Just2Trade Review – Can it Compete With Top Brokers?

About Just2Trade

Just2Trade is an often overlooked brokerage firm that provides day traders and other frequent investors with competitive pricing and a large suite of trading tools. It’s worth checking out because it may rival or even beat your current broker. In this Just2Trade review, we attempt to quantify the value it provides to various types of traders.

Pricing

Commissions

Just2Trade has two commission plans. One is a per-trade schedule where equity transactions cost $2.50. You need an account balance of at least $2,500 to qualify for this rate. The commission increases to $4 if your balance falls below this level.

With the per-share plan, equity trades are 0.25¢ per share, with a minimum commission of 50¢. The per-share commission drops to 0.15¢ per share for accounts that can trade more than a million shares per month.

Options

Pricing on options is also divided between the two schedules. Derivatives on the per-trade plan cost 50¢ each plus the $2.50 base. The per-share plan has no base charge. Option trades cost 75¢ per contract, with a $1 minimum order. After 100,000 contracts in a month, the broker charges just 50¢ per option. That said, if you are trading that kind of volume, you may prefer a broker that caters specifically to options traders, like TastyWorks.

Account Requirements

The per-trade schedule requires $2,500 to start trading, and if an account slips below $2,000, Just2Trade will suspend the account’s trading capability. The per-share plan apparently is designed for day traders, as it has a minimum balance requirement of $25,000. It also charges a monthly fee of $333, although this rather uncomfortable charge is reduced by any commissions paid during the month.

Software Fees

Just2Trade offers several platforms and doesn’t charge a dime for any of them.

Trading Platforms

Just2Trade +

The first platform I took for a test drive was Just2Trade +. This is browser-based, but nevertheless incorporates some powerful features. Under the ‘Stocks’ tab, Market Depth can be found. This is similar to Level II data. There is also a trade ticket, which offers market and limit orders on close. The duration of an order can be set to day, GTC, or extended hours.

Multiple watchlists can be created. Strangely, I was not able to delete a stock after adding to a list. I was also disappointed in the platform’s lack of research tools.

Under the ‘Options’ tab, the platform displays calls and puts. Unfortunately, I could not find any strategies. Nevertheless, I was impressed with some of the features available. For example, mousing over the Greek letter sigma displays all of an option’s Greek data. Mousing over a strike price displays the intrinsic and time values of an option in graph format.

I was impressed with the software’s charting capability. A small chart is displayed under the ‘Stocks’ tab. It can be expanded, or you can simply click on the ‘Chart’ tab, where a large one already is set up. The chart can be expanded to fill the width of the monitor, although the top portion is taken up by the platform.

There are several technical studies available, including Aroon Oscillator and ZeroLagMa. There are four graph styles, and many drawing tools.

Just2Trade Lite

Another browser-based platform is Lite. It has customizable charts and real-time streaming data. Its interface is similar to that of Just2Trade +. As the name implies, it has fewer features and would be good for someone who primarily trades from charts.

Just2Trade Pro

Traders who would rather use a desktop program should check out Just2Trade Pro. The brokerage house promises “high speed with reliable operations.” Presumably, this one should deliver executions and data faster than its browser-based cousins. Historical data can be obtained from the platform, and multiple order types are available.

iBROKER Mobile

Just2Trade clients can buy and sell futures contracts on a mobile platform called iBROKER. It is capable of integrating with Twitter and saving a watchlist. Real-time quotes are available, and so are charts with technical studies. I was disappointed in the lack of equity trading on this platform, however.

Other Platforms

OEC Trader is a desktop platform that is designed for futures trading. Custom layouts are available. The order system is able to use multiple tickets, and RSS news feed is integrated.

Sterling Trader Pro is another platform that is available to Just2Trade customers. Some broker-dealers charge for this, so free access is quite generous. The software offers direct-access routing, option tools, and real-time market data. After testing it out for a while, I thought this was the most sophisticated software in Just2Trade’s portfolio.

I especially liked the display of Level II data with multiple colors. I could see where the bids and asks were without having to even look at the specific numbers.

Just2Trade Customer Service

Just2Trade says its “preferred method of contact is either by our online chat function or email.” It seems strange that they wouldn’t want phone calls. Personally, I would expect my broker to willingly accept phone calls.

Executions and Routes

Besides the default routing option, Just2Trade + offers Nasdaq and Arca venues. Traders who need more options than these can use Sterling Trader Pro, which offers many more.

Shorting Stocks

Any stock that is hard-to-borrow must be requested through chat or over the phone. If you need to locate a hard-to-borrow stock, Just2Trade will try to find it for you over the phone. The broker does not accept short orders for stocks priced under $3.

Type of Trader Just2Trade is Best For

Just2Trade would be a good choice for investors who place a lot of trades every month and want low commissions for these transactions. Many brokers don’t offer trading in futures, so the brokerage firm would also be ideal for traders who are interested in commodities or cryptocurrencies.

Pros…

• A wide selection of trading tools. Most brokers offer just one or two platforms.
• A separate futures account can be opened with Gain Capital Group through Just2Trade, and Bitcoin futures are available. Trades are a decent $2.50 per side.
• Mutual funds are available at $12.50 per transaction.

…and Cons

• IRA’s are available, but they come with a hefty $50 annual fee.
• Level II data costs $7.99 per month.

Judgment

Just2Trade fails in a few areas, not least of which is customer service. Nevertheless, frequent traders who won’t need much assistance can benefit from the broker’s generous stock, options, and futures commission plans.