SageTrader
SageTrader, LLC is a FINRA-member introducing broker offering equities and options execution to active retail traders and institutional firms, powered by its proprietary SAGE Smart Order Router and accessed primarily through DAS Trader Pro. The firm charges per-share and per-contract commissions on tiered volume and generates supplementary revenue from platform, data, margin, and locate fees.
- Company typePrivate
- Founded2013
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What SageTrader does
SageTrader, LLC is a privately held FINRA- and SIPC-member introducing broker founded in 2013 (with operating roots dating back roughly three decades via predecessor entities) and headquartered in Englewood, New Jersey. The firm provides equities and options brokerage to two principal customer sets: active retail traders (often day traders running high-volume strategies including 0DTE options and short-selling) and institutional Sell-side and Buy-side firms requiring customizable routing and FIX connectivity. Its core technology is the proprietary SAGE Smart Order Router (SAGE-OR), which delivers Direct Market Access across exchanges, dark pools, and market makers, with custom-named routes (SAGEREB, SAGEPRO, SAGEBLAST, etc.) enabling liquidity capture and ECN rebate generation. Customers access the platform primarily through DAS Trader Pro ($125/month) and, starting mid-summer 2026, a forthcoming commission-free SageTrader mobile app and Black Arrow alternative platform.
The business model is overwhelmingly transaction-fee based. Per-share equity commissions range from $0.0003 to $0.0010 on monthly volume tiers, options commissions from $0.10 to $0.30 per contract, with supplementary revenue from platform and market-data subscriptions (pass-through DAS costs), margin interest (7.5%), locate fees (dynamic, sourced via the Lynx-powered Sage Locates Service), and administrative fees for wires, transfers, and inactivity. Order flow is cleared through two carrying brokers, Clear Street and RQD Clearing. Distribution is hybrid: self-serve signup via the website for retail customers, and dedicated institutional sales for Sell-side and Buy-side clients with FIX-based integration to Bloomberg, Sterling, TradeZero, Etna, and DAS. The firm supplements this with an event-driven community channel — live trading workshops, masterclasses, and conferences across North America, Europe, and LATAM.
Forward strategy is concentrated on a 2026 platform expansion: a commission-free mobile app for casual/part-time traders, a Black Arrow alternative to DAS, a DAS Web browser version, and implementation of the FINRA $2,000 PDT minimum. The firm has a small headcount (11-50), no disclosed external funding since a 2014 raise of roughly $2.1M, and is led by industry veteran Mike Forsythe with Ryan Stipanich as Chief Compliance Officer and Mark Bold as CFO. Revenue is not publicly disclosed; the volume-tiered economics and "billions of shares annually" client flow are the primary revenue proxies.
SageTrader firmographics
Firmographics- Name
- SageTrader
- Legal name
- SageTrader, LLC
- Website
- https://sagetrader.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- SageTrader, LLC is a FINRA-member introducing broker offering equities and options execution to active retail traders and institutional firms, powered by its proprietary SAGE Smart Order Router and accessed primarily through DAS Trader Pro. The firm charges per-share and per-contract commissions on tiered volume and generates supplementary revenue from platform, data, margin, and locate fees.
- Ownership category
- akta.pro rank
SageTrader industry classification
Industry- Product category
- Securities Brokerage Technology
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Independent Broker-Dealers (Retail Network) (FSAAAAAC)
- akta.pro secondary industry
- Prime Brokerage (FSAEACAD)
Keywords
Where SageTrader is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
SageTrader business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Equity Commissions: Per-share commission fees ranging from $0.0003 to $0.0010 based on monthly trading volume tiers. Lower rates available for higher volume traders.
- Options Commissions: Per-contract fees for options trading: $0.30 per contract (up to 25k contracts/month), $0.20 per contract (25k-50k), $0.10 per contract (50k+). Additional index option fees apply.
- Platform Fees: DAS Trader platform subscription at $125/month. This is a pass-through cost to customers.
- Market Data Fees: Various market data packages including Core Level 1 ($15 Non-Pro, $95 Pro), additional depth feeds, options data, and news services at tiered pricing.
- Margin Interest: Margin lending at 7.5% rate for borrowed funds in margin accounts.
- Locate Fees: Fees for short-selling stock locates, dynamically priced based on supply and demand, passed through from locate providers.
- Administrative Fees: Wire transfer fees ($25 domestic, $50 international), ACH returns ($30), ACATS transfers ($50 outbound), IRA custody ($40 annual), and inactivity fees ($15 quarterly).
