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SureTrader has some unique advantages for Traders looking to cut costs. Based in the Bahamas, they have some niche services that may appeal to US traders that need more from their brokerage.
1 Minute Review
SureTrader is a Bahamas-based broker/dealer regulated by the Securities Commission of the Bahamas.The draw for traders is the ability to sidestep the United States SEC pattern day trader (PDT) rules. Because of this, SureTrader continues to rake in traders who are below the $25,000 PDT level, so those with small amounts can trade as much as they want. While SureTrader seems to have troubles with customer service and several platform glitches, it still seems to depend on each individual trader as to whether these “bugs” are actually bothersome or not.
- Traders with little capital who would be under the $25,000 pattern day trader rule
- Traders who are experienced and seeking trading leverage
- Those with a hunger for advanced charting capabilities
- International investors
- No pattern day trading rules.
- Low brokerage account minimum deposit of $500
- Powerful trading tools: allows Instant access to multiple charting features and real-time market data
- Up to $50 in free trades for new accounts
- Inactivity fee of $50 for accounts with less than 15 trades per quarter
- $25 per day margin or equity call fee
Who Uses SureTrader?
For Novice Investors
If the thought of beginning day trading has new day traders mopping sweat from their brows and wiping sweat from their palms, they’ll be relieved to realize they can learn the ropes with a $100,000 free demo without incurring any losses before trying for real. The account minimums are low, allowing new day traders the flexibility to start small and get the hang of day trading. SureTrader devotes a section of its website to new day traders, and even mentions, word for word, “remember that even the most experienced traders were once newbies themselves.”
For Advanced Traders
Any advanced trader will recognize the value of the no pattern day trading rules and run with it, but it’s possible that once they hit the $25,000, they’ll be gone. Professional traders will also appreciate SureTrader Desktop/SureTrader Pro. Orders can be placed quickly, and advanced charting and other advanced features (hot keys, anyone?) will make any seasoned day trader happy. Plus, shares of short and pink sheet stocks will also make advanced traders fall in love with SureTrader, as not every broker these kinds of options.
SureTrader Commissions and Fees
- Options commission is $4.95 +$0.50 per contract
- $500 for cash account, $500 for margin account
- No ECN (routing) fees with new commission rates
|Volume per month||Per Share Rate||Per Trade Minimum and Maximum|
|0-250,000||$ 0.01 with $ 4.95 per trade||$ 50 per trade maximum|
|250,001-500,000||$ 0.008 with $ 3.95 per trade||$ 50 per trade maximum|
|500,001-750,000||$ 0.006 with $ 2.95 per trade||$ 50 per trade maximum|
|750,001-1,000,000||$ 0.004 with $ 1.95 per trade||$ 50 per trade maximum|
For volumes over $1,000,000 and up: Contact [email protected]
- Margin or equity call fees are an additional $25 per trade.
- Option exercise or assignment are charged $25 each.
- Trade Fee 1: $0.0000256 of the total dollar amount of securities sold. It’s assessed for all sell orders and is added to any total commissions charged.
- Trade Fee 2: $0.000119 per share of securities sold ($0.002 per option contract) with a maximum of $5.95 per trade. This fee is the FINRA TAF fee and is assessed on all sell orders and is added to any total commission charged.
- $40 fee for outgoing funds
- $50 inactivity fee (charged quarterly if customer is under 15 trades)
- Hard to borrow short locate fees are passed on to the client, and the fees vary.
- Overnight short fee: 0.5% fee charged on short positions held overnight
- Holding positions on margin overnight are subject to an interest rate of 7.5% APR.
- Equity margin call fee is charged to any account above 6:1 margin and is liquidated by SureTrader at $25 per symbol plus the trade desk fee, $25.
- Trading non-DTC eligible securities have additional settlement fees.
- Overnight margin call fee is charged to any account with equity below 50%.
- Note: Can get 6:1 intra-day and 2:1 overnight leverage on margin-able securities above $3 with a $500 account minimum
SureTrader Platform and Tools
There are three trading platforms to choose from SureTrader Desktop ($49 per month) SureTrader Web-Based Trading (Free) and SureTrader Mobile (iPhone or Android) app ($25 per month). The software comes complete with fully integrated point-and-click trading and customized views of the market. (Note: platforms only work on PCs.)
FXTM, also known as “ForexTime”, is a well-established Forex / CFD brokerage house which has been in business ever since 2020. FXTM has grown rapidly in recent years and has a corporate structure composed of three entities which match its three bases of operations: the U.K., Cyprus, and Mauritius. FXTM allows its clients to trade Forex currency pairs and crosses, including some exotics, the precious metals gold and silver, crude oil and natural gas. Traders can also trade major equity indices, cryptocurrencies*, and CFDs** on major American stocks and shares. FXTM also enables direct trading in stocks, not wrapped in CFDs, where the trader takes direct legal ownership of the shares when buying them, just like a traditional stockbroker.
