Is Suretrader Legit? Our Honest Suretrader Review
I wanted to add this review on Suretrader as it was the first brokerage account I got when first starting out as a daytrader. SureTrader allows US-based traders to day trade with less than $25,000 in their account, thus avoiding the PDT Rule (the Pattern Day Trade Rule). Which is why I jumped on the idea, However its important to look at the down sides and realize there are other options out there.
SureTrader offers support about their account and platform through phone, email, or live chat.
Setting up a SureTrader account is simple and fast. It has one of the longest stock lists of any online broker However It is best that US traders with more than $25,000 available not use SureTrader as there are far cheaper and more reliable brokers out there. SureTrader’s location is in The Bahamas and that allows them to have less stringent regulations than are found in the United States. However offshore jurisdiction is not uncommon in the financial sector. The International Business Companies Act has let The Bahamas become an established corporate and financial hub for alot North American investors. SureTrader is listed on the Securities Commission of The Bahamas and is regulated by them.
Although SureTrader was a the first to offer many services to beginning day traders, it is now not the only option, and there are now many good and less expensive alternatives available for traders.
Based on reviews, some day traders seem to have had issues with the SureTrader platform glitching as with the withdrawal of money from their accounts. I personally experienced both in my short trial of the brokerage.
SureTrader’s trading fees were extremely high and that was a major downside for many traders. Recently they reduced their fees to $0.005 per share with a $1.95 per share minimum as of the last time I checked when I wrote this article, but that is still a high commission structure within the industry compared to other brokers.
High volume traders and those trading more than 1,000,000 shares per month, pay lower trading fees, but they need to contact Suretrader and set it up in order to access the lower rate.
Suretrader Account Fees
- Outgoing Fees: $40 USD/BSD
- Inactivity Fee: quarterly (if under 15 trades): $50 USD/BSD
- Margin or Equity Call Fee: $25 USD/BSD / per day
Great broker for begining and intermediate options traders! Lowest price per trade on options that we have found and they allow you trade with a cash account which enables you to have more then 3 trades per day and bypass the PDT rule.