CenterPoint Securities Broker Review: Best For Shorting With Large Account
I personally use CenterPoint Securities for short selling stocks, and CenterPoint Securities is the go-to platform if you are serious about shorting in day trading. With an in-house lending firm, CenterPoints specializes in providing hard-to-borrow stocks for shorting.
Read on to learn why CenterPoint Securities can help progress in your shorting strategy.
CenterPoint Securities U.S. & CA: What sets it apart from others?
CenterPoint Securities is Best for shorting with large accounts. Not only is it provided with its highly sophisticated toolkit and trading screen, but it also offers unparalleled access to short locates, an in-house securities lending team, and a locate discount program, making it an unbeatable broker for shorting.
Here are the features that set CenterPoint Securities apart from other trading platforms.
An extensive list of hard-to-short stocks
CenterPoint Securities has a reputation for finding stocks that are "hard-to-short" due to its own in-house lending firm. You can easily find roughly 8,000 tickers for shorting from Short Locate Search, from $GME, $ABBY, or $AMC. You can easily short with a few clicks.
30+ direct access routing options for high-speed trading
Day traders can potentially gain or lose a great deal of money due to a few milliseconds saved during a trade.CenterPoint Securities provides 30+ direct access routing options to maximize the advantage of high-speed trading.
Day traders can select from multiple clearing firms or choose the Smart Route which finds you the quickest and cheapest route.
Free access to up to a $6,000 suite of tools: Trade Ideas Scanner, Dilution Tracker, and more
As a CenterPoint client, you'll have free access to CenterPoint Edge, which offers top-notch tools and resources worth up to $6,000 to make sure you stay ahead in the game. They include:
Trade Ideas Scanner: AI-powered stock market scanning tool.
Benzinga Pro: Advanced real-time newsfeed and scanner.
Trend Spider: Sophisticated charting analytics and scanning software.
Dilution Tracker: Database with profiles on thousands of small-cap companies.
TraderSync: Trader journaling software and pattern identifier for improved future performance.
Compatible with Das Trader Pro
For those who might not know, the Das Trader platform offers the best executions and fills for day trading. CenterPoint Securities is now compatible with Das Trader Pro, supporting your trade with the best trading platform. (Learn more about CenterPoint's connection with Das Trader Pro.)
Swift customer support
You can contact CenterPoint by phone, email, or live chat. Live chat is available from 8 am to 6 pm EST. Messages outside of business hours will be answered promptly the next day.
Fees and charges: How much does CenterPoint Securities cost?
There's no doubt that CenterPoint costs a bit more than other online brokers because they offer advanced trading add-ons, but note that CenterPoint also rewards active trading, and fees are lower for high-volume traders. The more you trade, the cheaper the fees are.
Posted per-share commissions: As low as $0.001 per share
Options Commissions: As low as $0.20 per contract
Regulatory Fees: Regulatory Transaction Fee - $0.000008 per dollar; TAF - $0.000145 per share; ORF - $0.02905
Platform Fees: CenterPoint Pro - $120 per month; CenterPoint Web - $20 per month; Mobile App - $25 per month (Waived for clients trading 200,000 shares or 1,000 options contracts monthly!)
Level 1 and level 2 New York Stock Exchange and Nasdaq data: Level 1 data - $1.50 monthly; Level 2 data - $18 per month
Routing fee: Varies depending on the option selected and may provide rebates for liquidity provision
Locate fees: Vary by time, ticker, and availability
Is CenterPoint Securities safe?
Is it safe to put my money at CenterPoint Securities? CenterPoint Securities is a division of FINRA's regulated brokerage firm, Clear Street LLC, and is under the regulation of the SEC.
ClearStreet's FINRA BrokerCheck report
You don't believe me? You can also check the background of CenterPoint Securities on FINRA's BrokerCheck, where you can find all the legal disclosures of the brokers.
But I know, as professional traders, we always have risk management at the forefront of our minds. So, let's imagine the worst-case scenario - what would happen if CenterPoint Securities were to be liquidated unexpectedly.
CenterPoint is under Clear Street LLC., a leader in the fintech industry, with over $400 million in capital funding. The firm is also a member of the Securities Investor Protection Corporation (SIPC). If Clear Street were to go out of business, SIPC and the extra insurance coverage of Clear Street would protect Clear Street customers' money and investments in their accounts up to $63,000,000 per account.
What about the CenterPoint Securities from Canada?
Don’t worry! Clear Street Canada Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF).
For individuals who have an account or accounts with a member firm (CenterPoint Securities), the CIPF protection limits typically amount to $1 million for all general accounts combined. This includes cash accounts, margin accounts, TFSAs, and FHSAs.
CenterPoint Securities: Pros and Cons
Pros:
Access to hard-to-short stocks at a premium price
Flexible order routing for instant executions
Fee discounts for active traders
Advanced add-ons for professional traders
Reliable customer service
Cons:
Minimum deposit of $30,000 USD
High fees for low-volume trading
Higher commission for direct routing access
Humber Trader exclusive sign-up bonuses for CenterPoint Securities
CenterPoint Securities is not only available in the U.S. but also in Canada this year.
With a minimum deposit of US$30,000, you can sign up for a new account with the "HUMBLEDTRADER" promo code. You can Get 1 free month of Das Trader Pro ($180 in free value) and an extra perk of $0 Commissions for 60 days for the U.S. clients!
For U.S. clients: https://bit.ly/ht-cp-ebg
For Canada clients: https://bit.ly/3tgAFJi
Don't miss the chance to try out the free advanced trading tools CenterPoint Edge for 30 days!
Last note
So, should you choose CenterPoint Securities? If you're a day trader looking for an advanced platform that supports fast trading and advanced tools for shorting strategies, then CenterPoint Securities is the trading platform for you.
However, keep in mind that you can only maximize the platform's benefits if you're trading with a large volume to keep the fees at a discount!
