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Lightspeed Review & Rating USA 2021

Is Lightspeed Brokers Scam Or Legit?

Lightspeed is an online brokerage firm that is based in the US. We found in our Lightspeed review they are one of the leading brokers for day trading. Catering more for active traders, than novice traders. Lightspeed is a division of Lime Brokerage LLC, and provides brokerage services with over 100 routing options.

Lightspeed has been set up and tailored towards active traders who trade on a relatively high-volume basis. The in-house and third-party trading platforms and associated commission rates and account fees make this broker less attractive to beginners. If you are an active trader looking for a new online broker, then Lightspeed might be for you. Lightspeed covers a range of stocks and indexes from various exchanges.

If you’re in the US, opening an account is a breeze with Lightspeed. Read on more to find out about our Lightspeed review and exciting Lightspeed open account options.

Lightspeed Pro and Con
  • Well-designed in-house trading platform
  • Tailored for active day traders
  • Extremely competitive options trading costs
  • Futures trading with streamlined multiple exchange access
  • High account fees and commission rates

Lightspeed New Customer Offer

It’s become the norm to offer new customers some sort of reward as a way of welcoming these new customers to your online company. Online broker firms are no different and you should always look out for exciting offers in this regard. Similarly to Lightspeed, we found a healthy cashback was available to new investors in our TradeStation review, proving it’s always worth looking around a number of competitors.

When deciding on your Lightspeed open account option, keep in mind that you can utilize the new customer offer. You can receive up to $10,000 cash back. All you need to do is choose a Lightspeed open account option, fund your account, and Lightspeed will rebate 50% of your equities and options commissions for the first three months (up to $10,000).

At face value, this sounds very exciting and generous, but there are always terms and conditions. Make sure you read up on the fine print before jumping at this, or any, online offer.

Usability, Look & Feel

The official website is quite easy to use and makes for intuitive navigation. The actual design including the font and color scheme seems slightly outdated. One would be remiss if you didn’t point this out. Dark blue and yellow seem to be the standard colors utilized. For inclusivity purposes, the site is available in English and Spanish – a refreshing change from all-English sites. The CTA buttons are quite bulky but are highly functional and placed in effective positions.

You’ll find all the necessary sections outlined at the top of the page. Each comes with a drop-down menu and relevant sub-headings. Quick navigation from page to page is possible on the Lightspeed website.

There seems to be no waiting times and pages load instantly. The fact that the platform and creation there-of focused on low latency output, is a good sign. Our Lightspeed review also wants you to take note of the fact that it is easy to create an account and accessing the demo account is simple. There are various comparison tables throughout the website which gives you a good perception of the numbers and stats in relation to other brokers.

Lightspeed Open Account Options

Before you start looking for a Lightspeed open account option that is the right fit for you, you’ll need to verify your status as a professional or non-professional trader. Once you’ve done this, you’ll be confronted with an array of different account structures. Each of the Lightspeed open account options are tailored for the specific needs of different persons or entities. Below, we’ll address some of the most popular Lightspeed open account options and thus, you’ll have a better idea which is suited to your needs.

Active traders can make use of several different accounts, each with their own attributes.

Regulation T Margin Account: This type of account allows you to borrow anywhere up to 50% of the purchase price of securities. These securities must be able to be purchased on the margin.

Portfolio Margin Account: This account follows the Security Exchange Commission’s rules on margining. Thus, the margin requirements reflect the actual risk of the portfolio. Customers who qualify for this account can exceed the predetermined margin for intraday and overnight trading. Ultimately, this account will allow you to increase your leverage.

Separately Managed Account: This account provides enhanced flexibility and is robust in terms of individual customization and can be tailored for specific needs.

There are a host of other Lightspeed open account options such as an individual/joint account which is great for newcomers. Legal entities can take out corporate accounts while there are retirement benefit accounts and an account dedicated to trusts. For more info on these accounts, visit the official Lightspeed website and click on Brokerage Service > Account Types.  

Comparing Alternatives? Newcomers looking for a trading account should take a look at the Robinhood open account options to assess the pros and cons. More active traders will find plenty of positives to be found in our  Tastyworks review.

Lightspeed Trading Platforms

A range of downloadable trading platforms and software have been incorporated while customers can also make use of more traditional web and mobile platforms.

The web and mobile platforms are much like the downloadable platforms and allows active traders to trade wherever they find themselves. This platform can be accessed by any type of computer, mobile, or tablet device with an internet connection. Real-time data streams are present and one can make order entries and executions without any hassle. It is also the most economical platform as there are no monthly fees or market data costs.

