Centerpoint Securities Review
CenterPoint Securities is one of the best direct market access brokers for day traders who need access to advanced trading tools, functionalities and support. While most of the best day trading platforms and brokers serve mainly retail-investors needs, CenterPoint Securities specializes in providing active traders the best possible services and tools. Clients can access advanced day trading platforms, an extensive short sale inventory and flexible order routing options.
|🚀 Features||Direct market access, level 2, short locates, trading software|
|✅ Best For||Day trading|
|💻 Trading Platforms||CenterPoint Pro, CenterPoint Web, CenterPoint Mobile|
Best in class day trading Broker: Cobra Trading – Please consider reading our Cobra Trading review to learn why it is the best broker for active traders.
About CenterPoint Securities
CenterPoint Securities is located in the United States and is a division of Clear Street LLC. Clear Street LLC is a brokerage firm regulated by FINRA and approved in April 2018. CenterPoint has been serving active traders since 20212 and was founded by a group of traders. Over 100 developers, engineers, 20+ customer support agents, and 20+ securities lending specialists ensure that traders get what they are looking for. CenterPoint Securities has two offices from coast-to-coast – one in San Diego, California, and one in New York.
Trading Platforms and Tools
CenterPoint Securities offers three different trading platforms. CenterPoint Pro, CenterPoint Web and the CenterPoint App. The trading platforms are built for speed and are fully customizable, support advanced charting, Level 2 market data and dozens of order routes.
CenterPoint Pro is a state-of-the-art day trading platform that offers real-time Level II market data, advanced charting, custom alerts, customizable order entries, and hotkeys trading.
CenterPoint Pro is the most popular platform amongst CenterPoint clients. It is a white-label version of DAS Trader Pro and packed with a multitude of functionalities and features:
- Advanced Charting
- Times & Sales Data
- Extensive Order Routing Capabilities
- Built-in Short Locator
- Stock Screeners and Scanners
- Options Chains
The cost for CenterPoint Pro is $138 per month. The price includes NYSE and Nasdaq Level 1 and Level 2 data. Traders who trade more than 200,000 shares per month get the platform for free. In addition, users can subscribe to more market data if needed, for example, for options quotes. A simulated trading account is included within the platform. This is an excellent feature for less experienced traders and those who want to test new trading strategies or features like basket trading and high volume trading across financial markets like the New York Stock Exchange or Nasdaq.
CenterPoint web is the web-based version of CenterPoint Pro and has the same functionalities as DAS Active Web. The platform is built on HTML5 technology and supports trading stocks and options. A web socket is used to stream real-time data.
The web version supports direct market access routing, various stop loss types, real-time account management, and it supports multiple monitors.
The monthly cost is $63, and market data is included. The functionalities are limited compared to the Pro version, so the main benefit is that the platform works on any browser. The web-platform fee gets waived if more than 20,000 shares are traded within a month.
CenterPoint Mobile Trading App
The CenterPoint mobile trading app is available for iOS and Android. All clients have free access to the mobile app. While the desktop platform supports the broadest range of features, the mobile trading app is mainly designed to help traders to monitor and close transactions.
CenterPoint Edge is a newly introduced comprehensive suite of trading tools and products that help traders to expand their trading business and income. All clients gain access to four powerful tools at no cost for 3 months:
- Trade Ideas Standard
- TrendSpider Elite
- TraderSync Premium
- DilutionTracker Pro
After three months, only traders who keep trading over 100,000 shares per month are eligible for continuous free access. Those who trade less than 100k shares per month no longer have access. CenterPoint Edge is exceptionally interesting for active traders since all four tools have an annual value of over $3,000.
Centerpoint clients can trade U.S.-listed stocks and options via Nasdaq, NYSE, and various ECNs like BATS and ARCA.
Short Locates and Borrow Lists
CenterPoint Securities is a leading day trading broker for active traders. Their short inventory is one of the most extensive ones, with an easy-to-borrow list that includes about 8,000 stock symbols. The dedicated in-house lending team, a short locator within the trading platform, and an industry-leading short inventory with locate discounts of up to 30% make the broker one of the best brokers for short selling.
CenterPoint offers individual, corporate, and joint accounts from people who reside in the United States. Foreign accounts are accepted as well. The minimum account deposit is $30,000. All accounts are margin day trading accounts with intraday leverage of 4:1 and overnight leverage of 2:1. The clearing firms CenterPoint Securities works with are Wedbush, Clear Street, and ETC.
Commissions and Fees
CenterPoint has cost-effective commission rates, low order minimums, and a high discount for high-volume traders.