Regulation and Security
This should not constitute as advertisement in the territory of Belgium, France and Netherlands
FXTM enjoys an extremely high and very strong level of regulation in several jurisdictions. It is based in three different countries, with three different corporate branches to match.
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475. Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295. Forextime UK Limited (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority, firm reference number 777911.
This multi-jurisdictional setup allows FXTM to differentiate its offering depending upon where its traders are located. It is worth mentioning that acquiring regulation is not an easy feat for any Forex broker, so the mere fact that ForexTime has acquired regulation in several jurisdictions is extremely admirable.
FXTM is formally regulated in the United Kingdom, Cyprus, South Africa, and Mauritius. In the United Kingdom, ForexTime UK Limited is authorized by the Financial Conduct Authority to provide regulated products and services under license number 777911.
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In Cyprus, ForexTime Limited is licensed by the Cyprus Securities and Exchange Commission under license number 185/12.
In South Africa, ForexTime Limited is licensed by the Financial Sector Conduct Authority of South Africa under FSP number 46614.
In Mauritius, Exinity Limited is licensed by the Financial Services Commission with a category 1 global business license and as an SEC-2.1B investment dealer (full service excluding underwriting) under license number C113012295. Exinity Limited is also a member of the Financial Commission, an international dispute resolution body serving the financial services industry.
FXTM’s regulation in both the United Kingdom and Cyprus provides its clients depositing in FXTM’s branch in either jurisdiction with a degree of investor protection. The U.K.’s Financial Conduct Authority has a Financial Services Compensation Scheme which can protect deposits of up to £85,000. Cyprus’ CySEC maintains an Investor Compensation Fund which is empowered to award depositors who lose their account deposit due to the failure of a regulated firm an amount up to €20,000.
FXTM has been in operation as a dedicated Forex / CFD brokerage house since 2020, giving it a reasonably long track record. Applying the “lindy effect” rule, the longer time a broker has successfully been in business, the better the reputation that broker can be assumed to have. This means that FXTM has a meaningful track record and an established reputation of safety as a brand which it needs and wants to protect, to ensure it remains in good standing in such advanced and highly regulated financial services centers such as the U.K.
FXTM’s story of steady expansion adds to their level of credibility. After its initial establishment in Cyprus in 2020, FXTM grew and acquired its South African license in 2020, and its U.K. license in 2020. FXTM’s client base globally has grown quite steadily.
As with all Forex / CFD brokerages regulated in member states of the European Union like Cyprus or the United Kingdom, clients of FXTM operating through FXTM in the U.K. or Cyprus are automatically granted negative balance protection, but this is NOT offered to all clients globally. This means that it is impossible for any client not using the Mauritius branch to lose more than the amount they have deposited with FXTM. The “tail risk” of an unusual, extreme market movement, which can be exponentially raised by excessive leverage, is borne fully and voluntarily by FXTM in other cases.
The total fees charged by any brokerage should always be one of the very top considerations of someone looking for the most suitable Forex / CFD broker. It ranks right up there with security / safety of funds deposited. Each cost should be examined rigorously. It can be helpful to divide all fees and costs into two categories: trading fees, such as spreads, commissions, and overnight financing; and miscellaneous fees, such as periodic charges for account inactivity, or fees or commissions charged by the brokerage itself against account deposits or withdrawals. The trading fee element is the much more important side, so it makes sense to begin a fee analysis here.
Looking at trading fees first, we will start with spreads and commissions, which are worth taking together as a comprehensive “round trip” cost of opening and closing one trade. As FXTM offer a few different account types which charge slightly different fees, we will judge the trading fees of its most common account type, the Standard Account.
The average round trip cost of trading the benchmark EUR/USD Forex currency pair is 2 pips with the company’s Standard Account. This is slightly on the high side for the industry. The Cent Account, FXTM’s account with the lowest minimum deposit (only $10) averages slightly higher at 2.2 pips. However, this falls to only 0.8 pips with one of the ECN-style accounts, which represents a very competitive rate considering the minimum deposit is only $500 for this account type.
The average round trip fees and costs for other CFD instruments offered such as commodities, individual stocks and equity indices are average for the industry.
Finally, FXTM’s offering of real share trading through its accounts based outside the European Union is not only a relatively unique service, its trading costs in this area are competitive and slightly lower than its direct competitors.
