According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $2500
- Mobile platforms
- SpeedTrader PRO
- Active Web
- Calculated individually for each client and provided upon request
- Routing for intraday trading
Our Evaluation of SpeedTrader
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
SpeedTrader is a broker with higher-than-average risk and the TU Overall Score of 4.84 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by SpeedTrader clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
SpeedTrader strives to cooperate with traders with significant capital reserves who have hands-on experience in trading on the stock markets.
How we tested SpeedTrader
Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Brief Look at SpeedTrader
SpeedTrader is a stock market broker that started operations in 1999 under the brand name Mint Global Markets, Inc. The broker is currently regulated by the Financial Industry Regulatory Authority (FINRA, CRD#: 107403/SEC#: 8-53035 ) and is a member of the Securities Investor Protection Corporation (SIPC). SpeedTrader provides online trading platforms with a collection of analytical instruments as well as trading software with direct access to renowned exchanges. The company is headquartered in New York, USA.
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US :
- SIPC insurance coverage and FINRA membership.
- Availability of an affiliate program.
- Proprietary trading platforms.
- Daily update of the list of available assets.
- Online chat for urgent issues.
- Trade routing.
- Optimized web platform.
- The high minimum deposit for day trading (from $30,000) and a fee for using the trading platform.
- Inability to trade cryptocurrency and Forex instruments.
- Time-limited free demo account.
TU Expert Verdict
Chief Analytics Officer
SpeedTrader provides access to trading stocks, options, and ETFs through proprietary platforms including SpeedTrader PRO, Active Web, and a mobile terminal. The broker offers two main account types, Axos and ApexPro, along with a demo account limited to two weeks. SpeedTrader PRO requires a minimum deposit of $10,000, while Active Web starts from $2,500. For day trading, clients must deposit at least $30,000. Clients benefit from direct market access, advanced routing technology for intraday trading, individually determined leverage by request, and robust client asset protection through FINRA regulation, SIPC membership, and Lloyd's of London insurance coverage for Axos accounts.
Notable drawbacks include high account minimums, a mandatory monthly platform fee starting at $25, inactivity fees, no access to Forex or cryptocurrencies, and all trading limited to USD without currency conversion. Platform access also incurs additional charges, and deposit or withdrawal methods are restricted to wire transfer, ACH, or bank check. SpeedTrader is best suited for experienced, well-capitalized U.S. equity and options traders who prioritize direct market access and are comfortable with higher fees and capital requirements.
SpeedTrader Summary
| 💻 Trading platform: | SpeedTrader PRO, Active Web, Mobile Platform |
|---|---|
| 📊 Accounts: | SpeedTrader PRO, Demo, Axos, ApexPro |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Wire transfer, payments through the automated clearing house (ACH), bank check |
| 🚀 Minimum deposit: | For SpeedTrader Pro — from $10,000, for Active Web — from $2,500, for day trading — from $30,000 |
| ⚖️ Leverage: | Calculated individually for each client and provided upon request |
| 💼 Copy Trading: | No |
| 📈️ Min Order: | From $2 |
| 💱 EUR/USD spread: | No |
| 🔧 Instruments: | Stocks, options, ETF |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | Not indicated |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | No |
| ⭐ Trading features: | Routing for intraday trading |
| 🎁 Contests and bonuses: | Yes |
The SpeedTrader broker offers direct market access trading and its conditions are optimal for intraday traders. The company has implemented a routing process — operations to redirect orders to the exchange where the best price for the traded instrument is offered. Leverage is provided individually upon request to technical support. It is possible to customize the tariff plan by the size and type of fee, depending on the chosen strategy.
The minimum deposit to open an account through the SpeedTrader Pro platform is $10,000, and through the Active Web it's $2,500. For day trading, it is required to deposit at least $30,000 on the balance. Regardless of the type of account chosen, a trader can choose a trading platform. The base cost of the available terminals is $25 and $49 per month. Connecting the mobile version costs $30 per month. The broker does not provide access to the foreign exchange market.
SpeedTrader Key Parameters Evaluation
Trading Account Opening
Brief instructions for registering and creating a personal account with a SpeedTrader broker:
Visit the official website of the broker. Click the Open An Account registration button, which is available on any page of the resource.
In the registration form that opens, enter your email address and create a password. Next, select the type of account (Axos or ApexPro), enter your personal information such as last name, first name, social security/taxpayer identification number, address (city, country, zip code). It is also necessary to enter information about your employer: his last name, first name, registration address, telephone number, and field of activity.
In the personal account, the user can conduct the following actions:
These options are also available in the personal account:
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Real-time level 2 quotes.
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Watch lists for user-selected assets.
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Latest market news, which can be filtered by the name of trading instruments.
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Integrated stock scanner.
Is SpeedTrader Safe?
SpeedTrader is regulated by FINRA (Financial Industry Regulatory Authority) and the broker is a member of the Securities Investor Protection Corporation (SIPC), a non-governmental organization that protects clients from the bankruptcy of brokers.
The SIPC insurance policy protects securities up to $500,000, but not more than $250,000 for monetary claims. The accounts of Axos are covered by Lloyd's of London's additional coverage of $99.5 million. Through a combination of SIPC coverage and Lloyd's of London insurance, Axos accounts are protected up to $100 million per customer, including up to $1.15 million for cash balances.
