TradeKing have been operating as a broker since 2005. From their inception they have shown a desire to be a cutting edge broker, keeping up with trends and often leading the industry into new technology and ways of going about their business. A prime example of this was their blogs and use of social media to stay in contact with their clients, something they still do today. Just a few months ago (May 2012) TradeKing made the announcement that they had merged their business with Zecco, another brokerage who have used social media to catapult them to the forefront of the industry. With offices in Florida and North Carolina and consistently good reviews from various publications focused on trading you can trade safe in the knowledge that you will be dealing with one of the most stable and respected brokers in the industry.
No matter what your problem may be TradeKing have a variety of ways that you can get in touch. With Telephone, Fax, Email and Live Chat support available during business hours monday to friday and all emails are answered within 24 hours on the weekends. It’s hard to not be impressed. It’s not all about response times either. Their staff are friendly and helpful, a combination we just can’t get enough of.
If you’re new to the options trading game then they have plenty of content on their site to educate you and their social media accounts on sites such as Facebook and Twitter regularly post helpful tips as well as providing another way for you to get answers to your questions.
TradeKing offers all the staples you would expect from an online brokerage but does not shy away from the more complex options either. One triggers the other, one cancels the other and trailing stop trades are all supported by this light-weight, yet comprehensive platform. All the information that you may need to go about your day of trading is available at your fingertips with watch lists, market overviews, stock views and quotes, option chains and technical analysis are provided to ensure that your trades are conducted in an informed manner.
Fees & Commissions
TradeKing operate as a discount brokerage, allowing independent traders to get in on the action with minimal outlay. With this in mind it should come as no surprise that their fees and commissions are bettered by few. Obviously the more trades you are looking to place the cheaper they will come. You can pick up 4 contracts for $0.65 each in addition to a $4.95 base fee or 8 contracts for $0.15 with a base fee of $8.95. You will find only one base fee is charged per trade, which does break the mould somewhat when compared to the rest of the industry.
The only real negatives that we found when assessing their pricing and policies was the rather large $50 fee they charge on all IRA closures and transfers – and a $50 inactivity fee for unused accounts or accounts with a low balance.
Overall TradeKing get the job done with minimal fuss and at low rates. If you’re a consistent trader who plans on keeping the account reasonably well funded then you may well have just found your perfect broker. If you tend to trade here and there, perhaps with some of your savings or disposable income then you might be better off elsewhere.