SpeedTrader Broker Trade

SpeedTrader Trade: A Comprehensive Review of an Active Trader's Broker

　　In the fast-paced world of Forex trading, having the right broker can make all the difference. SpeedTrader, a brokerage firm established in 1999, has carved out a niche for itself by focusing on active day traders. It offers a range of advanced trading platforms, competitive pricing, and direct market access, making it a popular choice among seasoned traders. This article will delve into the core aspects of SpeedTrader, answering three essential questions:

• What are the trading conditions and fees associated with SpeedTrader？
• What trading platforms and products does SpeedTrader offer？
• What are the advantages and disadvantages of using SpeedTrader for Forex trading？

　　

Broker Overview and Trading Conditions

Founded	Regulatory Body	Headquarters	Minimum Deposit	Leverage	Average Spread
1999	FINRA, SIPC	New York, USA	$2,500 (Active Web), $10,000 (Pro)	Up to 6:1 intraday	Variable, starting at $0.0009

　　SpeedTrader's trading conditions are particularly appealing to active traders. The minimum deposit requirements are relatively standard for the industry, with $2,500 needed for the Active Web platform and $10,000 for the SpeedTrader Pro platform. The leverage offered can go up to 6:1 for intraday trading, which is advantageous for those looking to maximize their trading potential. Average spreads start as low as $0.0009 per share, making it competitive compared to other brokers.

　　However, it is essential to note that while SpeedTrader offers competitive commission rates, they do not provide commission-free trading, which has become a trend among many brokers. This pricing model may not be ideal for less active traders who might incur higher costs due to the transaction fees.

　　

Trading Platforms and Product Analysis

　　SpeedTrader provides access to three primary trading platforms: SpeedTrader Pro, Active Web, and a mobile platform.

　　

Platform Features:

• SpeedTrader Pro: A downloadable platform designed for high-frequency traders, offering advanced charting, direct market access, and customizable hotkeys for quick order execution.
• Active Web: A web-based platform that provides real-time level 1 data, live streaming news, and basic charting tools. However, it lacks the advanced features found in SpeedTrader Pro.
• Mobile Platform: While it allows for trading on the go, user reviews indicate that the mobile app is less robust compared to its desktop counterparts.

Currency Pair Category	Number of Pairs	Minimum Spread	Trading Hours	Commission Structure
Major Pairs	35+	$0.0009	24/5	$0.0044 - $0.0029 per share
Minor Pairs	20+	$0.0015	24/5	$0.0044 - $0.0029 per share
Exotic Pairs	10+	$0.0020	24/5	$0.0044 - $0.0029 per share

　　The execution speed on SpeedTrader is notably fast, with many users reporting minimal slippage during trades. This is critical for day traders who rely on quick executions to capitalize on market movements. However, the platform's reliance on direct market access means that traders must be familiar with order routing to optimize their trading strategies.

　　

Advantages, Disadvantages, and Security Assessment

　　

Advantages:

• Advanced Trading Tools: SpeedTrader offers sophisticated trading platforms tailored for active traders, including advanced charting and multiple order routing options.
• Competitive Pricing: The commission structure is attractive for high-frequency traders, with potential discounts for volume traders.
• Direct Market Access: Traders benefit from the ability to route orders directly to the market, ensuring faster executions.

　　

Disadvantages:

• High Minimum Deposits: The minimum deposit requirements may be prohibitive for novice traders or those with limited capital.
• Limited Educational Resources: While SpeedTrader has a blog and provides some educational content, it lacks comprehensive training resources for beginners.

　　

Security Measures:

　　SpeedTrader is regulated by FINRA and is a member of SIPC, which provides insurance coverage for clients' securities up to $500,000, including $250,000 for cash claims. Although the regulatory framework is solid, potential clients should be aware of the broker's history of regulatory events, as there have been 16 incidents listed on FINRA's BrokerCheck.

　　Customer satisfaction ratings indicate a generally positive experience, particularly regarding execution speed and customer service, although some users have expressed concerns over the complexity of the platforms.

　　

Practical Strategy and Summary Recommendations

　　For traders utilizing SpeedTrader's platform, a simple yet effective strategy is to focus on high-volume trading of major currency pairs during peak market hours. This involves setting up automated alerts for significant market movements and employing limit orders to enter trades at favorable prices.

　　In summary, SpeedTrader is best suited for experienced day traders who require advanced tools and are comfortable with a higher minimum deposit. While it offers competitive pricing and direct market access, the lack of comprehensive educational resources may deter novice traders.

　　

FAQs

　　1. Is SpeedTrader regulated？

　　Yes, SpeedTrader is regulated by FINRA and is a member of SIPC, providing a level of security for traders.

　　2. What are the minimum deposit requirements？

　　The minimum deposit is $2,500 for the Active Web platform and $10,000 for the SpeedTrader Pro platform.

　　3. Does SpeedTrader offer a demo account？

　　Yes, SpeedTrader offers a demo account for traders to practice and familiarize themselves with the platform before committing real capital.

　　

Risk Warning

　　Trading in the Forex market involves significant risks, and it is possible to lose all your invested capital. It is essential to understand the risks involved and to trade responsibly.