Advantages
- Client funds are protected by SIPC and Lloyd's of London insurance coverage
- FINRA regulator considers complaints from traders from anywhere in the world
Disadvantages
- Under the requirements of the regulatory company, there is no choice in the methods of withdrawals
- Each client is obliged to go through thorough verification of personal and payment data
Commissions and Fees
The experts at Traders Union have analyzed SpeedTrader’s trading conditions to identify explicit and implicit fees. For an ApexPro account, the stock trade fee is $4.49, but can be reduced to $2.49 as the number of trades is increased. The fee is calculated automatically. On the Axos account, fees range from $0.002 to $0.0044 per share and $0.25 to $0.4 per option contract. The size of the fee hinges on the volume of trade. ASN transactions are conducted free of charge. Wire transfer costs $25 for US citizens and $60 for foreigners. Bank fees may apply to wire transfers. If the transfer request is made outside of business hours, an additional $40 fee will be charged. Providing a trading platform costs $25 per month.
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Axos | From $0.002 | Charged when withdrawing by bank transfer |
| ApexPro | From $0.002 | Charged when withdrawing by bank transfer |
There is also a $30 inactivity fee that is calculated quarterly. Routing fees range from $0 to $0.004 per share. Below is a comparative table of the fees for trades in stocks from SpeedTrader and US brokers that offer similar trading instruments.
| Broker | Average commission | Level |
|---|---|---|
|
$0 | |
|
$4 | |
|
$ |
Account Types
SpeedTrader offers its clients two types of margin accounts: Axos and ApexPro. They differ in the size of fees and the number of instruments available for trading. The account type is selected during registration and cannot be changed later. On all accounts, in addition to the main fees, there is a fee for using the trading terminal and the use of routing. By default, the leverage is not set, but if necessary, each client can apply to the technical support service to increase it.
Account types:
SpeedTrader offers a demo account, and it is enough to indicate your login and email address on the website for a hassle-free registration. The free version is valid for two weeks and is only available through the SpeedTrader PRO platform.
SpeedTrader is aimed at active traders with an intraday trading strategy that requires a fair amount of trading experience in the stock market.
Deposit and Withdrawal
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You can withdraw funds using payment via ACN, bank transfer, and bank check (for US citizens only). The daily withdrawal limit for ACN-transfer is $50,000.
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Payment time via ASN takes from 24 to 48 hours, by bank transfer or check, it can be up to 10 working days.
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No fee is charged for withdrawing funds via ASN. When withdrawing via bank transfer by US residents, the broker deducts $25 per transaction, for foreign citizens, it is $60. Additionally, a fee for withdrawal may be charged by banks.
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When requesting a bank check after business hours, the fee is $40.
Investment Options
SpeedTrader provides direct access to the stock market but is not directly involved in trading. Investors are offered trust management accounts for managing brokers to trading stocks, options, and ETFs. To work with a managed account, a client who does not want to trade on their own must sign an Investment Club Agreement. After filling out the registration form for opening a trust account, a list of certified managers appears on the official website. Based on the accepted agreement, SpeedTrader provides the client with information about the account status and completed transactions in the form of daily reports.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
SpeedTrader’s affiliate program:
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"Referral program". The current client places a link to the broker's website on various resources like social networks and thematic sites. For each replenishment of the account of the invited referral from $30,000, the partner is paid $100.
The essence of the program is that the partner receives passive income for each account opened and replenished by a client registered after the invitation.
Customer Support
Customer support responds to customer questions Monday through Thursday from 8:00 am to 5:00 pm and Friday from 8:00 am to 4:30 pm EDT.
Advantages
- Online chat available
Disadvantages
- Support is only 24/5
Available communication channels with customer support specialists include:
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online chat;
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free phone call;
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email;
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fax;
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messengers for Facebook and Twitter.
Support can be contacted before registering and opening an account by filling out a form at www.speedtrader.com or using any of the above methods.
Contacts
| Foundation date | 1999 |
|---|---|
| Registration address | 1717 Route 6, Carmel, NY 10512 |
| Regulation | FINRA, SIPC |
| Official site | https://speedtrader.com/ |
| Contacts |
1 (800) 874-3039
|
Education
No training is offered on www.speedtrader.com. But the Resources section contains articles on fundamental analysis and how to use technical indicators in trading. It also features video tutorials and webinar recordings from successful traders and leading SpeedTrader analysts.
Working on a demo account makes it possible to test the trading terminal and create a profitable strategy without the risk of losing capital.
Detailed Review of SpeedTrader
This brokerage offers routing support and direct market access for intraday trading. To optimize commission fees, its clients can customize the tariff plan based on the chosen trading strategy. Trading in the foreign exchange markets is not available.
SpeedTrader facts in numbers:
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More than 20 years of activity in the stock market.
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Routing in more than 25 directions.
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More than 4,500 assets available for trading.
SpeedTrader is a broker for intraday traders with experience in stocks and options
SpeedTrader is a stockbroker that provides flexible conditions for trading stocks and options and direct access to the market. Various charts and popular indicators have been added to conduct qualitative analysis on proprietary platforms. The list of available assets is updated in real-time. To optimize commission costs, it is possible to create an individual tariff plan. The broker only provides margin accounts and cash accounts.
The desktop platform offered by SpeedTrader comprises over 100 keyboard shortcuts. They allow you to build charts, price, and candlestick charts, as well as promptly receive information in real-time. All the important options are available in the settings, which can be accessed directly through the trading platform. Additionally, a web platform is provided that is optimized to increase the speed of data exchange. All functions of the main terminals are supported in the Android mobile application.
Useful SpeedTrader services:
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Weekly newsletter.
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Recordings of webinars with training materials.
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A blog with recommendations from experienced traders.
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Instructions for using technical indicators.
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An updated list of available assets.
Advantages:
Availability of proprietary trading platforms adapted to work on all devices with internet access.
Optimized web terminal that does not require installation.
No fees are charged for opening and maintaining an account.
The ability to expand the list of trading instruments.
Connect routing to get the lowest prices for traded stocks and options.
Detailed instructions on the use of indicators used in the terminal.
With an increase in trading volumes, a decrease in restrictions on the number of simultaneously open transactions is available.
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