TradeKing is an online discount brokerage firm, based out of Boca Raton, FL, that specializes in options trading, stock investments, mutual fund investing, and retirement accounts as well.
What initially attracted me to Tradeking was its low cost commission fees for buying and selling stocks. TradeKing charges only $4.95 per stock/etf trade, market or limit, no matter how many trades you make per month or week. Under $5 for a timely limit trade sounds like a wonderful deal in my book.
In addition to low cost market/limit trades, TradeKing has advanced trading features like stop limit orders, trailing stops, and stops. These types of trades cost $4.95, too. TradeKing’s simple 1-price trading system makes tracking trading/investing expenses easy.
Of course, TradeKing provides a stock, mutual fund, and ETF screener for you if you’re looking for a specific equity position that requires certain characteristics.
Even though most of my TradeKing experience has been positive, there are a few elements that TradeKing can approve upon:
If you’re an options trader, TradeKing will work well with your investment philosophy. Options cost $4.95 + $0.65 per contract, regardless of market or limit order. TradeKing also specializes in options trading, and provides some of the most helpful tools & user interface features in the online brokerag business.
I will explain those trading tools a bit more in the tools section of this TradeKing review.
Compared to past investment account applications from Zecco and Fidelity, Tradeking’s account application was fairly brief and straight-forward. The signup process contains 4 distinct parts in which you:
You can begin using your TradeKing account within minutes of signing up. After your application is confirmed, you may have to wait for your ACH transfer to be confirmed.
If you want to start trading within hours, sending TradeKing a wire transfer would be the quickest route.
Click Here to Learn More about Opening a TradeKing Account
Here’s a quick snapshot of the basic TradeKing trading screen:
When you conduct research on a specific equity position, TradeKing has technical analysis reports, volatility charts, and analyst recommendation to aid your investment research.
For options traders, TradeKing supplies a plethora of advanced options trading tools such as:
I wish TradeKing provided more stock trading tools to balance out the tools available exclusively to options traders.
In the past, cheaper discount brokers have fallen off on customer service since the revenue they generate from commissions does not adequately cover the costs of a full-time brokerage staff. However, TradeKing does an exceptional job of assisting its clients and providing helpful customer service when needed.
It seems every discount broker is jumping onto the Web 2.0 bandwagon by adding blogs to their trading sites. TradeKing allows members to create blogs and talk about what their mind desires (keep it professional, please). If you’re searching for a new trading idea or curious about reading a new spin on the markets, reading through member blogs is a fun way to spend your time.
Overall, I give TradeKing an 8 out of 10 for overall ease of use, cost, customer service, and trading tools/assistance. Ever since Late 2005, TradeKing has emerged as one of the nation’s leading online discount brokers, and I believe they are here to stay.
Since I manage my very own TradeKing account, I highly recommend that you open a TradeKing account if you’re looking for a low-cost, professional discount brokerage.
