LightSpeed Trading Broker Review

LightSpeed Trading Broker Review

LightSpeed Trading is a platform that caters towards one specific kind of trader – the hyperactive one. It is for this reason why the majority of beginner investor will be put off by their sales pages as they are littered with jargon and lingo that only advanced members will recognize. This is all deliberate as the platform works perfectly when it comes to executing fast trades that require little research. If you are just getting started in trading, this is a platform that you should definitely avoid.

Lightspeed Broker Review

Because LightSpeed is designed for quick trades, there are not a lot of options when it comes to mutual funds and EFTs. If you’re looking for IRAs and other long-term investments, LightSpeed will not be able to offer a lot. LightSpeed has some impressive features and very low fees, which are greatly appreciated by the day trading community. This review will go over the features of LightSpeed to see if it is the right platform for you. So, if you’re still curious to see what makes this platform tick, continue to read the article.

Commissions and Fees

If you’re trading very fast and frequently throughout the day, you’re going to want to make sure you’re not racking up a bill with your broker via commissions. LightSpeed solves this problem with a tiered commission system whereby the more trades you make the cheaper your fees. It’s as simple as that.

Lightspeed Commissions

In addition, LightSpeed has two different tiered commission types – per trade and per share. If you choose the per share trading option, you will receive a flat-rate of $.0045 including/excluding a routing fee. If you order a larger number of shares you will receive a trade fee of $4.50. Options are the same but with a $.60 contract fee.

As the platform is dedicated to the equity trading side of things, there are no EFTs and Mutual fund options for you to trade.

Tools and Features

Because LightSpeed is so focused on making sure that you have the fastest platform possible, they don’t have a lot of tools when it comes to researching and learning. They do, however, have a ton of customization options and a load of interfaces for you to experiment with. The majority of these are from third-party providers by LightSpeed also has three privately owned platforms, including LightSpeed Trader, LightSpeed Web Trader and LightSpeed Sterling.

Lightspeed Trader

Their main platform (LightSpeed Trader) is incredibly fast, fluid and provides a decent platform when it comes to hyperactive trading. The platform requires an advanced eye as it is not at all pretty. It is purely designed for the expert who knows exactly what they’re doing and what they need to do it. The charting side of the platform is very basic and is extremely out of date. However, for a platform where every second counts, the application does the job perfectly.

Customer Service

As they are called LightSpeed, you would have thought that their customer service is equally as fast. When we were testing their customer service we found that they tended to answer the phone incredibly quickly and we got all our questions answered. However, where they lacked was in email. Some of our emails never got answered but when they did the response was helpful and friendly.

Conclusion

LightSpeed does exactly what it says on the tin. They provide a platform for advanced traders to execute trades as fast as possible. They are not the prettiest platform nor are they the most practical but they get the job done. As I have said before, if you are a beginner or are looking for long-term investment opportunities, we suggest you stay clear of their expert broker.

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