TradeKing Review: Commissions, Fees, and Minimum Deposit
|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|
|Certificates of Deposit (CDs)|| $24.95|
|Investments|| stocks, options, mutual funds, bonds, CDs, forex, treasuries, ETFs|
|TradeKing minimum deposit to open account|| $0 for cash account, $2,000 for margin account|
|Promotion and login links||TradeKing login, TradeKing promotions
and TradeKing referral
TradeKing's new account setup took just 10 minutes to complete. To open an account simply click on their current promotion link:
Get $100 in free commissions. No hidden fees. No minimums.
than click on "Open An Account Today" button and you'll be taken to application forms. All forms are very well designed, though some
of the questions in our opinion should be optional.
To fund the account, we opted for setting up ACH from a checking account at our bank, which is what most users will do.
To complete ACH setup process, the user must mail, fax, or email (the email option is not mentioned on the website but appears in the email
TradeKing sends after registration) a copy of his/her photo id and a voided check.
We scanned both of these documents and emailed the file to TradeKing. Two days later ACH was ready to be used.
Types of accounts available include Individual, Joint, Custodial, Transfer on Death, Trust, Corporate, Investment Club,
Partnership, LLC, Sole Proprietorship, Traditional, Roth, Rollover IRAs, SEP, Coverdell, and SIMPLE IRA.
TradeKing Review: Website/Trading Platform/Tools
TradeKing has a user-friendly website where both research and order entry can be performed. There are also effective screeners for all securities available
through the broker. These screeners can be used to search according to a wide variety of criteria, including P/E ratio, market capitalization, industry, and
At the bottom of the browser appears a quick bar. After typing in a stock's ticker symbol, the bar displays the stock's vital information, such as bid-ask spread,
volume, and last trade price. A small blue arrow on the bar can be used to go to option chains, news, or charting. The trade button on the bar can be used to quickly
enter an order.
Beyond the traditional website, there is a browser-based platform called TradeKing LIVE. Clicking on 'TradeKing LIVE' within the browser produces a new tab with
the trading system. Here, users can look over indices, check out market events, review position and account information, and transfer funds. And that's just the
home screen. There are various tiles on the home screen that can perform a variety of functions.
Clicking on the chart tile produces another tab for charting. Price history can be shown between 1 day and 13 years. The time interval can be 1 minute, monthly,
or anywhere in between. There are several technical indicators available. One or more stocks can also be added to a graph to compare against the original stock.
The graph's style can be set to bar, colored bar, candlestick, hollow candle, or mountain. There is a trade button in the upper-left corner. Clicking on the button
generates a trade ticket. It is also possible to detach a chart so that it can be displayed full screen. The platform does have a minimum account requirement of 1
trade or more every twelve months, or an account balance of $2,500 or greater.
TradeKing also offers Quotestream, another advanced platform. Customers must execute 10 trades or more every month to qualify. The software has multiple watch lists,
market news, option chains, and streaming quotes.
TradeKing clients can buy and sell on Android, Apple, and mobile web. Charting is available along with a watch list and option chains. The app also displays
the day's biggest equity movers and global indexes. A stock's profile page shows vital information for security analysis. A customer service contact is available,
as are streaming quotes. Users can also sign up for account alerts.
The first to introduce social networking into the world of online trading, TradeKing.com now boasts
a vibrant and helpful online investor community called Trader Network. Its users can share experiences,
ideas, strategies, and see what others are trading and how they are performing. They can even gather insights and
analysis from professional traders.
TradeKing Review: Company Pros
- Very low commissions
- No minimums, or maintenance or hidden fees
- Free real-time quotes
- Top-rated customer service
- Low margin rates
- Best online investor community
- Fee-free IRAs
- Free DRIPs (dividend reinvestment plans)
- Extensive educational resources
- Low cost professional portfolio management
TradeKing Review: Company Cons
- Additional $0.01 per share on the entire order for stocks priced at less than $2
- $50 annual inactivity fee if BOTH apply to an account(s):
- Combined account value of the household account(s) is less than $2,500
- No commission-charged trades have been executed in the account(s) during the last 12 months
- Short after-hours trading: 4:00 pm - 5:00 pm EST, instead of 4:00 pm - 8:00 pm EST
TradeKing Review: Summary
TradeKing is one of our favorite online brokers - we rated it one of the Top Brokerage Firms for the last six years.
TradeKing does not have minimum account balance requirements or hidden fees. Beginners can place broker-assisted trades for the
same low price as online trades - $4.95, and can learn to trade and get investing ideas with help of the website's friendly trader community.
TradeKing's mergers with two other discount brokers - Zecco and MB Trading -
created the sixth largest brokerage house in the United States. But this did not affect the pricing - the company still offers much lower
commissions than the bigger brokerage firms.
After integration of MB Trading's technology is completed, TradeKing will offer its clients direct market access;
access to MB Trading’s paper trading capability; futures trading; and MB Trading’s Market Analysis Software offerings.
TradeKing does not charge account setup, maintenance, or annual fees for both IRA and taxable brokerage accounts. There is, however,
a $50 inactivity fee if combined account value of the household account(s) is less than $2,500 AND no commission-charged trades have been
executed in the account(s) during the last 12 months. The company is a great choice for investors looking to open a no annual fee retirement account
with a "buy-and-hold" investment strategy provided they could avoid the inactivity fee.
For anyone who doesn't want to manage their investments themselves and would rather have an investment firm take care of their money, TradeKing
Advisors is a low cost option. They offer two types of professionally managed portfolios, called Core and Momentum (the later is more dynamic), designed by Ibbotson Associates. The fee
for managing clients money is a fraction of what is charged by a full service brokerage: 0.25% for Core portfolios (only $1 per month if balance
is under $5K) and 0.50% for Momentum portfolios. Another difference with full service brokerage is that customers don't need a quarter of a
million dollars to get started: funding minimums are $500 for Core Portfolios and $5,000 for Momentum Portfolios.
In summary, we strongly recommend TradeKing for most clients except for investors with small accounts (under $2,500) and anyone trading after hours.
Investors can open a cash account with no money down and no commitment (all accounts don't have account closing fees), and give TradeKing a try completely risk-free
here. Anyone interested in managed portfolios will get first year for free
under this link.
Get $100 in free commissions. No hidden fees. No minimums.
Reviewed by Brokerage-Review.com on
Reviewed by Editor and TradeKing customers.