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 is who I use - I used the promo to get $100 off in commission for trading, and I used all of it learning how to trade. I would recommend it just for that.
TradeKings option rates aren't that much higher than Optionhouse. I also think Tradekings platform looks better. TK also let's you see some cool customer metrics daily such as how many customers bought/sold a stock.
I switched from Scottrade to TradeKing because of the price. I love how easy it is on TradeKing it is to do various option trades simultaneously. 1-4 Legs. Reliability has not been an issue and customer service is about the same. Only difference that mattered to me is that there are no local offices like Scottrade.
Tradeking > Scottrade as Price is really the only differentiation from my experiences.
I've been with TK for about 5 or 6 years. TK's free webinar and education services is how I started my market journey. They also have friendly, helpful and accessible customer service. IMO the service better than brokers who charge 3 times as much. TK has always treated me like a "high net worth individual", even though I'm clearly not.
On the downside, their platform is a little basic. I'm an option trader and the more info I have easy access to the better. For this reason, I've migrated to Think or Swim by TD Ameritrade. They cost a little more, but the trading platform is very advanced.
If you buy some stock and sell some covered calls, TK is the way to go.
by John T.,
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.
Cons: Charges sneaky fees, poor service, not worth it
I had a small account at Zecco which I did not use very often; when Zecco was sold to Tradeking, Tradeking started collecting $50 inactivity fees on my account. They will sell your stocks to charge their hidden fees.
They create hassles for you if you try to transfer away. If you try to transfer out a single security, they will say that this would leave your account with too low a balance; they will deny your transfer with a made-up policy.
Their agents are rude and hang up on you.
by Juan P.,
I've been a client of TradeKing for over a year now. While looking for a new online broker my criteria was very simple: lowest trading fees. In my research I found that TradeKing had the lowest fees around. Unlike others, the low fees don't end after a promotional period. Each time I have contacted their customer support team, any issues I have had have been promptly resolved.
Pros: Helpful and friendly reps
Cons: 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.
Cons: 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 separately to your finance software and you cannot connect it directly and export the data.
Cons: Slow execution, technical problems
I traded BABA calls today on TK because the commissions were cheap. Turns out you get what you pay for. Don't get me wrong the functionalities of TK are reasonable...but there is so much lag in the order (anywhere between 2-10 seconds) and the whole system freezes up if there is a lot of activity in the market going on.
For example, I was long BABA calls ATM and the price was at 3.3 and i bought at 0.87. The system froze up because so many people were unloading on the opening gap that I could only start seeing my holdings and even bring up the order screen after 10 minutes!!!!! The price was down to 2.2, then 1.2. What I could have sold at 3.3 I sold at an average of 1.8.
This is the price you pay when you get low commissions...get interactive brokers instead. It's really not worth the 10-15min market open lag that you get trading active stocks/options for a $2 discount on commissions...
by Threatened to Liquidate to Death,
Pros: Low trading fees
Cons: Steal your money, Lie to you, Close your account(s) under threats
When I first opened my account, there were not any problems from this company. However, within the last two years, Tradeking has threatened to close my accounts every day that I have called them. They say that I did not make a trade early in the year of 2014, so that the account must be closed. They are continuing to threaten me with stealing $50 more every time I do not close my account. I have tried to contact Ms. Harris and she is a coward hiding behind threatening emails and her male coworkers. She appears to be the ring leader behind this circus of Nazis. I would not wish Tradeking on my worst enemy. Run away from these people and do not be tempted by their low trading fees. THEY ARE THE DEVIL INCARNATE!
Pros: See review
Cons: See review
Well, I began to open a custodial account for my son with TradeKing. Their funds transfer page is very misleading. They do not disclose specifically to customers that they do not accept bank to bank transfers, strictly wires. My Bank of America has wire option, but I did not want to pay their outrageous $25 same day fee. So I choose the $3 fee/3-day transfer. It all went through fine at my end, but when I called on the 4th day, the TK rep told me about no transfers just wires, and that my transferred funds would be rejected and returned. He could not elaborate why transfers were not accepted. All major competitors to TK do accept transfers and this is a major hassle and that they don't make this restriction crystal clear to prospective customers (it is buried in their FAQs page, if you happen to look for it there) made me leery of future bad surprises that may lie head for me. I am going elsewhere.
by Anton Ivanov,
I have used TradeKing myself over the past 5 years and have nothing but great things to say about this broker. Very transparent fee structure, excellent customer service and great tools. They also run a fairly large social trading network, where you can interact with other members and share your trading ideas and strategies. I would highly recommend this broker to any investor!