![]() Lightspeed is not an online broker built with new or casual investors in mind. You will have to signup with a crypto exchange to trade popular tokens such as Bitcoin, Ethereum, or Dogecoin. No, Lightspeed does not offer cryptocurrency as a tradeable asset. Self-directed trading aside, Lightspeed’s institutional arm offers algorithmic (algo) trading through its Lightspeed Trader API and black box developer kits, both of which are often used only by hedge funds. That said, everyday investors will not find support for fixed-income (bonds), mutual funds, or any commission-free ETFs. This means direct market routing to numerous venues, an extensive list of order types, and complex options. Lightspeed offers active traders fully featured stock and options trading. Even with access, functionality is scarce as the app focuses solely on the essential functionality required to trade. The Lightspeed mobile app connects to Lightspeed Web Trader accounts, not the flagship Lightspeed Trader platform. Average Professionalism Score: 6.0 / 10.For our 2020 Broker Review, 280 customer service tests were conducted over ten weeks. To score Customer Service, partners with customer experience research group Confero to conduct phone tests from locations throughout the United States. Web Trader offers the same look and feel as Lightspeed Trader however, the platform lacks advanced functionality such as hotkeys, level 2 quotes, basket order entry, and direct market access, and there is no access to TipRanks research. Web trading: For less active investors insistent on using Lightspeed, who looking for something more basic (and less expensive), Lightspeed Web Trader (browser-based) is the best option. Lastly, for futures trading, customers can select from several options: RealTick, CQG, CunninghamTrading Systems (CTS), NinjaTrader, Patsystems, Quick Screen Trading (QST), RAN, and Trading Technologies (TT). For options trading, there is Livevol X (owned by the CBOE, Lightspeed is the only broker with an enterprise license to offer the platform to customers), Derivix, Obsidian, OptionsCity, Valdi Options Solutions, and Wex. Third-party trading platforms focused on equities trading on offer to customers include RealTick Pro and Express. Under Lightspeed's parent company, three platforms are corporate-owned: Lightspeed Trader, Lightspeed Web Trader, and Sterling Trader. Other platform options: Lightspeed offers customers multiple platforms to trade on. I found the charting to be just okay, and the analytical tools were certainly lacking, less the access to TipRanks research. That said, beyond placing lightning-fast trades, Lightspeed Trader has little to offer. For example, Lightspeed Trader includes endless hotkey options for trading on the fly. While not the prettiest platform (it certainly would place last in any beauty pageant), the platform serves its purpose. Lightspeed pricing summary:įor our review, we focused solely on Lightspeed's flagship platform, Lightspeed Trader, a desktop-based platform designed for speed, stability, and execution. Rebates are provided for adding liquidity, while charges are assessed for taking liquidity. ![]() Also, unless traders opt to use the LSPT Route, they are fully responsible for market center routing fees. As another example, if the trader spends only $40 in commissions, they would be charged $90 ($130 - $40) for that month. Commission spend applies towards this fee, so if a trader spends at least $130 in commissions the $130 fee is not applicable ($130 - $130 = $0). Platform fees and misc charges: The Lightspeed Trader platform charges a $130 software fee each month. Options trades start at $.60 per contract and scale down in cost according to monthly volume. Traders who place larger orders can opt to pay per trade, starting at $4.50, plus/minus routing fees. The more volume you trade or the more frequently you trade, respectively, each month, the lower your rate will be.īase pricing: With per share trading, equity trades start at $.0045 per share plus/minus routing fees ($1 minimum). Through the main platform, Lightspeed Trader, two-tiered commission structures are offered: per share and per trade.
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