tradeMONSTER vs SpeedTrader



These two brokers are what you might call specialists; they have each optimized their services for a specific kind of trader.

tradeMONSTER was created as an options broker and that’s what they specialize in today. They have a platform specifically tailored towards options trading with tools to suit.

SpeedTrader is an altogether different fish; they target high net worth individuals, typically ex traders, who have sizable accounts and trade several times a day. As a result they have a professional style platform with many professional grade tools.

So which broker is right for you? We’ve compared them both to find out.

 

Products & Services

Broker tradeMONSTER SpeedTrader
Rating [rating:3/5] [rating:3/5]
website Visit the TradeMonster Website Visit the SpeedTrader Website
Our Review Read Our TradeMonster Review Read Our SpeedTrader 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

In terms of services both brokers are equally matched, they both offer traders the main investment products including stocks, ETFs, mutual funds and bonds etc.

Neither broker has a national branch network so you’ll have to access their services via the web, that isn’t really a problem for most people though.

Actual products are only half the story however; most brokers these days offer the full range of products. What makes the difference is their trading platform and tools.

Trading Tools

tradeMONSTER SpeedTrader
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

First of all let’s look at tradeMONSTER; they’ve tried to squeeze as much out of their platform as possible. Now you might think that’s a good thing but in reality it makes the platform cumbersome and difficult to use.

All the tools are there if you’re prepared to look for them, but it’s really not an intuitive platform. It’s like it’s been bundled together over the year’s piecemeal style, which makes for non-cohesive platform that’s both difficult to use and slow to execute.

SpeedTrader on the other hand have different platforms for different traders. Most of the larger brokers have figured out this is the way to go, as different traders require different tools and trying to squeeze them all into one platform is a recipe for disaster.

So SpeedTrader offer three platforms, starting with SpeedTrader II. This is a basic web based platform ideal for smaller investors or beginners. It does actually have a lot of tools built in, but not too many as to make it complicated.

Of course it’s not suitable for the serious options trader, which is why they also offer SpeedTrader Pro. This is a full direct access platform with level 2 data; it also comes fully loaded with a full suite of professional grade tools.

One step up again and you find Sterling Trader Pro. This is similar to SpeedTrader Pro but it’s a full on professional style platform, the kind you see in brokerage houses on Wall Street and perfect for any ex professional traders out there.

Fees & Commissions

tradeMONSTER SpeedTrader
Account Minimum $2000 $0.00
Margin Account Minimum $2000 $2000
Stocks & ETFs $7.50 $6.95
Options Base $0.00 $0.00
Options Per Contract $0.50 per contract ($12.95 Min) $1.00 per contract
Account Management Fee $0.00 $30.00 Quarterly Inactivity Fee
Broker Assisted Trades $15.00 $6.95
Mutual Funds $15.00 $50.00
Bonds $15.00 $50.00
IRA Annual Fee $0.00 $35.00

Summary

So which broker is perfect for you? Well if you’re a serious trader with a sizable account, maybe you’re an ex Wall Street veteran living the quiet life in Santa Fe but still keeping your hand in, SpeedTrader is the broker for you.

Their professional style platform will make you feel right at home, as will their exceptional trading speed. As for price they’re not too bad, sure there are cheaper brokers around but not with this kind of platform and certainly not with direct access.

tradeMONSTER is a slightly different animal, they’ll appeal to options traders for sure but to be honest there are better options broker around, OptionsHouse for example. Their platform is just too cumbersome for me and there pricing a little on the expensive side.

If you’re a rookie I would stay well clear of both brokers to be honest. SpeedTrader will sting you with a quarterly inactivity fee and tradeMONSTER’s platform will put you off trading for life.

As a beginner you’ll be much better served by a broker like Zecco who have excellent training for beginners as well as one of the best trading communities around.




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