Lightspeed Trading is a New York City and Chicago stock and options brokerage and day trading services company. The company offers securities and direct access brokerage, trading, and advanced order routing services to their clients utilizing Lightspeed's software products.
Lightspeed Trading LLC is a registered broker-dealer, member of the Financial Industry Regulatory Authority and National Futures Association.
Timeline of acquisitions
|Trading Platforms||Lightspeed Trader, Lightspeed Gateway, Lightspeed Web Trader, Sterling Trader, Livevol X Options Trading, RealTick Pro and Express|
|Phone||1-888-LSPD123 (577-3123), +1-646-393-4800|
|Address||New York Office 1001 Avenue of the Americas, 16th Floor New York, NY 10018|
Incoming ACAT transfers are very slow at Lightspeed. It took them 2 weeks to complete a transfer in my IRA account. I know there was no issue with the transferring brokerage because a transfer of another account from the same originating brokerage to a 3rd brokerage was completed in just 2 days. This was the slowest account transfer I had ever experienced. Lightspeed claimed that it was due to the type of positions I had in my account. Their claim didn't make sense because the account only had stocks and call options in it.
After the transfer was completed, I found that their platform was inadequate for my needs. I was aware they did not have a mobile app, but I was hopeful that I would be able to use their Lightspeed Web Trader on my work computer and possibly on my Android phone. It turned out that the Web Trader requires Microsoft Silverlight to run. No where on the Lightspeed web site is this restriction mentioned. It turned out that the Web Trader would not run on my computer because my computer had IE 8 installed and Silverlight does not work with IE 8. So this along with the fact the Silverlight does not run on Android was a deal breaker to me.
In the end, Lightspeed was not a good match for me. I had to transfer my account out to another brokerage. Not only was this a waste of time, but it ended up costing me an extra $95 for my trouble.
I traded with this brokerage for one year. The platform web based is extremely poor . On the other hand, Tthe lightspeed trader platform is for professionals who needs reliable data and quick entry and exit. I recommend this platform but not for charts, because there others platforms in other brokerages that has much more functionality. The lightspeed trader platform is extremely fast in execution and has a lot more functionalities to decrease the costs for the pro traders. I highlighted the level 2 screen to show how is the market in the moment you buy or sell. Finally during the time I was trading with this platform I realize that the TARGET of the company are the professional trader or the intermediate trader who wants to pursuit a real edge in the market .
I've used LS for 2yrs as an active trader and although their fills are minimally adequate, they are inexcusably sloppy. Their "servers" fail at the most inappropriate times for customers and all you get from so-called "Customer Service" is excuses and lies. Disgusting really. After trying to solve a single problem (error on their part), only excuses, lies and the run-around were offered. What a joke. I decided to draw down my account and that's where the circus really began. The site says checks would be the same day but it took me having to contact legal counsel to follow through. As a private company, I could not trust LS/Apex with my funds and will never use them again. Not to be trusted
Their software only runs on Windows. It does not say Windows only anywhere on the website. If you try to download the software on an Apple, it simply fails to load.
After using Windows for 20+ years, and it sucks totally, I have switched to Apple and have had no more computer problems at all! And I was a professional Windows database programmer, network installer, and repair man.
i am sure most users that have commented on here don't even know how to trade well, let alone use a computer worth a damn. I myself find Lightspeed has the most customization compared to any other trading platform out there. Plus their tech support and customer service grade A.
Agreed with dissatisfied clientele - since Terra Nova was acquired by Lightspeed, the firm has made no investment in improving the online trading technology, which constantly leaves the trader exposed and assuming unnecessary trading risk. There are far better trading platforms available. Dont waste your time. Further, the Lightspeed/Apex ownership has no concept of customer service. There are some good people there - however, the negatives far outweigh the positives. And how lame is it when the Director of Client Outreach has to get on a review board to suggest that if you want a fair understanding of customers' views, you should call him. A perfect example of a company that rather than listening to the customers, chooses to dismiss their concerns and argue with them. This business should be out of business. Unless you are a daytrader, in the strictest sense of the word, avoid the headaches and ultimate capital risk associated with these guys. Their systems are limited and inadequate for anything other than daytrading, and their website is perhaps the most archaic, worst user interface I've seen since the 90's.
This is Peter Devine, and I'm with Lightspeed Trading in NYC. I wanted to take a moment to respond to some of these posts. We can be reached at 1-888-577-3123, and my direct e-mail address is email@example.com
To begin with, Lightspeed has many satisfied clients who appreciate the robustness and extraordinary speed of our flagship trading platform, Lightspeed Trader. We have a portfolio of testimonial comments we've collected over the years that we're very, very proud of. Several of these comments, for what it's worth, specifically focus on outstanding and timely customer service experiences. I'd be happy to discuss the various facets of our client service components with anyone, and my direct # appears below. Our web trading interface, as has been commented on, is a completely different application than our flagship product and is intended as a trading interface for a certain segment of the trading population.
