Ustocktrade review

Ustocktrade is an ambitious stock trading system offering cutting-edge technology and unlimited day trades — but it has its restrictions, too.

  • Consider Ustocktrade if you want the latest technology, analytics and unlimited day trades.
  • Trading is limited to ETFs, ETNs, and US company-listed stocks held in taxable accounts.
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$1 per month

Fee

Details

Option trade feeN/A
Asset typesStocks, ETFs
Account typesBrokerage
Account transfer fee$0

Ustocktrade is a peer-to-peer stock trading system that eliminates brokers. Instead, trading is between other members on the platform. It’s a one-of-a-kind Alternative Trading System (ATS) specifically for retail traders that offers unlimited day trading at flat $1 commissions and no minimum account size with free one-day money transfers.

It’s a good platform for day traders who can live with the $10,000 per day trading cap. The bad news is that the app suffers from bugs that make it unreliable.

What investments does Ustocktrade offer?

Ustocktrade connects buyers and sellers for counterpart transactions in the following securities:

  • Stocks. Majority of stocks listed on US stock exchanges are available for trading.
  • ETFs. Exchange-traded funds (ETFs) let you buy and sell bundles of securities.
  • ETNs. Invest in exchange-traded notes (ETNs), a debt security linked to a market index or benchmark.

Who is Ustocktrade best for?

Ustocktrade caters to a wide audience of investors, including:

  • New and day traders who can stay under the $10,000 per day trading cap.
  • Active traders who want to support an active, socially conscious firm that funds education and home-building in Sri Lanka. An extra perk is that you won’t trade against large institutional traders.
  • Margin traders who can maintain a $25,000 minimum margin account.

Fees and costs

No account minimums and very low commissions may appeal to many day traders, but the list of available instruments to trade is limited compared to other online day trading systems. There is also a $10,000 per-trade limit that should discourage active traders. More information on account details and prices and fees are found here:

Intro or bonus offerNone
Minimum Investment$0
Stock trade fee$1
Monthly membership fee$1
Account typesTaxable accounts only (no IRAs)
Asset typesETFs, ETNs and stocks (no mutual funds or options)
Account transfer fee$0

How do I sign up?

Becoming a new client takes about five minutes. Here’s a breakdown of the five-step process:

  1. Navigate to the Ustocktrade website.
  2. Hit Register in the menu bar.
  3. Enter your full name and email. Choose Register.
  4. Enter your personal info, including your address and Social Security number.
  5. Follow the prompts to verify your identity and fund your account.

Eligibility

  • Be at least 18 years old
  • Have a Social Security number or Individual Taxpayer Identification Number (ITIN)
  • Valid US residential address
  • Have a US bank account

Required information

  • Full name
  • Email address
  • Social Security number
  • Valid US address
  • Bank account information
  • Driver’s license or state ID

Research tools

Research sources are very limited, but if you like analytics, especially charts, you’ll find them here. You’ll get candlestick charts, reports about realized and unrealized trading profits in taxable portfolios. Its interface also calculates estimated dividends you will receive in real-time, as well as access to third-party news links.

This user-friendly interface also allows clients to research, manage and place trades on a single screen. Unfortunately, the site doesn’t offer the full array of research available on other platforms. For new traders, the company offers Ustocktrain — a free trading simulator that provides virtual cash to simulate trading using actual real-time data.

Pros and cons

Here’s a quick rundown of the perks and limitations of Ustocktrade.

Pros

  • Ambitious Alternative Trading System (ATS) design allows retail trades without large institutional trader competition
  • Flat $1 commissions
  • Seeks to use company profits to fund a charitable goal
  • Same-day settlement allows profits to be immediately withdrawn

Cons

  • Limited selection of tradable instruments
  • Liquidity and execution problems in fast-moving markets
  • Limited equity and market research sources
  • $10,000 per-trade limit could be difficult for larger traders

Is Ustocktrade legit?

Ustocktrade is a privately held company founded in 2014 and headquartered in Newton, Massachusetts. It’s a member of FINRA/SIPC and is a registered broker-dealer. And the clearing is provided by Electronic Transaction Clearing of Los Angeles.

The firm has a highly visible role in funding home construction and educational projects in Sri Lanka. Company founder Tony Weeresinghe and his wife, Cindy, established the Cainan Foundation as the firm’s private independent 501(c)(3) charitable foundation to oversee these projects.

Ustocktrade doesn’t have any complaints lodged against it on the Consumer Financial Protection Bureau (CFPB) and isn’t listed on the Better Business Bureau (BBB).

Ustocktrade reviews and complaints

There are numerous recent online complaints about Ustocktrade’s app. Although it doesn’t have a BBB page, Ustocktrade holds a 3.5 out of 5-star rating based on 35 reviews.

As of April 2021, customers report the app is “infested with bugs,” with one client saying he had to enter an order 25 times to get it accepted. Another user said he could not enter a limit order using a decimal, which allows the trade to happen at a specific target price. Even so others praise its quick customer service response time.

How do I contact Ustocktrade support?

Here’s how to get in touch with customer service:

  • Email support@ustocktrade.com
  • Use the Submit a request button on the top left corner of Ustocktrade help center
  • Tweet or DM @USTsupport
  • Sign in to your Ustocktrade account and submit an in-app help message

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*Signup bonus information updated weekly.

Bottom line

Ustocktrade is an ambitious Alternative Trading System. But based on client reviews, it has extensive app problems. It offers some enticing features, including realized and unrealized gain reporting and $1 commissions. But its narrow research options, extensive app problems and limited tradable securities make it a limited system platform with a shaky client app.

Before you invest, review your account options across multiple platforms to find the account best suited to your needs.

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