS
  • Fees can get expensive
  • Limited mobile trading

Compare to Other Trading Platforms

SpeedTrader Logo
4.0 rating based on 5 ratings
4.0/5
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Fees$25 - $104/month

Minimum Deposit$30,000

PromoFree 100K account

TradingView Logo
4.5 rating based on 5 ratings
4.5/5
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Fees$0 - $59.95/month

Minimum Deposit$0

PromoNone

Webull Logo
4.8 rating based on 5 ratings
4.8/5
LEARN MORE

Fees$0

Minimum Deposit$0

Promo2 free stocks

Full SpeedTrader Review

Mint Global Markets—which conducts business under the name “SpeedTrader”—offers an extremely fast platform that’s perfect for the individual trader who wants to start day trading. There is a minimum deposit of $30,000, although day trading requires at least $25,000 of equity per US regulation.

SpeedTrader is best for:

  • Day traders
  • Full-time traders
  • Those who need 24/7 support

Do you need a platform to help you make money through day trading?

SpeedTrader is designed for the advanced trader who needs a solid, reliable, direct access online broker. Offering access via multiple platforms, it utilizes the Das Trader trading software. If you require advanced tools to facilitate your day trading, SpeedTrader provides state-of-the-art tools, including a huge range of routing options and shortlists. However, this platform doesn’t offer extensive educational resources like more beginner-friendly options generally do.

If you want to know more about the core features of SpeedTrader, read through our SpeedTrader review.

What is SpeedTrader?

Product NameSpeedTrader
ServicesTrading platform
Membership Fee$25, $49, $104 per month
Customer ServiceLive chat, fax, email, and phone support
PromotionsFree 100K demo account

SpeedTrader has been in the business of day trading since 1999. Based out of New York, it’s part of Stock USA Execution Services Inc. It’s aimed specifically at day traders who require advanced tools to maximize their profitability. Most reviews on SpeedTrader highlight the flexible fee structures, but we believe this can be confusing.

For this reason, SpeedTrader is not recommended for beginners. There’s quite a steep learning curve and those who are starting for the first time are expected to already have prior day trading experience.

However, this is a platform aimed mainly at veteran active traders. The SpeedTrader fees favor those who make regular trades, with $30 inactivity fees charged if fewer than 15 trades are made per quarter. The more trades you make, the better a deal SpeedTrader is.

SpeedTrader Features

Our review on SpeedTrader shows this is one of the best day trading platforms for advanced active traders. By continually offering highly advanced tools to meet the needs of the modern trader, this is a service that can help you facilitate more profitable trades.

Let’s examine its core features.

Multiplatform Trading

SpeedTrader offers three different platforms for trading. These are known as SpeedTrader Pro, ActiveWeb, and Mobile Trading.

Although they are marketed independently, they are iterations of the same platform on separate platforms. While these three platforms offer a considerable amount of flexibility, one of the downsides is there’s no mobile trading app for Android devices. However, there is a mobile trading platform for iOS.

Direct Access to Multiple Routing Options

Although SpeedTrader focuses exclusively on the U.S. stock markets, where it truly shines is in the number of ways you can take advantage of market liquidity. There are more than 25 different routing options within the tradable markets offered on the platform.

Orders are fulfilled at lightning speed, which means traders can make more profit faster. Advanced day traders taking advantage of SpeedTrader will benefit from better pricing and up-to-the-second market data.

Streamlined Das Trader Software

Das Trader is the software at the heart of this trading platform. It’s seamless and extremely fast while consuming a smaller number of resources than its competitors. The platform also comes with limited news feeds and a Twitter feed.

For day traders who use multiple setups, a low-resource direct access brokerage platform avoids any lag in pricing and trade execution.

SpeedTrader Pricing

Pricing at SpeedTrader can get confusing because there are multiple pricing structures. There are separate SpeedTrader fees for the software, account fees, commissions, and routing fees. It’s important to keep a tab on these fees or expenses could become unacceptably high.

The minimum deposit for both U.S. and overseas clients is $30,000, so this is a trading platform for those with deeper pockets.

Trading fees depend largely on how much you trade. If you make more than 500 trades per month, you pay as little as $2.95 per trade. For smaller trading frequencies, the cost per trade can be as high as $4.49.

Platforms

SpeedTrader is one of the most powerful trading platforms available today. As such, this online brokerage offers a wide variety of useful options trading tools for technical analysis, including advanced charting (with support for multiple chart types), stock scanners, direct access order routing, and multiple screen support. However, the exact features you’ll have access to depends on which version of the platform you’re using. We’ve explained the details of each in the section below.

ActiveWeb

“ActiveWeb” is SpeedTrader’s browser-based trading platform. It contains more advanced trading options than their mobile version but doesn’t have all the features of the desktop version. Nonetheless, we think it still has a lot to offer to most advanced traders.

Running on HTML5, ActiveWeb is designed to work in any modern browser. It has support for multiple screens, which can be extremely useful when comparing options pricing and charts. The web-based platform even allows you to save your layouts, eliminating the need to set up your virtual workspace every time you log in.