- Routing Fees and Rebates: Custom routes like SAGEREB offer rebates up to $0.0025 per share for adding liquidity. Some routes charge fees for faster execution. ECN fees and exchange rebates are passed through.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Equity Commissions: Starting at $0.0003 per share for 40M+ monthly volume |
| Unit Pricing | Monthly | Options Commissions: Starting at $0.10 per contract for 50k+ monthly contracts |
| Subscription | Monthly | DAS Trader Platform: $125/month |
| Subscription | Monthly | Market Data: Starting at $15/month for Non-Pro Core Level 1 |
| Other | Monthly | Margin Rate: 7.5% |
| Other | Pay-as-you-go | Regulatory Fees: SEC $0.0000206/dollar, TAF $0.000166/share |
| Transaction based/ take rate | Pay-as-you-go | Administrative Fees: Wire $25, ACH free inbound, IRA $40/year |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels5 records
SageTrader product offering
Product offeringCore offering
SageTrader is an introducing broker that provides retail and institutional traders with access to its proprietary SAGE Smart Order Router (SAGE-OR) technology for equities and options trading. Core services include Direct Market Access via the DAS Trader Pro platform, volume-based commissions starting at $0.0003 per share, ECN rebate-generating custom routes, short-selling locate services, and a real-time risk management console. The firm also offers institutional FIX connectivity with EMS/OMS platforms and is launching a no-fee mobile app and alternative trading platform in 2026.
Product overview
SageTrader is an introducing broker offering a unified trading ecosystem comprising the SageTrader Platform as the core broker service, powered by its proprietary Smart Order Router (SAGE-OR) technology. The primary trading interface is DAS Trader Pro (with DAS Options for options trading), complemented by custom routing routes (SAGEREB, SAGEPRO, SAGEBLAST, etc.) that enable traders to capture liquidity and earn rebates. Institutional clients receive executive broker workflow tools with FIX connectivity to platforms like Bloomberg and Sterling. Additional services include the Sage Locates Service for short-selling (powered by Lynx Trading Technologies), a Risk Management Console, and comprehensive post-trade reporting. A new SageTrader App (no-fee mobile trading) and Black Arrow Platform are scheduled for launch in summer 2026.
Differentiator
Problem solved
Functional benefit
Products and services
- SageTrader Brokerage Platform An introducing broker offering retail and institutional traders access to equities and options trading through proprietary Smart Order Router technology, with volume-based commissions starting at $0.0003 per share.
- DAS Trader Pro
Quantifiable outcome
- Commissions as low as $0.0003 per share (for 40M+ monthly volume)
- +3 more outcomes
Companies that use SageTrader
Customer profileSegments3 records
Ideal customer profiles2 records
SageTrader technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature5 records
SageTrader partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Lynx Trading TechnologiescorePartnership with Lynx Trading Technologies for the Sage Locates Service. Lynx provides a cutting-edge price optimization algorithm that evaluates and captures short-selling locate availability from all of SageTrader's locate brokers, ensuring clients have access to a broader pool of locates at competitive pricing. This partnership delivers expanded locate inventory and strategic advantages for short-selling activities.
- DAS TradercoreExclusive partnership using DAS Trader as the primary trading platform. DAS provides direct market access with institutional-grade speed and precision. Platform integrations include FIX connectivity with EMS/OMS, Bloomberg, Sterling, and Etna. The partnership includes access to DAS Options for advanced options routing and 0DTE execution.
- Clear Street, LLCcoreOne of two clearing firms used by SageTrader for securities clearing and carrying. General contact: 213-402-1570x1592, [email protected], secondary: 646-979-4837. Clearing firm maintains business continuity objective of restoring operations within 12-24 hours of disruption.
- RQD ClearingcoreOne of two clearing firms used by SageTrader for securities clearing and carrying. Contact: 212-686-8650, [email protected]. The clearing firm clears and carries all STL execution accounts with same-day billing capability.
- LYNX Capital MarketscoreExecution technology partner with comprehensive Business Continuity Recovery (BCR) plan. SageTrader coordinates its business continuity plan with LYNX to facilitate recovery of execution operations following Significant Business Disruptions.
- Kinfo ProminorTrading journal partner offering complimentary access to Kinfo Pro for active, funded SageTrader accounts. Traders can request access by emailing [email protected] after funding and starting trading.
Scale indicators3 records
Recent moves9 records
Expansion highlights6 records
SageTrader competitors and assessment
Company assessmentDirect peers
- Lightspeed Trading: Lightspeed is an active-trader broker offering DMA, customizable routing, and institutional-grade platforms (including DAS Trader Pro), closely matching SageTrader's product stack and target customer of professional and active retail traders.
