TradeKing: Finding the Right Online Stock Broker for You
Want to trade like a king, then look no further than TradeKing online brokerage. They have been one of the top players in online stock trading for a while. Offering low commission fees with some other additional perks talked about below. TradeKing is truly a king amongst its competitors. They have many options for their clients to use to make sure that they are on the verge of breaking news and constantly updated stock quotes making TradeKing one of the best stock accounts to open.
Right off the bat TradeKing impresses with their very affordable trade commission rates at $4.95 per trade. This is also includes broker assisted trades, which are usually a higher premium at other online brokers. TradeKing is trying to lead the trading industry with the lowest fees in town.
The setup process is quite painless. Once the online application has been filed out you can sign up to do ACH deposits. To complete the process and be able to start trading you must email, fax or mail a copy of your photo id and a voided check from your bank account. Within a few days after receiving this you may start depositing by ACH and trading online.
Along with the very attractive low fees are the perks of not needing a minimum account balance or any pesky hidden fees. They also have an extremely friendly community that is willing to talk about whatever you want. Looking for a good discussion on what mutual funds are volatile or wondering if it is time to move some assets into bonds, the community will let you know there strategies and really make you feel at home.
TradeKing has ranked first in customer service in 2010, 2011 and 2012. This should be reassuring, especially since in May of 2012 TradeKing announced that they are merging with Zecco Trading. This will make TradeKing the sixth largest brokerage in the U.S. This is fantastic news, as it ensures that they will continue to keep their rates low and their customer service top of the line.
Some things that you need to look at for TradeKing to make sure it is the right fit for you is that they do not have an IRA setup. Also there is an inactivity fee of $50 if your combined trading account is less than $2,500 and no commissionable trades have been executed within a 12-month period. Additionally TradeKing is not that great of an option for penny stocks. If you purchase stock that is under $2 per share you will be paying an additional $0.01 per share.
TradeKing Review: Sign Up Offers
While not offering a cash-matching program, TradeKing will give you $150 in transfer fees. This way you can transfer over from your current broker and they will alleviate some of that financial burden.
TradeKing Review: By the Numbers
- Minimum Deposit: $0 on cash accounts
- Stock/ETF Trades: $4.95 (under $2, add $0.01 per share)
- Broker Assisted: $4.95
- Options: $4.95 plus $0.65 per contract
- Mutual Funds: $9.95
- Bonds: $4.95
- CDs: $24.95
- Treasuries: $24.95
- Smart Phone App Available
TradeKing Review: Summary
TradeKing really is the real deal for all level of traders. With their low stock trading fees, they are hard to beat on value alone. Then when you add in the customer service and online community customers are very satisfied with everything that TradeKing has to offer, making them one of the best stock accounts to open.