These levels of spreads and commissions are broadly competitive on the ECN side, especially for clients with relatively low deposit amounts. The minimum deposit required to open a “true” ECN account is only $500, so for traders depositing anything close to this sum, these fees are competitive. However, traders with considerably larger sums to deposit such as a few thousand dollars would find the trading fees average, but nothing special, at least for trading Forex and CFD products.
An often-overlooked element of the trading fee structure is overnight financing, which is typically a net charge applied to any trade open at 5 p.m. New York time. These fees are, at least hypothetically, calculated from intrabank tom/next intrabank fees, but retail brokerages usually give considerably less favorable rates. This can make swing or position trading expensive, particularly when a trader wants to be long of a currency with a relatively high interest rate and short of another currency with a relatively low (or even negative) interest rate. FXTM are totally transparent regarding their overnight financing rates, which is a sign of trustworthiness: frequently, brokers don’t publicize their existing rates, but they can always be found within the relevant trading platforms if you know where to look for them.
FXTM makes no claims about how their overnight financing / swap rates are derived. Many brokers claim they are based upon interbank tom/next rates, yet the rates offered always seem to be considerably less favorable to the client than the prevailing tom/next rates. Therefore, we are inclined to applaud FXTM for not making any such claims. A comparison of FXTM’s rates to the industry average at the time this FXTM review was written shows that FXTM’s rates are very competitive and slightly better than the average. Now here’s something truly unique about FXTM and their overnight financing / swap rates: some of their account types charge no swaps at all! The Cent Account and the Shares Account are completely swap-free, while swap is not paid in any other account that uses the MetaTrader 4 platform. While many brokers offer a swap-free Islamic Account option, it is usually offered only to Muslims, so this global swap-free option is both very rare and very appreciated. Overall, this means that FXTM is likely to be a good choice for traders planning to keep positions open longer than one or two days at a time.
A listing of FXTM’s overnight financing / swap rates applicable to Forex grabbed from their site at the time this review was written is shown below:
Another factor which makes us believe that FXTM has a commendable sensitivity towards the problem of traders being “bled” quietly by certain retail Forex CFD brokerages charging relatively high overnight financing rates, is that in 2020, they ran a limited period promotion where overnight financing would only be charged or paid over weekends, and not on weekday rollovers. This is impressive, and we never heard of another brokerage offering a similar promotion of this type.
Finally, we conclude the topic of fees by checking whether clients are charged any incidental fees by FXTM, regardless of whether a trade is made.
FXTM imposes a dormant account / account inactivity fee of $5 per month but an account must have initiated no trading activity for a period of at least six months before this fee will be imposed. This is good by the standards of the industry. FXTM also charges additional withdrawal fees against withdrawals made by credit cards or bank wire transfer. The exact charge depends upon the country of residence of the client making the withdrawal but is typically approximately $2 for a withdrawal by credit card and approximately €20 for a wire transfer. These fees are justifiable, but many retail Forex / CFD brokerages do not charge them, so it is not a competitive practice.
Our bottom line on fees: FXTM’s fees are competitive for traders making any amount of deposit to an ECN-style account type, but is especially good value at amounts close to the $500 minimum deposit.
What Can I Trade
Following safety of funds and regulatory oversight, plus fees of course, the major priority to think about when choosing a new Forex / CFD brokerage is what assets you can trade. Many newer traders will be looking to trade only one single asset class, such as Forex, or CFDs on individual stocks and shares, but more experienced traders will probably be looking for diversification, meaning a wide offering across Forex, commodities, stocks, etc.
FXTM offers the following instruments for trading:
Forex – more than 57 currency pairs and crosses, including exotic currencies, as listed below.
Metals – a category somewhere between Forex and commodities that deserves to stand on its own, in the opinion of many traders, so let’s treat it that way. FXTM offers trading in spot gold and spot silver. Gold is paired with the U.S. Dollar, the euro, and the British pound. Silver is paired with only the U.S. dollar and the euro.
Commodities – a narrow selection of commodities, with only energies offered: both types of crude oil and natural gas:
Equity Indices – a selection of 11 major equity indices, offered from approximately 10 developed nations (no emerging markets are included within the selection):
Cryptocurrencies –4 major cryptos are offered paired with the USD. At the time of this FXTM review, the only cryptocurrency not offered from the top 5 largest cryptocurrencies is Bitcoin Cash:
U.S. Shares as CFDs – a wide selection of 120 major U.S. shares may be traded as certificates for deposit:
U.S. Shares (direct ownership) – a selection of 10 major U.S. shares which may be bought and sold with full legal ownership and no CFD wrapping.
Our conclusion regarding FXTM’s offering of tradable assets is quite favorable, with a range of asset classes offered that should satisfy traders looking to trade Forex, major equity CFDs, and individual leading U.S. equities. We think that the offering is sufficient for traders who are not particularly interested in diversification across a wide range of commodities or emerging market equity indices.
