TradeMonster Broker Review

TradeMonsterPaperTradeKeeping promises at tradeMONSTER.

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The tradeMONSTER website is very attractive and makes three promises to the potential investor; Competitive prices, powerful trading tools and trading education for the customer to make money by opening an account. The tradeMONSTER pricing structure is simple and  transparent. Depending on the trading pattern this structure could save the trader some serious money. There are cheaper stock trading platforms such as TradeKing ($4.95 commissions), but tradeMONSTER is chasing the same high volume discount market. For options trading, they’re equal to Tradeking for 1-10 contracts but TradeMONSTER is definietly cheaper for the larger orders. TradeMONSTER outstrips the competition for all other higher end services.

On pricing, tradeMONSTER is competitive within the market. Unfortunately with the varying levels of execution and customer service premiums for limited trades per month, it is impossible to say if they are “high or low priced” across the board. At the end of the day they keep their ‘competitive prices’ promise as a $7.50 stock trade next to a $5 stock trade is clearly a bargain especially when it costs $10-$13 at Ameritrade and E*Trade.

The tradeMONSTER system is a superior interface with user-friendly tools and more of a trader oriented feel than some other big rivals such as Ameritrade. Three examples of features where tradeMONSTER have worked hard to build in enhancements for the user are 1. drop-down tickers drawn from the users’ own most recent entries. This is much better than retyping symbols that are referred to regularly. 2. scroll-through the most recent news items. 3. Easy to read ‘candle’ charts with mouse over data boxes. All these are on the one screen.
For customers that operate a trend analysis type strategy the tradeMONSTER system has good instruments for charting and trending. You can draw your own trend lines and upper/lower band lines on the charts, using the same easy interface. Each of the web pages allow for a lot of personalization. For example, traders can elect with the ubiquitous tick boxes to select whether they get to see ‘year to date’ appreciation or the number days left till the expiration date on options or a cost basis or profit target, etc.

Traders can remake their screens to their own preferences by dragging tags and windows around. It’s very easy to maximize and hide these windows too. Traders will quickly establish a watch list of potentially valuable stocks worth tracking using the tradeMONSTER recommendations to start. They can simply click on the symbol and a new ‘quick trade’ window opens up to allow for swift execution. This is very much quicker and more convenient than repeatedly typing the ticker symbol in a small text box. A neat feature on the tradeMONSTER home page is the introductory video that demonstrates all the main interface functions. This is just the start of the learning resources on the website.

There are just a couple of minor drawbacks on the tradeMONSTER platform. It is a browser based system using the Adobe Flash technology. This causes a slight delay in bringing up the pages behind the various tabs and buttons. If the customer has a very fast broadband connection this will be less noticeable.  The faster the Internet connection, the less will be the delays in loading time. With regard to the platform content tradeMONSTER offers their own “Trade Ranking” for stocks. What isn’t obvious is the criteria used to rank these potential ‘winners’. Among the top rankings are some highly leveraged Exchange Traded Funds that would not be top performers but for the leverage. So the ranking method is simply numerically based without weighting or judgment used to screen these out.

In summary, tradeMONSTER makes three promises to their investors and traders and they do keep them.

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Trademonster has been known to work well with a high speed T1 broadband or DSL connection.

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