Score Priority Review: Is it the Best for Options Trading?
Options trading has been amongst the news for a while now; new investors are often confused with what options are, and whether they make a profitable investment or not. In simpler words, options aren’t a direct commodity or certificate, as in the case of stocks. It is a financial contract that provides the buyer the right to purchase or sell a security to earn profit. If the share hits a high, you can transfer the right for the process, and In case of a fall, you can buy it for a bearish future profit.
The certainty of profit in the options market is complex; the complexity doesn’t come from its infrastructure or reliability; it’s due to the lack of predictability. Unlike stock prices, option prices don’t always follow the market trend. Although you can establish a relationship between the securities and their options, they aren’t always reacting the same way. Nevertheless, options are quicker in returning your investment than any shares. The rise and fall of options are short and rapid, so intelligent people are always able to generate a decent profit.
However, due to the uncertainty of the market, there have been several failure stories over time that are marked by hasty or slow decisions. You need to be quick in making the right decision; otherwise, your profit will take a hit. In the dilemma of deciding whether options trading would be profitable or not, the role of options brokerage firms arises. There are several renowned option trading platforms that have helped their investors make significant profits and move a step ahead in their investment objectives.
Today, we will ease your search by reviewing a famous brokerage firm. Score priority has been in the US market for several years now; their trading services and benefits have earned them loyal customers over the years. A score priority account offers numerous trading choices, including mutual funds, options, stocks, securities, and bonds. In this review, we will take you through a comprehensive review of the score priority trading platform, its offers, the customers, Pros & cons, and finally, the pricing. So, let’s go!
Table of Contents
- Score Priority Review: What Is Score Priority?
- How does Score Priority work?
- What are the Features of the Score Priority?
- Score Priority Pricing and Plan.
- Who is the Best Score Priority For?
- Score Priority Pros and Cons
- Score Priority User Experience
- Score Priority vs. Competitors
- Conclusion: Is Score Priority the Best for Options Trader?
- Score Priority FAQs
Score Priority Review: What Is Score Priority?
Score priority started its operation in 2007 as a discount broker that targeted high-volume traders only. Its initial name was Just2Trade; however, with its rising customer base and offerings, the company decided to change the name to ‘Score Priority’ in 2020. In the same year, Score priority integrated another finance-related business into its portfolio. Lightspeed Financial Services Group’s HFT executive division allowed score priority to make quicker executions that would help active traders make better profits.
The focus of score priority has always been on active and institutional traders that would have higher expectations from a brokerage firm and would also come with higher investment capital. The brokerage firm has focused on ensuring commission-free trading for some securities while others are traded at a reasonably low price.
Like other active trader brokerages in the United States, Score priority focuses on different pricing strategies to attract more customers. The latest app integrations have enhanced the execution speed, and score priority customers are able to enjoy better profits.
A bit about the company’s reliability, It is listed with the Securities Investor Protection Corporation in the United States and Canada, making it a reliable hub for your investments. The team behind the project has commendable experience of working in top-investment firms before joining score priority.
As described on its website, the objective of Score priority is efficiency in helping customers get the best results. The brokerage firm emphasizes the integrity of its operations and accuracy of its data to enhance the understanding and trust of its users, so they are benefited in the long run.
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How does Score Priority work?
The score priority offers twelve different account options to suffice the needs of its users. As the main spotlight for Score priority is active traders, they have four different individual and joint account options. Nevertheless, Score priority offers a wide range of accounts for financial and corporate institutions as well.
Most users prefer to have individual accounts due to the lack of complexities and document requirements; nevertheless, score priority has also seen a rise in its corporate account since commission-free trading was introduced. Let’s learn the popular accounts in some detail.
- Individual account- It is a popular account type amongst single owners. It comes with all the required facilities of the trading platform; the only difference between other joint accounts is the transfer of ownership if the owner dies.
- Traditional IRA account- It is a tax deferral and rebate account made for investors that are able to present several required certificates confirming their situation. It allows users, aging close to retirement, for tax exemptions and returns.
- Corporate Account- it is a premium services account that has higher fees for more services. The account is registered in the name of a corporation. The brokerage requires the corporate to present multiple registration and legal documents to initiate the account.
Opening an account on score priority is as simple as any other brokerage. You can directly head to the main website and tap on the ‘open account’ button. You will be asked to enter the login details to help you access the application if you wish to complete it in multiple stages.
