Trying to find an online broker that meets your needs can be a daunting task, especially since there are many commercial platforms that operate in the online space.
If you are looking for a broker that facilitates actions, both large and small, options and ETFs, then it may be worth checking out SureTrader. Most notably, the platform attracts those based in the US. UU. Who want to avoid the important rules of "Pattern Day Trader".
In our SureTrader review, we will cover everything you need to know about the broker. This will include the types of assets you can exchange, rates, regulatory status, customer service and more.
At the end of reading our SureTrader review from start to finish, you will be equipped with all the necessary tools to determine whether or not they are the right agent for you.
Let's start by discovering who SureTrader really is.
Who is SureTrader and what do they do?
Simply put, SureTrader is an online broker that allows people to exchange financial assets from the comfort of their own home. The platform is located in the Bahamas and, therefore, is not restricted by the same level of regulatory burdens as the US-based brokers. UU. In terms of what you can trade in SureTrader, this focuses primarily on three main asset classes.
In particular, this covers stocks and shares (including companies that operate in Pink Sheets), Options and ETF. In terms of regulation, SureTrader is fully licensed Securities Commission of the Bahamasand are authorized by the Exchange Control, which is regulated by the Central Bank of the Bahamas.
It should be noted that, in general, the SureTrader platform is best suited for those with advanced knowledge of online commerce. This is because the platform offers a full range of advanced trading tools that could actually intimidate novice operators. However, to obtain the complete set of technical tools, you must pay a monthly fee of $ 49.
In addition, the SureTrader platform also places a strong emphasis on the availability of leverage. Again, this is something that is best avoided for those who are at the beginning of their business trip.
In addition to offering highly competitive commercial rates, one of Suretrader's main selling points is that they effectively allow US citizens to bypass the Pattern Day Trader rules established by the Securities and Exchange Commission. In fact, they are quite open about it and, therefore, appeal to a very specific niche of online commercial space.
Although we will cover this in the next section, the employer's day merchant rule restricts daily business activities for US citizens if individuals do not have a minimum balance of capital of at least $ 25,000.
As this is an important benefit for many traders based in the USA. In the US, our SureTrader review will explore the phenomenon of Pattern Day Trader in more detail below.
What is the employer's day trade?
The term "Day Trader Pattern" is a regulatory term that was created to describe a specific type of merchant. In its most basic form, if an individual executes four or more daily transactions within a period of five days, then, in the eyes of US regulators. UU., Are a patron day trader. So why is it important?
Well, everything is related to the risks associated with margin accounts.
Since the Pattern Day Trader rule is of paramount importance to American citizens, along with the fact that this is one of SureTrader's strongest outlets, it is crucial that we briefly explain what this means.
What is a margin account? How does margin trading work?
Margin trading, or margin trading, are terms used to describe the act of investing more than you actually have in your brokerage account. In other words, you are basically borrowing money from the broker in question, to negotiate larger amounts.
The margin accounts are completely separated from the standard cash accounts, since you are effectively negotiating the funds that the broker has lent you. In the vast majority of cases, brokers require an initial deposit to facilitate margin trading.
The amounts that you can negotiate with margin will generally depend on the amount of funds you deposit in your margin account. Take note, if the markets do not move in your favor, the broker is likely to ask you to deposit additional funds into your margin account. Otherwise, you run the risk that some of your invested assets will be sold on your behalf, to cover the deficit.
It is this specific form of negotiation that is directly linked to the trader's rule of the employer's day.
Employer's Day Merchant Rule: Consider SureTrader
If you reside in the USA UU., You will know perfectly how strict the regulation is regarding financial values. According to The Financial Industry Regulatory Authority (FINRA), for an operation to fall within the scope of Pattern Day Trading, the value must be bought and sold the same day, through a margin account.
As such, if you execute four or more of these operations within 5 business days, you must follow the trader's rule on the employer's day.
Ultimately, this means that you must maintain a minimum margin balance of at least $ 25,000.
It is important to keep in mind that the minimum balance of $ 25,000 can be made up of cash and eligible values. However, if the realizable value of the assets in your margin account falls below $ 25,000, then you will be restricted from making more transactions until the amount is completed.
These rules are a significant obstacle for those who wish to operate with margin, but cannot comply with the requirements established by both the SEC and FINRA.
As such, the SureTrader platform opens the doors to Pattern Day merchants, especially since they are not subject to the same rules.
So, now that you know what Day Pattern Trading is and why this is a big point sale for SureTrader, in the next part of our SureTrader review we will explore what assets you can trade.
What assets can you buy and sell in SureTrader?
