TradeKing Review–A Low Flat Rate Stock Trading Platform

Share:

In our never ending quest to bring you the best online discount broker, today we review TradeKing. In December of 2005, TradeKing opened for business as an online discount broker.  Based out of Boca Raton Florida, TradeKing continues to receive awards from Smart Money and Barrons for service, quality and overall excellence, TradeKing excels in all areas.  When compared to other online discount brokers, TradeKing ranks as one of the top options.

TradeKing Pricing

Probably the best thing feature TradeKing offers is a flat pricing structure.  Unlike other brokers like E*Trade and Scottrade, TradeKing does not charge an additional fee for phone or broker assisted trades.  Whether you’re on the road calling in a trade or sitting at home clicking “execute’, the cost is only $4.95.  There are no tier levels or minimums that need to be met, so don’t expect to see hidden costs on your monthly statement for trades.  Options trading holds the same structure as each trade is $4.95 and every contract is an additional $0.65.  Again there are no tiers or extra costs associated with these prices, which makes them extremely attractive.  Brokers like E*Trade and TD Ameritrade can charge in excess of $50 for broker assisted help, so TradeKing is certainly a thriftier option.

TradeKing Award Winning Customer Service

TradeKing offers the standard allotment of contact options, having phone support and live chat support available from 8am to 6pm ET Monday-Friday and email support available 24/7.  TradeKing vows to reply to all emails during normal business hours within 120 minutes and within 24 hours on the weekend.  Having had to contact them a few times through email, I can tell you that they are always quick to respond.  In testing their live chat feature, I always had a representative within 60 seconds so it appears that all of the rewards for top-notch customer service are well deserved.

TradeKing Account Opening Process and Special Offers

Opening a TradeKing account is very easy.  After filling out a few short forms online your application is approved within a few minutes and that’s it!  TradeKing does have a pretty cool feature in that your password must be typed in on their online keyboard.

trade-king-keyboardOne of the other attractive features that TradeKing offers is cash bonuses for opening up a new account or transferring an existing account their way.  Currently, if you open a TradeKing account before November 30th fund that account with at least $2,500 and make just 1 trade,  TradeKing will give you an additional $50.  If you are transferring an existing account, TradeKing will reimburse you up to $150 for the fees associated with the transfer.  Plus, if you know a lot of wanna-be investors, you can earn $50 for every friend you refer to them. Not to shabby.

TradeKing Community and Special Features

Something that amazes me every-time I visit TradeKing.com is that they have a leaderboard which shows how some of their best investors are doing.  The leaderboard lists the percentage increase that the user has experienced over a given time period as well as their last transaction.  Unfortunately it does not tell you whether they bought or sold the investment, only that they traded it.  Darn!

TradeKing Leaderboard

The TradeKing community is pretty large and informative.  In addition to a lot of tutorial videos that help both amateur and experienced traders, TradeKing offers expert advice via online blogs and forums, and they even list over 18,000 members user names and how active those users are in the community.

All in all, TradeKing continues to thrive even though they are still less than four years old in the online discount broker space.  With the low cost on trades, excellent customer service and allotment of free money for signing up now, it would be difficult to think of any reason why you shouldn’t use TradeKing for your online investing needs.

To learn more about TradeKing or to open an account, visit the official website.

Published or Updated: June 6, 2013
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. Stuart says:

    Sounds a lot like the discount broker I use in Canada: Questrade. You get the best price out of all discount brokers in Canada, but the research tools suck. The platform is the same as all brokers in Canada seem to use a generic platform.

    • DR says:

      Stuart, thanks for mentioning Questrade, which is new to me. I wonder how important the research tools are. I typically don’t use my brokers research tools anyway. I use other resources like Morningstar and SEC filings.

  2. Doug says:

    TradeKing does have really good prices and some really good tools for technical analysis, but their site is definitely not as user or should I say novice friendly as the larger online brokers, like Fidelity, Schwab, and TD AmeriTrade. My only gripe with them is that I put money in my account and had to wait five business days before I could use it. This is the first time only, or if you deposit more than is in your account. Also, if you want to withdrawal any of your money, you have to wait an additional five days to do that, adding up to over two weeks. And, to fund your IRA, you will need to send them a check and cannot use the money you put in your regular account. Seems very complicated to me and a pain in the neck. Are they all like this? I was told they do some of this because of anti money laundrying laws and the patriot act. Is this true?

Speak Your Mind

*