PROS / TradeKing offers a low, flat-rate trade fee.
CONS / The online platform is not customizable.
VERDICT / TradeKing provides good value for both beginning and advanced traders.
TradeKing is an online stock broker that offers a variety of trading options to help you build your portfolio. It offers a great selection of investment tools, charts, graphs and calculators to help you manage your account. The education center has free resources to teach you about different types of investments and trading styles. It also has an active trading network to connect you with other traders to exchange ideas and get advice for stock trading online.
TradeKing is a good choice for both beginning and advanced traders. Its low prices and range of investment opportunities make it a strong choice in online stock trading, which is why it is our Top Ten Reviews Silver Award winner.
Fees & Commissions
TradeKing offers a low, flat-rate fee of $4.95 for stock, ETF and option trading. Its trade fee is not tiered, meaning you get the same price no matter how much or how little you trade. Options come with a standard per-contract fee, which is $0.65 and lower than what many other services charge. The cost of an option exercise is $9.95 and assignment is $4.95.
Broker-assisted trades are $20.00, and there is a non-activity fee of $50.00 if you make no commissioned trades in a 12 month period and if your household account is less than $2,500. Margin interest rates are average, starting at 8.75% for balances under $5,000 and dropping to as low 4.00% for accounts with balances greater than $500,000.
Trading Platform & Research Tools
The online platform is very simplistic and intuitive as it is simply a webpage. While this makes it simple, it also makes it so you have less control over the layout; while you can shift around sections, you can't customize the platform by adding new watch lists, option chains or other gadgets that other services offer.
You have access to resources on the same site as your investment platform. A wide variety of investment and trading tools are available to help you make the most of your investments. These tools help you track movements in the market and view your account information in detail.
Market snapshots and stats provide both real-time and long-term views into the market. Snapshots show you quick pictures of what is happening in the market, while stats chart the 200-day averages of stocks. Other tools allow you to get in-depth looks at possible investments by showing company profiles and financial reports. With these tools, you can see company equity, profit margins, returns on assets and business descriptions – information that is vital when you are considering putting your money into a company. The watch list allows you to monitor investments you are interested in, in real time. You can also get streaming quotes.
TradeKing offers technical analysis and research reports to help you gauge future movements in the market, and the company provides complex information in chart form to make it easy to understand. You can customize several interactive charts so that you easily see the data you want to view.
TradeKing offers more investment options than most online trading services. In addition to offering basic choices, like stock trading, ETFs, bonds and options, TradeKing offers trading on the international stock exchange and forex trading.
Key features of TradeKing investments are extra-hours trading and auto trade. With extra trading hours, you can place your orders as early as 8 a.m. Eastern time and they will go active at 9:30 a.m. You can make post-market trades up until 4 p.m. that stay active until 5 p.m. Eastern time. These extra trading hours provide you the chance to make the most of your online trading by allowing you additional time to react to changes in the market.
You can access TradeKing's online platform on your smart phone's web browser, or you can download apps for the iPhone or Android phone. You have access to your accounts and portfolio, and you can create charts, watch lists, option chains and alerts. In terms of trading, you can complete standard stock trade and single or multi-leg options.
Help & Support
The education center is full of useful information about investments, investing styles and investing terms. You can choose the information you want to learn about based on your level of trading experience or by the topic.
You can learn basics about investing by reading short, comprehensive guides and blogs written by other traders. A key feature in the beginners section is the Featured Rookie Strategy, which gives you thorough breakdowns and explanations of investment strategies. These guides can even be useful to seasoned investors curious about using a new strategy. If you need additional assistance with your trading, you can access customer service agents during normal business hours over the phone, via email and through live chat.
TradeKing's non-tiered rates and uncomplicated pricing make it a good value among online brokers. You also get useful research information and analytical tools, and you have access to educational resources and customer service if you need it. With TradeKing's strong trading and investment tools, you can analyze your options carefully and then execute with precision, making this one of the best online stock trading choices.