A choice of six different account types is offered.
Accounts are divided into two types: Standard Accounts and ECN Accounts, which operate an ECN-execution model. The difference is essentially between execution costs restricted to variable spreads subject to a minimum amount, and variable spreads subject to no minimum plus commission (ECN). Both execution models have pros and cons, and each may better suit a different type of trader.
The Standard Account with the lowest minimum deposit is the Cent Account, which requires a deposit of only $10 to open. The account may be denominated in USD, EUR, GBP, or Nigerian Naira for customers residing in Nigeria. Variable spreads are charged and are subject to the highest minimums imposed by FXTM, making a typical “round trip” spread on the benchmark EUR/USD currency pair as high as 2.2 pips. However, overnight swaps are not charged or paid in this account type. This account offers 25 major and minor Forex currency pairs and 2 metals for trading. The maximum position size per trade is 1 lot (typically equivalent to $100,000 in nominal value) although of course where account size is low, maximum leverage (more on leverage later) will play a big role in defining a lower practical maximum. The only trading platform which may be used with this account type is the MetaTrader 4 platform.
The next Standard Account is, a little confusingly, called the Standard Account. It is available in the same base currencies as the Cent Account, but a minimum deposit of $100 is required. Variable spreads are charged and are subject to somewhat lower minimums, making a typical round trip spread on the benchmark EUR/USD currency pair approximately 2 pips. Customers have a choice whether to use the MetaTrader 4 or MetaTrader 5 trading platform with this account type. If MetaTrader 4 is used, overnight swaps are not charged, but they are charged if MetaTrader 5 is used. This account offers the full range of Forex, metals, commodities, equity indices and equities as CFDs described earlier as FXTM’s offering – everything except U.S. shares not wrapped as CFDs. The maximum position size per trade is 30 lots (typically equivalent to $3 million in nominal value).
The last of the Standard Accounts offered is the Shares Account. It is available in the same base currencies as the other two Standard Account types and requires a minimum deposit of $100 to open. Only the MetaTrader 4 platform may be used with this account type. Over 120 U.S. shares can be traded wrapped as CFDs. A fixed leverage of 10 to 1 is offered. A maximum position size per trade of 10 lots is offered.
Now we will move on to the range of ECN Accounts offered by FXTM, which all offer (obviously) an ECN execution model. This execution model means that you will tend to pay a lower cost to execute trades, but that prices may gap wildly under extreme market conditions, especially when trading currency crosses with generally low liquidity. All ECN type accounts are available in the same base currencies which we already listed for the Standard Accounts. All the accounts are swap-free with no overnight swap charged if the MetaTrader 4 platform is used. Customers have a choice between using MetaTrader 4 and MetaTrader 5 in all account types.
The ECN Account with the lowest minimum deposit required is the ECN Zero Account, at only $200. No commission is charged, and the minimum floating spread is 1.5 pips, so it is very difficult to see here what qualifies this to be considered as an ECN account. Traders using the MetaTrader 4 platform can trade 48 Forex currency pairs and crosses, 3 metals, and 14 CFDs. Traders using the MetaTrader 5 platform have a smaller range of assets they can trade: 33 Forex currency pairs and crosses are offered here, as well as 2 metals.
The next account we’ll look at is the ECN Account. A minimum deposit of $500 is required. There is a variable floating spread which is always at a minimum of 0.1 pips, unlike some ECN style accounts at other Forex / CFD brokerages which offer no minimum spread and sometimes even quote inverted spreads. The commission charged is $2 per lot for a round trip trade, which translates to 0.02% of the nominal value of the trade position size. Traders using the MetaTrader 4 platform can trade 48 Forex currency pairs and crosses, 3 metals, and 14 CFDs. Traders using the MetaTrader 5 platform have a smaller range of assets they can trade: 33 Forex currency pairs and crosses are offered here, as well as 2 metals.
The final account of the six offered is the FXTM Pro Account. As its title suggests, this account type is intended for advanced and well-capitalized traders, requiring a minimum deposit of $25,000. Despite it being an ECN account, no commissions are charged, and the variable spread which FXCM describes as “institutional level” may fall as low as zero. If the MetaTrader 4 trading platform is used to trade this account, 43 Forex currency pairs and 2 metals may be traded. If the MetaTrader 5 trading platform is used instead, 33 Forex currency pairs and 2 metals may be traded, as well as 10 major stocks.
Bottom line: our verdict is that a suitably wide range of alternative account types are offered, but some of the account types seem to be better value and more meaningful than others. We see the best all-round account offered by FXTM as the ECN Account which requires a minimum deposit of $500. The Cent Account can be opened with a deposit as small as $10 and at this level of capitalization, even with the relatively high average spread on EUR/USD of 2.2 pips, at such a low deposit level it is certainly competitive.
