Tradier Brokerage Review
2023 Tradier review, rating, minimum deposit, and account fees. Is Tradier a good brokerage firm?
Tradier stock and option trading, IRA account, and mutual funds costs.
|
Overview of Tradier Brokerage
A very unique investment firm is Tradier Brokerage. With this broker, traders choose their own platform from a third party
and pay some pretty low commissions and fees. The company made its first appearance in Barron's online brokers survey
list. Let's check it out.
Barron's Ranking
Tradier (member of SIPC) received an overall score of 27.9 out of a total possible 40.0. This translates into 3½ stars out of 5. The financial newspaper especially liked Tradier's usability, which undoubtedly comes down to its user-friendly website and choice of trading platforms.
Barron's also gave the brokerage house 4.0 stars out of 5 for its pricing schedule, which is
competitive. The company received 3.7 stars for mobile trading, although it doesn't have a mobile app (more on that later). Tradier also received 3.6 for research amenities.
Next is portfolio analysis & reports at 3.4. For a range of offerings, the firm got only 3.1 (no OTC or pink sheet stocks are available). Tradier performed worst in the category of customer service, education, and security; receiving just 2.9 stars.
In the Tradier brokerage review Barron's admitted that it was hard to grade the firm because its own software does not appear on the
front end of the company. The broker does all the work behind the scenes. There are about 100 software companies that work
with Tradier.
Trading Technology
Data and account settings are stored in the cloud. The broker's customers can subscribe to more than one software provider. So, for example, you could use one platform for stock trading and another for options. The platforms do normally come with a monthly fee, although some of them can be waived with a minimum level of activity. Tradier itself does not have a mobile app; although its partners do have them, and trades can be placed on them.
Tradier After-Hours / Pre-Market Trading
Tradier Pre-market trading time period is from 7:00 to 9:28 AM EST. After-Hours trading is
available at Tradier from 4:00 to 7:55 PM EST. To enter these orders on our website,
select an order duration of PRE or POST respectively.
Tradier Brokerage Pricing
Tradier has two pricing plans. First is called Equity and Option, and it has $0 commissions on
stock and ETF transactions, and $0.35 per contract on option trades. Second plan is called
Subscription, and it costs $30 per month. With it stock, option and ETF transaction are free.
(Single Listed Index Options are subject to a $0.35/contract fee in addition to any other charges
for exchange, OCC and regulatory fees.)
Tradier does not accept opening orders for OTC-BB and Pink Sheet stocks.
Option assignments and exercises are $9 each.
The brokerage house has live reps who can assist clients with trades. Using this service costs an additional
$10.
A brokerage account can be opened at Tradier with no minimum opening deposit. There is a $50 inactivity fee
that is assessed annually. However, it is waived for the first year. In subsequent years, it can be avoided
by maintaining a $2,000 account balance or placing at least two trades every 12 months.
International accounts with less than 2 executed trades per month pay $20 monthly. International accounts
also have a $20 account opening fee.
By default, monthly statements and trade confirmations are in electronic format, and there is no charge for them. Requesting a hard-copy statement incurs a $6 charge, while trade confirmations are $3 each.
Moving a securities account to another firm via ACAT costs $75 at Tradier. Individual Retirement
Accounts carry a $30 fee per year. Closing one is an additional $60.
Margin is available with the broker. Loans currently cost a very low 8.75% per annum.
Other Products
Although Tradier doesn't offer OTC securities, it does provide access to mutual funds and fixed-income products. These investments must be traded over the phone with a representative, however. Also, the broker does not offer municipal bonds.
Customer Service and Protection
Tradier can be contacted only during the weekday from 8:00 am until 5:00 pm, EST. Curiously, the company's phone number is not toll-free. There is a service e-mail address, but Tradier warns that it may take up to one business day for it to respond.
Is Tradier Safe and Insured?
Tradier is a member of FINRA, the securities industry self-regulatory body. It is also a member of SIPC, the primary insurer of brokerage
accounts. Each Tradier account is protected up to $500,000, of which $250,000 can be applied to cash balances.
Comparison
Tradier is unique in offering the ability to use multiple platforms. Some investors may prefer this setup. The
option of choosing one platform from several selections is also appealing. There are a few online brokers who
provide more than one platform, but usually the second trading system is much less advanced and is designed for
amateur traders. TD Ameritrade has this system.
Tradier's commission schedule is pretty good. However, Webull
and Firstrade offer $0 commissions on all products, including options,
with no subscription fees or fine print.
Tradier's IRA fee is also disappointing. Most brokers have eliminated annual fees for retirement accounts. These firms
include TD Ameritrade and Webull.
Tradier Brokerage Review recap
Tradier has a very interesting trading scheme. However, it performed well only in a few categories.
Also, with the broker's limited selection of products, it is not a very appealing option for most
investors.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
|