SureTrader

Pros
  • Unlimited day trading with small accounts
  • Free personalized education
  • Free virtual account
Cons
  • Transfer fees expensive
  • Extra fee for java trading platform

Overview

SureTrader is a bit more difficult to get money to, because it’s located in the Bahamas, and they charge you to fund your account, and $100 per wiring transaction out of the account. The trading platform is an old school Java platform that looks like it was written 10 years ago. The customer service can be good or it might be difficult to get ahold of them depending on what time of day you call, or email, or chat.

Also the fact that they are out of the country was a bit worrisome to me when I first opened an account with them. Why would I or anyone want to open an account with such a company? People open trading accounts at SureTrader because they can do what no other online trading company can do. Since they are outside of the country, they are not subject to the federal regulations on day trading with an account size under $25,000. All other online trading companies limit you to 3 day trades (in and out of the same stock) per 5 days. At Suretrader a person can trade to their hearts content, and they have the biggest margin account in the market. With 7 to 1 margins, a person who funds an account with as little as $2000 (their minimum for margin, or $500 funding for a basic account) , they will enjoy much more spending power than that $2000, but beware. They require that you be back to no more than a 2 to 1 margin for overnight holding of stocks.

Yes, it’s legitimate, and yes, I have an account with them, and know other people with accounts with them also. If you have been shut down for too many trades with other brokers, or you want to try out day trading on a small budget, Suretrader is the place to go.

Steve White

Online Stock Broker Researcher

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