Leverage is an important topic to consider when evaluating a Forex / CFD brokerage. FXTM’s position on leverage is a little complicated as it offers accounts based in several different countries, all of which have different laws and regulations governing the maximum amount of leverage which may be offered. This means that we must consider where the trader is based more than the type of account which the trader wants to open to determine available leverage.
FXTM in the United Kingdom and Cyprus offer a maximum leverage of 25:1 on Forex, 20:1 on precious metals and indices, 5:1 for individual stocks and shares, and 2:1 on cryptocurrencies.
FXTM in South Africa and Mauritius are not subject to any restrictions on leverage, therefore the maximum amounts offered by them to these accounts are a decision for FXTM alone. Here FXTM’s leverage offering is quite complex, because the maximum leverage offered is determined by a combination of factors:
- Account Type (the Pro Account offers a lower maximum leverage than the other account types, presumably to mitigate risk to FXTM from large wins by successful traders who have deposited the $25,000+ minimum deposit)
- Instrument Traded – major Forex pairs offer the highest leverage, minors and metals less, followed by Forex exotics and then cryptocurrencies, which are offered with the lowest leverage of any asset class.
- Notional Value of a Trade – the maximum leverage is only offered on the first $200k or $300k of the notional value traded, decreasing by higher tranches of value. For example,
Despite this, we can set out the absolute maximum leverage offered by FXTM outside the E.U. and the U.K. by asset class as follows:
Every type of account offered by FXTM allows hedging, scalping, and automated trading via Expert Advisers. As FXTM only uses the MetaTrader 4 and MetaTrader 5 trading platforms, there is a wide range of automated tools available which work with these platforms, and FXTM does not block or disable them.
Warrior Trading Blog
- Ross Cameron
- Broker Review
- Value For Investors
Suretrader is a broker more intended for traders who don’t meet the $25,000 requirement for pattern day trading. They do have a decent platform and offer 6x leverage but their customer service can be subpar. I would only recommend this broker if you had no other option.
SureTrader is Closing its Doors
In case you haven’t heard, SureTrader is closing down. Check out this article for everything you need to know!
SureTrader Review Intro
Learning how to day trade was the hardest thing I ever tried to do. It took me years before I found any success. One of the things I now realize, looking back, is that my learning curve took 2x longer than needed because I was using the wrong tools.
I wasn’t using a broker designed for day trading, I didn’t have the right scanners to find stocks, and I didn’t use good charting software. As a result, I was trading at a serious disadvantage.
Access to the Best Trading Tools
The challenge with access to the best trading tools is that what is best for one trader may not be best for another. Additionally, we have to measure the costs associated with trading tools because the best tools may not be cost effective for a beginner trader. A few of the tools I consider to be a MUST are Trade-Ideas, TC2000 or eSignal for charting, and a fantastic broker.
Throughout the years I have actively traded with Suretrader. When I first traded there the commissions were 4.95 per trade up to 10k shares, and they allowed direct access routing to ARCA, EDGX and other market makers. This gave them a competitive advantage against many brokers that only allowed smart routing.
As you can see from the pricing table below, Suretrader has the highest commissions out of all the brokers we’ve reviewed when trading more than 2000 shares. I personally trade with average share size between 5k-10k, but for people who trade with less than 2000 shares the increased commission may not be as much of a factor.
Interactive Brokers offers a similar per share pricing structure, but it’s 50% less, and they only require a $1.00 min per trade if you trade small size like 100 shares. However, Interactive Brokers requires $25k to day trade.
What do high commissions mean for traders? If your commissions are high, you have to be extremely selective about the stocks you are willing to trade. You can’t over trade, or commissions could easily exceed your profits.
However, one of the things we say to all of our students is “trade the best, leave the rest”. So that strategy works well with a broker that has high commissions, even though we’d all prefer to have lower commissions and more money in our pockets.
Disabling Direct Access Routing
An additional change at Suretrader was the decision to remove direct access routing. This means traders can no longer send order directly to the market makers. I traded there during times of Direct Access Routing, and during times of “Smart” routing only. I was profitable in both instances, but I strongly prefer the ability to choose the direct access route to send my order.
Direct access routing becomes more important as you scale your strategy to 5k, 10k, and 15k shares. For smaller share size, it’s not as much of a factor.
I requested that they enable direct access routing on my account, but my request was denied. I have heard anecdotally that they will enable direct access routing for some traders, but I can’t confirm if that is indeed the case.
SureTrader mobile app comes with powerful level II trading technology which allows traders and investors to place trades while on the go. To access stocks you currently own, tap “Portfolio”. Thanks to its intuitive interface, the mobile app displays the symbol’s name, account and number of shares among others.
