SpeedTrader Promotion: Discounted Commissions

[Robert H 453]

SpeedTrader (www.speedtrader.com) is offering our members a flat commission rate of $2.95/trade, regardless of share size. A minimum of $30,000 is required to open an account and PDT rules apply. SpeedTrader uses DAS Pro as their trading platform. They offer day trading margin of 4:1 and overnight margin of 2:1.

 

If you generate $450 or more in monthly commissions, the SpeedTrader Pro platform fee is waived.

 

Please mention Bear Bull Traders as a referral in your application to receive the discounted rate.

 

UPDATE: March 28, 2018:

$500 in free trades or 1 month free (whichever comes first) from SpeedTrader for us https://speedtrader.com/bearbulltraders/ also $2.95/trade flat fee or 0.0039/share

[MichelleJ 1]

Do they charge for the DAS pro?

[Robert H 453]

Yes, they do charge. The platform is rebranded as SpeedTrader Pro.

 

Here is the link to their software fees.

[MichelleJ 1]

On their website , they post the minimum deposit should be $30000 after Jan 2016. Where is the saying about minimum $25000?

[Robert H 453]

Thank you for pointing that out. I've corrected the forum post and we'll update the website shortly.

[Wormser 0]

Spoke with Speedtrader and they gave me some advantages to their platform and I'm wondering if Andrew has some opinion on it:

SpeedTrader said they have 3 advantages over Interactive Brokers:

1) They claim IB trades against it's clients by using the spread against them whereas they claim to not. Not really sure if this is verifiable. As we all see Andrew seems to do just fine, even with that supposed handicap.

2) They provide DAS w/ L2 free for traders making more than $499 in commisions/month (I think $499.99 would sound even better :). With their $2.95 trades that comes out to about 83 round-trip trades /month. Not that hard to reach.

3) They say that if you want to short stocks you can always chat or reach them on the phone to try and get shares for you to short and their selection is bigger. They say , good luck getting IB on the phone and doing that for you. I told them IB seems to have a selection of stocks with shorting already available and not sure day traders would necessarily be taking precious minutes to get shares to short when they have seconds , or milliseconds to decide on trades.

Finally, They are US-based vs offshore brokers like SureTrader, CME, etc. As they personally said to me on the phone , "Would you trust your money with an offshore broker? I wouldn't".

Andrew, though I know you unfortunately are not able to use them since they require US-based clients, what do you think of the points they make above?

 

 

[Robert H 453]

Wormser, Speedtrader is a very attractive option if you have the $30k to fund. Andrew recommends them in this post. Sounds like they gave you quite the sales pitch 🙂

 

1. I'm pretty sure all brokers trade against their clients in one way or another. They know who is a consistent winner/loser and are privy to all sorts of other information. But remember that one single broker cannot manipulate a stock when there are millions of shares being traded in a 5-minute period. If you don't use hard stops, then the broker has no advantage their either. I would be more concerned about HFT's and algos--whose sole purpose is to capitalize on spreads--than my own broker (who makes money off me either way). Lastly, it is a known fact that brokers always hedge CFD bets against their clients.

 

2. That's a pretty good deal. $25 in commissions per day is pretty easy to achieve if you scale out. IB doesn't offer any rebate for accounts linked to DAS; I'm with IB 😞

 

3. I recall some members e-mailing IB to get UVXY shares for short. They ended up getting some in their inventory shortly after (not sure if this was driven by market conditions or client demands). But you are right, day traders don't have the time to call intraday--maybe swing traders.

 

As for the off-shore broker comment, that's a moot point when comparing to IB. Andrew discussed the risks in the above link, and many members have done their own due diligence in the CME Announcement post.

[Gianluca73 0]

SpeedTrader is very interesting, but I did not understand if it is US-based or offshore? Last but not least, does SpeedTrader accept customers from the EU (Italy)?

[Wormser 0]

SpeedTrader is US-based. I don't believe they accept clients outside the US. That's why Andrew said he can't use them..

[Robert H 453]

U.S. based. They accept foreign clients but no Canadians. See full list here: https://speedtrader.com/faq/

[Gianluca73 0]

perfect, I am very interested

 

[Avinash 0]

So, anyone tried Speedtrader PRO? https://speedtrader.com/speedtrader-pro/

Pros and cons?

[Robert H 453]

Avinash, SpeedTrader Pro is actually DAS used under license.

[Avinash 0]

Robert,

 

So it uses same routing network and close to NASDAQ (and all other factors Andrew mentioned in the first class)?

 

I am thinking of subscribing with SpeedTrader Pro instead of paying for (DAS + SpeedTrader or IB)

 

Any suggestions?

 

 

[Gianluca73 0]

Hi, the commission is $2.95 + fees, or only $ 2.95 per trade?