SpeedTrader or ZacksTrade – which is better for UK traders 2024? Compare SpeedTrader and ZacksTrade in this detailed breakdown of their platforms, features and fees.
SpeedTrader is an online stock broker based in New York. Founded in 1999, the brokerage provides direct access trading software to experienced stock traders, with over 25 routing options. The broker is authorized by FINRA and SIPC, providing robust client protection.
Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
Pros
Access a range of US stocks, options, bonds and mutual funds, plus extended hours trading available from 4am to 8pm EST
Two powerful platforms with level 1 price data, live news streams, advanced charting and more
Heavily regulated in the US by FINRA, plus SIPC compensation coverage up to $500,000
Competitive fees at $0.0009 per share and $0.25 per options contract
Reliable 24/7 customer support via live chat, telephone and email
Multiple routing options
Short selling aids
Demo account
20+ account denominations
Comprehensive research and data
Customizable proprietary trading platform and mobile app
Regulated by FINRA with access to the Securities Investor Protection Corporation
Cons
Only US stocks available, with no forex, commodities or cryptos
Not suitable for beginners with a $30,000 minimum deposit
Mobile trading is limited to iPhone and iPad users
Demo account valid for 14 days only
$30 inactivity fee every quarter
$35 withdrawal fee
No APIs
No MT4 or MT5 platform integration
High minimum requirement of $2,500
No forex, commodities or futures trading
Withdrawal fees apply if removing funds more than once per month
Shortcomings regarding platform loading times and technical glitches
Clients can trade a modest handful of cryptos including Bitcoin, Ethereum, and Litecoin. Real-time quotes are available and fees are low. Commissions also drop if you trade digital currencies in high volumes.
