TradeKing vs SpeedTrader



TradeKing BannerAt first glance this may seem like a strange match; these two brokers take a very different approach to the business of trading. TradeKing is a great all round broker, SpeedTrader is more specialized, aiming at high volume traders and day traders.

If both brokers swapped clients for the day it’s unlikely either side would be very happy. SpeedTrader clients would complain the TradeKing platform wasn’t adequate, TradeKing clients would complain that SpeedTrader’s platform was difficult to use and would certainly miss their treasured trading community.

To help you pick the perfect broker for your trading style and experience, we’ve compared their respective platforms and services and we’ll recommend what kind of traders they suit and why.

Products & Services

Broker TradeKing SpeedTrader
Rating [rating:5/5] [rating:3/5]
website Visit the TradeKing Website Visit the SpeedTrader Website
Our Review Read Our TradeKing Review Read Our SpeedTrader Review
Bank Deposits Bank Deposits
Bonds Bonds
Certificates of Deposits Certificates of Deposits
Day Trading Day Trading
Services Extended Hours Trading Extended Hours Trading
ETFs ETFs
IRAs IRAs
Mutual Funds Mutual Funds
Trading Community Trading Community

Services Overview

So they both offer share trades and mutual funds, that’s kind of what you expect from a broker right. The big difference is that SpeedTrader welcome day traders, in fact you get the impression they only want frequent traders, which is nice because most retail brokers treat day traders as social outcasts.

SpeedTrader on the other hand welcomes them with open arms, they offer per share pricing, excellent for volume traders and there’s no limit to the amount of shares you can buy.

TradeKing on the other hand are more of an all round broker, they operate an excellent flat free pricing model for investment products, which should work out more efficient for smaller trades.

Trading Tools

TradeKing SpeedTrader
Automated Trading Automated Trading
Investor Resource Center Investor Resource Center
Mobile Trading Mobile Trading
Online Advisor Online Advisor
Trading Tools
Profit & Loss Calculator Profit & Loss Calculator
Streaming Charts Streaming Charts
Stock & Fund Screeners Stock & Fund Screeners
Tables & Graphs Tables & Graphs
Training & Education Training & Education
Virtual Trading Virtual Trading

Trading Tools Overview

It’s the same story here, TradeKing’s platform is a great all round platform, I used it for many years and was more than happy. It has some great trading tools, superb training and above all an excellent trading community built in.

SpeedTrader’s platform is aimed more at the serious investor, sold on its speed and professional style tool set; it’s a very accomplished platform for sure. It’s actually available in three different versions depending on your needs. There’s also a separate Forex platform for those of you wanting to dabble in the foreign exchange markets.

SpeedTrader Pro is a direct access platform with level 2 data, perfect for all you day traders out there. For less prolific traders there’s the basic SpeedTrader 2 platform, which still offers exceptional trading speed but doesn’t have some of the more advanced tools or level 2 data.

Fees & Commissions

TradeKing SpeedTrader
Account Minimum $0.00 $0.00
Margin Account Minimum $2000 $2000
Stocks & ETFs $4.95 $6.95
Options Base $4.95 $0.00
Options Per Contract $0.65 per contract $1.00 per contract
Account Management Fee $0.00 $30.00 Quarterly Inactivity Fee
Broker Assisted Trades $5.00 $6.95
Mutual Funds $14.95 $50.00
Bonds $4.95/bond ($14.95 minimum) $50.00
IRA Annual Fee $0.00 $35.00

Summary

It should be fairly obvious by now which of these brokers is for you. SpeedTrader is not really interested in your business unless you have a sizable account and trade very frequently, they charge account inactivity fees and annual IRA fees which push the overall price up for smaller investors.

If you’re looking for a broker to manage your IRA and other investments TradeKing is the best choice as they don’t charge an annual IRA fee and offer much better training and support.

If you’re a beginner then TradeKing are definitely the way to go. Their trade platform and training is perfectly suitable for traders who are just starting out, add to that there are no account inactivity fees and a superb trading community to learn from; you’d be to be mad to go anywhere else.




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