A sister company of optionMONSTER, tradeMONSTER is the newest player in the online discount broker game. Barron’s continues to rate tradeMONSTER as a four-star broker, and while they have many similarities to other discount brokers, tradeMONSTER has no trouble setting itself apart from it’s competition.
tradeMONSTER’s Commission Structure
tradeMONSTER provides a very straight forward pricing structure, which entails a cost of $7.50 per trade and $12.50 for the first 20 options contracts, $25.00 for 50 contracts and $0.50 per additional contract thereafter. If mutual funds are your thing, tradeMONSTER charges $15.00 per purchase, but allows the sale of mutual funds free of charge. Should you need telephone assistance when making your trades, there is no additional cost.
tradeMONSTER’s Customer Service and Fees
According to their website, the average experience of tradeMONSTER customer service reps is 10 years, making them an excellent resource. Agents are available from 8am ET to 6pm ET and if you ever have trouble getting a hold of someone by phone, tradeMONSTER has a live chat function online that’s never busy.
Like most brokers, discount and full service alike, tradeMONSTER does charge certain fees for extra services. Some notable fees are $2.00 for paper statements and $25.00 for closing out an IRA.
tradeMONSTER’s Trading Platform
The main feature that sets tradeMONSTER apart from other online discount brokers is its trading platform. Whether you’re a beginner or a seasoned pro, tradeMONSTER has unique features that can help in executing the trade that you want. Some of the unique features it offers are:
- paperTRADE: For those not ready to trade real securities, tradeMONSTER offers a virtual trading platform that has most of the amenities that real money accounts have.
- Trade Simulation: This feature allows you to see how a trade would effect your current portfolio by executing a “fake” trade.
- Real Time Streaming Quotes & Charts: No need to constantly refresh your computer screen, as real time quotes are always streaming.
- tradeLAB – Spectral Analysis: More for the options trader, this patent pending technology can show an experienced trader how current gains and losses could shape future contracts and outcomes.
- spreadMAKER: Again for the options trader, spreadMAKER allows you to build options spreads where a risk graph will update, showing you expected profit and loss, depending on future prices.
tradeMONSTER falls right in line with other brokers when comparing pricing, customer service and fees. From a technological perspective, however, tradeMONSTER continues to excel at creating a more user friendly platform. With an ample amount of educational videos, tradeMONSTER caters to both the experienced investor and the newbie, making them a must-try for every trader.
Investing has become a social experience. We like to share with others our successes and maybe even our investing failures. tradeMONSTER facilitates the social aspect of investing by integrating Twitter right into its investing platform. Now you can easily tweet information about your portfolio or public companies. Here’s a video explaining how tradeMONSTER uses Twitter: