SpeedTrader vs E*TRADE

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E*TRADE should need no introduction, as one of the largest online discount brokers, they have over 500 local branches and offer their clients everything from stocks to bank accounts.

SpeedTrader on the other hand are not so well known, a little more specialized they target more experienced traders including day traders with significant account balances who trade frequently.

So which broker should you choose? We’ve rated them both for the quality of their trading platforms, customer service and of course fees and commissions.

Products & Services
Broker	SpeedTrader	E*TRADE
Rating	[rating:3/5]	[rating:3/5]
website	Visit the SpeedTrader Website	Visit the E*TRADE Website
Our Review	Read Our SpeedTrader Review	Read Our Full E*TRADE Review
	Bank Deposits	Bank Deposits
	Bonds	Bonds
	Certificates of Deposits	Certificates of Deposits
	Day Trading	Day Trading
Services	Extended Hours Trading	Extended Hours Trading
	ETFs	ETFs
	IRAs	IRAs
	Mutual Funds	Mutual Funds
	Trading Community	Trading Community

Services Overview

It’s always going to be difficult to beat E*TRADE for the number of products offered, very few brokers offer bank accounts and access to a local branch network. But do you really need them?

I don’t think there are any advantages to having your bank account with your broker and I’ve never felt the need to visit a discount broker in my life. So these services are nice but not really necessary.

SpeedTrader are a much more focused broker, targeting a very narrow band of potential clients. Their services are aimed specifically towards very experienced traders and day traders who hold significant balances and trade several trades a day.

Trading Tools
	SpeedTrader	E*TRADE
	Automated Trading	Automated Trading
	Investor Resource Center	Investor Resource Center
	Mobile Trading	Mobile Trading
	Online Advisor	Online Advisor
Trading Tools	Profit & Loss Calculator	Profit & Loss Calculator
	Streaming Charts	Streaming Charts
	Stock & Fund Screeners	Stock & Fund Screeners
	Tables & Graphs	Tables & Graphs
	Training & Education	Training & Education
	Virtual Trading	Virtual Trading

Trading Tools Overview

When it comes to tools E*TRADE have the better all round platform, it’s suitable for intermediate and more advanced traders. There are a number of unique tools such as online advisor, which evaluates your portfolio and recommends changes based on your risk profile and investment strategy.

SpeedTrader again have a platform that caters towards their target market, they claim to have one of the quickest platforms around, although I think that’s a bit of marketing tactic, most retail traders won’t ever have a need for that kind of speed.

Both brokers offer different platforms to different traders depending on your account size and strategy. If you have an account balance in excess of $50,000 E*TRADE will give you free access to the E*TRADE Pro platform which gives you level 2 data and a more professional range of tools.

SpeedTrader have three platforms available SpeedTrader II, SpeedTrader Pro and Sterling Trader Pro. The later two are paid platforms available to everyone if you’re willing to pay the fee. However if your monthly commissions are in excess of the platform fees they’re reduced to zero.

Summary

If you’re looking for an all round broker with the peace of mind of dealing with a major blue chip company E*TRADE are the perfect broker for you. They offer the most complete set of tools including level 2 data if you need it.

SpeedTrader are a much more specialized broker, they target high net worth traders who trade several times a week. This means they’re not suitable for smaller traders or beginners who’d be much better served elsewhere.

If you’re looking to manage your IRA then you’d have to choose E*TRADE since SpeedTrader charge an annual IRA fee along with quarterly inactivity fees which cancels out the slightly cheaper trading fees for part time traders.

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