The Lightspeed Trader platform is ideal for day traders and is seen as the flagship trading platform of Lightspeed. Options and stocks with over 100 order routing destinations are best used through this platform.

Livevol X Options trading platform is another downloadable platform which is tailored for options trading. The Sterling Trader is best used for electronic markets and should be utilized by professional traders.

There are a couple more downloadable platforms, one or two of which we’ll mention in conjunction with our analysis of the Lightspeed trading products.

Payments

Funding your account is the next step after you’ve chosen your account and validated your personal information. You’ll either want to fund equities/options or futures.

Equities/Options Funding

You can fund your account via a wire transfer, check or ACH. If you’ve made use of a direct wire transfer, you’ll be able to start trading 24 hours after you’ve funded your account. Check or ACH deposits are subject to a 5 business day hold. Incoming ACH transfers can be set up once your account is up and running. You’ll be able to link your account by clicking on My Account>Fund Transfers. Once this has been set up, ACH transfers will take between 1-3 business days.

Futures Funding

Funding your account can be done via wire transfers (must use USD) or by mailing checks. Keep in mind that for new accounts, a funding requirement of $25,000 is applicable.

Customer Service

When you’re dealing with an online company, especially one where you find yourself parking your own funds, you’ll want to be reassured that the customer service is responsive and fully functioning. According to our own Lightspeed review and various Lightspeed opinions, the customer service department is top-notch.

You can reach them by telephone, email, physical address, or by filling out an online form. The online form can be filled out via the web platform. Input your details and query and they should respond within a reasonable timeframe. You can also reach them via email: [email protected]

If you’d prefer to speak to a representative, you can call them. Their domestic number is 1-888-LSPD123 (577-3123). Otherwise, you can call them on their international line at +1-646-393-4800. Lightspeed has two physical locations; one office is located in New York (1001 Avenue of the Americas, 16th floor). The other office is based in Chicago (181 West Madison Street, Suite 2950).

Multiple Lightspeed opinions offer favorable reviews of the overall strength of the customer service department. This certainly is a good attribute to have and is imperative when you are in the midst of a trade and must ascertain certain information. Keep the contact information close in the event that you need to make an enquiry.

Regulation & Deposit Protection

Lightspeed may be a division of Lime Brokerage, but if anything, this means even that there is even greater regulatory oversight. Our Lightspeed review can confidently state that there are several authorities who regulate the operations of Lightspeed.

Lightspeed is overseen and regulated by the Financial Industry Regulatory Authority (FINRA).  They are also a member of the U.S. Securities and Exchange Commission and the Securities Investor Protection Corporation. As an investor with Lightspeed, you can be assured that this broker maintains a high standard of operational activity and is transparent and fair in its dealings.

Furthermore, our Lightspeed review is delighted with the security protocols put in place to protect sensitive information and the deposits and withdrawals of customers. Information is encrypted through the latest SSL technology. Lightspeed possesses various SSL Certificates and ensures that there is minimal third-party interference.

2-step authentication protects the accounts of users and high-end deposit protocols protects and secures the flow of funds between a trader’s bank account and their Lightspeed open account option.

Additional Offers

Lightspeed is currently running a referral promotion. If you’re able to refer a friend and they sign up and create an active account, you’ll be in line to receive lower commission rates. For more information on this offer, you’ll need to subscribe to Lightspeed or create an account. This promotion is available exclusively to users from the United States.

Lightspeed also offers traders the chance to try out their demo account. Here, you’ll need to provide your name and email address. Once your email is validated, you’ll be able to make use of the web trading platform through your demo account. Finding your feet might be a great idea by way of this service, especially if you’re new to trading.

Lightspeed Stocks

Stocks Trading Offer

Lightspeed offers a day trading solution that gives you an easy way to navigate the stocks landscape. The brand has created trading software that is highly customizable and capable of giving you the real-time information you need to successfully trade stocks. Plus with plenty of detailed analytics and a choice of five software platforms, you’ll have everything you need to succeed with this online brokerage firm.

Stocks Trading Costs

Lightspeed has famously low trading fees. The low commission rates are based on a tiered pricing package that varies according to the volume of stocks that you trade. Lightspeed charges commission rates of $4.50 for anybody trading under 250 trades. The more that you trade, the better value the commission rate is. So by the time that you are trading over 10,000 trades, your commission paid will have dropped to just $2.50. Don’t forget that you can also enjoy further discounts by joining the Active Trader Commission Group.

