Tradeking Reviewer's Comments
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TradeKing charges a flat–rate, discounted commission for a first–rate online brokerage experience and is the “TopTenREVIEWS Bronze Award” online stock trading service. TradeKing has the least expensive, non–tiered commission of any of the brokers in this review—any type of trade for anyone is only $4.95.
Although TradeKing incorporates more than enough tools for the average investor, it does lack some of the tools the higher–ranking brokers offer. This online broker doesn’t have automated trading, wireless trading or a virtual trading feature.
Tradeking Screenshots. Click to Enlarge
Fees/Commissions:
TradeKing offers a non–tiered commission schedule so everyone gets the same rates regardless of account balance or trade activity. This broker has the lowest fees of any of the services in this review. All trades are just $4.95 and $0.65 per options contract. There is no minimum account balance so it’s a great service for someone just starting his or her investment portfolio.
Investments Offered:
TradeKing offers the basic investment vehicles including stocks, options, mutual funds and exchange–traded funds. They also offer some fixed income investments including U.S. Treasury and Agency Issues, bonds and CDs; however, you can’t purchase fixed income investments online. You have to contact a representative by phone to make your orders.
You can set up an IRA account for your retirement and an education savings plan to fund your or your children's higher education.
Trading/Investment Features:
TradeKing’s trading platform provides many practical tools to help you plan and carry out your investing strategies. Some of these tools include calculators, alerts, charts and graphs. This broker also offers streaming news, so you’ll have access to important information as soon as it hits the wire.
This online service is full of educational materials including mp3s, videos, written articles and more. This is one of the few sites that offers podcasts. You can download an audio seminar and listen to it on your portable player. The learning materials cover everything from basic to advanced aspects of stock trading.
You can make or cancel orders on the web or by phone. Unfortunately, this broker doesn’t offer wireless trading.
Security:
TradeKing’s site is secure so your personal information is kept safe. They are a member of the SIPC and provide full fraud protection.
Ease of Use:
TradeKing offers virtual tours and video demos that will guide you through their website and teach you to use the basic features and tools. We found the website easy to navigate with well–labeled tabs across the top of the page.
Support/Customer Service:
One of our favorite features is the user forums where you can discuss trading information, ask questions and give advice to other investors. If you have further questions, you can contact TradeKing by phone, email or live chat. Their staff is friendly and helpful.
Summary:
Look for great things from TradeKing in the future. This is one of the top online brokers with high–quality tools and educational materials and low commissions and fees. We find it impressive that the service has only been around since December of 2005 and is already a power player in the investment industry.
©2008 TopTenREVIEWS, Inc.
