Introduction
If you are into online trading, you must have heard of Lightspeed Trading. It is a popular trading platform that offers advanced trading tools for professional traders. However, one of the most important factors that traders consider while choosing a trading platform is the cost. In this article, we will discuss how much Lightspeed Trading costs and what features you can expect for that price.
Basic Pricing
Lightspeed Trading offers two pricing plans; per-share and per-trade. The per-share plan charges $0.0045 per share traded with a minimum of $1 per trade. The per-trade plan charges a flat rate of $4.50 per trade. Both plans offer unlimited shares per trade and do not have any volume restrictions.
Platform Fees
In addition to the basic pricing, Lightspeed Trading also charges platform fees. The platform fees range from $130 to $325 per month depending on the trading platform you choose. The platform fees are waived if you meet certain trading volume requirements.
Advanced Trading Tools
Lightspeed Trading offers advanced trading tools such as Level 2 quotes, advanced charting, and hotkeys. These tools are essential for professional traders who require real-time market data and fast execution speeds. However, these tools come at an additional cost. The Level 2 quotes cost $20 per month, advanced charting costs $99 per month, and hotkeys cost $20 per month.
Routing Fees
Lightspeed Trading offers multiple routing options for orders. Each routing option has a different fee structure. The fees range from $0.0029 to $0.0035 per share traded. However, if you choose to use the SmartRouting option, the fees are waived.
Margin Fees
If you trade on margin, Lightspeed Trading charges interest on the borrowed funds. The interest rates range from 4.50% to 6.50% depending on the amount borrowed.
Account Fees
Lightspeed Trading also charges account fees for various services. The wire transfer fee is $30 per transfer, the ACH transfer fee is $1 per transfer, and the paper statement fee is $5 per statement. However, if you maintain a minimum account balance of $15,000, these fees are waived.
Customer Service
Lightspeed Trading offers customer service via phone, email, and live chat. The customer service representatives are knowledgeable and responsive. However, if you require dedicated support, you can opt for the VIP service which costs $500 per month.
Pros and Cons
Pros: – Advanced trading tools – Multiple routing options – Responsive customer service Cons: – High platform fees – Additional fees for advanced trading tools – Margin interest rates are high
Conclusion
Lightspeed Trading is a popular trading platform that offers advanced trading tools for professional traders. However, the cost of using this platform can be high, especially if you require advanced trading tools and routing options. If you are a professional trader who requires advanced tools and fast execution speeds, Lightspeed Trading may be the right platform for you. However, if you are a beginner or a casual trader, you may want to consider a platform with lower fees and simpler tools.
