TradeKing review

TradeKing Review

TradeKing has only been around since December 2005, and they’ve wasted no time carving out a reputation as a serious power player in the discount broker niche. They have recently been setting the pace for innovation in the online broker space, and late last year they merged with another leader in the social trading sphere, Zecco Trading. They have also recently expanded their already formidable free education resources, including video tutorials, live webinars, iPhone and Android apps, and options playbook for all levels of traders.

What they offer: Ultra-low commissions, top rated customer service (Smart Money, The Wall Street Journal magazine ranked them #1 as of June last year). TradeKing is known for it’s slick trading platform, great research tools, mobile trading access, and arguably the best options trading tools around. Also, they now offer 50 currency pairs, and the ability to trade gold and silver in real time.

PROS CONS
  • Android and iPhone mobile apps with streaming quotes & watch lists.
  • Cheap flat fees & no minimum deposit to open an account.
  • Top rated customer service.
  • Top notch free education offered via TradeKing learning center.
  • Ability to share experiences, ideas and strategies with thousands of seasoned traders in the TradeKing Trader Network
  • LiveChat customer service is not 24 hours.
  • Relatively narrow range of investment products.
  • No banking services like some of the bigger full service brokers.

The Verdict: TradeKing is an impressive & innovative trading platform, and after their merger with Zecco and subsequent platform upgrades, it looks like things just keep on getting better. They are continually adding useful features, and listening to the needs of the market. This is definitely one of the better brokerage firms out there. Highly recommended.

Where to join: Open your TradeKing account now! (use this link to get up to $150 in transfer fees reimbursed)

In Depth TradeKing Review

Setting Up An Account:

Setting up an account online at TradeKing is seamless. The entire sign up process is just 3 screens long and very straightforward.

Click here to open a TradeKing account.

Fees/Commissions:

  • Stocks: $4.95 per trade (flat fee).
  • Options: $4.95 + $0.65 per contract.
  • No additional fees for broker assisted (call in) trades.
  • As of January 1, 2012, TradeKing has introduced an annual fee for customers with “highly inactive accounts”. If you make more than one trade per year in your account, this shouldn’t effect you, but if you go a whole year without making a trade, plus have less than a $2,500 balance in your account, you will incur the new $50 fee.
  • It’s important to note that although some (though not many) brokers may appear to offer cheaper commission on some trades, TradeKing offers one of the cheapest non-tiered commission structure out there. You pay $4.95 for all stock trades, no restrictions.

Investments Offered:

Basic stocks and options, mutual funds and ETFs. 50 currency pairs. Gold and silver. Ability to buy fixed income investments like CDs, bonds, and US treasury issues (broker assisted only). Solid option for IRAs & ESPs.

Ease Of Use:

The TradeKing platform is extremely intuitive and easy to use. Nicely labelled, and there is a full host of videos and resources to help you get started and learn the platform. Take the video tour below to get an idea of what their platform offers.

Open An Account

Trading/Investment Tools:

  • Great Options trading tool: Easily arrange complex option trades such as covered calls, protective puts, spreads, strangles, butterflies, combos, condors, and collars.
  • Excellent education resources with free access to the TradeKing Learning Center. An excellent host of videos, mp3s,articles and podcasts to further your education.
  • TradeKing offers a very unique and active social media environment, which is integrated into the platform. Talk to other experienced investors, network with others, share tips, and learn from other traders and investors.
  • Free real time quotes, streaming news, charts, graphs and useful calculators.
  • Maxit Tax Manager allows you to calculate tax consequences of each trade.
  • Research tools are OK, but not TradeKing’s strong point, and can sometimes leave something to be desired.
  • Apps for iPhone and Android offer streaming quotes, watch lists, and ability to trade on the go..

Customer Service/Support:

Very helpful customer service staff accessible via email, phone, and LiveChat (not 24/7, which is a negative). Here’s how Barron’s put it: “(TradeKing) has “terrific” customer service where “questions are typically answered in well under a minute.””

Awards:

  • 4 Stars for Long Term Investing (Barron’s, 2011 & 2012)
  • “Among the Best for Options Traders” (Barron’s, 2011 & 2012)
  • Ranked #1 in customer service by Smart Money (2010, 2011 & 2012).
  • Smart Money award for Top Online Broker 4 years running (2004-2009).
  • Awarded “Best For Options Traders” by Barron’s (2009 & 2010)
  • 4 Star rated by Barron’s in their annual survey of the best browser based online brokers 2007-2012.

The Final Word…

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.
Open An Account

Current TradeKing Promotional Codes:

Switch to TradeKing and get up to $150 in transfer fees reimbursed.

Check for more up to date codes!

Also Read: TradeKing reviews by Kipplingers, SmartMoney and Barrons.

Disclosure: Some of the links included in our reviews are affiliate links. This means if you click on the link and purchase the item, we will receive a commission.

Leave a Reply

Your email address will not be published. Required fields are marked *