The detailed requirements for an individual account are easy to arrange. Once everything checks, it would take about 7-10 working days for your account to have direct market access.
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What are the Features of the Score Priority?
Advanced trading platform: Score priority was created with keeping an active trader in mind; hence the trading tools and research options are all designed to assist in faster and more accurate research. Traditionally, Just4 Trade had two web and mobile trading platforms.
Nevertheless, the rising competition in the market has pursued Score Priority to launch a more effective platform. It allows you to access your favorite research and news tools from your main dashboard. Although the tools have been increased, the cluster has reasonably decreased to avoid confusion.
Unrestricted trading: A highlighted feature of score priority is unlimited commission-free trading for US-listed stocks. It is a unique feature that most brokers in the US haven’t offered. It also provides a wide range of foreign markets that can be accessed from the same application.
The commission and administration cost for foreign trading are relatively low, giving score priority users an edge against their counterparts. The company claims to have a sophisticated pricing method that doesn’t charge any hidden prices.
SIPC insurance: it is important to understand that internet markets are prone to a lack of trust. Users aren’t readily accepting online investments as a legit move. The US government has collaborated with financial institutions to drive the SIPC- securities investor protection- to ease the investment procedure.
The organization’s role is to regulate the brokerage and safeguard the investor’s investment. Score priority is registered with the SIPC, making it trustable for other investors.
Customer Service: The website of Score Priority has paid particular focus on their relationship with their customers. They claim that the website is designed with immense precision to ensure that the needs of all users are fulfilled.
The broader range of platform options also allows multiple users to trade stocks and options in a preferred environment. Past users have commended that Score priority customer service is easy to reach and solves the problem within the allocated time frame.
Score Priority Pricing and Plan.
The pricing strategy of score priority is pretty similar to other brokerages oriented toward active traders. It comes with multiple pricing and planning schemes to suffice the needs of all users. It offers commission-free trading zones in the US stock markets and low-cost pricing in the foreign regions, allowing higher profits for traders.
Unlike famous US market makers, Score priority doesn’t charge on a spread basis; instead, it has multiple pricing policies for mutual funds, stocks, exchange-traded funds (ETFs), and options.
For stocks, ETFs and ADRs, the trading fee is charged per share traded for the direct access route; the fee is 0.005 per share with a minimum of $1. The cost can be increased if you are trading during extended hours. The fee for extended hour trade is an additional $0.003 per share. Nevertheless, Score priority offers commission-free trading zones for US markets with a $0 commission charged.
For options, there are two different commission prices for platforms multi-leg options and single-leg options. Trading single-leg options would cost you $0.5 per contract, while the former would cost you $1 per contract.
Score priority also has a required minimum balance, different for the US and foreign traders. For traders based in the US, the minimum balance to always maintain in the account is $1000. The foreign accounts would require $2500 to begin trading on their accounts.
The inactivity fee is $15, which is charged on accounts that have a balance lower than $50000 and haven’t made more than five trades in the entire quarter. Overall, the pricing structure of Score priority is reasonable; however, there are some high minimum deposit requirements that may disturb short-term investors but would not be a problem for high-volume traders.
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Who is the Best Score Priority For?
Since its inception as Just4 Trade, Score priority has only focused on high-volume active traders that can switch between multiple markets and commodities. The trading fees and other requirements for individual active traders are easily fulfillable, and setting up an account is as easy as you like. Another factor that benefits active traders is the range of trading platforms made for different types of investors.
The newer advanced trading platform allows multiple research and technical tools that can help active traders analyze different securities. The platforms are designed with precision to avoid clusters, and the financial advisor section can come in handy for making good deals.
Another segment that the offerings of Score priority would attract is financial institutions. The commission-free trading in the US stock exchange allows fair leverage to make good deals. Lesser trading fees ensure that the losses are minimized, and investors retain profits.
Another factor that benefits active traders and financial institutions is getting past minimum deposit requirements and inactivity fees. Of course, active traders start with more considerable capital; thus, they won’t encounter any minimum fee problems.
Similarly, at least five trades requirement is easy to cross; therefore, the minimum fee can also be avoided. Nevertheless, Score priority won’t be a good choice for casual and short-term investors for the two additional costs. If you’re one of them, you can look for other alternatives to find a suited broker.