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TradingBlock

By on November 5, 2012
Editor’s Rating
Tools & Research
Ease of Use
Range of Investments
Commissions/Fees
Overall

 

TradingBlock Logo

 

TradingBlock is a relatively new brokerage firm in the industry, having opened its doors to public trading only in 2010. The trading firm helps traders make long term investments and simplifies the process. It does achieve results up to an extent, but has a lot of scope for improvement on several fronts.

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


TradingBlock – The Basics:

Investments:

Stocks, options, mutual funds, EFTs, bonds and futures. Forex is also offered.

Commissions:

Stocks and ETFs are charged at $7.50 per trade. Options are also charged similarly and an additional $0.75 is charged per contract. Mutual funds and bonds cost $20 and $30 in commissions respectively.

Investor Education:

Basics.

Mobile apps:

None.

 

Other notes:

The trading platform is easy to use, especially for beginners. Education is provided on the platform and it covers all basics of trading. In addition to covering basics of various investment products, the “Learn” feature also offers good portfolio management education.

For discounted rates, traders will have to call the company. Rates are significantly higher for broker assisted trades.

Minimum account opening balance is $500. For IRAs, $45 per annum is charged as IRA Custodian fee and $75 is charged for termination. Traders who are make regular trades and reach minimum milestones are eligible for discounts. Apply for an account now.


Pros & Cons Of TradingBlock:

Pros

Cons

  • Surcharges are not levied on penny stocks, while most other brokers do levy surcharge.
  • No surcharges on extended hour trading.
  • Large orders are not charged more or levied higher surcharge than low volume orders.
  • Other than Custodian and termination fee, no additional charges are levied for IRAs.
  • TradeBuilder and Trade Analyzer are good scanning tools that aids in formulating trading strategies for options.
  • 40 options spreads available.
  • Good graphical representation for easy analysis.
  • Attractive promotion offers such as free trade for six months.
  • Margin rates are higher than average.
  • Trading tools are inadequate
  • High inactivity fee of $30 per year.
  • No cash value since cash does not entail interest.
  • Bonds, futures and Forex are traded only through live broker, so costs are higher.
  • The trading platform offers very few customizability features.
  • Not a good option for individual IRAs.

How Others Rated TradingBlock In 2012:

Barron's: 2.5/5 Stars

          Highest rated category: Usability

          Lowest rated category: Mobile

Smart Money: N/A (not rated)

          Highest rated category: N/A (not rated)

          Lowest rated category: N/A (not rated)


Word On The Street Is…

The firm is fairly young and is yet to scale in the industry. As of now, the firm is perceived as an average broker with reasonable costs and features. The scope for improvement in terms of customizability and trading tools is very high.

On the upside, the firm is constantly improving with frequent new inclusions. Smart rating of the firm, which is arrived at by analyzing features, services and reviews by established reviews, is 61/100.

Overall takeaway: Still a young brokerage with good potential, but not recommended as they have a lot of areas for improvement to be a viable competitor with the mainstream brokerages.


TradingBlock Promotion Code:


Hit the link below to claim the latest TradingBlock promotion. Click below to claim promotion code Trade FREE for up to 6 months

Where To Open A TradingBlock Account:

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

Open An IRA Account With TradingBlock: Apply Here

Open A Forex Trading Account With TradingBlock: Apply Here or N/A

 

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

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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