TradeKing LIVE Review: Real-Time Platform for All Trading Needs
- Discount Broker:
TradeKing LIVE is an integrated, real-time online trading platform from TradeKing. It provides free real-time streaming quotes, stock charts as well as quick access to account information such as holdings, balance and buying power. making it an one-place platform for all trading needs.
A while ago, I compared web-based trading platforms from some leading online discount brokers, such as Scottrade, TradeKing, and ShareBuilder, etc. In that post, I shared my personal experience of trading stocks from these brokers’ main web portals. Even though I found myself trading more and more from mobile phone these days, not every broker has a mobile app that lets me trade stocks anywhere or make a deposit. Therefore, there are still occasions that the broker’s website is the only way that’s available to make a trade or other account maintenance activities. Today, I am going to talk about another easy-to-use web based trading tool from TradeKing, called TradeKing LIVE, a real-time, integrated trading platform that brings all you needs to make a successful trade in one place.
TradeKing has a mobile app, but it’s currently only available for Apple iPhones, so I still use its website most of the time to trade. The issue about using the website to trade is that it is not very convenient because I have to jump from page to page to get a quote, draw a chart, do research, and eventually place an order. I am pretty sure that everybody who relies on a broker’s web based tool to trade has similar experience as I do. But with TradeKing LIVE, the trading experience is completely different and much improved.
TradeKing LIVE Platform
Unlike the main web interface, which is default trading platform once I log into my account, TradeKing LIVE is a tool that needs to be launched separately within the account. Once it runs, you will have information such as Holdings, Order Status, Watchlist, Charts, Detailed Quote, Account Balance, and Market Snapshot, all integrated into one page, as you can see from the above screenshot. When I first used TradeKing to trade, I complained about the prices shown in the main page were actually delayed quotes and real-time prices only started to display when an additional setting was enabled. However, the quote was only a snapshot, meaning that there is no continuous update of the price and to get the current price, I have to keep refreshing the screen. With TradeKing LIVE, all quotes are streamed in real-time, whether the security is in your holdings, or watchlist, so no more refreshing screen. Among the features TradeKing LIVE offers, I consider real-time streaming quotes the biggest improvement over its web based platform because essentially all the trades are made based on the prices of the stocks and the speed of the execution of an order, even though it’s impossible for me to test the latter (not that I can see the difference anyway unless the execution delay is exceptionally long).
Trade Stock in TradeKing LIVE
Trading a stock is also very easy in TradeKing LIVE. In addition to trade stocks I already own, I can also trade from the Quote and Watchlist section directly since each stock symbol in TradeKing LIVE has a Trade action button associated with it. After I clicked the Trade button, I am shown the Trade Ticket window to enter details of my trade, such as Action (Buy or Sell), Quantity, Price Type (Market or Limit) and Term (Day or GTC) and some of these fields are already populated, depending on where the trade action is taken. For example, if the stock is my holdings already, I will see Action as Sell and Quantity as all the shares I currently own. But if it is a stock in my watchlist, then Action will be Buy and Quantity will be 100. The same for the stock in the Detailed Quote section. Of course, such defaults are not always the case, especially for stocks I already own, and when I buy a new stock, I don’t always buy in 100-increment in quantity. When entering a trade ticket, I would rather TradeKing leaves all the details to myself to avoid any mistake. If I have to change any of the fields, it really won’t make my trade any faster with the default info.
Research in TradeKing LIVE
There is, however, one tool in TradeKing LIVE that I am not able to test for some reason, the Chart tool. Somehow, for whatever symbol I enter, nothing shows up and, instead, it keeps asking for a symbol. The Charts option under Research does the same thing. TradeKing LIVE currently supports Firefox, Chrome, and Safari and I tried both Firefox and Chrome, but no chart can be displayed in either browser and no error was given so I had no idea why the chart was no shown.
Overall, TradeKing LIVE offers a convenient way to research and trade stock and options, especially with the streaming real-time quotes that are free for every customer. Research tool appears to be quite limited right now in TradeKing LIVE and Charts don’t even work in both Firefox and Chrome in my test. Even though it’s customizable, TradeKing LIVE doesn’t currently support other configuration options that you can add to the platform beyond those listed above. The customization seems only to refer to where you want to put those elements. Despite these shortcomings, TradeKing LIVE is still a big improvement over its main web interface.
- $4.95 per trade
- editor rating3
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