As the best trading app, it provides access to all orders available on the order book. Just tap on the “Order” icon and you are good to go. As said earlier, it has an intuitive interface where data is organized under symbol, quantity and status among other variables. This makes it easy for you to trade while on the move.
This is one of the most amazing features available with the SureTrader’s mobile app. It allows traders and investors to quickly search for a stock and make different configurations thanks to available hot keys.
For starters, you can make changes to the quantity and price using the hot keys. Since the mobile app is designed with power level II trading technology, you can switch between the following orders – limit, stop and market. As a result, traders and investors can get in and out of trades very fast.
You can now monitor your account while on the move and access your profile data as created using either SureTrader web or desktop apps. Any changes made will be immediately accessible on all versions of SureTrader.
Trading is never complete without charting tools. The SureTrader mobile app offers bare bone charting tools. Using the chart tools, traders and investors can implement different trading strategies and profit.
Get the latest news on all symbols you desire. To get started, search the symbol you want and voila! News related to the symbol will be displayed immediately.
Mobile App Pros
- Has an intuitive interface
- Easy to learn
- Compatible with iOS and Android mobile devices
- Allows you to get in and out of trades quickly and easily
- Convenient for traders on the go
Mobile App Cons
- You may need to zoom in and out of the chart window due to its minimalist size
- Access to your SureTrader account can be prevented if you lack Wi-Fi connectivity
As a result of the changes at Suretrader in regards to commission pricing and direct access routing, the competitive advantage they once enjoyed is now gone, in our opinion.
For that reason, I won’t trade there. However, for traders who are below the $25k Pattern Day Trader level, they remain the only option, which means they will continue to enjoy a steady flow of traders. For traders who use smaller size, direct access routing and per share commission may not be as much of a factor.
Despite the higher commissions, if a trader is confident in their skill, it will not stop them from being profitable, it just makes it more difficult because they have to overcome the higher cost of overhead due to commissions.
Since moving away from Suretrader, we have worked closely with Lightspeed Financial and TradeZero to develop promotional discounts to Warrior Trading Students. Both of these brokers offer reasonable commissions and direct access routing, making them a more favorable option for a true day trader, and for our students.
We will reiterate that using the best tools will give you an advantage, which makes it extremely important to carefully select your broker.
Webull Review 2020 | Better Than Robinhood?
- Aug 1, 2020
- Pat Crawley
- Broker Review
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution 4.8 Summary Quick Review: Webull is a stock trading mobile app that offers a commission-free trading platform. They offer intuitive stock charts with plenty of technical indicators and tools for customizing your charts. They are SIPC insured and […]
Top 5 Best Online Stock Brokers for 2020
- Apr 15, 2020
- Broker, Broker Review, Day Trading
Technological improvements in investment and financial tools give investors a wide array of options such as online stock trading. Whether you are an experienced investor who needs to follow a certain investment strategy or a beginner seeking to start an investment plan, there is an online stock broker out there that will meet your needs and help […]
CenterPoint Securities Review 2020: What We Do and Don’t Like
- Feb 14, 2020
- Broker Review
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution 4.8 CenterPoint Securities is a stockbroker that was created with the sophisticated trader in mind that also charges highly competitive pricing and brokerage fees compared with other brokers. They are well known for being able to lend to […]
Rithmic: Broker Review 2020
- Aug 21, 2020
- Joseph B
- Broker Review, Day Trading
Value for Traders Value for Investors Cost Customer Service Beginner Friendly 4.3 Summary Rithmic is a top-of-the-line futures trading platform. With order routing your execution will be as fast as your data feed. This platform is directed towards people who understand the futures market and are technical-proficient. Customer support will not help you if you […]
Which one is currently the best one for a new trader who is a US resident, starting with $1000 and wants margin the benefits of margin suretrader had to offer?
Hi Ross, even though an opinion it is true. Sure trader are remarkably more expensive for the what they provide. they charge for depositing, withdrawing and sitting still. I have regretfully opened a 10K account which coat $350 in fees and now is going to cost $350 to close it. Being an overseas trader I am limited. I am looking to move my trading with TRADEZERO. people do not like being ripped-off. This is not just my opinion it is my experience with them they do lack professionalism is customer service as well, that’s another story.
You were very generous in the 3 star rating you gave them.
Hi ross, which broker is available for non-us residence?
Interactive Brokers allows smaller orders size. It means that by executing Your order in 2 tranches, each just 1 tick below the other, Your average price improves by $0.005, resulting in a commission free order.
Could you please update your table above to include Trade Zero
What about trade station?