When it comes to the amount of assets available in SureTrader, the broker focuses exclusively on three main instruments. This includes traditional actions, options and ETF.
While this may sound somewhat lacking, given the fact that the broker does not offer mutual funds, futures, bonds or currencies, there are actually more than 10,000 assets available for trading.
Let's analyze this in more detail below.
Our review of SureTrader found that the platform lists more than 10,000 shares, which is very impressive. This covers major stock markets, such as the New York Stock Exchange (NYSE) and NASDAQ, which means that you can speculate on the largest companies in the world.
Not only this, but SureTrader is one of the only online trading platforms that allows you to invest in penny stocks. As penny stocks operate more commonly in OTC (Over-the-Counter) markets, trade is reserved primarily for brokers who have access to the likes of Pink Sheets. As such, you should go with a specialized broker to take a look.
On the contrary, you can speculate about penny stocks directly from your SureTrader account.
However, it is of the utmost importance that you understand that no matter what type of actions you buy, you are actually investing in CFD (Contract-for-Differences). This means that although you can speculate on the value of the underlying asset, you don't really own it. This also means that you will not be used to dividend payments.
However, one of the great benefits of CFDs is that it can also "go short" in stocks. In other words, you can speculate about the value of the stock going down, instead of going up.
If you are a more experienced operator and have complete knowledge of how options work, SureTrader can make it easier. You can exchange options in more than 10,000 shares, which will give you the opportunity to create a large portfolio of assets.
The third and final asset class that SureTrader facilitates is that of ETFs. Publicly traded funds, more commonly known as ETFs, track key markets such as NASDAQ, Gold, Oil or even real estate.
As an investor, you can speculate on a group of assets (such as the S&P 500) through a single operation, instead of having to perform multiple operations.
So, now that we have explored what assets you can trade in the broker, in the next part of our SureTrader review we will explore trading rates.
SureTrader Rates: What negotiation fees do SureTrader charge?
When it comes to commercial rates in SureTrader, the platform has one of the most competitive pricing structures in the online brokerage space. The broker rewards investors who trade larger volumes.
Standard commercial commissions for stocks, options and ETFs
Permanent commercial rates for shares and shares in SureTrader are $ 4.95 / per transaction. In addition to this, you must also pay $ 0.10 for each share you own.
If you are an active investor and manage to negotiate more than $ 250,000 in a single month, then you will get this at $ 3.95 / per transaction plus $ 0.008 per share.
Ascending on the activity scale, transactions between $ 500,000- $ 750,000 and $ 750,001- $ 1,000,000 attract reduced rates of $ 2.95 ($ 0.006 per share) and $ 1.99 ($ 0.004 per share).
Ultimately, while these trade reductions are highly competitive, you need to negotiate significant amounts to get closer.
The negotiation rates with respect to the options are much less complex and add a flat rate of $ 4.95, plus $ 0.50 for each contract.
When it comes to trading ETFs, it follows the same pricing structure as stocks and shares.
Other rates to consider
Outside of the standard commercial rate structure offered by SureTrader, there are some rates based on the investment you should consider. To clarify this, we have listed the most relevant charges below.
- If you hold margin positions overnight, this is charged at a reasonable APR cost of 7.5%
- If you are shortening actions and maintaining the position overnight, this is charged at 0.5%
- You will pay an additional $ 25 per transaction for margin calls
- If you execute more than 15 operations in a three month period, an inactivity fee of $ 50 applies
So, now that we have covered the commercial rates, in the next part of our SureTrader review we will see the deposits and withdrawals.
Payments, deposits and withdrawals in SureTrader
When it comes to financing your account, our SureTrader review found that you have some options to choose from.
Most people prefer to use a debit card, as it is very convenient and the funds are credited instantly. Interestingly, SureTrader also allows you to deposit funds into your account with a credit card.
This is very unusual, since the vast majority of brokers operating in the online space do not usually allow the use of credit cards. Take note, regardless of whether you are using a debit or credit card, you will have to pay a 3.50% processing fee.
Actually, this is very high, especially since you will need to get at least 3.50% in business profits just to cover the deposit. We must also keep in mind that SureTrader does not have the ability to process Canadian debit / credit cards.
A somewhat unconventional deposit method that SureTrader also supports is that of electronic wallets. It has the ability to deposit up to $ 5,000 through Skrill or Neteller, and the supported currencies include USD, EUR, GBP, JPY, CHF, CAD, SGD, AUD and NZD. The official deposit period is between 1-24 hours.
However, as in the case of debit and credit card deposits, the rates are exorbitant. You will pay a remarkable 3.90% in processing fees, plus a fixed token payment of € 0.35. In addition, we must also keep in mind that Skrill payments are not open to US residents. UU.
