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TradeKing Review

Tradeking was established in 2005 and in that time they have managed to earn themselves a good reputation as a deep discount broker. They are one of the cheapest stock brokers around charging a flat rate of just $4.95 per trade.

Account Opening

I found the process of opening an account with tradeking a little different to that of other brokers. It took a little longer than usual. This is because they have a special keypad rather than typing normally on the keyboard. I find it a little annoying at first, but on the flip side, it is comforting to know the lengths tradeking go to to protect your security.

To further increase the level of security TradeKing request you to setup numerous security questions.

A real look at the fees

Tradeking charge a highly competitive $4.95 for each stock trade. I was happy to find out that they have no inactivity fees and no minimum account size. There is also no extra charge for broker assisted trades. The only additional fees I could find relating to trading were an additional charge of $0.01 per trade for all stocks priced under $1. It would appear Tradeking would rather you didn't trade penny stocks with them. For most traders this won't be an issue, but for penny stock traders, there are probably much better alternatives.

Awards

Tradeking are keen to show off the major awards they have won as a broker, but then why wouldn't they?

Smart Money: #1 for Customer Support in 2008 and #1 Discount Broker in 2007.
Kiplinger’s: Top-rated customer service in 2008.
Barron’s: "Best for Options Traders" in 2008 and 2009. 4 stars for outstanding tools, usability and cost in 2007 as well as 2008.

As you can see TradeKing have won many awards over many different categories, it would appear many people like what they do!

Customer Support

Whenever I have used the TradeKing support I have not run into any problems. They offer both phone support and online liveperson support during normal office hours. Every time I have used their support, I have spoken to an intelligent individual who has been very capable of dealing with my query.

Investment products offered

Tradeking offer a modest range of investment vehicles including stocks, mutual funds, exchange traded funds and options. They also offer some fixed income products including US treasuries and CDs. You may need to ring them for more details on these as they aren't all available online.

Other Services

Tradeking offer virtual trading. This becomes available after you have joined. They also offer a popular community forum for all tradeking customers. You are free to chat with other tradeking members here.

Conclusion

In my view, tradeking is a very good discount stock broker. They tick all the right boxes (as long as you don't want to trade penny stocks). Commissions are competitive, customer support is good and there appears to be no hidden fees.

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