Answers to commonly asked questions about SpeedTrader Locate Services
Locate Services provided to clients through Speedtrader’s relationship with Quantex.
Using Stock Locate Service
How does it work
- Log in to your DasTraderPro Platform in the morning and check for the (stocks) symbols that your interested in shorting. The beginning of day file will be loaded around 8:00 am EST.
- If the symbol you are interested in is not on the easy to borrow list than login into your Quantex locate user account (Web Based)
- The Quantex locate user account will allow you as a trader to see if symbols and shares are available for you to trade; if available the system will provide you with a borrow rate for those shares. This is the preview feature.
- Next you have the option to accept or decline those shares to borrow.
- If you accept those shares the back office at Speedtrader will load those shares to your DasTraderPro user for trading in that symbol for that trading day.
Frequently asked questions
How do I get my web based Quantex locate user account?
- Simply send a request to [email protected] with your account number and the name on the account and a user will be requested
Can I day trade the shares that I located?
- Yes. If you locate 1,000 shares of XYZ you can short 1,000 shares of XYZ and if you buy those shares back intraday the shares will automatically reload those 1,000 shares back into your DAS user so you can short the symbol again for that trading day
What is the cost if any for the Quantex locate service?
- The cost is $55 a user per month. Speedtrader waives the fee for the first month. The fee is waived; if you generate $1,000 a month in commissions
What happens if I accept shares to short inadvertently?
- The cost of that locate belongs to you; as the charge is a pass through. Please be careful that the shares you accept are shares that you do plan on trading or have an interest in trading that day
Costs to locate example
- If you locate and accept 1,000 shares of XYZ stock and get a rate of $.03 per share you will get charged $30 for accepting that locate whether you trade it or not.
- If you carry a position of 2,000 shares overnight of XYZ stock instead of just day trading that stock you will be charged the same rate ($.03 per share) for that symbol in this case an additional $60 for the overnight borrow.
- If you were to take that position with you into the weekend( 3 days) the cost will be $180($60 a day times 3 days) to borrow those 2,000 shares through the weekend