TradeKing Review



TradeKing BannerTradeKing was launched In December 1995 by two former directors of SureTrade. They initially claimed to be one of the cheapest brokers online, with very cheap commissions for stocks and ETFs. Over the years they’ve maintained this advantage and still offer some of the cheapest commissions online.

They’ve developed one of the best trading communities online too, with different forums for beginners and intermediate traders. Add to that exceptional customer service and a world class trading platform and you have a top class broker more than able to compete with industry giants like E*TRADE or TD Ameritrade.

With stock trades costing just $4.95 they’re one of the cheapest brokers around and a perfect all round broker.


Fees & Commissions

Stock Trades Options Base Per Contract Min Deposit Broker Assisted Mutual Funds Annual IRA Fee
$4.95 $4.95 $0.65 $0 $5.00 $14.95 $0.00

Account Sign-up

Signing up for an account with TradeKing is a fairly pain free process. I completed all the forms within 11 minutes and was ready to trade. There is an online signature feature so no need to print any forms and fax them off.

There is one annoying little feature however, when you enter your password an annoying little on-screen keyboard pops up which you have to use to enter your details. I know this is a security feature but my online bank doesn’t feel the need to use this feature so I really don’t see why TradeKing do.

I wouldn’t mind but you have to use the same keyboard every time you log into your account. I’m all for online security but this is a gimmick too far. Message to TradeKing’s webmaster, It’s not necessary and it’s very annoying.

Trading Platform

TradeKing LiveTradeKing have an excellent trading platform, TradeKing Live, it’s literally one of the best platforms available. It has most of the tools a more experienced trader will need; the only thing that’s missing is level 2 data so it’s not suitable for all you day traders out there.

This platform is perfect for intermediate traders and beginners alike, It’s both easy to use and fully featured. It doesn’t matter if you’re a swing trader reliant on technical analysis or a more traditional investor relying on fundamentals, TradeKing Live has got you covered.

The only thing going against it for the more experienced investor is a complete lack of level 2 data. While most traders don’t really require level 2 it would be nice if it was available as an option. You can always use a third party supplier of level 2 data but it’s always nice to have it fully integrated with one click trading.

 

Trading Community

You can’t call yourself an online broker these days without having an online trading community. Education is vital to any investor no matter what his experience, so having access to a community of likeminded individuals is incredibly valuable.

The beauty of TradeKing’s community is that it’s graded for different levels of experience. So there is literally something there for everyone. From experience I know most online trading communities are aimed at beginners, there are very few aimed at the more experienced investors.

Having a community that caters for all different levels of experience is fantastic. The more experienced traders also help out in the beginner’s forums so there’s a great opportunity to learn from a Jedi Master.

 

Pros

  • Some of the lowest commissions available online
  • No Hidden Fees, minimums or maintenance
  • Free real time quotes
  • Award-winning trading platform
  • Best rated customer service
  • Low margin rates
  • Best online investor community
  • Fee-free IRAs
  • Extensive educational resources

Cons

  • Additional $0.01 per share on the entire order of stocks priced less than $1
  • Annoying log-in procedure

 

Summary

TradeKing are an award winning broker winning both #1 for customer service and best online discount broker from the well respected SmartMoney magazine and it’s easy to see why. With exceptional customer service and a professional style platform they are truly a world class broker.

The only people who might not be suited to TradeKing are those of you who trade penny stocks due to the rather large surcharge levied on stocks below $1 and more experienced traders who need access to level 2 data.

For everyone else TradeKing are a close to perfect. With excellent education materials and trading community for beginners and an excellent trading platform for intermediate traders there really is no need to go anywhere else.

Join TradeKing Now and Start Trading for Just $4.95 per Trade.




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