Stock Markets & Trading Places

The Lightspeed software gives you full access to all major global stock markets. You’ll get trading tools that provide real-time data on liquidity with analytics, charting and streamed news from the Dow Jones to the NASDAQ 100, the S&P 500 Index and beyond. After hours trading is also made simple through the Lightspeed platform. All of which gives you an easy way to trade stock and options from a single screen.

Product Summary & Conclusion

Lightspeed offers plenty of flexible tools that are perfectly designed to help you trade stocks. With low commission fees, you’ll find that this is one of the best value online brokerages currently available. It’s never been easy to trade stocks on the world’s biggest markets.

Lightspeed Futures

Lightspeed Futures

Our Lightspeed review is rather impressed with the fact that Lightspeed offers futures trading. Many brokers that focus on day trading don’t usually offer futures as a trading product. Fortunately, this is not the case with Lightspeed. For this section of our Lightspeed review USA, we’ll touch on what futures trading primarily consists of; which futures Lightspeed offers traders; and the relevant costs and trading fees.

Futures trading is somewhat like the above-mentioned options trading. However, one key difference exists – the buyer or seller is obligated to buy or sell the underlying asset. This asset must be bought or sold at a specific price on a particular date. Futures trading allows traders to speculate on what’s going to happen to a future commodity, financial instrument; or security. This speculation can lead to investors losing more than the initial margin and thus, can be a riskier transaction (relevant to both ends of the spectrum – gains and losses).

If you’ve registered an account, you’ll be able to use the efutures trading platform as an individual; professional; or institutional trader.

Furthermore, with your Lightspeed open account option, you’ll be able to access all of the futures products listed on the following exchanges:

  • Chicago Mercantile Exchange (CME)
  • New York Mercantile Exchange (NYMEX)
  • European Grain Exchange (EUREX)
  • Intercontinental Exchange Europe (ICE Europe)
  • Intercontinental Exchange US (ICE US)
  • Chicago Board of Trade (CBOT)
  • Commodity Metals Exchange (COMEX)
  • Chicago Board Options Exchange (CFE)

Pricing of Futures

As is the case with all trading products, Lightspeed has an associated commission rate. For Futures, you’ll have to pay a fee per contract. For Futures, the fee is $1.29 per side, while for options it stands at $1.79 per side.

Keep in mind that there are various other costs that you’ll incur when you embark on futures trading with Lightspeed.

If your account is under $15,000, you’ll be charged a $25 monthly minimum commission fee. There are certain exchange fees and if you are not a professional trader, access to market data is also billed to your account. For domestic exchanges, monthly fees range from $11 – $13, while a bundle of 4 different exchanges will cost $31 per month. For international market exchange data, monthly fees range from $17 for access to EUREX, while data for ICE Europe costs $119.

Product Summary

In conclusion, our Lightspeed review finds that this broker does cover a sufficient range of futures across a host of exchanges. For professional traders, one would think that the software and dynamic trading platform, coupled with friendly futures pricing would be enough to attract them. For beginners, the myriad of costs that could potentially be incurred might be enough to sway them otherwise.

In general, what can be agreed upon is the fact that the technology employed to run the interactive trading platform is of a high quality. In addition to the intuitive futures trading platform, the demo account allows potential traders to get a feel for the Lightspeed web platform and subsequent services and features. For active traders who enjoy speculating and hedging with Futures contracts, Lightspeed certainly has a lot to offer.

Lightspeed Options

Lightspeed Options

Options trading is a dynamic and complex trading process. This type of trading product can seem confusing at first. However, with the right guidance and applicable tools, you might find yourself trading options online in next to no time.

An option refers to an agreement (contract) that allows said buyer to buy or sell an asset at a specific price on or before a particular date. Although the buyer has the right to buy or sell the asset, he/she is not obligated to do so. Options can include a stock or an index and is seen as a security. Furthermore, an option is a binding contract and it’s important to know the underlying terms.

In the world of online options trading, it’s imperative to have a robust platform that can handle a high volume of data and factor in various variables without any latency issues. This is even more true when markets are volatile and a matter of seconds could dictate whether or not a particular trade is profitable or not. Our Lightspeed USA review is pleased to announce that Lightspeed provides a fantastic platform for trading options.

