You know the old saying about how time is money? In the case of day traders, that statement couldn’t be closer to the truth! If you don’t make online financial trades fast, you lose returns. If you do this too many times in a day, your capital marches toward zero.

Day Traders Need Speed, or They Can Forget ROI

For this reason, services that address speed trading have arrived on the scene. These applications enable quick, industrial-strength execution and order time. One service, the aptly named SpeedTrader, is explicitly devoted to high-speed online day trading. Their entire service centers on the idea of executing trades rapidly to satisfy the requirements of day traders.

Since this is a platform for professional traders, there are a lot of fees worth considering. Active trading requires a relatively large amount of capital for cost-effectiveness. SpeedTrader offers $4.95 commissions per trade, which will add up when you do a lot of rapid-fire transactions. This fee is available for accounts with over $25,000. If you don’t have that much, you’ll pay $6.95 per trade.

It’s worth examing the fee structure and the subscription model if you’re thinking about signing up for an account. The fees are disclosed, so use them in your pricing and profitability calculations.

SpeedTrader Review

Choose Between Per-Share or Per-Transaction Trading FeesM

If you decide to go in a different direction, you’ll end up paying a per share transaction fee of $0.0044 at the $25,000 and over account level. You’ll need to break out your spreadsheet and calculator to decide which fee structure works best for your particular trading style. A big problem here for starting traders is they may not know the best account to choose, but they’ll have to lock that in from the beginning. Once you select your style, you’ll need to keep going with that fee structure until you close the account.

These are not the only fees you’ll have to pay. You also have to pay monthly subscription fees for access to the trading platform and software. They have multiple packages available, with the top one costing a minimum of $104 per month. Naturally, if you do a lot of trading volume and earn hefty commission, these fees are manageable. The primary question you have to answer is if your profits are high enough to justify the costs. With a winning strategy in place, that’s a likely possibility.

Don’t Confuse Pricing with Functionality

When people read reviews about a trading platform, they have to keep in mind that many of them are from people who lost money through no fault of the platform. Instead, their strategies were not sufficiently profitable for them to continue paying the subscription costs. Disgruntled customers like this tend to make up the majority of online reviews so at times it’s easy to acquire a skewed view of how a program works.

Checking out a few SpeedTrader reviews turns up mostly complaints about the fees and not the functionality of the software. That points out a failed strategy more than a platform that didn’t perform. With a winning strategy, you always get your returns from automation and superior technical performance.

You’ll need to pay a $30 inactivity fee every quarter you don’t trade. Keep that in mind if you think day trading may be a passing fancy. For pros, this fee will never come into play, but for a casual trader who wanders off, it will be a nasty surprise in three months.

The SpeedTrader Platform Is Robust and Reliable

SpeedTrader is a well-developed platform with desktop, mobile, and web-based versions. The UI makes trading simple to execute trades. You should have no trouble making trades, but whether you enjoy the UI or not will be a matter of personal preference. It’s clear the product is polished, and the workflow is adequate.

If you’re attempting to ramp up your trading game, this platform will give you the horsepower you want. Don’t forget; you can always run your strategy using virtual trades before signing up with a subscription. That way, you’ll quickly learn just how everything works and how well your plan performs. Once you upgrade your account, you can start doing the whole thing with real cash. There’s no teacher like the experience, so it’s always worth a few demos runs to familiarize yourself with all of the included features. You’ll find a lot of “meat on the bones” for the SpeedTrader service, so it pays to dig in so you can learn as much as possible to ensure you’re getting the most out of the platform.

Give it a try. As stated, reviews are not particularly meaningful because they don’t let us understand the mindset of the reviewer. If they lost money, they would likely rate the experience as a negative. That’s why free trials are the single best way to discover whether a platform is right for you or not. SpeedTrader allows for virtual trading, so there’s no reason to lose money before committing to an account. You can see if your trading plan holds up in a simulated environment. Once you see it does, calculate your return and all applicable fees and make an informed decision.

Consider the Pros and Cons of SpeedTrader

It’s worth summarizing the key takeaways about SpeedTrader.

  • The included Das Trader platform software is seamless, fast and doesn’t hog resources. SpeedTrader is a lean, mean trading machine and is suitable for rapid trading.
  • The per-share pricing option is excellent for scaling in and out of positions.SpeedTrader maintains one of the most extensive selections of ECN order routes in the business. Your orders will execute in an optimized matter.
  • They have an excellent high/low hit list scan and built-in Top ListsExpect fast execution of accurate direct access order routing.
  • You’ll love customizing the flexible hotkey.

SpeedTrader Pros

When you’re ready for powerful trading tools, you know you have to pay higher fees. The tradeoff is, of course, that these tools allow you to perform your trading jobs much more skillfully. Fast execution is a big deal, and consistent profits will let you to quickly pay trading and platform fees while pocketing an enviable income. What will matter most is that the tool you choose works for you.

A Few Cons to Consider

The fees are adding up all the time. If you don’t trade enough or are not profitable enough, your capital will shrink, and the costs will eat away. The same is true of most active trading platforms, but it pays to have your eyes open to the inactivity fee before sign up.

Give It a Try for Yourself

As with any platform, you have to decide if you like using it. User experience is subjective, so a test drive is a straight line approach to determining if SpeedTrader is worth it for you. Get ready to discover a platform that allows you to execute profitable day trading strategies. However, whether you’re able to do so will be a matter of discipline and knowledge. Professional traders who possess a great deal of experience will have no problem at all using SpeedTrader. Newer traders may have a steeper learning curve, but with a bit of dedication, they’ll unleash the power that keeps customers coming back.