I have currently been using SureTrader for over 5 years. I just recently moved and asked them if I could close my account during this process. Long story short. They assured me multiple times that I would be able to turn back on my account with DAS Trader Level II at the promotional price I received of $20/month. Literally as soon as I said yes, go ahead, a string of emails came in apologizing for the confusion and if I wanted the same deal it was going to cost me $130/mo. This was a small account, I have spent tons of money with them on commissions over the years. They could have absolutely cared less and sent me instruction on how to close out my account. I have chat transcripts and emails that show this. Also, throughout my time with them, customer service has ranged from non-existent to fantastic. Depending on who you are able to get via phone or chat on any given day. Just my 2-cents.
There are a few other major problems with SureTrader:
1) They modify your orders in an undocumented way without your explicit approval, or route orders to places that don’t support the order you submitted, so your order gets rejected.
An example of the order twiddling is if you submit an order with Type FOK and Minimum AON, if sent to their primary route PDQM, SureTrader will change the order on the fly without your approval to Type DAY, Minimum Any. Also, if you submit an order for Type IOC, and Minimum AON, they will honor the IOC, but twiddle the Minimum to Any. They said they do this because PQDM doesn’t support FOK, or IOC+AON.
However, sometimes when sending IOC+AON orders, it will be rejected instead of the AON changed to Any, dependent on the route they send it to.
Hence, the fair thing for SureTrader to do given they don’t allow you to pick your route, is to send FOK and IOC+AON orders to routes that support it, and not twiddle your orders without your explicit approval.
2) When submitting IOC+Any orders that route to PDQM, the liquidity can be spotty. For example, I’ve sent many Limit Bid/Ask orders for a 1000 shares on various stocks, and have found that the first fill of many orders is for 100 shares, 2, 10, 68, etc. It’s obnoxious because it generates frivolous commissions at the expense of the client. If SureTrader wants to use routes that have poor liquidity, I would rather use IOC+AON or FOK orders so I get all of the shares or none at all, or SureTrader should set it so that if I don’t get at least 1/2 the requested shares the order is cancelled.
3) Their Desktop Pro platform crashes at least once every 1-2 weeks with something like:
DasTrader caused an Access Violation (0xc0000005) ,in module DasTrader.exe at 0023:0043e5e7.
This has occurred on various past version, and the current 188.8.131.52. While the program can be reopened quickly, it’s pretty scary to think the program could crash in the middle of a trade. Also, others have reported their DAS software crashing, so it’s not a new issue.
The bottom line is presently, SureTrader is inviting their clients who are avoiding the PDT rule to switch to a direct route competitor once they get their account up to $25,000.
Sure Trader is a scam. They shouldn’t even have the articles written about them. I’m suspect of any company that does a “review” on them.
Hey Ross, I noticed they changed their price structure yet again. Just found out after reading your review.
I’ll be expecting your SureTrader vs Tradezero comparison after these changes.
I wanted to follow up on a few more issues noticed while using SureTrader:
1) You typically won’t be able to short popular, low float stocks. For example, if it’s a gapper, in play, had a big run recently, etc. Once in a blue moon something in play will be shortable, but it’s rare. Mid-cap+ stocks typically have shorts available. You want to short low floats? Get a broker that has availability (IB, CB, etc.).
2) Leverage on low float stocks in play are typically restricted to 1:1 for days. So, don’t plan on using leverage with low float stocks in play. However, mid-cap+ stocks typically don’t have leverage restrictions.
3) Regarding customer service, if it’s something standard, like asking them to confirm a trade, cancel an order, etc. they handle that with no problem. However, if it is anything outside of this, you will get answers that range from unconfirmed to nonsensical. Some notable quotes I’ve heard on the phone:
+ “A supervisor has already been made aware.”
+ “I’ve confirmed that…”
+ “Let’s wait and see if it happens again in the future.”
If you use the support website, a proper resolution can take weeks, or in the unfortunate case months to obtain. Want a root cause why your IOC order wasn’t immediately filled or cancelled? You will get some red herring response that has nothing to do with anything. Also, they typically don’t read what you wrote, don’t understand what you wrote, and don’t review the screenshots you attach. They make you feel like they are just stringing you along while you pay the monthly platform fee. Bottom line, if you are using the website for support, assume the response you get is wrong until proven right by a resource other than the SureTrader employee responding to you.
Anthony S Thomsen
Not that anyone has answered these comments, but it seems to be part of the sell was that those who did not have the 25K could workaround. We would receive an email with recommendations. Looking at them, it seems a bit sketchy. It was part of the big sell and growing funds quickly. Maybe someone can offer different insights? Feel free to email me as well.
