Cryptocurrency at Speedtrader
You cannot invest in Dogecoin (DOGE), Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) or
any other crypto currencies on Speedtrader at this time.
As an alternative, you can use a
$0 commission broker called Webull
that does offer cryptocurrencies investing.
Webull Promotion
Open WeBull Account
SpeedTrader vs E*Trade Overview
If you plan to open a new brokerage account soon, keep reading. We’re going to take a look at the features that SpeedTrader and E*Trade offer. When
we finish, we’ll make some recommendations so that you’ll pick the right broker.
Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Etrade
|
$0
|
$19.95
|
$0 + $0.65 per contract
|
$0
|
$0
|
|
SpeedTrader
|
$4.95
|
na
|
$0.40 per contract ($1.99 min per trade)
|
$120 (if under 15 trades in a quarter)
|
$75
|
|
WeBull
|
$0
|
na
|
na
|
$0
|
$0
|
Services
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
|
Etrade
|
|
|
|
|
|
|
|
SpeedTrader
|
|
|
|
|
|
|
|
WeBull
|
|
|
|
|
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Mutual and Exchange-Traded Funds
Using E*Trade’s mutual fund screener, we found 8,480 securities that were available for new purchases. On this list, there were 4,234 funds with no load and no transaction fee. We were impressed with E*Trade’s mutual fund tools, one of which is a list of All-Star Funds. These are mutual funds hand-picked by E*Trade investment advisors for their predicted outperformance. Access to the list is free of charge for E*Trade customers.
Next up is E*Trade’s ETF offerings, and these are equally impressive, if not more so. Funds trading on U.S. exchanges are available, and 295 are commission-free. We found Aberdeen, Global X, Invesco, Vanguard, and other fund families. There is also an All-Star List for exchange-traded funds. E*Trade recently launched overnight trading of select ETF’s, a rare feature.
When we went to SpeedTrader to do the same research, we were disappointed to find zero mutual funds. The brokerage house specializes in the day trading of options and stocks; so it has abandoned mutual funds altogether.
SpeedTrader does offer ETF’s, but its fund tools don’t quite measure up to E*Trade’s. Furthermore, SpeedTrader does not provide any funds commission-free.
Customer Service
SpeedTrader’s customer service desk is open from 8 in the morning until 5 in the afternoon. These are EST hours. Because the brokerage firm caters to day traders, there are no weekend or evening hours. In addition to phone support, there is also an online chat function that is available during business hours. Outside of these times, the chat service is replaced with an email service. SpeedTrader has one branch office two hours outside of New York City.
Moving on to E*Trade, we find 24/7 customer service over the phone. There is a global phone number for clients who are outside North America. The website has internal messaging and online chat (which seems to be up 24/7 just like the phone service). Every time we have used the chat service, we have received competent assistance.
Also not to be left out is the excellent self-service section on the broker’s website. During our research, we were able to find tax documents, link accounts, change our login credentials, and sign up for the broker’s DRIP service. Finally, we were impressed with E*Trade’s network of brick-and-mortar offices (around 30).
Trading Software
Let’s take a look at actual trading now. After all, that’s probably why you would have an account with one of the companies.
SpeedTrader offers three trading platforms where securities can be bought and sold. The first is the most simple. Called ActiveWeb, it is a browser-based system. Despite its minimalism, it offers streaming news, option chains, and even direct-access routing. Charting is available on this platform, although it is very simple with zero tools.
Next is a desktop platform called Pro. It was designed by DAS and provides Level II data, much better charting, management of multiple accounts with one log in, and hot keys.
The third and final software program is Elite. This is Sterling Trader Pro renamed for SpeedTrader. It comes with a lot of professional-level features, such as API access and advanced option tools.
One feature in this category we didn’t care for at SpeedTrader is the fact that the brokerage firm charges fees for all three platforms.
Moving to E*Trade, we also find three trading environments. One is the website, which itself is quite commendable. A chart can be detached into its own browser window. There are many technical indicators, drawing tools, comparisons, and so forth.
Next up is the brokerage firm’s browser platform. Called Power E*Trade, it offers advanced charting, profit & loss graphs, and market news. One feature missing is direct-access routing.
The third trading tool is the broker’s desktop platform. Called E*Trade Pro, the brokerage house requires 10
trades per month, a subscription to real-time data, and a $1,000 account balance. E*Trade seems to be phasing
this platform out over time and no longer advertises it; so we’re not sure how much longer it will be available.
Mobile Platforms
Each broker in our survey has a mobile app. E*Trade also has a platform for smartwatches, whereas SpeedTrader does not.
E*Trade’s mobile app comes with a watch list, charting, and alerts. Charting comes with technical studies and comparisons, and a graph can be rotated horizontally.
We especially liked the inclusion of Bloomberg streaming news free of charge on the E*Trade app. Other helpful features include funds transfer, bill pay, and check deposit. Besides equities and options, mutual funds can also be traded.
Moving to the SpeedTrader app, we also get advanced charting, option chains, and market news. One difference is that SpeedTrader’s app offers Level II data, while E*Trade’s does not. One advantage that E*Trade has over SpeedTrader here is that the former broker has live video news, while the latter does not.
Recommendation
For day traders, we endorse SpeedTrader. The brokerage house specializes in this type of
trading.
For mutual funds and ETF’s, we recommend E*Trade for the reasons already discussed. We also recommend E*Trade for retirement savers and beginners. SpeedTrader doesn’t offer IRA’s, whereas E*Trade provides several types. And E*Trade’s educational resources are more extensive than SpeedTrader’s.
If trading technology is of paramount importance, then we’re going to suggest SpeedTrader over E*Trade. We don’t know how much longer E*Trade will
offer its desktop platform, and OptionsHouse is pretty simple. SpeedTrader Elite is a very advanced platform though not as good as
Thinkorswim.
One final note: if you need cash management tools, go with E*Trade. SpeedTrader doesn’t offer any.
SpeedTrader vs Etrade Results
SpeedTrader and E*Trade have strengths and weaknesses in most categories. Using our
research as a guide, you should now be able to pick the right company for your trading habits.
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