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TradeKing Review

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  • Pros
  • Range of educational tools
  • Variety of trading resources
  • Decent range of trading and investment options
  • Affordable pricing and fees
  • No account or trade minimums required
  • Cons
  • No international or Forex trading offered
  • Around the clock support not available
  • Low BBB rating

TradeKing Online Stock Trading

Best Value Award 2016

If you want a trading service that does not require any account or trade minimums, TradeKing could be ideal for your needs. This provider offers a low fee service for many different types of trading. This is a provider that is committed to providing trading education for those who are interested in learning more about trading and investments, and offers a host of tools and resources to help with learning and trading.

A range of investment options are available from TradeKing, and this includes mutual funds, stocks, options and exchange traded funds. A variety of other investments are available including fixed income investments. These cannot be purchased online, however, and must be ordered by phone via a company representative. Otherwise, trading can be carried out online as well as through the TradeKing Mobile facility.

Prices and Fees

TradeKing offers a fair and simple pricing structure. They charge $4.95 for stock and ETF trades with no account minimums. Option trades are also $4.95 plus $0.65 per contract. TradeKing offers several promotions for joining Tradeking. First, to encourage customers to switch from other trading services, they will cover transfer fees up to $150 from your current provider. Second, when you refer a friend who deposits $3,000 and executes 3 trades, you will receive $50.

Customer Service

Tradeking is an excellent example of quality customer service within the industry, with responsive representatives that you can reach with relative ease. There are a number of ways that you can reach TradeKing with your questions. They offer the options of phone, email, and chat. They boast highly trained brokers to answer your questions and a 2 hour turnaround on email questions during normal business hours.

Tools and Platforms

TradeKing offers a number of tools to help you make sound investing decisions. They offer an options pricing calculator, probability calculator, profit and loss calculator, options and strategy scanners, stock, ETF, and mutual fund scanners, Maxit Tax Manager, Technical analysis, and TradeKing live. They also offer an app on both iOS and android to manage your account while on the go.

Investors can tap into TradeKing's trader network to experience even more benefits. The trader network allows investors to see what is being stocks are being actively traded. Investors can access blogs by industry experts and allow investors to gain insights and share opinions. Find out the reason behind the trades other investors are making and join in the conversations in the trader forums.

TradeKing takes a number of different precautions to keep your account and investments safe. They are a member of the Securities Investor Protection Corporation (SIPC). They also have an additional insurance policy to supplement the SIPC Plan. Your information is protected with firewalls and Secure Socket Layering (SSL) Technology. Along with a username and password, they offer options such as a double password: One to access the account and another one to perform trades. Failed login attempts will also block access to your account after a set number of failed login attempts. You will also be automatically logged out after a certain period of inactivity.

Whether you are a rookie trader or a veteran TradeKing offers many options to educate you on the market. You can search for information buy the type of investment: Stocks, Bonds, Options, Mutual Funds, ETFs, Forex. You can find information based on your level of investing whether you are a rookie or an all-star. You can by the market status: Bullish, Bearish, Volatile or Neutral. TradeKing also offers weekly Tuesday webinars to get potential trading ideas.

Highlights

TradeKing offers some of the lowest stock and ETF trade commissions in the industry, allowing you to reap the maximum benefits from your successful trades. TradeKing has a solid trading platform with real time streaming data and a customizable dashboard. The free tools and educational resources also help you make the most informed trading decisions. Their range of helpful calculators and the online trader network help you plan your strategies and learn from others. Finally, the $0 account minimum required to get started is ideal for novice investors who are simply looking to gain some initial experience.

Drawbacks

Tradeking is a solid choice, particularly for new investors, but it does have a few drawbacks. There are no commission-free ETF options. This is fairly common in the industry but there are a few providers that offer it. Also, even though the trade commissions are comparatively small, there are no commission-free options for mutual funds either. You also will be charged an inactivity fee if your account has less than $2,500 and you do not make a trade in a year's time.

Verdict - Superb

TradeKing has been highly rate across the board. They have received an A+ rating from the Better Business Bureau. They have also received a 4-star rating from Barron's nine years in a row. They were also voted #1 in Smart Money's broker services in the years: 2008, 2010, 2011, and 2012.

TradeKing is one of the better options for those who are looking for discount and low cost trading. It doesn't offer as many great features as some of the other more expensive traders but it is the best option for those looking to spend less. They offer great customer service as well as a number of features and tools to help you make informed decisions about your investments. TradeKing allows you to take control of your money by giving you the resources to make smart decisions and trades without huge fees so you keep more of your money.

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TradeKing Consumer Reviews

Average Customer Rating

7 out of 10 rating 7 2 User Reviews

User Rating Distribution

Ratings: 10 - 9 0
Ratings: 8 - 7 1
Ratings: 6 - 5 1
Ratings: 4 - 3 0
Ratings: 2 - 1 0
8 out of 10 rating 8 Helpful and friendly reps 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.

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6 out of 10 rating 6 None Does not connect directly to finance software

I was expecting great things from Tradeking, but unfortunately I was really disappointed. Their platform is not very easy to use and you also have to log in seperatly to your finance software and you cannot connect it directly and export the data.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.