Equities Commissions and Fees
The equity commissions start at $0.003 per share with a minimum order fee of $.30. The more shares are traded per month, the lower the commission fees:
- 500k-1M shares per month: $0.0025 per share ($0.25 minimum per order)
- 1M-5M shares per month: $0.0020 per share ($0.20 minimum per order)
- 5M-10M shares per month: $0.0015 per share ($0.15 minimum per order)
- 10M-100M shares per month: $0.0010 per share ($0.10 minimum per order)
Besides the commissions mentioned above, routing and regulatory fees get charged. The routing fees depend on if liquidity is taken or added, ranging from getting a credit of $0.002 to paying a fee of up to $0.004 per share.
The regulatory fee is $0.00004 per share to NSCC, $0.00002290 SEC fees for closing transactions per share and TAF fees of $0.000119 per share.
Example: A trader who trades between 500k and 1 million shares per month buys 1,000 shares of Apple via the ARCA route with a market order.
- Commissions buy transaction: 1,000*$0.0025 = $2.5
- Routing fees: 1,000*$0.002 = $2.0
- Regulatory fees: 1,000 * $0.00004 = $0.40
- NSCC fees: 1,000 * $0.00002290 = $0.229
- SEC fees: $0 (only selling order triggers a fee)
- TAF fees: 1,000 * 0.000119 = $0.119
Options Commissions and Fees
Options trading is also possible with CenterPoint Securities. The price per contract on the entry-level with trading less than 10,000 shares is $0.65. Between 10,000 and 50,000 options contracts per month lead to a commission of $0.40 per contract, with over 50,000 contracts trading volume of $0.30 per contract and over 100,000 options contracts trading volume charged with $0.20 per contract.
Regulatory Fees for options traders are $0.03 per contract for ORF.
Trading Platform Fees
CenterPoint Securities clients can choose between a bundled offer with access to a trading platform, including market data and a-la-carte pricing.
- The CenterPoint Pro bundle costs $138 per month and includes access to CenterPoint Pro and the mobile app + Nasdaq & Level 1 and Level 2 Data. The platform fee gets waived when active traders trade more than 200k shares per month.
- The CenterPoint Web bundle costs $63 per month and includes access to CenterPoint Web and the mobile app + Nasdaq & Level 1 and Level 2 Data. The platform fee gets waived if active traders trade more than 20k shares per month.
Users can subscribe to the CenterPoint Pro platform without market data for $120 and decide on their own what market data to subscribe for. Non-Professional traders then pay additional market data fees ranging from $1.50 for Nasdaq Level 1 to INET Book (TotalView) for $20 per month. All in all, the bundles are worth it.
Here is the full list of data fees with the prices per month:
- Level 1 Nasdaq: $1.50
- Level 1 NYSE & AMEX: $3
- Level 1 Pink Sheets: $15
- Level 1 Options: $15
- ARCA Book: $15
- Level 2 Pink Sheets: $50
- Level 2 Options: $50
- INET Book (TotalView): $20
- Broker Assisted Trades: $20 minimum with $0.0095 per share
- Domestic Wire: $25
- Foreign Wire: $50
Education and Research
Education and research are primarily available within the blog and knowledge base on the CenterPoint website. Currently, CenterPoint Securities is only active on Facebook and Twitter but has no YouTube channel.
The support section is well structured and includes links to the support center, account forms, a detailed onboarding process, and helpful platform tutorials. Finally, the trading insights blog is great for learning more about trading strategies, concepts, and methodologies.
Also, there is the contact us page where you reach out to CenterPoint Securities via a contact form. There is also a chat window available for current clients and prospective clients.
In addition, general support is available from 7:00 AM EST to 6:00 PM EST by phone and email, and the live trading desk support for clients is available from 7:00 AM EST to 4:30 PM EST via telephone and email.
Based on CenterPoint’s states, they answer the phone on average after 2 rings and the average email response time during market hours is 5 minutes.
CenterPoint securities Review Summary
CenterPoint securities is a reliable brokerage firm offering a robust trading platform for experienced traders and professional traders.
As the CenterPoint Securities review shows, their shorting list with easy-to-borrow shares is one of the most extensive available. Also, stocks to short can be easily located, which makes them one of the best short-selling brokers. The main competitors are Cobra Trading, Lightspeed Trading and Interactive Brokers.
It comes with your trading style, but if you are a day trader with a high volume, you will find that CenterPoint is an excellent option. And as mentioned in the Lightspeed Trading Review, both day trading brokerages have advantages.
- Centerpoint Securities is an excellent choice for day traders with the need of a direct market access broker. The short list is extensive and order routing options are impressive as well.
Is CenterPoint good for shorting?
Yes. CenterPoint Securities is good for shorting U.S.-listed stocks. Their easy-to-borrow list included over 8,000 stock symbols and over 20 securities lending specialists with over 45 counterparty relationships located over 100 million shares per month.
Does CenterPoint Securities have a mobile app?
Yes. CenterPoint Securities has a mobile app. It is free to use for all subscribers to their Pro and Web platform. The mobile trading app is available for iOS and Android devices and is powered by DAS Trader technologies.
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