SpeedTrader review

Stock trades carry a commission of $4.49 per order, and each buy and sell is billed separately. SpeedTrader runs on a low-fee model, so a year of trading costs depends on how many orders you place.

The options contract fee is $0.35 per contract, charged alongside the equity commission of $4.49 that applies to the shares. Options are one of the markets listed, so the fee applies to the same account and platform set used for stock trading.

The stated minimum deposit is $30,000. For comparison, CFI lists $0 and Vantage $5, and the site median is €4.64. Anyone starting with a smaller balance needs a different broker.

Client money sits with the protection scheme SpeedTrader is registered with, and the legal entity appears in its member list as SIPC member 53035. Investor protection stands at SIPC up to USD 500,000, and the licence names FINRA and SIPC as the regulators.

Accounts run through Sterling, SpeedTrader Pro, ActiveWeb and a mobile app, listed as Sterling, SpeedTrader Pro and ActiveWeb. A demo account is also offered, so you can follow the order flow through the same platforms before committing funds to a live account.

Bank charges are listed as ACH free; domestic wire $30, so ACH transfers cost nothing while a domestic wire carries a flat charge. Given the $30,000 minimum deposit, the size of any transfer makes the wire charge worth checking before you fund the account.

An inactivity fee of $120 applies to dormant accounts, while the site median is €0. An account left untouched can therefore start costing money, so close it or keep using it rather than parking a balance.

SpeedTrader describes its audience as experienced day-traders, and the $30,000 minimum deposit points the same way. Markets covered are stocks, etfs and options, so it suits active US accounts trading stocks, ETFs and options rather than long-term savers or first-time investors.

Support runs on email, chat and phone, so you can reach the desk by email, live chat or phone, and a help centre handles self-service questions. Phone and chat cover the moments when a funding or order question needs a quick answer.