TradeKing's Claim: Since TradeKing’s inception in 2005, this online discount brokerage firm has become one of the most awarded trading sites in existence. TradeKing has received accolades from SmartMoney, Barron, Kiplinger, Gomez, Webby, and the Financial Communications Society. Some of the awards include best in customer service, top rated investment tools, best for option traders, #1 discount broker, and best of the web recognitions. TradeKing’s award winning research and trading tools, such as MarketGrader Research Reports, Stock and Option Screeners, stock and options glossary, Probability Calculator, Maxit Tax Manager, Profit and Loss Calculator, Technical Analysis Tools, and much more are all freely accessible after you create an account. You will also have access to the trader network where you can watch, interact, share experiences, and evaluation trading strategies with other TradeKing pros. At TradeKing, you will take advantage of a flat fee trading structure with $4.95 per trade plus 65 cents per option contract, even for broker assisted trades. There are no account minimums or hidden fees, the website has implemented industry leading encryption technology, and your funds are protected by SIPC and a third party insurance company, so you can trade at your leisure without having to worry about anything other than picking the right investments. You can access the entire site and checkout all the tools and features for free before you decide to start trading.
TradeKing - Member FINRA and SIPC
|TradeKing Commission and Fees Review
TradeKing.com queued for review by a MoneyStance Editor.
"Here’s where TradeKing really excels. Whereas some discount brokers try to nickel and dime you with account inactivity fees and IRA fees, TradeKing does not. If you trade lightly or not much at all, you don’t have to worry about getting an account inactivity fee or account maintenance fee. "
"Did you hear that TradeKing was named fourth in the latest Smart Money 2009 broker survey? While it’s not the first, the other three are all at least twice as expensive when it comes to stock trades. I’d say that TradeKing is kicking (you know what) if you ask me. They are really the future of stock trading."
"Overall I was hugely impressed with the service that TradeKing offered. I did notice that they didn’t offer Forex trades however so if you were especially looking to trade in Forex then you would need to look elsewhere. But this is incredibly risky so unless you really know what you are doing I would advise against it."
"TradeKing features what they call the “trader network” which allows you to connect with other investors and see how they are trading and more importantly why they are trading the way they are. It allows you to track their portfolios and see how they are doing to help you gain some insight in to your own personal investment strategy. "
"Controlling costs today is more important than ever. TradeKing is a good way for investors and traders alike to cut their brokerage fees in half. I’m currently in the process of moving my old Etrade account to them. I make about 120 buys a year, so this should save me $600 in the next 12 months alone. Not bad."
"My experience with TradeKing so far has been good. There were a few small annoyances like waiting five days for the ACH link, then another five days on the first deposit, but overall it’s been a solid experience...The one area I was quite impressed with was the educational areas where they taught you about options. Options can get tricky so explaining all the scenarios is certainly a plus."
Millie Kay G
"As for matters of security, it’s reassuring to hear that accounts are protected up to $25 million (via the Securities Investor Protection Corporation or SIPC coverage). And if you leave your computer alone too long, the system will log you off. With all the interruptions I have in a typical work day, this is a good idea. Another security measure ensures that thieves are locked out of your account after several failed login attempts: a good thing in case your laptop ever gets lost or stolen. "
"I had wired funds and was successful at my bank end, but to find out about their unusual document limitations they had rejected the transfer because I had a joint account. They stated that I cannot use 3rd party to deposit funds. Clearly, I was the account holder showing my name and my partner’s name on the bank statement they had requested from me, but they insisted that I was the 3rd party. They had redefined the definition of 3rd party according to “their 3rd party policy”. They had wired back the money and deducted the fee from their side."
"Tradeking will give you hell in taking your money out and they are very misleading whoever is with tradeking now you will see for yourself just remember this post try to take money out and you will see how frustrated you will get and regret ever signing up with them."
"The fees on TradeKing’s mutual fund products are not as low as their other products. It costs $14.95 to purchase a mutual fund. This fee can be beaten by purchasing directly from the fund family. Penny stocks cost .01 per share to purchase. This can become rather costly if you are buying thousands of shares. Other sites charge a flat fee for penny stock purchases."
"The TradeKing community is pretty large and informative. In addition to a lot of tutorial videos that help both amateur and experienced traders, TradeKing offers expert advice via online blogs and forums, and they even list over 18,000 members user names and how active those users are in the community."
"If you are an old person that likes names like Vanguard or Charles Schwab then I can understand that. But paying 3 to 4 times more for the exact same service? There is no reason for that. In these troubled times our stock portfolio is already taking a hit. Paying all the fees and extra padding other brokers stack on doesn’t make much sense. If you are going for the bear bones best price, Zecco is for you. If you want something in the middle between discount and full service broker TradeKing and Scottrade are great."
"TradeKing’s prices are almost impossible to beat when it comes to stock trade pricing. The company charges just $4.95 per trade and $0.65 per options contract. It’s easily one of the lowest rates in the industry and stays the same regardless of how often you trade. The company’s pricing is straight forward and you can even trade through the phone for just $4.93 per trade as well. If your computer is down or don’t have online access, you can know with peace of mind that you can trade over the phone."
"TradeKing is one of our favorite brokerages -- we ranked it #2 among Top Brokerage Firms in 2010 and rated it Best Brokerage in 2009. The firm received lots of awards: 5-star rating in Customer Service and Trading Tools in the June 2009 Barron's Broker Survey; 5-star in Customer Service in the 2008 Barron's Brokerage Survey; overall #1 Discount Broker in 2007 and 2006, according to Barron's. In Smart Money and Kiplinger's magazines Annual Broker Survey for 2010, TradeKing ranked first in Customer Service. "
"While I have liked most things about Tradeking, it isn’t perfect. There a few small things that are slightly annoying. I use TurboTax to do my taxes, and there isn’t an automatic import of trades for the year. Several companies work with them to make it easy at tax time, unfortunately for the last few years I’ve had to enter everything by hand. It is a bit of a pain. I’ve sent requests to them to support this, and I have high hopes that this will change. If it does, I’ll recommend Tradeking even more."
"You know a company is doing a good job pleasing their customers when you have to search past the first few pages in Google to find a negative review. TradeKing is aiming to please. An ultra-low flat fee commission structure, top-notch customer service, and a slick, easy to use platform full of all the tools you need to stay on top of your game. And there’s no minimum to join, so there’s no good reason not to give it a try."
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