SpeedTrader vs Lightspeed 2023: Which one is better for traders?
Active traders require access to the right tools and resources to maximize their potential in the fast-paced world of day trading. SpeedTrader and Lightspeed are two popular trading platforms that cater specifically to day traders and other active traders.
|Day traders||Experienced traders|
|Lower fees||Highly customizable platforms|
|Responsive customer support||Dedicated support for high-volume traders|
This article will compare SpeedTrader and Lightspeed across three key factors: Features, Pricing, and User Experience. By the end of this article, you will have a better understanding of which platform may be best suited for your needs.
|Service Type||Online Brokerage||Online Brokerage|
|Fees||Per-Trade Fees: |
$2.95 - $4.49
|Per-Trade Fees: |
$0.0045 - $0.0025 per share
|Customer Support||Phone and email support available during market hours||Phone and email support available 24/7|
|Best Use||Active Traders, Day Traders, and Scalpers||Active Traders, Day Traders, and Scalpers|
|Modest Money Overall Rating|
Factor 1: Features
SpeedTrader: Advanced trading tools
- Lightspeed: Customizable trading platforms
- SpeedTrader: Direct market access
- Lightspeed: Advanced order types
SpeedTrader is a direct access online broker that focuses on providing advanced trading tools and resources for active traders. The platform offers direct market access (DMA), enabling traders to bypass market makers and trade directly with market participants for faster executions and better prices.
SpeedTrader provides a wide range of advanced trading tools, such as Level II quotes, advanced charting, and customizable hotkeys for quick order entry. It also offers multiple trading platforms, including SpeedTrader PRO, SpeedTrader ActiveWeb, and third-party platforms like DAS Trader Pro.
Lightspeed is a direct access online broker that caters to active traders and professional investors. The platform offers a range of customizable trading platforms, including Lightspeed Trader, Lightspeed Web/Mobile, and Sterling Trader Pro. Users can also access advanced order types, such as reserve, hidden, and iceberg orders, to help them execute their trading strategies effectively. Lightspeed also provides advanced charting tools, real-time news feeds, and Level II quotes to assist traders in making informed decisions.
Factor 2: Pricing
SpeedTrader: Per-share or per-trade pricing
- Lightspeed: Tiered commission structure
- SpeedTrader: No software fees for basic platform
- Lightspeed: Monthly software fees for certain platforms
SpeedTrader offers a competitive pricing structure for active traders. Users can choose between per-share or per-trade pricing, depending on their trading style and volume. The per-share pricing starts at $0.0044 per share, with a minimum charge of $1.99 per trade. The per-trade pricing is available at $2.95 per trade. SpeedTrader does not charge software fees for its basic platform, SpeedTrader ActiveWeb, but fees apply for the use of SpeedTrader PRO and third-party platforms like DAS Trader Pro.
Lightspeed features a tiered commission structure that caters to various trading volumes. The per-share pricing starts at $0.0045 per share, with a minimum charge of $1 per trade. As trading volume increases, the per-share rate decreases. For per-trade pricing, commissions start at $4.50 per trade and decrease based on trading volume. Monthly software fees apply for certain platforms, such as Lightspeed Trader and Sterling Trader Pro, but Lightspeed Web/Mobile does not have a monthly software fee.
Factor 3: User Experience
SpeedTrader: User-friendly trading platforms
- Lightspeed: Highly customizable platforms
- SpeedTrader: Responsive customer support
- Lightspeed: Dedicated support for high-volume traders
SpeedTrader offers user-friendly trading platforms that cater to the needs of active traders. The platform’s design is intuitive, with a focus on providing a seamless experience for users of all skill levels. SpeedTrader’s responsive customer support, available through phone, email, and chat, ensures that users can quickly resolve any issues or questions that arise while using the platform.
Lightspeed’s trading platforms are highly customizable, allowing users to tailor the interface to their preferences and trading styles. The platform offers advanced tools and features, making it suitable for experienced traders who require sophisticated functionalities. Dedicated support is available for high-volume traders, ensuring that they receive timely assistance and guidance when needed.
SpeedTrader vs Lightspeed: Our Summary
Both SpeedTrader and Lightspeed offer valuable features and resources for active traders, but they cater to different preferences and trading styles. SpeedTrader provides user-friendly trading platforms, competitive pricing, and responsive customer support, making it an excellent choice for day traders and those looking for a more cost-effective solution. The platform’s advanced trading tools and direct market access ensure that traders have the resources they need to make informed decisions and execute trades efficiently.
Click here to get started with SpeedTrader.
Lightspeed, on the other hand, is geared towards experienced traders who require highly customizable platforms and advanced trading tools. Its tiered commission structure and dedicated support for high-volume traders make it an ideal choice for professional investors seeking a platform that can cater to their specific needs and trading styles.
If you are a day trader seeking a user-friendly platform with competitive pricing and excellent customer support, SpeedTrader may be the better choice for you. However, if you are an experienced trader in need of highly customizable platforms and advanced trading tools, Lightspeed is a strong contender.