SpeedUp Trader Review: The Speed Up Trader Scam - Topedgefx.com

SpeedUp Trader Review: The Speed Up Trader Scam

Welcome to the Speed Up Trader review.

Speeduptrader.com appeared in November 2011.

The company is owned by Marcello Arrambide who runs DayTradingAcademy.com (see review of Day Trading Academy) and peddles the popular “trading is a lifestyle” nonsense.

In his Speed Up Trader website, Marcello Arrambide claims that students can trade futures with his money provided they meet a set of simple rules.

Students pick the account size they wish to trade, then Speedup Trader sets up a simulated trading environment of the same.

They also claim that trading platform is provided by the company, so students don’t have to incur additional fees.

However, SpeedUp trader states that students are responsible for their own data.

speed up trader review

There’s no data fees for “express funding” but traders who wish to continue using data for more than 14 days will be required to pay.

SpeedUp Trader is currently operating platforms like the NinjaTrader, MultiCharts and their own proprietary trading software known as “SpeedUp Trader”.

Also, Earn 2 Trade appears to be related to Speed Up Trader in one way or the other.

Earn to Trade provides education and also recruits traders. This is a typical trading combine program that runs something called “The Gauntlet”.

Now, Speed Up Trader is not regulated by the NFA and yet they run a futures business while charging fees and passing the cost to traders.

Let’s be clear: this is illegal!

SpeedUp Trader review

What exactly does this trading combine program provide traders with?

It provides traders with a selection of up to 37 futures products. These include index equities, agriculture futures, Interest rate futures, currency futures, energy futures, Metal futures and Eurex futures.

There are 3 types of accounts to be traded by students who wish to go through this trading combine program.

Speed Up Trader claims the following:

Our company lets you keep the first $7,000 in profits you make, 80% after.

Students can trade on a simulator for an unlimited time but the minimum days of trading must be 10 days.

[tabs][tab title=”$25,000 Account”]

Monthly cost: $120

Profit Target: $1,500

Max draw down: $1,500

Maximum contracts: 3

Daily loss limit: $500

Must close positions by 4:10 P.M. Eastern U.S. Time

May not trade through major news events.

Meet The Consistency Rule

[/tab] [tab title=”$50,000 Account”]

Monthly cost: $150

Profit Target: $3,000

Maximum contracts: 6

Daily loss limit: $1,250

Max drawdown: $2,500

Must close positions by 4:10 P.M. Eastern U.S. Time

May not trade through major news events.

Meet The Consistency Rule

[/tab] [tab title=”$100,000 Account”]

Monthly cost: $300

Profit Target: $6,000

Maximum contracts: 12

Daily loss limit: $2,500

Max drawdown:$3,500

Must close positions by 4:10 P.M. Eastern U.S. Time

May not trade through major news events.

Meet The Consistency Rule

[/tab][/tabs]

SpeedUp Trader review: the ugly truth

“Fund-a-trader” is a niche, an ecosystem that is thriving since it’s not about to go away any time soon.

Individuals or what I call “simulator hustlers” charge a monthly fee to get students trading on a simulator.

Speed Up Trader does not provide any trading education. But they lure traders to join them for a fee on the promise that they’ll be funded to trade a big account.

If you are a trader who does not have sufficient education and experience, you’ll definitely fail the trading combine.

There is no refund whatsoever. So that means you’re throwing away money into the drains.

Since Marcello Arrambide is also operating a trading school, I suspect that as soon as students are done with Daytradingacademy.com, they are lured to sign up at Speed Up Trader where they pay addition fees in order to “get funded”.

Individuals who are seemingly stuck in a trading simulator hoping to get paid by simulator hustlers are definitely wasting their money and time.

The internet is awash with “We will fund you if you can trade for us” nonsense.

Speed Up Trader is a perfect example but there are multitudes of other sites that try to cannibalize the financially illiterate using this shady business model:

These include:

Tradenet by Meir Barak

OneUp Trader

Earn2Trade ……… Ryan Masten

TopStep Trader

It’s a bit difficult to keep track of these fund a trader websites.

So I have also started a special category called “Prop Trading firms” to help with exposing these scam artists and their operation.

The business model is the same. One pays a fee to trade a simulator and keep a portion of the profits made in the simulator.

SpeedUp Trader claims that once a trader has passed the trading combine, they’ll be hooked with a separate company that funds them.

The simulator hustler knows that a trader will never make it.

And as you can see, he’s pocketing $150 to $300 from each student every month.

If there are 10 students in a given month trading the simulator and assuming they go for the $100,000 account, this would translate to $3000 profit which the scam artist will pocket.

Their marketing is so good.

They can lick the wax out of your ear to recruit you into their bogus business model.

In the end, the financially desperate tend to lose a great deal.

A scam like Tradenet charged the top dollar to enroll people into this trading combine nonsense.

Up to now, I’ve never met or seen any successful student who passed through TradeNet and are trading for a living.

But I have personally encountered multitudes of broke and frustrated people who thought the “free money for a trader” “opportunities” were real.

If you’re stuck in Speed Up Trader nonsense

The reason that these fund-a-trader programs have mushroomed is because many new traders believe that the first thing they need is a big account.

This is absolutely wrong. A new trader needs to get to the trenches and practice hard.

Good trading education can help you become a better trader.

Nevertheless, getting caught up in simulated trading, courtesy of Speed Up Trader and similar scams will take you nowhere.

The best option (of course after you’ve been educated) is to open a live account with a few hundred dollars that you can afford to lose.

Most brokers are offering zero commission.

So if you wish to trade Forex, Stocks or leveraged ETFs, it will be easier and cost-efficient for you.

Conclusion

By the way, if you’ve been caught up in these funded trading programs, let us know your experience.

I’ve already told you the truth concerning SpeedUp Trader and similar programs. If you are the kind of a trader who can’t seem to resist the urge to join them, please change your mindset.

Thanks for reading the SpeedUp Trader review.

3 Comments

  1. Jonathan Franco January 14, 2020
  2. Jonathan Franco January 14, 2020
    • Jonathan May 4, 2020

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