Formed by the merger of two online brokers, TradeKing and Zecco, TradeKing has become one of the largest discount brokerage in the United States. When the merger was completed in December 2012, the new company had $2.6 billion in total client assets under management and over 500,000 active accounts. These numbers have been growing consistently since then.
TradeKing Fees & Commissions Review
The price for stocks (including broker assisted on the phone and online) is $4.95. The options include a $4.95 base trade plus $0.65 per contract. Optionshouse is the only firm among the strongest rivals of TradeKing who has the same, low pricing - $4.59 per trade for stocks and $4.95 + $0.50 per contract for options. To clarify the pricing on the options, the cost is based on whether you trading multi-leg options or only one-leg.
TradeKing does not charge for automated phone trades, when most of the companies that you find online have significant fees for that service.
The broker offers a range of U.S. based load and no-load mutual funds. A price for buying and selling mutual funds is also among the lowest in the industry, it will cost investors only $9.95. To compare, TD Ameritrade charges $49.99; Scottrade $17, but offers 2,637 commission-free NTF funds; Fidelity - $49.95, Optionshouse - $20.
As many other low-cost discount brokerages, TradeKing gets compensated for cheap trading commissions through additional fees. For example, there is an inactivity fee. That can become a big drawback for some investors, but those who make at least a single trade every 12 months, or have more than $2,500 in account balance can avoid it.
TradeKing offers a range of IRA accounts, and it is pleasantly surprising that the firm does not charge set up and maintenance fees for individual retirement account. However, there is an IRA closure fee of $50 for full IRA distribution and for full outgoing account transfer.
When starting a TradeKing account, people can be more than a little surprised to see that there are no account minimum balances. Someone investing for the first time may consider this a key factor. It is also a good incentive to open a second brokerage account.
Another nice feature is that at TradeKing Dividend Reinvestment Plans (DRIPs) (whole and fractional shares) are available at no charge.
TradeKing Tools, Platform, Mobile Trading Review
TradeKing is a low cost brokerage firm, but it does not look like it when you'll see their advanced trading tools. All customers have access to interactive charts that offer technical and volatility indicators; technical analysis (including educational support, price forecasting, and chart pattern recognition); and free access to a third-party research - MarketGrader, an analytical analysis tool that is used to grade stocks.
In November 2014 TradeKing lunched its new web-based trading platform, TradeKing LIVE, which is fully customizable. Because of the responsive design of the platform, pleasant experience is guaranteed on a device of any size.
TradeKing LIVE allows investors easily place a trade from any place in a new ticket window that opens on the right side of the screen.
In addition, investors can monitor track their existing and potential investments in real time. Streaming quotes are available for free to active investors.
TradeKing Mobile Apps are available for the iPhone/iPad and Android, and responsive trading mobile platform can be accessed through any internet-enabled wireless devices. TradeKing mobile allows to enter latest stocks or options orders, check order status and account activities, track updates to investor's watchlist, grab the latest quotes and other core account functions.
TradeKing Customer Service & Education Amenities
TradeKing offers an exceptional customer service. They promise to answer all calls in a matter of seconds, and they do deliver on the promise. There are numerous positive reviews on the Internet with clients praising representatives prompt response via phone and emails, as well as a lot of positive things about very knowledgeable and easy-to-communicate with staff. TradeKing has been recognized consistently by respected industry publications such as SmartMoney and Barron's for its customer service.
Company's representatives can be reached via email 24/7, via phone Monday through Friday from 8 AM to 6 PM ET. There is also live chat support available, which is what customers prefer if they have a relatively simple question. The chat is available Monday through Friday from 8 AM to 6 PM ET.
The company offers an extensive education for any type of traders at any experience level - a lot of videos, articles, charts and even live webinars. TradeKing's education resources are also ranked high by Barron'syear after year. Another distinguishing feature of the broker is its traders community with over 75,000 members, where investors ask questions, discuss trading strategies, latest news, share their experiences and insights.
|Trading Platforms||TradeKing API, TradeKing Forex Platform|
|Address:||Fort Lauderdale, Florida, U.S.|
Bit basic for unless you are a beginner. This is a great platform if you are new to trading. The customer service reps are really friendly and helpful if you have any questions.  Bill   2016/10/10 10:56
Started with Zecco and stayed on with TradeKing. Customer service is helpful and courteous. A few small quirks in the system but everything settles fine. Not sold on TradeKing Advisors but I'm staying with TradeKing over morecostly and impersonal brokerages.  KevinB   2016/10/10 10:56
After you get through the rather lengthy process of verifying your identity(I think they have to do this), dealing with this company was rather easy a fluid. Additionally, their rates are low and their customer service is responsive. Nice experience. Make sure to make at least 1 trade a year or you get hit with a pretty substantial fee.  JohnT   2016/10/10 10:56