The technology employed has proven consistent and stable and according to Lightspeed opinions, provides a strong foundation for reliable trading. What bolsters our Lightspeed review even more, is the fact that they have a great customer service department. During times of uncertainty, traders can rely on the advice of the experienced customer service desk.

Pricing of Options

Before you decide to use a specific broker’s online services, you’ll want to know what the relevant costs and fees are of making use of their platform. Our Lightspeed review USA has noted that their overall fees are competitive and this is no different when it comes to options trading.

The standard commission per contract starts at $0.60 for options (with a $1 minimum). This might not be as low as what some other brokers have to offer. However, the minimum applicable fee can vary depending on your monthly activity. For traders who trade more than 500 contracts per month, their associated fee per contract will be less than $0.60. For traders who trade in excess of 100,000 contracts per month, the fee is as low as $0.20 per contract.

Keep in mind that the associated regulatory, routing and platform fees are charged separately. You’ll be able to find the specifics by visiting the official website.

Product Summary

With our Lightspeed review, it’s fantastic to read up about the trading products on offer and what these products entail. But, for beginners, it’s important to get some trading experience in, in an effort to appreciate what Lightspeed has to offer. As we’ve already mentioned, you can make use of the demo account. This will help you navigate the Lightspeed platform and you’ll be able to familiarize yourself with all the tools and functions.

It will also help in understanding options trading and how to go about trading options via the Lightspeed platform. People who’ve just started out trading and are looking for an online broker that accommodates beginners, check out our Merrill Edge review.

For experienced options traders, Lightspeed has incorporated a versatile platform which provides traders with enhanced trading capabilities and flexible risk analysis tools. This allows traders to build and trade complex options, so that all trading strategies can be entertained and executed.

Lightspeed ETF

Lightspeed ETFs

Exchange Traded Funds, commonly known as ETFs, are fundamentally, a security. However, an ETF is a basket of different securities bundled together and traded on an exchange. ETFs can consist of all types of investment instruments such as stocks, bonds, or commodities. With Lightspeed you’ll be able to trade a host of stocks and ETFs on multiple other exchanges.

Pricing of ETFs

If you’re more inclined towards a broker that does not attach commission fees to your investments, we suggest you read up about on our Robinhood review – an exciting online broker that is bucking the trend of traditional online trading.

Having said that, Lightspeed still claims to offer some of the lowest equity and ETFs commission rates in the industry. The commission rate for stocks and ETFs per share is set from $0.0045 with a minimum rate of $1.00. For traders who trade with over 15,000,000 shares, the minimum rate per share can be as low as $0.0010.

For stocks and ETFs per trade, the commission rate is set at $4.50 per trade. For trades that exceed $10,000, the commission rate is nearly halved, at $2.50 per trade.

These are the commission rates and do not include routing and service fees, nor does it include margin costs. For more information on these additional fees, you can visit the official website and click on Trading>Equities and find the relevant information for the fee you’re interested in.

Product Summary

Trading ETFs instead of individual stocks will certainly provide you with a lower expense ratio. You’ll find that commission rates are also more favorable over the long run and you’ll find that ETFs in themselves, are more cost-effective than say, mutual funds.

You’ll be able to use the Lightspeed Trader platform to conduct all your ETF trades. For beginners, you’ll find blog posts, educational tools, webinars, and a support system willing to provide you with the necessary expertise.

Overall Conclusion of Our Lightspeed Review

We truly hope you found what you were looking for when you decided to visit our Lightspeed review. The Lightspeed open account options for Americans and international traders are sufficient in their scope and trading abilities.

Lightspeed is a broker that is certainly geared towards the active trader who prefers to trade high volumes of stock. Very low trading fees can be experienced, and is almost an economies of scale situation. However, the addition of a demo account and a strong educational section, makes us think that beginners are just as welcome. If you find yourself at the preliminary stages of your trading career and would like to read up about another broker, check out our M1 Finance review. A broker that welcomes beginner and active traders alike.

Lastly, the web and mobile trading platforms allow for ease of access and continuous trading, while you’ll have access to global markets 24/7. Lightspeed opinions continue to agree upon the fact that the platforms in operation are of a very high standard. You’re sufficiently equipped with versatile and customizable tools that will benefit not only professional traders, but beginners too.

We hope that you find yourself visiting the Lightspeed official website in pursuit of your first or next broker. You’re also welcome to take a look at some of our broker reviews, such as our SoFi Invest review and SogoTrade review.

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