Don't trust the price printed our quoted schedule Speed-Trader advertises, one month after joining they jumped the data fees up to $500 or 500 trades per a month from the previous $199 or 199 min tickets.
Why would I join a Broker who claims to be a low price leader only to have them jump their prices up less than a month later?
Data is crap compared to Light-speed and Interactive Brokers, hell, even the quality and value of FMR Pro blow's past the every changing commission platform and data-fees structure of Speed-Commission-Raiser. It's better to pay a Broker $6.00 per trade and $5.00 per Option ticket and $.50 per than think you need to churn your account to make the monthly minimum of Speed-Commission-Changer.
Etrade Pro has not crashed on me over the last two months, count on Speed-Trader's program to implode if you are trading stocks with volume over 1 million shares.
Currently I am using Light-speed and Schwab with a discounted rate, platform is good and I don't' have to worry about my account getting a $300 charge for not over-trading my account.
When are Traders going to learn, with H.F.T.S., the new human trader is going to have to hold his position longer during the day instead of trying to scalp and generate lots of fees bringing your total bottom-line down. These Brokers look for the fools who will destroy their equity by over-trading, churning your own account, that's why we have lots of advertising from the pseudo-cheap Brokers, they are trying to fill the accounts with new money after helping the uneducated traders blow their accounts up by thinking they need to trade more to cover those nasty monthly commission fees!
Using LivePerson it can take up to 30 minutes to talk with a Broker and problems with accounts can take days to fix, buying power is not refreshed intraday, once a bug enter's your account I think you can plan on having it stick to your account until you sell all your positions and close your account out. Don't use a ACH to get out of Speed-Trader Hell, moving positions between accounts can take 10 to 20 days, imagine trying to move your account to another Broker if it takes ten to twenty days to move positions between accounts, how screwed up is that?
Don't believe everything you read, they can change their fees on a monthly basis, I found out they did and moved my account from them! Never in 30 years have I come across a Broker who keeps raising their fees and data-feed, usually it heads down but not with Speed-Trader.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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