Pros: Great customer service and low commissions
Cons: No mac platform but web platform is available
My go to broker
When I withdrew my money they kept 2 months of software fees totaling over $400. Very shady and there is nothing you can do to get your money back. Their borrows for shorting also stink. I have an Interactive Brokers account and they always have shorts available when speedtrader doesn't. Stay away from these guys!
Avoid SpeedTrader. SpeedTrader doesn't have anything to offer. Their platform is the worst out of all trading companies, their customer service is bad and their fees aren't competitive (they use a horrible clearing firm, COR). Over all, they have the highest fees with the worst platform and service.
Speedtrader – Stay away
Pros: ood customer service, honest company
One of the best trading companies. Good customer service, honest company, one of the better trading companies out there. I've been using them since 2003...
Used to Great Until Pricing Increase for Das Trader
Speedtrader used to be my broker until they increased the pricing on Das Trader (level 1 and 2).
Before the price increase, you would only have to trade up to $299 in commission in order to have the fees (for level 2) waived. But now you have to generate at least $499.
When they didn't set a limit, I'd be able to generate $350-400 in commission (based on $2.50 commission per trade). It's just too much of a burden.
Other than that, there's nothing wrong with the platform itself and customer service.
Cons: poor customer service, high charge
I closed 11 accounts after 2 days. These guys are horrible. Customer service is poor. Quoted .0039/.99 but charged me 6.95 and wouldn't change it unless I opened all new accounts with another week of down time. That's just the start. I moved to MBTrading
Pros: convenient trading conditions, no problems with money withdrawal, excellent service
I've been using Speedtrader (w/ Das Trader) for about 7 months now. I have no complaints thus far. My top reasons for staying at Speedtrader:
1. 2.50/5K shares per trade. 1 x buy, 3 x sell (scaling-out) = 10 bucks, plus .xx for NASQ/ECN fees
2. Platform fees waived by generating enough in commission
3. I've withdrawn at least $11,500 without any delays or problems
4. Platform problem (e.g. locked out) = Call their tech. support and it is resolved in 1-2 minutes, haven't been put on hold at all
Cons: poor and incompetent customer service
Another thing is that they really should be more strict on having all documentation right in terms of foreign accounts. My W8BEN form went missing in mail overseas and they did not really sound like it was a big deal until IRS actually took 2k from my account for late W8BEN form and broker offered no assistance at all saying I need to resolve this matter with the IRS which is very tricky to do when you live abroad and have no experience with USA at all apart from stock trading.
Pros: very quick execution time and great professional platform
Cons: stop-losses, bad broker
I cannot say that I am in love with SpeedTraders, but they are a good broker with very quick execution time and great professional platform (Das Trader Pro). However, major issue that`s causing me significant losses is that their stop-losses are very very bad. 5 out of 10 times it would close your position for no reason at all, and 3 out of 10 times it would actually not stop you out of a position at all when it's supposed to do so. They have been promising to solve the issue for about 3 month now with no improvements whatsoever. Was kicked out of 2 profitable trades just yesterday for no reason at all. Entered short and it stopped me out in 5 seconds without the stock price moving at all. And because of the stop losses issues I cannot do multiple positions and, as the result, I cannot generate enough fees to cover the cost of the platform as I have to watch every position's stops closely one at a time. Apart from that, not a bad broker. But I have decided to start looking for another broker as it seems like they are not able to solve the issue at all.
Cons: VERY EXPENSIVE and complicated platform, bad customer service
This is the worst platform and broker you could use. You would be much better of if you have a $1,000 to burn it -rather than send it to SpeedTrader. Their platform is awful, complicated, not forgiving and VERY EXPENSIVE. They have very deceptive charging practices for their platform USER BEWARE! If you order the platform today you would be charged $150.00 to use it for the next four days ( the end of their billing period). You will not be provided with information anywhere as to what dates these are and no they do not prorate. I am personally filing complaints with everyone from BBB to SEC- this company is a scam! User Beware burn your money before you send it to these crooks!
Pros: cheap trades
Cons: seamless website
Just closed my account today. nothing about this site is seamless. Not worth the hassle for cheap trades. Gonna try ChoiceTrade
SpeedTrader is horrible. Customer service is so bad, I stayed there 1 day. Please choose another broker.
Cons: Horrible Customer Service
didn't provide quoted commissions and would not change
didn't provide platform with tools conveyed
not helpful in setting up account