- TradeZero: TradeZero is an introducing broker serving active day traders and short sellers with direct market access, locate services, and low commissions, directly overlapping SageTrader's core retail active-trader offering.
- CenterPoint Securities: CenterPoint Securities is an introducing broker specializing in short-selling tools, locate services, and direct market access for active day traders, a near-identical target customer and service mix to SageTrader.
- Cobra Trading: Cobra Trading is a small introducing broker focused on active and professional day traders with low commissions, short-selling support, and DAS-style platform access, directly comparable to SageTrader's core retail active-trader offering.
- SpeedTrader: SpeedTrader is an introducing broker providing active traders with low per-share commissions, direct market access, and short-selling locate services, overlapping SageTrader's customer base and pricing model.
Broad incumbents
- Robinhood Markets: Robinhood is a large retail broker serving self-directed traders with zero-commission equity and options trading. It competes with SageTrader for retail trader attention and sets the price umbrella below which SageTrader must justify its active-trader value proposition.
- Tastytrade: Tastytrade (owned by IG Group) is an active retail broker focused on options trading, multi-leg strategies, and trader education, overlapping SageTrader's options commission tier and active-trader customer segment.
- Interactive Brokers: Interactive Brokers is a large, publicly traded online broker serving active traders, prop groups, and institutions with low commissions, advanced routing, and FIX connectivity. It is a broad incumbent in SageTrader's category but offers a much wider product portfolio including global multi-asset coverage.
- Webull: Webull is a multi-asset retail brokerage offering commission-free equities and options trading with advanced desktop and mobile platforms, competing with SageTrader for the same retail day-trader wallet.
Others
- DAS Trader: DAS Trader is the third-party trading platform provider that powers SageTrader's retail and institutional execution. It is a critical infrastructure / enabling partner rather than a direct competitor, but its roadmap and pricing directly affect SageTrader's customer experience and margins.
Market position
Strengths3 records
Weaknesses2 records
Competitive moat5 records
Key risks1 record
Key highlights6 records
Customer concentration
SageTrader social profiles
Digital presenceSageTrader compliance and trust
Trust signalCompliance2 records
SageTrader financial estimates
Financial estimateRevenue estimate
Valuation estimate
SageTrader leadership team
Management profileNumber of profiles
Profiles3 records
SageTrader funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SageTrader M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SageTrader
What does SageTrader do?
SageTrader is an introducing broker that provides retail and institutional traders with access to its proprietary SAGE Smart Order Router (SAGE-OR) technology for equities and options trading. Core services include Direct Market Access via the DAS Trader Pro platform, volume-based commissions starting at $0.0003 per share, ECN rebate-generating custom routes, short-selling locate services, and a real-time risk management console. The firm also offers institutional FIX connectivity with EMS/OMS platforms and is launching a no-fee mobile app and alternative trading platform in 2026.
Is SageTrader a public or private company?
SageTrader is a private company. It is classified as unknown and is currently operating.
When was SageTrader founded?
SageTrader was founded in 2013. It employs 11 to 50 people.
Where is SageTrader based?
SageTrader is headquartered in San Francisco, United States, in the North America region.
How does SageTrader make money?
Eight revenue lines are on record. Equity Commissions are the primary driver. The others are options Commissions, platform Fees, market Data Fees, margin Interest, locate Fees, administrative Fees and routing Fees and Rebates.
Who are SageTrader's main competitors?
Direct peers on record are Lightspeed Trading, TradeZero, CenterPoint Securities, Cobra Trading and SpeedTrader. Broad incumbents are Robinhood Markets, Tastytrade, Interactive Brokers and Webull. DAS Trader is listed as an others.
Does SageTrader have an API?
Yes. SageTrader supports the DAS CMD API, which allows developers to trade programmatically while retaining access to manual trading in DAS. Users request API access through the SageTrader portal under the platform tab, complete the API form in DAS (located in Help > Market Data Agreement > Optional tab), and DAS takes at least a day to approve and configure. There is no free trial of the API. The API costs an additional $100 per month on top of the standard platform fee.
What industry is SageTrader in?
SageTrader's product category is Securities Brokerage Technology. Its primary akta.pro industry code is FSAAAAAC, Independent Broker-Dealers (Retail Network), with a secondary code of FSAEACAD, Prime Brokerage. Its NAICS code is 522320 and its SIC code is 6211.