Lightspeed Review & Rating USA 2023

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.

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 The actual design including the font and color scheme seems slightly outdated.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.

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.

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.

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.

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: contactus@lightspeed.com.

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.

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.

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.