Users have access to advanced order routing options and real-time market data, although the browser-based option only offers Level 1 data. A few more notable features include live streaming news, customizable watch lists, and in-app access to Twitter feeds.

SpeedTrader PRO

SpeedTrader PRO is designed for options traders who need the fastest, most reliable access to real-time streaming data. It builds upon the functions offered by ActiveWeb. However, since it’s not limited by browser restrictions, SpeedTrader PRO is able to provide an even better trading experience with more advanced trading tools.

The PRO version gives options traders many capabilities beyond the ability to simply check share pricing. It offers advanced charting features and supports a wide variety of chart types (including price and candlestick charts).

Like ActiveWeb, it includes real-time streaming of trading data. It also has support for multi-screen layouts and custom watchlists. However, the PRO version offers Level 2 data, giving you more crucial trading information not offered with Level 1 data. It also enables traders to create custom stock scanners to easily identify the best trading opportunities in just a  few clicks.

However, the biggest appeal of SpeedTrader PRO is the hotkeys. You can take advantage of over 100 different hotkey options, allowing you to streamline your trading experience and complete time-sensitive trades with ease.

SpeedTrader PRO Mobile

The mobile version of SpeedTrader exceeds expectations, offering far more than basic charting and simple share pricing. While the app may not be as advanced as mobile platforms offered by other brokerage firms, we still think it provides enough to satisfy most options traders. It’s also possible that more features will be added later on as mobile platforms for trading platforms progress.

Currently, the mobile app supports news streaming, option chains, and watchlists (just like ActiveWeb). Despite being a mobile version, it nonetheless offers multiple chart types and technical analysis indicators used for advanced charting.

The app gives users multiple routing options, mobile order management, and access to real-time Level 2 market data. While trading with a mobile device may not be as ideal as trading from a dedicated desktop, we nonetheless think that SpeedTrader PRO mobile could prove to be an invaluable tool for active traders.

Is SpeedTrader Right for You?

Our review on SpeedTrader believes this is the number one trading platform for the experienced trader in need of an advanced platform that supports them. When comparing SpeedTrader vs. other free brokerages, frequent traders can extract a lot of value from this lightning-fast platform.

Overall, for the frequent day trader who wants to focus on traditional assets within the U.S. markets, it doesn’t get much better than this.

Create an account with SpeedTrader and try out the 14-day free trial of SpeedTrader Pro.

Frequently Asked Questions

SpeedTrader is not for beginners. It’s for experienced investors and professional traders with a focus on the U.S. markets. We answer some of the most common queries people have about this platform.

Yes. Despite there being no access to trading on the global markets, overseas clients are still welcome to create an account on the platform and trade on equal terms.

Yes. Despite there being no access to trading on the global markets, overseas clients are still welcome to create an account on the platform and trade on equal terms.

No, SpeedTrader sticks to more traditional asset classes. One of the few downsides of the platform is a limited list of tradable assets.

Currently, online trading platforms only support U.S. stocks, options, and ETFs. However, you can trade bonds and mutual funds through SpeedTrader if you contact the company directly.

The applicable minimum deposit varies, depending on the service you use and what your intentions are. For ActiveWeb, the minimum deposit is $2,500. SpeedTrader PRO requires a minimum deposit of $10,000.

However, it’s important to note that—while these amounts may meet the minimum required to open an account—these minimum deposits do not allow you to day trade. Day trading requires a minimum deposit of $30,000. This is slightly above the government-mandated day trading minimum of $25,000.

Like many other brokerage firms and online trading platforms, SpeedTrader charges a variety of fees to use their services. While they do offer competitive pricing, the fees can still add up quite quickly. You’ll need to consider these additional fees alongside any trade pricing when trying to determine your monthly expenses.

Software Fees

The exact fees vary, depending on the platform you choose to trade with. You’ll need to stay active on your account, as SpeedTrader can charge inactivity fees. If you don’t make at least 15 trades per quarter, you’ll be charged a $30 quarterly inactivity fee.

On the other hand, you can reduce or eliminate your platform fees if your monthly commissions are high enough. If you make more than $199 in monthly commissions, your fees will be either a.) $35/month for ActiveWeb or SpeedTrader Mobile, or b.) $49/month for SpeedTrader PRO.
Achieving monthly commissions exceeding $499 will reduce your software fees to $0/month.

That said, you will still have to pay data and service fees, which vary from $15 to $15, depending on the data/service you’re trying to get. Pro members are eligible for reduced rates.

Like many other brokerage firms, SpeedTrader charges commission fees. The exact rates are available on their website but can start as low as $2.49 per trade, $0.0009 per share, or $0.25 per contract.

SpeedTrader has a “Tutorials” page, which offers 20 video tutorials for users to watch. Unfortunately, these educational resources only contain information on how to use the platform; they don’t provide any trading instructions, which is why we only recommend SpeedTrader PRO to more advanced traders.

SpeedTrader —which is a part of Mint Global Markets—protects your money by being a member of the Securities Investor Protection Corporation. This enables the platform to fulfill claims of up to $250,000 in cash and $500,000 in total assets.

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Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. After working many years in the website marketing industry, he decided to take on blogging full time and also get his finances headed in the right direction. Also check out his contributions to Equities.com and Benzinga.