Lightspeed Trading Review

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Lightspeed brokerage service customer reviews, complaints, rating, trading platform pros and cons. Is the broker good and safe?

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Lightspeed Trading Customer Reviews

by Gabriel, 8/1/2018

Pros:

Cons:

Horrible customer service. There is no one to answer the phone at 4:00 am as they claim they open for trading. This happens almost daily.

by Cliff, 6/6/2018

Pros:

Cons: Platform issues and they won't answer the phone

When there are issues they appear to hide...My platform is down and no one answers the phone

by Alan Gay, 5/15/2018

Pros: The people were initially very friendly and helpful but it took 4 days to fill out my paperwork and get approved.

Cons: Opening the account was very hard

After I got approved I got a letter saying they had checked my background and "because I was not able to get a FINRA license I would not be able to trade" I had already funded the account etc. Apparently you must have to have a perfect background to be able to work with these people. I finally got them to tell me what info they had on me and it was not my information very bad experience. Also I had traded with them in the past for 8 years.

by Richard C, 6/1/2017

Pros: Extremely Fast Executions, Very Cheap Per Share Pricing or Flat Fee if you choose, Everything I need in LSTrader Platform, Amazing Customer Service, Email Support Possible

Cons: Minimum monthly commission on LSTrader, Market Data Fees, Higher Initial Funding Minimums

I have been using Lightspeed for years now and absolutely love them. If you are a frequent and serious trader, you should find the functionality in Lightspeed perfect for your needs. LSTrader Platform is highly recommended.
Executions are lightning fast. You can choose either per trade ($4.50 per trade) or per share (highest rate is currently around 0.0045 per share and that pricing can be lower depending on how many shares you trade each month). Minimum commission per order is $1. Market fees add in about another $0.0035 per share.
Another plus to Lightspeed is the ability to receive rebates on market fees if you add liquidity rather than take liquidity.
Another thing I love about Lightspeed is the Customer Service. I have emailed my service rep Rob with almost every question imaginable and he is always very fast to respond. Their support desk is as well. Many other brokers won't allow you to email support.
As far as platform, trading, back office, customer support, and web tutorials, Lightspeed Excels.
The only drawbacks that I have found with Lightspeed is that it takes higher funding requirements, so it's not a broker for casual mom and pop traders with only a few bucks to their name. You will need at least $10k-$15k to open an account.
Another drawback is that data fees usually run about $10-$20 extra per month but with the money your saving in commissions, it kind of makes up for itself.
With LSTrader, you will also need to accumulate at least $100 in commission each month or pay the difference as a fee (say all your trades for April comes out to $50 in commission total, you would be charged the other $50 as a fee. If instead for the month of April you paid $105 in commissions, than you're ok and wouldn't be charged any extra fee).
All in all, I would highly highly recommend Lightspeed for any serious trader. Especially if you are a frequent trader. It is way better than overrated HF brokers like Interactive brokers in my opinion.

by Ken T, 4/20/2015

Pros:

Cons:

Incoming ACAT transfers are very slow at Lightspeed. It took them 2 weeks to complete a transfer in my IRA account. I know there was no issue with the transferring brokerage because a transfer of another account from the same originating brokerage to a 3rd brokerage was completed in just 2 days. This was the slowest account transfer I had ever experienced. Lightspeed claimed that it was due to the type of positions I had in my account. Their claim didn't make sense because the account only had stocks and call options in it.

After the transfer was completed, I found that their platform was inadequate for my needs. I was aware they did not have a mobile app, but I was hopeful that I would be able to use their Lightspeed Web Trader on my work computer and possibly on my Android phone. It turned out that the Web Trader requires Microsoft Silverlight to run. No where on the Lightspeed web site is this restriction mentioned. It turned out that the Web Trader would not run on my computer because my computer had IE 8 installed and Silverlight does not work with IE 8. So this along with the fact the Silverlight does not run on Android was a deal breaker to me.

In the end, Lightspeed was not a good match for me. I had to transfer my account out to another brokerage. Not only was this a waste of time, but it ended up costing me an extra $95 for my trouble.

by Rodrigo, 10/13/2014

Pros:

Cons:

I traded with this brokerage for one year. The platform web based is extremely poor. On the other hand, The lightspeed trader platform is for professionals who needs reliable data and quick entry and exit. I recommend this platform but not for charts, because there others platforms in other brokerages that has much more functionality. The lightspeed trader platform is extremely fast in execution and has a lot more functionalities to decrease the costs for the pro traders. I highlighted the level 2 screen to show how is the market in the moment you buy or sell. Finally during the time I was trading with this platform I realize that the TARGET of the company are the professional trader or the intermediate trader who wants to pursuit a real edge in the market .

by Peter Devine, 8/7/2012

Pros:

Cons:

I would like to clarify that Lightspeed remains focused on providing excellent client service, in addition to an incredibly fast, highly customizable trading platform. Lightspeed is gearing up to beta test a new release of the software platform in the fall. On the service side, a new e-mail management system was installed in early 2011 that ensures that incoming e-mails are tracked and followed up on. The Tech Support team has some excellent diagnostic tools that are resourcefully used to assist clients in optimizing their connectivity to Lightspeed's infrastructure.

The most recent comment before this was followed up on personally with the client. Daily stock loan fees for maintaining a locate were being posted in a manner that confused the client in computing net P & L and we discussed this with our client to clarify (after he posted his comment).

Lightspeed takes client service seriously, and we're committed to offering and supporting an infrastructure that is geared towards the active, direct access trader.



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Leading U.S. Brokerage Review Websites About Lightspeed Trading


"Lightspeed is not an online broker built with new investors in mind. Instead, it caters to the hyperactive trader, professional investors, and institutional investors alike, all looking for quality executions, competitive commissions, and a dependable platform built to serve one purpose: trading."

Stock Brokers

"If you are an experienced or high-level trader, this company will please you with its technologically sound platforms and support... The website is poor, and the customer service is mediocre at best. If you are not an experienced trader, you will grow weary of these two deficiencies. Account minimums are very high and will scare off anyone who isn’t an experienced or super-serious trader."

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Lightspeed Trading Account

  • Stocks & ETFs: $4.50 per trade or $0.0045 per share ($1 minimum)
  • Options: $0.60 per contract
  • Futures: $0.60 per contract

Here there are Lightspeed's funding minimum requirements: $25,000 if using the Lightspeed Trader, RealTick or Sterling Trader platform; $10,000 if using the Web Trader platform; $175,000 for any Portfolio Margin.



Lightspeed Trading has been supporting sophisticated, active and professional traders since 1994. With high touch service and high end tools, Lightspeed has been able to stand out as an industry leading firm. Voted year-after-year as the best broker for frequent traders, you can be sure you’ll receive a perfect balance of focused and experienced service and fast, stable trading software.


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Lightspeed Trading reviewed by former and current clients. Lightspeed Trading customer reviews: 7. Rating: 2.