Lightspeed Review

Lightspeed is a brokerage that is perfect for high-velocity options and stock traders. They offer you a choice of choosing one of their available platforms, including LivevolX and their Lightspeed trader. You can also trade with Lightspeed if you are a pro in RealTickk and Sterling Trader. However, you will be required to pay additional fees for that. The platform offers some of the lowest costs and is among the best for day and options trading.
Elen Palmer
October 21, 2019

Lightspeed: Platform, Fees, Apps, Comissioms

The platform offers some of the lowest costs and its among the best for day and options trading. The cost of the minimum amount required is a bit on the high side but their trading costs are the lowest. It is not the best platform, for beginners so if you are a newbie you better find another trading platform like IQ option. But if you are good at what you do, you can make some good money using some of their advanced tools.

Trading Experience with Lightspeed:

The platform offers you several options when it comes to trading, and it is one of the reasons why most experienced traders prefer this platform. Order entry options are in plenty, and you can be sure to craft your order exactly the way you want. There are also a variety of defaults that you can set. Alternatively, you can map your order of the specifications you need to hotkeys, which makes sending them to market even faster.

Trading technology:

The trading technology of Lightspeed is also exceptional. One of its strengths is that you can choose a trading venue, including a super-smart order routing and dark pools. This means you can be sure to choose a venue that perfectly suits your stock or option you are trading. You don't get as many options on other platforms. Lightspeed also lets you route your order directly to over 20 venues that include some dark pools. You can be sure to use the Lightspeed that is designed to generate the best execution by rotating through various routes and exchanges. These executions are pretty fast, and if you want faster results, maybe you can make use of it. Lightspeed has given access to the Lime Trading Gateway, and users of Lightspeed can make use of it as well. Lime Trading Gateway allows you to trade and get orders in under a second, giving you more choices on deciding how to trade.

Usability:

Lightspeed has a downloadable package that can run on your desktop and can be configured so that the tools you like the most can always be at the top. The tools for trading are built into Lightspeed Trader, which means the strategies are pre-determined. You can send your orders too almost any venue available. LivevolX, which is an options-focused platform designed to specifically evaluate and trade options, is more engaging and have good graphics, but it can be a bit complicated for some users. The web version, on the other hand, has fewer graphics, but it is easier to use.

Mobile:

Lightspeed offers a mobile app, so if you don't have a desktop and don't want to use Lightspeed Web Trader (website version), you might want to consider using the mobile app. The app is primarily intended for closing trades, but it also provides real-time account data. It is not particularly the best solution from Lightspeed, but it is worth a try.

Range of offerings:

Lightspeed is primarily focused on frequent traders. This means they only offer the things that frequent traders trade the most, which are common options, stocks, and futures trades. That's a very shallow range of offering, compared to what their competitors are offering. And they also include fixed income trading and mutual funds. If you are looking for such features, you will have to try other platforms.

Customer support and help:

The customer service offered by Lightspeed is probably the best compared to what their competitors have to offer. There is no other platform where your phone will be picked up faster. Your phone call gets received almost immediately during a trading day, and that's not an easy thing to find. Lightspeed also has a Lightspeed FAQs section where you can be sure to get answers to some of the questions that you might be having. The FAQs section is content-sensitive, so you will not need to search through loads of questions to get what you want. The fees for opening an account with them are pretty high, as you will be required to pay a minimum of 10,000 dollars to use the mobile or web platform. If you want to make use of Lightspeed LivevolX or Trader, you will be required to pay a cool 25,000 dollars! They are really not trying to attract beginners.
Pros and Cons of Lightspeed
Pros of Lightspeed:

  • The router for Lightspeed is super-fast, you won't have to wait for minutes to make your trade. You can complete a transaction in a matter of seconds.
  • Exceptional customer support that is prompt to respond to your questions, and they are also very professional.
  • It is client-based, customers can route their orders.
Cons of Lightspeed:

  • Lightspeed is not friendly to beginners. Most of them who tried ended up losing their money, especially in day trading.
  • Lightspeed requires very high amounts to open an account with them, although the trading costs are pretty low.

Final Thoughts:

There are two types of commissions this platform. Per-share and per trade or through a contract. Both options are tiered, meaning that the more you trade the less commission you will be required to pay. The top-most commission is at 4.5 dollars per stock. Options trade will set you back at 0.65 dollars per contract, but there will be no charge per leg. Lightspeed Trader platform is charged per month and costs 130 dollars. As for LivevolX, you will not be required to pay anything.
If you are looking for a better platform, especially one that is friendly to a beginner, you should check out IQ Option.

IQ Option is a better platform for new users and FX Pro is a better platform for professionals. We recommend this platform.

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