TradeKing Review Update 2012

Review of: TradeKing
Discount Stock Broker:
TradeKing
Price:
$4.95 per trade

Reviewed by:
Rating:
5
On February 26, 2011
Last modified:October 29, 2012

Summary:

TradeKing is one of the best discount stock brokers. With commission fee at $4.95 for stocks and exchange-traded funds (ETFs), the cost to trade with TradeKing is also one of the lowest. TradeKing has been ranked No. 1 in SmartMoney's annual broker survey for multiple times for its excellent customer service. Open a brokerage account with TradeKing and experience the service yourself.

Nowadays, there are many choices when it comes to select a broker to invest in the stock market. Among them, TradeKing is one of the best online discount brokers because of its commission, products and services to investors, big and small. Over the years, TradeKing has won multiple awards for not only its excellent customer service, but also a wide range of stock, ETF, and options research tools that make online trading easier for investors at all levels. Following is a video from TradeKing that explains the features and benefits of the discount broker. Check it out. It will let you learn TradeKing better.

Commissions and Fees

TradeKing has a simple fee schedule. The commission for trading stocks online is $4.95, regardless the order (market or limit) or the size of the order. Most brokers charge a much higher fee for broker assisted trading, at TradeKing the commission is also at $4.95. For option trades, the commission is $4.95 plus $0.65 per contract. Though TradeKing’s commission isn’t the lowest comparing to other discount brokers, it doesn’t require a minimum for opening an account, which is a good news for small investors.

In addition to stocks and options, you can also purchase mutual funds from about 235 fund families, such as Dodge & Cox, Fidelity, T. R. Price, and Vanguard, etc., from TradeKing. The fee for each mutual fund transaction, buy and sell, is $14.95 for no-load funds. For load funds, there’s no additional fee other than what is charged by the mutual fund company.

If you want buy stocks that pay dividend, TradeKing will be great choice because it offers free dividend reinvestment.

Account Opening Process

The process of opening a TradeKing brokerage account is rather straightforward. Like what you will do with many other brokers, the application can be done entirely online, with no paperwork involved. The process take about 15 minutes to complete and information you need to provide are standard, include naming, address, email address, SSN, DoB, etc. During the application process, you can choose to fund your account through your bank account directly. If that’s your selection, which will make funding much faster so your account will be ready sooner, then you will also be asked to provide bank information to link it to your TradeKing account. Usually the fund will be available to buy stocks in 5 business days. You can also choose to fund your account by transferring assets from other broker accounts you own. In this case, TradeKing will reimburse you up to $150 charged by other brokers for transferring your account out.

Account Funding

TradeKing provides more than one option to fund your account. As mentioned above, you can use bank fund transfer (ACH) to fund TradeKing brokerage account. ACH is the fast and easies way to add money to your account. For ACH fund transfer, you will need to wait for at least 5 business days for the fund to be cleared before you can use the money to buy stocks. Of course, you can also choose to fund your account by check, but that process will take much longer.

 

Trading Interface

While TradeKing currently doesn’t have a standalone trading platform, its online trading interface is very clean and easy to use. With the TradeKing online trading platform, you are able to check real-time quote while placing an order, so you can always get the best price.

 

Tradeking interface

Order execution at TradeKing is fast. In fact, most of time, an order is executed immediately after it is submitted. This will guarantee investors get the best price when trading stocks and ETFs, especially for market orders.

Mobile Trading

TradeKing recently launched its first mobile trading app, TradeKing Mobile on BlackBerry. The mobile app makes trading stocks on the go with TradeKing much easier, so you trade at anywhere. With the new BlackBerry app, you can also get real-time stock quotes and do stock research. Mobile apps for other smart phones, such as iPhone and Andriod phones will come soon.

TradeKing Blackberry App

Research Tools

For stock research, TradeKing uses a tool provided by MarketGrader.com to generate detailed research reports for individual stocks. The best part of this report is that it gives the fundamentals of the stock, such as Growth, Value, Profitability, and Cash Flow,  in an easy-to-understand grade format.

 

tradeking research

In addition to stock research, TradeKing’s research tools also include a mutual fund center and an ETF center, allowing investors to screen mutual funds and ETFs. For mutual funds, there are four screeners powered by Thomson Financial: High Net Assets – Equity Funds, High Net Assets – Fixed Income Funds, Foreign Equity Performers, and Low Turnover Top Performing Equity Funds. The ETF Center also features four screeners: Income Producing ETFs, Top Performing International ETFs, YTD Top Performing ETFs, and High Yielding Bond ETFs. For investors who are new to exchange-traded funds, TradeKing also has an ETF Education section providing basic knowledge.

TradeKing Promo Codes

Among many other discount brokers, TradeKing is the only one that offers incentives for opening a new brokerage account. The incentive is usually $50 bonus for every new account with $2,500 minimum deposit, which is different from the account minimum mentioned above. While there are no current ongoing incentives, if you are interested in opening a brokerage account with TradeKing, use any of the TradeKing promotion codes below to open an account and start trading.

Promotion Description Expiration
$4.95 per Trade Buy stocks/ETFs at $4.95 per trade, regardless whether it’s a market or limit order. N/A
The #1 Discount Broker
TradeKing has been selected as the #1 discount broker by SmartMoney Magazine
for two consecutive years (2006 and 2007). Find out why at www.tradeKing.com.
N/A
Trade Option at only 65 cents per Contract With TradeKing.com, you can trade option at $4.95 commission plus $0.65/contract
with no minimum. Open an account and experience the difference.
N/A
TradeKing is one of the best discount stock brokers. With commission fee at $4.95 for stocks and exchange-traded funds (ETFs), the cost to trade with TradeKing is also one of the lowest. TradeKing has been ranked No. 1 in SmartMoney's annual broker survey for multiple times for its excellent customer service. Open a brokerage account with TradeKing and experience the service yourself.

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