Don't give your hard earned $ to ST
Suretrader is an offshore company and has no offices in the US which means there is ZERO accountability out of their part. And here is the story to prove why.
First, I've been investing for many years and just recently started to actively trade. I wanted to do some daytrading and swing trading with Suretrader since they do have decent borrows for shorts. Their software, DAS can have fast executions but sometimes I would hit the bid on a limit order and have my limit sitting there without EVER filling even though the stock WASN'T under Short selling restriction OR was a very fast moving stock. It simply wouldn't fill. This happened three times on three different stocks and when I complained to their customer service every time I was given the customary "Limit orders do not guarantee fill" which can happen on a stock that is moving up or down very fast but not the ones I wanted to trade. I was told to use Market orders if I wanted a guaranteed fill which is true. Market Orders DO guarantee fill (But not with Suretrader - Continue reading)
A missed trade is a missed trade but what really irked me the most and the reason why I am even writing this review is because of ST's failure to trigger and protect my profits or limit my losses with Stop Orders. Stop Orders are orders that will trigger a buy or sell signal if your stop price has been reached. There are two types: Stop Limit Orders and Stop Orders (market) - Stop Limit means a stock turn into a limit order once the price you input has been reached. Again because it's a limit order there is NO guarantee of a fill. However, because of my prior experience with Suretrader I decided to just use Market stop orders which means if the price has been reached it will trigger the buy or sell regardless of the price. (It will take whatever is available since Market orders guarantee execution). EVEN THEN, Suretrader/DAS failed to trigger my market stop orders. I complained and again complained a second time when this same issue came up a second time. Both times, the two different Suretrader reps told me I should have used limit orders. (See the ridiculous pattern here??)
Speaking of customer service, their customer service chat is a joke. I can't count how many times my chat went over an hour simply because the reps take 5 minutes of longer to reply each time you type something. Many times I would get timed out after 10 minutes due inactivity and have to try again just to get timed out again simply because the reps wouldn't respond within 10 minutes since the last thing was typed.. Either they are too lazy or they want you to give up due to frustration.
And finally, I feel like Suretrader would charge me hidden fees from my P/L. I can't quite definitely prove this one but many times my P/L from the previous day wasn't appropriately reflected onto my available equity the next day even after all their exorbitant fees were taken out from the P/L. Always felt like overnight they would take out additional money from whatever you made.
Suretrader gives you this grand promise of 6:1 leverage (never use leverage!) and no PDT and they even give the impression of being a cheap broker with only $4.95/trade when you first visit them on their homepage. What they don't tell you is that they also charge per share fees on top of that (Most brokers charge either per share or per trade, but ST conveniently charges you for both, Nasdaq fees and other hidden fees which is not explained openly when you first create an account with them on top of the mysterious overnight fees which always seemed to sap into my profits
If you want to swing trade or day trade stick with Interactive Brokers or Centerpoint. Suretrader is just highway robbery.
And if you want to know how they flip the coin on you, listen to this conversation where they say that limit orders are not valid on IPO's. Anyone that has traded knows that is complete B.S. Limit orders are limit orders and do not become market orders just because it's an IPO on its first day.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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