There are some comments made above relating to our ACH program and let me take a moment to clear that up. I can assure you that our ACH set up procedures are the way that they are to minimize the possibility of fraudulent activity. There is essentially one extra step required in setting up outbound ACH's and that step was established for the protection of our clients. Our Relationship Managers can review the details with anyone interested in further details.
I've noticed that quite a few of these reviews are from quite awhile ago. Rest assured, Lightspeed continues to enhance our trading software and we're presently gearing up for a new release we'll be beta testing over the next few months. This new release is packed with new enhancements that we'd be delighted to discuss with interested parties.
Lightspeed maintains a group of highly trained, experienced systems support professionals whose responsibilities include carrying out various troubleshooting diagnostic measures when clients contact us because of an issue. In almost every case, we're able to assist clients and it's usually the case that the issue is something locally, (firewall setting, ISP performance, anti-virus software settings, etc...) that we can identify for clients and walk them through the appropriate next steps. But, to be clear, the large majority of our clients typically have no issues and are able to enjoy the many benefits of connecting to our impressive infrastructure.
We pride ourselves on maintaining extremely low priced, transparent commission plans. Active traders can pick which plan suits them best, the per share or per trade plans. One of our salespersons can review the details with anyone who is interested in using our software on a trial basis and/or interested in learning more about our offerings.
Lastly, the most recent comments refers to an appointment to hook up the internet. There are obviously many companies that employ the name "Light" in their corporate names. Lightsource, Lightpath, etc.... As a registered broker - dealer we don't hook up anyone's internet. However, we do as part of our troubleshooting measures, regularly carry out speed tests with our clients to verify their upload and download speeds as provided by a client's local ISP.
If you're curious about what our clients think about our firm, or want to find out more information about us, I'd welcome the opportunity to speak directly with you. Our Sales Department is staffed with some very knowledgeable, patient and registered personnel who can provide a lot more insights into what we're all about here at Lightspeed!
We look forward to hearing from those interested in more information about Lightspeed Trading.
Director of Client Outreach
(646) 341 - 8622
Don't waste your time with these clowns. They expect you to pay them for service as soon as you sign up - before they have done *anything* - and then they lose all record of your existence and don't show up for your appointment to hook the internet up. When you phone them, they deny any record of your existence and try to get you to start from scratch. No thanks. Lightspeed is a SCAM SCAM SCAM SCAM SCAM.
Very helpfull when I opened account and one months of complete silence why they charged me for first two trades $200 (they voluntary charged on per share plan without any way to find it before trade were done). No excuse or refund. Looks more like crooks.
Lightspeed is unbeatable for active traders. Its the only platform I have used that actually works when the market is going nuts. All the others just freeze up. Service is good, i think they hire ex traders. Pricing is cheap if you are active. They have custom keys you can build for different order routing options so you can send orders quickly and not waste time with a mouse point and clicking.
Why are people even leaving reviews for the web product? thats not what Lightspeed is. They only offer it for people who can't meet their $10k requirement for the real platform and are too cheap to pay etrade prices.
Bottom line, this is the best broker for active traders. If you are an investor and want a fancy web platform, I agree, go somewhere else, but then don't bitch about high commissions.
I have been using their Lightspeed WEB platform, it is pretty good.
Cheap(used to be $1 now it is $3) or free trades ( for the first mont).
Clean low key platform
1.No ACH withdrawl ( to withdraw your funds when you need them, the systems is always "under maintenance" for ACH withdrawl, but works "Flawlessly" with ACH deposits). i,e inbound money no problem, out bound money ( call and deal with their customer service folks).
2.Have to deal with 3 different websites (www.pentrader.net/lightspeedweb, www.lightspeed.com, and the penson financial). not sure why they can't combine and offer it on one single website.
3. NEVER ever call them, they say "Yeah we will put that ACH request in for you", but then you have to contact them via email or chat in order for them to actually do the work for you.
Overall 3 starts out of 5.
If you only care about low commission rates, and are prepared to spend tons of time chatting/calling or emailing them then go for it.
I am an active trader and am constantly having problems with the platform. I am always having connection problems, password problems, and most of their customer service people are EXTREMELY RUDE
After the latest update their charts became garbage! Every time you switch to a new symbol the last candle takes a while (up to 20s) to be fully formed on all intraday timeframes, anything between 1min - 1h.
It's good to know that the web based version does not work well. Thanks for the reviews. A lot of people invest with mad money and their is a large market for brokers under the 10K minimum and cheap commissions. Obviously, commissions are a factor when investing with smaller sums of money.
I agree there web platform sucks--- till they improve don't think bout the web version
They have the worst web trading platform one can imagine. But they are extremely cheep at $1. If you need any decent experience do not open here. If you just care $1 and nothing else then may be you can consider