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Barber, Brad & Lee, Yong-Ill & Liu, Yu-Jane & Odean, Terrance. (2020). Do Day Traders Rationally Learn About Their Ability?. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636
Garvey, Ryan and Murphy, Anthony, The Profitability of Active Stock Traders. Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005. Available at SSRN: https://ssrn.com/abstract=908615
Douglas J. Jordan & J. David Diltz (2003) The Profitability of Day Traders, Financial Analysts Journal, 59:6, 85-94, DOI: https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578
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Traders-Trust.com (.eu) Review Visit site
About Traders-Trust.com (.eu)
Traders-Trust is a forex broker. Traders-Trust offers the MT4, MT4 Web and Mobile forex trading top platform. Traders-Trust.com offers over 40 forex currency pairs, cfds, commodities, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.
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|Minimum Trade Size:||0.01|
|Minimum to Open Live:||$50|
|Address:||56 Theodorou Potamianou Aphrodite Court, 4th Floor, Limassol , 4155, Cyprus|
|Contact:||[email protected], 0044 203 1295899|
|Cryptocurrencies:||(15+) Bitcoin, Litecoin, Ethereum|
|CFD:||(10+) Gold, Silver, Stock Indexes, Oil, Other Commodities|
|News Spike Trading:|
|Deposit Methods:||Bank Wire, VISA, MasterCard, Bitcoin, bitwallet, FasaPay, Neteller, Skrill, WebMoney|
|Withdrawal Methods:||Bank Wire, VISA, MasterCard, Bitcoin, FasaPay, MyBitWallet, Neteller, Skrill, WebMoney|
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Service use: Live
Length of use: 0-3 Months
I earned 35k USD from this company last week on 9 March 2020, they forfeited all my profit. Saying prohibited trading.
On their website, saying ANY EA or trading style is allowed. I scolded them, but nothing we can do.
I suggest those want to open an account at Trader Trust, DO NOT JOIN IT. You are allowed to lose money here, whereby they will like it. IF YOU EARN OR EARN A LOT OF MONEY FROM THEM, THEY WILL FORFEIT YOUR PROFIT.
SCAM BROKER, SCAM MANAGEMENT.
This is one of the worse brokers I have ever dealt with.I lost almost $2000 with them.I think that they are responsible for my loss in most cases.It seems that they trade against some clients though they claim to be pure STP.They have different ways to steal clients’ money.For example-when a trade is in profit ,they steal from a portion of the profits.I am not sure how some clients placed positive feed back for them.
Another thing is that though they have negative balance protection policy ,this is not inn action.For example -one time I had -$7 and they took that when I redeposited
How can I use some delay in the market execution? When market execution of order by clicking the mouse on the button buy/sell, I only send the order to the current market price. Then liquidity providers executed at the current market price and all Internet delays only worsen the exercise price.
To see problems ,make traded based on 5 minute candles.If you trade based on long time frames ,you may not notice the dishonesty.
Finally,I no longer recommend this bucket shop
Account Opened : February 2020
Very transparent Broker with good support services.
No problems with withdrawals.
I never had any “Requotes” (I’ve met in others).
Compte ouvert : Février 2020
Broker très transparent et très bon support (commercial & technique).
Je n’ai jamais rencontré de problèmes concernant mes retraits.
Concernant les “Requotes”, à ce jour, jamais observés.
French Trader, Paris, France
this broker is a complete scam
i work with them as an ib,they stopped my rebates on 25 jan 2020 till now,they refused to give me one answer why they did so,i sent many many emails to claim my rights starting from may and till now i only received one email that they are investigating and nothing happened till now,i also placed an advertising banners for them on my website for a cost of 1200 usd from december 2020 they paid me about 560 usd on 2 payments and till now i’m trying to get my money
i filed a claim on cysec and waiting to get an answer
i’ll post the cysec reply when i get it
beware of this broker they are scam
I’ve been trading with TT for couple of months and were very happy with the service they provided. I turned my account from 3k USD to over 20k USD. Everything were great until the EURUSD big movement on 30.11.2020.
My EA started trading short with big lots and tight SL – over 25 lots total opened, from 0.01 to around 2.6 each trade. What was my surprise when the price went straight thru my SL and went much higher. I tried to close the trades manually but was getting off-quotes all the time. Margin call didnt work as well. I had floating loss of over 25.000 USD (account balance around 20.000). Finally, after 15 minutes all the trades were closed, leaving my account with something around 2-2,5k USD.I contacted my two friends, who are trading similar EA’s and they had exactly same problem – trades closed afrer 15 minutes. The difference is that they were trading microlots!
I spoke with Traders Trust support for two weeks and they say it’s not their fault – those the real markets condition they say.
So, if you want to trade knowing that your SL can be ignored for God knows how long, Margin Call doesnt work as it should – Traders Trust is a place to go!
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