If you want to reduce deposit fees, then your best option is to finance your account through the ACH (Automated Clearing House) or a traditional bank transfer. These two deposit methods are the only payment mechanisms listed on the SureTrader website that do not show processing fees. As such, it is likely that the only processing fees you will pay are those initiated by your financial institutions.
On the other hand, payments by bank transfer or ACH are by far the slowest and can take up to 5 business days before they reach your SureTrader account.
No matter what financing method you choose, the minimum deposits amount to $ 500.
Now let's take a look at the withdrawals.
When it comes to withdrawing funds from your SureTrader account, there are some things to keep in mind. First, if you wish to withdraw funds by bank transfer, an electronic wallet (both Skrill and Neteller) or ACH, you will pay a flat rate of $ 40.
If you wish to withdraw a debit or credit card, this will attract a 3.5% processing fee. As such, when depositing and withdrawing with a debit / credit card at the broker, our SureTrader review found that you will pay a 7% fee from start to finish.
Alternatively, and perhaps the best option, is to obtain the SureTrader MasterCard. This is essentially a prepaid debit card that allows you to transfer your SureTrader funds.
As the card is backed by MasterCard, you can not only withdraw funds through an ATM, but you can also use it anywhere you accept MasterCard.
Now that we have covered the deposit and withdrawal process, in the next section of our SureTrader review we will explore whether your funds are safe in the broker.
Is SureTrader safe?
This part of our SureTrader review is potentially the most important. When reviewing US-based brokers. In the normal circumstances, you can be sure that the broker is highly regulated, especially since there is a highly strict regulatory framework that covers investment platforms of all sizes.
However, since SureTrader is located in the Bahamas, we must analyze it more closely.
Launched in 2008, the SureTrader platform is regulated by the Securities Commission of the Bahamas. It is this organization that is responsible for ensuring that SureTrader keeps customer funds safe.
It is safe to say that the Securities Commission of the Bahamas is not as exhaustive as the SEC and, therefore, it is difficult to say with certainty how safe the broker is.
What we can point out is the fact that SureTrader has an established business history dating back to 2008. According to a thorough evaluation of the reviews and comments available within the public domain, there seems to be no important indicators that the broker is anything other than legitimate .
In addition to this, the SureTrader platform also has regulatory oversight from the Central Bank of the Bahamas, which act as an exchange controller for all commercial platforms that operate within the nation.
In simple terms, this means that because the Central Bank is a member of the International Monetary Fund, they themselves must ensure that they operate in a very strict manner.
In general, although you can never be 100% sure with online brokers, no matter where they are, we see no reason to be too cautious with SureTrader, especially since the general consensus is that they do everything for the book.
In terms of account security, it seems that SureTrader does not offer users traditional sign-in safeguards, such as two-factor authentication (2FA). On the other hand, the platform uses Secure Socket Layer (SSL), which is the industry standard for online broker space.
This means that your personal information is encrypted and, therefore, keeps your data safe from possible bad actors.
So, now that we have covered the regulation and security of the account, in the next section of our review of SureTrader we will see how the customer service platform is.
How is customer support in SureTrader?
Before contacting customer service, it is worth noting that the SureTrader platform has an excellent knowledge base. When we explore this ourselves, we discover that most account inquiries can be resolved through the extensive department of frequently asked questions.
However, if you need to speak with a customer service agent, you have some options available to choose from.
You can contact the support team by phone, which offers US service numbers. USA, Canada, United Kingdom and Australia. Alternatively, you can also contact SureTrader through its live chat service.
It seems that this is not available 24 hours a day, 7 days a week, since once the live chat option was not available to us.
You can also contact the support team through a support ticket, email and even Skype.
Although the platform offers a wide variety of support options, public opinion is somewhat divided. While some users claim that customer service is excellent in SureTrader, there are also a number of negative reviews.
So, now that we've covered customer service, let's take a look at the educational and research tools available in the corridor.
Educational, fundamental and technical analysis tools in SureTrader
Although we have the impression that the SureTrader platform is potentially the most suitable for the most advanced operators, the broker provides a good range of educational materials for less experienced investors.
This includes a complete blog that contains educational guides for newbies. This covers topics like ‘TThe difference between options and futures‘,‘ Trading strategies for beginners'Y'Daily negotiation versus long-term negotiation‘
In addition to the educational center, SureTrader also offers a complete commercial simulator. This is where you can try the platform without risking your own funds.
Although this may be useful for those with little experience, demo accounts often have limited effectiveness. The key reason for this is that until you risk your own money, you will not understand the emotional side of commerce.
