These are answers to commonly asked questions about SpeedTrader online trading accounts and trading platforms.
Account Opening Questions
How do I open a trading account
Fill out the appropriate documents and fax or email them back to us. See the documents needed on our account opening page.
Do you accept foreign clients?
Yes, except for Afghanistan, Albania, Algeria, Angola, Antiqua and Barbuda, Argentina, Bangladesh, the Balkans, Belarus, Burma, Cambodia, Canada, Congo, Cuba, Democratic People’s Republic of Kora (DPRK), Ethiopia, Ecuador, France, Ghana, Indonesia, Iraq, Iran, Ivory Coast, Jamaica, Kenya, Kuwait, Kyrgyzstan, Lao PDR (Loa People’s Domestic Republic), Lebanon, Liberia, Libya, Mongolia, Namibia, Nepal, Nicaragua, Nigeria, North Korea, Pakistan, Sao Tome and Principe, Somalia, Sudan, Syria, Tajikistan, Tanzania, Turkey, Venezuela, Vietnam, Yemen and Zimbabwe.
Please Contact Us for further details.
I have already completed the account application form, how do I send it to you?
You can scan and email it to [email protected], Fax it to 845-622-4878 or mail it to 1717 Route 6, Carmel, New York, 10512, USA.
How will I know when my trading account has been approved?
When we receive your completed application and approve your account, we will send you an email letting you know that your account has been approved.
Do you offer a practice online trading account?
Yes. You can request a free, virtual practice account with virtual buying power. You can then download our online trading software and login using your credentials. Just email us at [email protected] or call us at 1 (800) 874-3039 to get started.
Is there a minimum requirement to open an account?
There is a $30,000 minimum required to establish a day trading account. Accounts that fall below the required minimum will be subject to certain restrictions, and additional funds may be required.
Can I change commission plans?
Yes. Just email us at [email protected] to request a change to your trade rate. The new commission plan will take effect 1 to 2 business days from the time we receive your request. You can only change plans once per month.
What are your commission rates?
The per share commission is $0.0025 per share with a $2.00 minimum per trade. A 100 share trade would be only $2.00 under that rate, as long as you use one of the many free trade routes. Please refer to the Trading Fees & Commissions and Routing Fees pages.
Trading software questions
Do you offer a free trial of your trading software and platform?
Yes. You may click the “Test Drive Now” button on the left-hand side of this page. If you sign up and never get an email back please check your spam filter or email us at [email protected]
Is it problematic to change software plans or data plans?
No. Just fill out and submit our Exchange Agreement.
Are there any share limitations?
The maximum amount of shares traded at a time is 100,000.
Can I enter a GTC order?
Good Til Cancelled Orders (GTC): It is the client’s responsibility to review all open orders daily, especially GTC (good till cancelled) orders. The order management system does not have the capability, at this time, to send the orders as GTC. Orders entered as GTC on the software are actually system held as DAY or DAY+ orders that are saved by the system each night and then replaced each morning. You should know that certain routes do accept GTC orders: those orders are sent as Day+. If you believe you had an order that for some reason is not showing on your software or have any other issues or problems with any order(s) you must contact SUSA immediately. You are responsible for the daily review of your open orders. Any issues caused by your failure, as a client, to conduct this review and/or to contact SUSA, in a timely manner (within 10 calendar days) of discovery to resolve any discrepancies will be solely the client’s responsibility. Also please note that you alone are responsible for any orders placed in your account or through your user and the resulting executions from those orders. GTC orders that remain on the software for more than one day cannot be reduced or increased, in the event of a corporate action; such as for ordinary dividends. It is the client’s responsibility to monitor GTC orders and act accordingly, in the event, a corporate action has been announced. The software company is in the process of re-coding and testing the system to allow GTC orders. Clients will be notified in advance of any changes.
Can I run the platform on a MAC?
No. The downloadable Pro platform is windows-based and not currently compatible with MAC.
How can I check if a stock is shortable?
On the SpeedTrader PRO software, you can check one of 2 ways. You can click on the “Trade” tab and then “Short List”, or you can look at the top right corner of the trading Montage, where it will have an S directly under the anchor, if the stock is shortable.
How can I request a short that is not on the trading software?
You can Contact Us to request a short locate. If shares are available you will see the shares become available on the software.
Account security & protection
Is my online trading account insured?
As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $100,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (202) 371-8300 or visit www.sipc.org.
Funding & banking
How do i fund my trading account?
You may fund your account via Wire. Visit our Account Funding page for more information regarding funding your trading account.
How do i transfer my account from another broker/dealer??
For information and instructions on how to transfer your account from another broker/dealer, please contact [email protected] or call customer service at 1-800-874-3039
Can I deposit stock certificates?
Currently we do not accept deposit of stock certificates. For more information or instructions, please contact [email protected] or call customer service at 800-874-3039.