Day trading is becoming ever more popular, and not without good reason. For even during these uncertain, pandemic colored times, one thing has remained constant: the world’s financial markets. In fact, the past year has seen a kind of unprecedented boom; if you don’t have money invested, you’ve been missing out on substantial passive income.
And we need that more than ever. With many traditional jobs disappearing, side hustles are becoming all the more common, and alternative avenues to monetary success are flourishing. These include everything from “reward sites” to starting your own digitalized business. But in our opinion, stock trading is where the real gains are.
There are many investment platforms out there that cater to the inexperienced and experienced alike, such as SoFi Invest or Betterment. But these services are generally robotic; that is, they are algorithmically driven.
This is great for those who prefer to adpot a passive approach to investing. Robo-advisors are smart, and a stock picking service like The Motley Fool provides recommendations which have historically been well over the S&P 500 average. But what about those who want complete control and the thrill of autonomy?
Founded in 1999, SpeedTrader has been committed ever since to giving the hardcore their due. We simply cannot recommend this service to beginners; besides, there is a minimum deposit of $30,000 to get started. All said and done, SpeedTrader is not for the faint of heart or the shallow of pockets.
SpeedTrader, as its namesake suggests, is an extremely fast platform that functions as a direct access online broker. This means that you cut out the “middle man”, directly linking yourself to the financial market.
We believe this kind of activity is the future, at least as far as independent trading goes.
Let’s check out some of SpeedTrader’s defining features.
SpeedTrader – The Nitty Gritty
- Multiplatform Trading: SpeedTrader sports three different trading platforms, and they all have very unique features. SpeedTrader Pro is a desktop software which contains real-time market data, direct access order routing, and advanced charting. SpeedTrader ActiveWeb, on the other hand, is their browser-based equivalent, featuring live streaming news, trending data, and risk-management tools. Their Mobile Trading feature grants the thrills of day trading on the go.
- Multiple Routing Options: as Modest Money’s review attests, where SpeedTrader really shines is in the number of ways you can take advantage of market liquidity. SpeedTrader packs a whopping 25 different routing options within the tradeable markets, giving you the kind of flexibility needed to maximize your investments. What’s more, orders are processed almost instantaneously; no lag means more potential profits.
- Das Trader Software: seen as the heart and soul of the platform, this “direct access software” is an end-to-end electronic trading solution. Sporting low latency order validations, selling and buying stocks can be done in the blink of an eye. Embedded in this software are also news and twitter feeds, providing you with the kind of real-time data needed to make profitable moves.
Cons of SpeedTrader
This all sounds rosy to the experienced, thriving trader – but what about the novice, or aspiring day trader? SpeedTrader can be intimidating, and it’s hard to recommend it as the top choice for average joes.
For example, it can be expensive. Not only does one need a minimum $30,000 to get started, but there are a plethora of separate fees for the software and other commissions, plus things like account and routing costs.
If you are a highly active trader, say in the ballpark of 500+ trades a month, you may pay as little as $2.95 per trade. This is not excessive, and quite frankly, if you are in the thick of trading, the kind of micro fees which occur across this platform will not even register as a blip on your radar.
It is also worth noting that SpeedTrader is primarily intended for use as a desktop application. With limited mobile functionality, those who prefer to do their trading on the go will find the platform lacking. But we believe serious trading should be done in meditation, rooted firmly in a comfortable chair or cool office space.
The Bottom Line
For the initiated, there is hardly a better option out there for day trading. Specifically tailored for those looking to trade traditional assets within the U.S. markets, SpeedTrader does just that at lightning fast speeds.
Besides, with 24/7 customer support via chat, fax, email, and phone, if you run into a jam, the folks at SpeedTrader seem to always have your back.
While it does not pack all the simplicity and user-friendliness we have come to expect from the burgeoning market of investor software, SpeedTrader gets the job done – it’s like comparing a gutted racecar to a comfortable luxury sedan: which one is going to reach the finish line first? SpeedTrader is a no-frills approach to serious stock trading.