Take a close look at TradeKing for all your investment needs.
Who is Tradeking? TradeKing is an online discount brokerage that sells access to the investment markets such as the stock exchange and the commodities exchanges. Opening a TradeKing account is very quick and easy to do. Customers provide the standard registration information needed by all brokerages. They will ask for your own assessment of your level of investing expertise. It may be a drawback for some that TradeKing only allows one bank account linked to TradeKing for free electronic ACH transfers. Another simple advantage of TradeKing is the non-requirement for a minimum deposit.
How quickly can you get started?
When you deposit funds it will take 5 business days before you can trade with it. There is also a 10 day delay before funds can be withdrawn. These account limitations are ubiquitous with online brokerages and while they enhance the brokerage cash flow they are an irritation to the customer. This is an aberration for TradeKing who have a deserved reputation for excellent customer relations. An advantage of TradeKing is the many promotional offers available to traders transferring to them from other brokerages or simply opening a first-time account. For example they have offered a £150 ‘account transfer bonus’ which can more than offset the charges levied by the ex-broker.
Check out the ‘live chat’ feature on the TradeKing home page. It is not the easiest thing to find, but well worthwhile finding it and requesting details of all the latest promotional offers. TradeKing is first and foremost a discount brokerage.
Fees and cost
Their low cost fees for stock trades are the major advantage that attracts many traders. Low trading cost is very important, as are the web-based trading tools and customer service back up. Even the most experienced traders can make use of the ‘live chat’, phone calls or email, because it is often quicker to ask the experts than to trawl through the online help and FAQs. They will, very quickly answer all questions from simple account setup ones, to the more technical investment structural ones. There will inevitably be some questions at some time and having someone to call is very reassuring.
While the back up is good it is not full service live banking. If you need this level of support then TradeKing may not be for you but you will pay much more elsewhere. $4.95 is the basic charge for a single equity transaction. This includes market or limit trades, trades in stocks or bonds, and online or broker assisted.
All customers are equal when it comes to the TradeKing commission rate structures. It does not matter how small your account balance or how low your level of trading activity, TradeKing will not treat you as an inferior customer. Option trades are also discounted at just $0.65 per contract. If you are looking to trade just one or two simple mutual funds, the $14.95 fee at TradeKing is higher than you can get from the mutual funds directly.
For retirement fund investors seeking to maximize on their IRA limits will find no extra costs for their tax deferred balances. In fact, it is to TradeKing’s credit that they have no hidden fees or maintenance charges at all. Given this simple discounting and equitable approach you may think TradeKing is a second class investment platform. However, in truth it has all of the trading enhancements of other full service premium charging brokers. You will be able to buy and sell stocks, stock options, index linked mutual funds, exchange traded funds and mutual funds. You can also deal in bonds, certificates of deposit and new fixed income securities. Anything in fact that you need to maintain a balanced financial portfolio where you get to keep more of your own money. TradeKing has an auto trading tool that activates trades based on pre-set parameters at no extra charge and is second to none. Indeed the whole platform is well designed and easy to use.
Disclosure: I am being compensated by Tradeking if you sign-up through one of my links. As mentioned in my terms of service, I only promote sponsors I feel are good, quality companies and I will not promote companies simply for the compensation involved. My name is on the line when I endorse a product or service, so I’m certain I believe in the company before I recommend them to you! I appreciate your taking the time read this review and endorsement!