TradeKing Review 2017

TradeKing brokerage firm rating

TradeKing brokerage review: pros and cons, fees, minimums, ratings, trading platform/tools, research tools, education, and customer service.

  • Stocks & ETFs: $4.95
  • Options: $4.95 + $0.65 per contract
  • Mutual Funds: $9.95

Minimum to open: $0 for a cash account, $0 for an IRA.

Open an account: Open a TradeKing Account and Get $1,000 in Free Trade Commissions.

TradeKing Review

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. 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.

Keep in mind, though, that 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.

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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.

TradeKing review

In 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 review

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 review

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.

Open an account: Get $500 in free trade commission with a $500 minimum deposit. No hidden fees.

TradeKing Customer Service & Education Amenities Review

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's year 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.

TradeKing Advantages

  • Very low commissions
  • Excellent customer support via email, phone and chat
  • Trader Network: an online community of investors
  • Customizable trading platform with responsive design
  • Free DRIPs/Dividend Reinvestment plans (whole and fractional shares)
  • Free real time streaming quotes for active traders
  • Free access to MarketGrader's research reports
  • Extensive educational resources
  • Extra hours trading

TradeKing Disadvantages

  • A single source of third-party research

TradeKing Review Summary

TradeKing has been offering $4.95 trades since 2005. Its flat rate trading commission is one of the lowest among discount brokerages. When it comes to TradeKing, a low price does not equal bad or limited service. The company has been striving to provide the best service possible since its foundation. Joint efforts with another innovative brokerage company, Zecco, has not only allowed TradeKing to become sixth largest discount brokerage in the country by a total client assets under management (AUM) but also one of the industry's leading low-cost brokers for self-directed investors with broader array of investment choices, modern trading technologies, and excellent customer service.

There is no initial deposit to open an account at TradeKing. Basically anyone can start investing with the company. TradeKing does not charge a set up and annual fee for IRA accounts. However, TradeKing has an IRA termination fee, which some of brokers, for example Scottrade, do not charge. There are no inactivity fees at the company if an investor makes at least one trade per year, or if an account balance is more than $2,500. All the broker's fees are clearly listed and easy-to-understand.

Great educational resources, trader community, excellent customer service and high recognition by the industry most respected publications put TradeKing on the top positions among trusted brokerages in the country.

How safe is TradeKing? It is perfectly safe and legitimate company: TradeKing is a member of FINRA (Financial Industry Regulatory Authority), SIPC (Securities Investor Protection Corporation). SIPC provides insurance coverage up to $500,000 of the customer's net equity balance, including up to $250,000 in cash.

Overall, TradeKing is great discount brokerage offering low pricing and most of the features that are being provided at other well-established but higher-priced companies.

TradeKing Promotion Offer For A New Account

Open a TradeKing Account and Get $1,000 in Free Trade Commissions.

TradeKing Commissions and Fees

InvestmentsPrice
Stocks and ETFs $4.95
Options $4.95 + $0.65 per contract
Mutual funds $9.95
Bonds $1 per bond with $10 minimum, $250 maximum
Treasuries commission-free
Certificates of Deposit (CDs) $24.95
Forex TradeKing Forex charges no trading commissions or transaction fees. TradeKing Forex is compensated for its services through the bid/ask spread. TradeKing Forex charges a data fee of $15 per month if there is no trading activity or no open positions for a period of 90 days or more.

TradeKing IRA & Account Fees

FeeAmount
Inactivity Fee$50*
IRA Setup Fee$0
Annual IRA Fee$0
IRA Termination Fee$50
Full Account Transfer Out$50
Partial Account Transfer Out$10.00 per security, $50 maximum
Outgoing Wire Fees (Domestic)$30
Account Closing Fee$0
All TradeKing fees »

* - Inactivity Fee will be assessed only if: no trades have been executed in your household account(s) in the last 12 months OR the combined value of your household account(s) is less than $2,500.

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Last updated: 1/25/2017