Regardless of the experience you have in the commercial field, all investors require third-party sources to analyze the potential of the asset in which they wish to speculate.
If you are the type of operator that depends heavily on technical analysis, then the SureTrader Desktop platform is worth considering. Although this costs $ 49 per month, you will have access to a complete set of trading tools. Alternatively, the free section is somewhat limited.
In terms of the fundamentals, which refer to real-world developments that can affect the value of an asset, unfortunately this is not something you can easily access in SureTrader.
Although there is a dedicated news section, it is rarely updated. As such, even if it is a small obstacle, you will have to perform fundamental assessments from alternative sources.
Now that we have covered the educational and research tools, in the next section of our guide we will show you how to get started in SureTrader.
How to start with SureTrader
If you believe that SureTrader is the right online agent for your individual needs, we will show you how to get started. Follow our simple step-by-step instructions to open an account.
- Go to the SureTrader platform To start the account opening process, go to the SureTrader platform. To make things easier for you, just click hereOnce there, click on To open an account.
- Enter some basic information In the first part of the application process, you must enter basic information. Enter your full legal name, email address and phone number.
- Choose what type of investor you are Although it is not as strict as other online brokers, you should still confirm what type of investor you are. If you are simply operating individually, select IndividualIn the next section, you must enter more information, such as your country of residence and date of birth. In addition, you must also specify what type of negotiation you will perform.
The options are as follows: * Short-term returns * Additional income * Savings for investment * Future planning (retirement, etc.)
- Insert details about your risk tolerance and source of funds Although SureTrader is regulated outside the US UU., The platform still has regulatory obligations regarding risk tolerance. In other words, they have to make sure that they have a complete idea of the underlying risks of operating online. Review the list of questions and answer in the best possible way. SureTrader only needs approximations, so don't worry if your risk tolerance changes later. Within the same page you must also confirm where your source of commercial funds originated.
- Confirm your wealth levels As is standard in the online brokerage industry, you must also provide SureTrader with your current wealth levels. This covers your annual income, net worth and net worth. Also, if you are currently employed, you must enter the details of your current employer.
- Presentation of the W8 tax form If you reside in the USA UU. Or you are a US citizen living abroad, you must complete your W8 tax form. This is a legal requirement, regardless of the online agent you use. Make sure the details you enter are correct, otherwise you may have experience problems with the IRS later.
- Upload copies of your identification and proof of address You should now upload a copy of an identification issued by the government (such as a passport) and a proof of address document (such as a utility bill).
- Wait for your account to be verified Now that you have gone through the end-to-end account opening process, the SureTrader team will begin verifying your information. Although SureTrader informs you that it is likely to take 2 to 5 business days, in most cases it is much sooner. However, as soon as you receive an email confirming that your account has been opened, you can make a deposit and start trading.
SureTrader Review: The Verdict?
In summary, we believe that the SureTrader platform is the most suitable for a specific type of operator. If you have some commercial experience to your credit, then they could be the broker for you.
More specifically, if you are an active trader based in the USA. UU. Or a US citizen who lives abroad may omit the employer's Day merchant rules that require him to maintain a minimum margin balance of $ 25,000.
In terms of rates, our SureTrader review found that a flat rate of $ 4.95 (plus $ 0.10 per share) is very reasonable for stock trading. While rates continue to decrease when you exchange larger volumes, you must bill at least $ 250,000 per month to be eligible. However, if you negotiate significant amounts, you can reduce your transaction fee to only $ 1.99 ($ 0.004 per share).
In regards to regulation, although the corridor is based in the Bahamas, they still receive the necessary licenses to offer their services, including those from the USA. UU. In addition, as SureTrader has been in operation since 2008, they have accumulated a good reputation from the online community.
Regarding the negative aspects, we were slightly disappointed by the lack of availability regarding futures, mutual funds and exchange operations, although with more than 10,000 assets housed, there are many values to choose from.
Finally, it is a pity that the platform does not place more emphasis on its research analysis department, although this can only be expected to be something that SureTrader is working on.
- There are no trading rules for employer's day
- Minimum deposit under $ 500
- Easy to use trading software
- Margin of operations
- Good graphics tools
- $ 50 quarterly inactivity fee for accounts with less than 15 operations
- $ 40 charge for outgoing funds
- Lack of some assets to trade
Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.
Disclaimer: The answers below are not provided or commissioned by the bank advertiser. The responses have not been reviewed, approved or supported by the bank advertiser. It is not the responsibility of the bank advertiser to ensure that all publications and / or questions are answered.[ad_2]