SprintTrader

SpeedTrader is a US-based online stock brokerage founded in 1999 and headquartered in Katonah, New York. The firm specializes in direct-access trading services for active day traders, offering equities, options, and other securities. It operates under the legal name SpeedTrader, Inc. and is a member of FINRA and SIPC.

Despite being established for over two decades, SpeedTrader maintains a relatively low profile in the broader retail trading space. The broker’s focus is on high-speed execution and competitive pricing for frequent traders, with a minimum deposit of $2,500 for US residents and $30,000 for international clients.

SpeedTrader is registered with the US Securities and Exchange Commission (SEC) as a broker-dealer and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). SIPC protection covers up to $500,000 in losses (including $250,000 for cash) if the broker fails. These registrations are verified via FINRA’s BrokerCheck and the SEC’s EDGAR system.

However, our records indicate no specific forex or CFD regulatory licenses, as the firm does not offer leveraged retail forex products. The broker’s regulatory status is limited to US securities regulation, which provides a reasonable level of oversight for stock and options trading. Traders should still exercise caution and perform their own due diligence.

SpeedTrader offers several account types: Individual, Joint Tenants with Rights of Survivorship, Joint Tenants in Common, and various organization and margin accounts. The broker distinguishes between USA and International accounts, with USA accounts requiring a minimum deposit of $2,500 and International accounts requiring $30,000. The Pattern Day Trader (PDT) rule applies to all accounts with less than $25,000 equity.

For account opening, clients can choose between two clearing firms: Axos and Curvature. Both offer the same commission rates and trading platforms, but Axos is owned by a bank and has over 20 years of clearing experience, while Curvature is another option. Initial funding for Axos accounts is by wire only.

SpeedTrader provides access to multiple trading platforms, including SpeedTrader Pro powered by DAS Trader, a professional-grade platform designed for active traders. The platform features hot keys, direct market access routing to over 25 destinations, and availability on PC, mobile app, and web browser. Trading hours are from 4am to 8pm, covering pre-market and after-hours sessions on major US exchanges.

The broker also offers a free stock paper trading account for practice. Advanced tools include extensive short locate capabilities and fast execution speeds, tailored to the needs of day traders. The platform supports equities and options trading, with real-time data and advanced charting.

SpeedTrader primarily offers trading in US stocks, exchange-traded funds (ETFs), and options. The broker provides access to NASDAQ, NYSE, AMEX, and OTC markets. It does not offer forex, futures, or cryptocurrencies, nor does it provide leveraged CFD products. This makes it a pure equity and options broker for US markets.

International clients can also trade US securities, but must meet higher minimum deposit requirements. The broker supports trading in both standard and margin accounts, with margin interest rates available on request. Short selling is supported with real-time locate quotes displayed on the platform.

SpeedTrader’s commission structure is designed for high-volume traders. Per-share pricing ranges from $0.0009 to $0.0025 per share depending on monthly trading volume, with no minimum order fee. Per-trade pricing is available at $2.49 to $4.49 per trade for those who prefer a flat rate. Options contracts cost between $0.25 and $0.35 per contract.

Account fees include a $30 quarterly inactivity fee for accounts with no trading activity, a $75 outgoing ACAT transfer fee, and various other fees for wire transfers, option exercise, and corporate actions. ACH transfers are free, and broker-assisted trades are free. Margin interest rates are not publicly listed and require contacting the firm.