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SureTrader specializes in day trading where investors buy and sell securities on an intraday basis.
About company. Fund security
SureTrader is a division of Swiss America Securities, Ltd., founded in 2008. The broker is registered in the Bahamas and is regulated by the Bahamas Securities Commission.
Let's take a look at who falls into the “day trader” category and why SureTrader is unique. A system day trader, as noted by FINRA and NYSE, is any trader who makes four or more trades (this includes opening and closing a position in a security or stock option) within 5 business days. According to FINRA rules, clients who are considered "day traders" must have at least $ 25,000 in their account. But clients can trade with capital below the specified amount, since SureTrader is not a FINRA member and is registered in the United States, the broker is not required to comply with the established rules.
SureTrader is overseen by the Bahamas Securities Commission. The islands have an offshore jurisdiction for companies providing financial services. This is the downside to being able to trade intraday securities. We recommend that you think carefully before investing a large amount of money in offshore companies. Since when licensing a company, the presence of a minimum capital is not a mandatory requirement. Thus, if a broker becomes insolvent, the risk of losing investment becomes much higher than in licensed companies.
Overall, SureTrader is a great option for newbie traders.
Trading conditions
SureTrader offers stocks and options. An over-the-counter market is available. Unfortunately, the broker does not have any other securities available: mutual funds, bonds, futures.
Minimum deposit
It is $ 500. This is the most lucrative offer in the industry when it comes to trading securities. It is also a great trading opportunity for beginners who do not have $ 25,000.
Commission fees
The standard stock commission is $ 0.005 per share and $ 1.95 per trade. Provided that the trader trades less than 1,000 shares per month. For options trades - $ 0.50 per contract and $ 4.95 for each trade.
Holding positions on margin overnight are subject to an interest rate of 7.5% per annum.
In addition, there is a $ 50 fee if the trader makes less than 15 trades in a quarter.
Leverage
The client can use the leverage 1: 6. This is a very tempting proposition when it comes to trading securities.
Trading terminal
Clients have a choice between three different versions of the SureTrader trading platform: Active Web, Desktop / Pro and Mobile.
The first is provided for the use of the client absolutely free of charge, the work is carried out directly through the tab in the web browser. To trade, you only need to connect to the Internet. The terminal provides real-time quote data, charts, and Bloomberg streaming news.
Traders who want more customization options, charting capabilities can use SureTrader Desktop / SureTrader Pro. This version includes an advanced graphical interface, window snapping, real-time profit and loss information. The usage fee for this software is set at $ 49 per month.
In addition, you can place your orders using the mobile application. SureTrader Mobile is currently available for iOS through the AppStore / iTunes. The monthly fee is $ 35.
Support service
SureTrader support is available via Skype, online chat and email. The broker also has telephone numbers for US and Canadian clients, fax and voice messaging. VOIP Numbers of traders from America, England and Australia are available.
Ways of payment
The broker accepts credit and debit card deposits. With this method, withdrawing the deposited funds costs 3.5% of the withdrawal amount. For withdrawal of a deposit through ACH and electronic wallets (Skrill and Neteller), a fee of $ 40 is charged.
You can only withdraw profits via ACH or bank transfer. The minimum withdrawal amount is $ 100.
A withdrawal request is processed within 1-3 days. After that, within a week, the money should be credited to the client's account.
Pros:
free demo version available; low initial capital - $ 500; small commissions for trading stocks and options; fast order execution.
Minuses:
registered in an offshore zone; trade penalties (for an open position after 3:30 pm EST you will be penalized $ 55); additional costs for the trading terminal, for low trading activity, for withdrawing funds.
SURETRADER is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
SURETRADER profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. SURETRADER received a score of 1 of 5 on our resource.