Looking for a Broker with Low Fees and Simple Pricing? Read our TradeKing Review
TradeKing came into being in December 2005, and back then its goal was to provide clients with top quality customer service and low cost fees. It also aimed to provide a place traders could go and share ideas on a daily basis, along with the obvious placing of trades, but also to discuss the markets. If the size of their customer base is anything to go by, they have certainly succeeded. But it appearS they have done far more than that, and evolved into a company that now focuses solely on the customer experience. In 2012, TradeKing merged with Zecco, and in 2015, MB Trading was acquired. Zecco brought research and quality mobile trading to the overall package, and MB Trading came with a premium desktop trading platform and futures trading. What traders now have today, is an all round good broker that has everything needed to compete in today’s cut-throat world. So let’s take a look at what TradeKing can offer the retail trader.
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Is there anything to dislike about the promise of low cost fees?
We thought we’d look at the promise of low cost fees first, because this is bound to be one of the biggest benefits beginners are going to be interested in. Flat-free trades are on offer, with regular stock trades coming at $4.95. And the order type and size will make no difference. If, however, the stock is under $2 per share, there is an additional $0.1 per share, up to a maximum of 5% trade value.
Options trades costing $4.95 plus $0.65 per contract. Multi-leg spreads incur just one base commission charge, and there is no charge for buying back short options with a value of 5 cents or less.
Mutual funds will cost nothing for loaded funded, although other charges will apply. For non-loaded funds the charge is a flat $9.95.
Bonds are free for all Treasury trades, including secondary and auction trades. Other bonds incur a charge of $1.00 per bond, with a minimum charge of $10, and a maximum of $250.
Many traders fall foul of the inactivity charges frequently levied by brokers. With TradeKing it isn’t such a worry. While the inactivity fee is $50 per year, it is not charged as long as there is at least one trade per year, or the account has less than a $2,500 balance.
Other features that make TradeKing an attractive broker
Low cost trading is obviously going to be a very attractive feature but TradeKing has plenty more to offer.
Excellent customer service – Good customer service is always going to be worth its weight in gold, especially for those new to trading financial markets. We found the service more than adequate, and were able to get someone on the phone almost straight away. There is also a live chat option available from 8 in the morning to 6 in the evening.
Free online support – One great feature that sets TradeKing apart from much of the competition is their use of social media and forums, especially in today’s world of social networking. There is also real-time support and a good number of free classes and webinars.
No minimum deposit requirements – For new traders, and those with limited funds it’s good to know you can start trading with TradeKing without risking huge sums of money. Another great bit of news is that there is currently a bonus of up to $1,000 free trade commission when an account is opened.
As this is a site dedicated to top rated Forex brokers let’s spend some time looking at what’s on offer for Forex traders.
Open a $50,000 practice account and learn to trade Forex with TradeKing
Forex has become one of the most traded markets in the world, and with TradeKing there is a lot to offer Forex traders, both newcomers and more experienced traders.
Tight Forex spreads – Spreads start as low as 1-2 pips, and there is the possibility of even tighter spreads if you open a Forex Pro account
Lots of charts, research and more – TradeKing offers more than 18 technical indicators and access to loads of free research
Forex trading platforms – There is a full suite of professional tools, with heaps of exciting features
Help with learning the basics – There is a substantial education center with everything a new trader needs, from the very basics to far more complex issues such as technical and fundamental analysis
All in all, we have to say that we were very impressed with everything TradeKing has to offer. But found they excelled in their services for newcomers to the world of trading. Why not take the opportunity to start your trading journey by opening a practice account and you can experience it for yourself, and decide whether it’s your cup of tea.