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TradeKing

By on November 6, 2012
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TradeKing is a private online brokerage firm launched in 2005 and currently headquartered in Fort Lauderdale, Florida with a subsidiary office in Charlotte, Northern California.

In this TradeKing review, I’ll cover what TradeKing has to offer, who they’re right for, and give you guys some links to the latest TradeKing promotions. If you’ve used TradeKing before, please add your own rating and review below.


TradeKing – The Basics:

Investments: They specialize in options trading and offer investments in stocks, bonds, mutual funds, futures, treasuries and ETF’s.
Commissions: Stock trades are charged a flat rate of $4.95 per trade without regard for order size. This is the rate for even broker assisted trades. Options trades cost $4.95 with an addition of $0.65 per contract. Mutual funds cost $9.95 while no load funds are free. Bonds cost $4.95 with a minimum of $14.95. Treasuries cost $24.95 for each transaction.
Investor Education: Comprehensive and very well designed education center, for all levels of investors. Besides a solid video channel dedicated to education, they also hold regular webinars every month. Options’ trading is especially focused on with ‘The Options Playbook’.
Mobile apps: iPhone and for Android apps allow you to keep a check on your account balances and be regularly updated with the latest charts and quotes.

 

TradeKing has a good and prompt customer service which can be easily reached via phone, email and live chat.

There is no minimum to open an account with TradeKing. Switch to TradeKing and get up to $150 in transfer fees reimbursed..


Pros & Cons Of TradeKing:

Pros Cons
  • No minimum fee for account creation.
  • No account maintenance fee.
  • No hidden fee.
  • Free real time quotes available.
  • Very competitive commission rates.
  • Highly reviewed and award winning trading tools.
  • Great research amenities.
  • Highly rated customer service
  • Margin rates are low.
  • Active online trader community.
  • IRA’s are not charged any fee.
  • A very good educational program.
  • No facility for international investing.
  • Limited forex trading (only 6 pairs).
  • An additional $0.01 per share is charged for any stock costing less than $2 per share.
  • No in person help from customer service.
  • No facility for automatically filling tax returns.
  • Live chat is not available 24*7.
  • Banking services are not offered.
  • No facility to buy fixed income investments using their online systems.

How Others Rated TradeKing In 2012:

Barron’s: 4/5 stars

          Highest rated category: Portfolio Analysis and Reports

          Lowest rated category: Range of Offerings

Smart Money: 6th overall

          Highest rated category: Customer Service

          Lowest rated category: Banking Services


Word On The Street Is…

TradeKing is a broker which provides really good customer service coupled with great education, research and trade tools. It does all this at really cheap rates. If you are on the lookout for a low cost, high service broker, then TradeKing is worth your consideration.

Overall takeaway:Among the best brokers for long-term investors and options trading (according to Barron’s).


TradeKing Promotion Code:

Hit the link below to claim the latest TradeKing promotion. Click below to claim promotion code Get up to $150 in transfer fees reimbursed when you open an account.

Where To Open A TradeKing Account:

Open A Personal/Joint/Custodial/Business Account With TradeKing: Apply Here

Open An IRA Account With TradeKing: Apply Here

Open A Forex Trading Account With TradeKing: N/A


P.S. Don’t forget, if you’ve used TradeKing before, please help us by adding your rating and review below!

References:

  1. http://online.barrons.com/article/SB50001424052748704759704577267660673833538.html#articleTabs_article%3D0
  2. http://online.wsj.com/media/smbrokersurvey0612.gif

About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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