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Compare Interactive Brokers versus TradeKing 2010
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- Stocks and ETFs: $0.005 per share with $1 minimum per trade for SMART routed orders
- Options: $0.70 per contract plus exchange fees
- Mutual funds: $14.95 per transaction
- Investment products: stocks, options, ETFs, bonds, futures, currency transactions
- Minimum to open account: $10,000
- All Interactive Brokers fees
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- Stocks and ETFs: $4.95 (for stocks over $1)
- Options: $4.95 plus $0.65 per contract
- Mutual Funds: $14.95
- Bonds: $4.95/bond ($14.95 minimum)
- Treasuries: $24.95 per transaction
- Certificates of Deposit (CDs): $24.95 per transaction
- Investments: stocks, options, mutual funds, bonds, ETFs
- Minimum to open account: $0
- All TradeKing fees
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Low stock commissions for orders with fewer than 600 shares
- Professional trading platform
- Competitive margin rates
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- One of the best in trading commissions
- No minimums or hidden fees
- Award-winning trading tools
- Best rated customer service
- Low margin rates
- Best online investor community
- Fee-free IRAs
- Extensive educational resources
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- $10,000 minimum to open most accounts
- $10/month minimum monthly commission requirement
- $10/month for IB market data feed (waived if trade commissions are more than $30/month)
- Fees on modified or canceled orders
- Trader Workstation is designed for professional traders, is unintuitive and difficult to learn
- Expensive to make trades with over 1,500 shares
- A lot of complains about snobby customer service (experienced it ourselves)
- $1.20 fee to modify or cancel an option order
- Merciless margin tightening and margin calls - IB doesn't care if customers get completely wiped out
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- Extra $0.01 per share on the entire order of stocks priced less than $1
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Interactive Brokers or TradeKing: Comparison Summary
Interactive Brokers
is better priced than
Tradeking
when comparing cost of trading stocks and ETFs of up to 990 shares
per order. For trades with over 990 shares TradeKing is cheaper than IB.
When it comes to support for
beginner investors
and customer service, TradeKing is by far better brokerage than IB. While Interactive Brokers is infamous for
very rude customer service, TradeKing is rewarded "Best In Customer Service" by major financial magazines every year.
TradeKing also boasts vibrant trader community, where users could ask questions, learn from more
experienced traders and get investment ideas and which Interactive Brokers lacks completely.
Both brokerages have award-winning trading tools. Unlike Interactive Brokers, TradeKing does not charge
$10/month inactivity fee and customers could open account with just $0 instead of hefty $10,000 required by IB.
TradeKing was named Best Broker by Barron's magazine for 2 years in a row and it is one of our
Top Brokerage Firms in 2010.
Interactive Brokers is only suited for very experienced traders who trade a lot and know what they are doing.
IB is very unforgiving and clients could easily loose all their money and more if not careful (most recently
in the end of 2008).
We strongly recommend TradeKing over Interactive Brokers for all types of accounts.
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