Warrior Trading Blog

Suretrader Review: They Are Closing Their Doors

suretrader

SureTrader is Closing its Doors

In case you haven’t heard, SureTrader is closing down. Check out this article for everything you need to know!

13 Comments

  • ALEX

    June 2, 2017 at 6:32 pm

    Which one is currently the best one for a new trader who is a US resident, starting with $1000 and wants margin the benefits of margin suretrader had to offer?

  • John

    June 3, 2017 at 1:16 am

    Hi Ross, even though an opinion it is true. Sure trader are remarkably more expensive for the what they provide. they charge for depositing, withdrawing and sitting still. I have regretfully opened a 10K account which coat $350 in fees and now is going to cost $350 to close it. Being an overseas trader I am limited. I am looking to move my trading with TRADEZERO. people do not like being ripped-off. This is not just my opinion it is my experience with them they do lack professionalism is customer service as well, that’s another story.
    You were very generous in the 3 star rating you gave them.

  • luke

    June 28, 2017 at 12:19 pm

    Hi ross, which broker is available for non-us residence?
    Thanks!

  • Jeff

    June 29, 2017 at 12:13 pm

    Check out Tradezero (for all non-US residents): https://www.warriortrading.com/tradezero-broker-rebate-program/

  • Ton

    July 2, 2017 at 4:53 am

    Interactive Brokers allows smaller orders size. It means that by executing Your order in 2 tranches, each just 1 tick below the other, Your average price improves by $0.005, resulting in a commission free order.

  • Anton Steyn

    July 7, 2017 at 8:32 am

    Hi Ross
    Could you please update your table above to include Trade Zero

  • Randy

    July 15, 2017 at 11:20 am

    What about trade station?

  • Mark

    August 31, 2017 at 11:46 am

    I have currently been using SureTrader for over 5 years. I just recently moved and asked them if I could close my account during this process. Long story short. They assured me multiple times that I would be able to turn back on my account with DAS Trader Level II at the promotional price I received of $20/month. Literally as soon as I said yes, go ahead, a string of emails came in apologizing for the confusion and if I wanted the same deal it was going to cost me $130/mo. This was a small account, I have spent tons of money with them on commissions over the years. They could have absolutely cared less and sent me instruction on how to close out my account. I have chat transcripts and emails that show this. Also, throughout my time with them, customer service has ranged from non-existent to fantastic. Depending on who you are able to get via phone or chat on any given day. Just my 2-cents.

  • Trader1

    October 5, 2017 at 4:40 pm

    There are a few other major problems with SureTrader:

    1) They modify your orders in an undocumented way without your explicit approval, or route orders to places that don’t support the order you submitted, so your order gets rejected.

    An example of the order twiddling is if you submit an order with Type FOK and Minimum AON, if sent to their primary route PDQM, SureTrader will change the order on the fly without your approval to Type DAY, Minimum Any. Also, if you submit an order for Type IOC, and Minimum AON, they will honor the IOC, but twiddle the Minimum to Any. They said they do this because PQDM doesn’t support FOK, or IOC+AON.

    However, sometimes when sending IOC+AON orders, it will be rejected instead of the AON changed to Any, dependent on the route they send it to.

    Hence, the fair thing for SureTrader to do given they don’t allow you to pick your route, is to send FOK and IOC+AON orders to routes that support it, and not twiddle your orders without your explicit approval.

    2) When submitting IOC+Any orders that route to PDQM, the liquidity can be spotty. For example, I’ve sent many Limit Bid/Ask orders for a 1000 shares on various stocks, and have found that the first fill of many orders is for 100 shares, 2, 10, 68, etc. It’s obnoxious because it generates frivolous commissions at the expense of the client. If SureTrader wants to use routes that have poor liquidity, I would rather use IOC+AON or FOK orders so I get all of the shares or none at all, or SureTrader should set it so that if I don’t get at least 1/2 the requested shares the order is cancelled.

    3) Their Desktop Pro platform crashes at least once every 1-2 weeks with something like:
    DasTrader caused an Access Violation (0xc0000005) ,in module DasTrader.exe at 0023:0043e5e7.

    This has occurred on various past version, and the current 5.2.0.8. While the program can be reopened quickly, it’s pretty scary to think the program could crash in the middle of a trade. Also, others have reported their DAS software crashing, so it’s not a new issue.

    The bottom line is presently, SureTrader is inviting their clients who are avoiding the PDT rule to switch to a direct route competitor once they get their account up to $25,000.

  • Joe

    October 12, 2017 at 12:20 pm

    Sure Trader is a scam. They shouldn’t even have the articles written about them. I’m suspect of any company that does a “review” on them.

  • Ion

    October 25, 2017 at 4:09 pm

    Hey Ross, I noticed they changed their price structure yet again. Just found out after reading your review.

    I’ll be expecting your SureTrader vs Tradezero comparison after these changes.

    All the best.

  • Trader1

    January 3, 2018 at 1:40 pm

    I wanted to follow up on a few more issues noticed while using SureTrader:
    1) You typically won’t be able to short popular, low float stocks. For example, if it’s a gapper, in play, had a big run recently, etc. Once in a blue moon something in play will be shortable, but it’s rare. Mid-cap+ stocks typically have shorts available. You want to short low floats? Get a broker that has availability (IB, CB, etc.).
    2) Leverage on low float stocks in play are typically restricted to 1:1 for days. So, don’t plan on using leverage with low float stocks in play. However, mid-cap+ stocks typically don’t have leverage restrictions.
    3) Regarding customer service, if it’s something standard, like asking them to confirm a trade, cancel an order, etc. they handle that with no problem. However, if it is anything outside of this, you will get answers that range from unconfirmed to nonsensical. Some notable quotes I’ve heard on the phone:
    + “A supervisor has already been made aware.”
    + “I’ve confirmed that…”
    + “Let’s wait and see if it happens again in the future.”

    If you use the support website, a proper resolution can take weeks, or in the unfortunate case months to obtain. Want a root cause why your IOC order wasn’t immediately filled or cancelled? You will get some red herring response that has nothing to do with anything. Also, they typically don’t read what you wrote, don’t understand what you wrote, and don’t review the screenshots you attach. They make you feel like they are just stringing you along while you pay the monthly platform fee. Bottom line, if you are using the website for support, assume the response you get is wrong until proven right by a resource other than the SureTrader employee responding to you.

  • Anthony S Thomsen

    March 26, 2020 at 1:32 pm

    Not that anyone has answered these comments, but it seems to be part of the sell was that those who did not have the 25K could workaround. We would receive an email with recommendations. Looking at them, it seems a bit sketchy. It was part of the big sell and growing funds quickly. Maybe someone can offer different insights? Feel free to email me as well.

Leave a Reply

Your email address will not be published. Required fields are marked *