SpeedTrader Promotion: Discounted Commissions

[Robert H 453]

Avinash, that is my understanding since DAS--and its licensed re-brands--are the order execution platforms. SpeedTrader Pro should have the same benefits of having servers collocated with NASDAQ, etc. I would ask SureTrader support to see if there is any speed/fill difference between their product and regular DAS. I don't believe there is a DAS+SpeedTrader option, only DAS+IB. Andrew recommends SpeedTrader which he posted here.

 

Gianluca, I believe regulatory fees are excluded (SEC, FINRA, ECN, etc.). Please contact SpeedTrader support to confirm.

[kkoskela 2]

You mentioned PDT rules apply for SpeedTrader. That mostly just means you have to maintain at least $25,000 in your account, correct? I'm planning on depositing $30,000 into my account.

 

Also, what margin does SpeedTrader offer?

 

Thanks,

 

[Avinash 0]

Thank you Robert for the reply.

 

@kkoskela - May I know the reason for you to go with Speedtrader vs IB? Robert put up a nice comparison chart, but I am still unable to decide between Speedtrader and IB.

[Andrew Aziz 97]

1. Over the long term you pay less commission to ST than IB with their 2/95 flat rate.

 

2. Also ST provide you with free DAS, but IB does not.

 

3. Also ST is having a $500 signing bonus which is great for the first month. $500 free trades.

 

4. Another reason is short selling. SpeedTrader is really good to provide stocks for short selling, or the so called "Hard to Locate Shorts"

 

At the end, they are both good.

 

If I were not Canadian, I would have used SpeedTrader for sure.

[Robert H 453]

You mentioned PDT rules apply for SpeedTrader. That mostly just means you have to maintain at least $25,000 in your account, correct? I’m planning on depositing $30,000 into my account.

 

Also, what margin does SpeedTrader offer?

 

SpeedTrader requires $30k minimum to open an account. Accounts with $25k or more get 4:1 day trading margin and 2:1 overnight margin. See their policy page for reference.

[CassA 0]

Commission costs will depend on your trading style and quantity (obviously). I save off my ticket count and shares traded every day. I created a spreadsheet based loosely on the broker comparison table located in this forum. The calculations were not perfect. I had to pay attention to the minimum commission. For example, for someone like me (i.e. beginner), I buy 400 shares, then scale out. The IB minimum at $0.35 worked better for me then the ST $1.99 min.

 

As far as the platform rebate, I decided that the $150 rebate worked out to $150 * 12 Months / 240 trade days (for me) = $7.50 per trading day. For me, that's acceptable as the cost of trading.

 

I expect to re-evaluate brokers/commissions as I mature as a trader.

[kkoskela 2]

Thanks everyone for their responses! Because I'm depositing $30,000, I think ST makes the most sense for me. I plan on using similar share size as Andrew. The $500 signing bonus, $2.95 flat trades, and free DAS is an awesome deal. I hope to go live in a couple weeks. I'm starting to profit consistently on my simulator. Wish me luck!

 

-Kevin K

[Robert H 453]

Marek, you don't need Pink Sheets for the type of stocks we trade. OPRA is for options, which we also don't trade. I would go with:

-Nasdaq Total View (Book Depth)

-NYSE ARCA Book

 

Not sure if Regional Quotes (Basic Level 2) is redundant with Total View. Best to ask SpeedTrader.

 

These are the standard DAS packages. Most of us subscribe to Deluxe which comes with data feeds that aren't really required. I wish DAS allowed for more granular selection like SpeedTrader does.

[Avinash 0]

Does anyone aware of the tax forms provided by Speedtrader for US residents? I've reached out them for confirmation on this.

 

IB has nice direct import integration with TurboTax.

[Avinash 0]

I just confirmed with SpeedTrader chat that they do provide 1099 tax forms for US residents, though there is no direct import integration with TurboTax.

[Carlos M. 230]

 

 

Has anyone here actually signed up and used ST?

It seems, they get a great rep here but we have no reports from people successfully using them and taking advantage of all the advertised discounts to back it up. My application has been pending now for several weeks and with no word from them. I shot them a follow up e-mail today to see what is going on.

 

I started my application with them last week. They emailed me my account "Go Live Date" which is May 2nd, and then I have to wait another 3 days to fund the account.

 

The sign up process is very manual and takes time so if you are looking to move over stay trading in your current account until they give you the "Go Live Date" then withdraw your money. I withdrew my money from IB while on vacation in San Diego thinking that the account would be up and running in a week, but big mistake. I should had waited. So I have been trailing in simulation (which is driving me crazy as I am doing really good) in the meantime.

 

Everywhere I have researched Speedtrader has amazing reviews so I guess is worth the wait. I will let you guys know how it goes when I am live for a few days.

 

Carlos.

[Oba 0]

Hello all,

 

I have noticed that the minimum trade for the BearBull Traders promo is still $2 per trade.  As IB minimum is $1, this would actually be double the amount of commissions if you scale out accordingly.  Is this correct?

[MichelleJ 1]

Anybody knows, does ST charge interest for shorting their stocks with day trade?

[Dima 10]

Brokers normally only charge interest if you hold short positions overnight.

[Elaine 0]

Hi,

 

Apart from commission fee and platform fee, is there other fees we should worry about when choosing brokers? There are a few other terms in "pricing" of each brokers that's confusing me.

 

1. Routing fee:

 

listed 0.0005-0.004 per share in ST( https://speedtrader.com/routing-fees/), does this mean the actual cost per trade is 2.95 + (routing fee)*shares or (per share commission + routing fee)*shares.

 

Should routing fee matter? the number seem not ignoble comparing with per share commission.

 

2. IB's fixed price vs tired price?

 

I understand tired price is commission vary according to share size, but the highest 0.0035 is lower than fixed price 0.005, is this saying we should choose tired price account? is the routing price same for fixed and tired?

 

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