There are numerous options for those looking to begin the process of online trading. Few, however, offer the range of features exhibited by discount brokerage firm, TradeKing – and no other site provides these features at such an affordable cost.
TradeKing is an online broker site that specializes in the online trading of stocks, bonds and other options. The site ranks #1 among online brokers for site usability, so it offers a comfortable starting point for trading beginners. With excellent customer service, managed portfolio options and educational resources, the site is comprehensive in its overall features, as well.
Cost is always a deciding factor when choosing the right brokerage site, and TradeKing offers the most competitive price point in the industry. TradeKing charges only $4.95 per trade, a steal when compared to fees at other well-known brokerage sites. Scottrade costs $7 per trade, while OptionsXpress costs $8.95. Both E*Trade and TD Ameritrade charge $9.99 per trade.
TradeKing’s flat-fee trade rate adds to the site’s user-friendliness and simplicity. While regular stock trades cost the flat $4.95, options trades cost $4.95 plus $.65 per contract. The site is not ideal, however, for penny stock traders given than stocks less than $2 per share still cost the flat rate plus a penny per share.
TradeKing stands out from other sites due to its extensive site features, including research reports, interactive charts and technical analysis tools. The site understandably boasts the fact that Barron’s ranked TradeKing 4 out of 4 stars for a solid eight years in a row in the company’s annual review of online stock and option brokers.
TradeKing’s community education center is especially helpful for those starting out in the business of stock trading. Beginners can easily ask questions to more experienced members or choose to scour forum discussions to learn the ropes based on previously posted topics. Either way, a plethora of helpful information and potential mentoring opportunities is found through the site’s forums and available resources.
TradeKing LIVE is a streaming platform that is readily offered free of charge to TradeKing customers who perform more than one trade per year or maintain a minimum balance of $2,500. The platform features streaming quotes in real time, all customizable to your own unique market preferences.
TradeKing is perhaps best known for two things: affordability and impressive customer service. SmartMoney Magazine even ranked TradeKing #1 for customer service in 2008, 2010, 2011 and 2012. The site also boasts a live chat feature that connects customers immediately with a customer service representative. This feature is available Monday through Friday from 8 A.M. to 6 P.M. Eastern Standard Time. Representatives are also available via email and phone.
Summary of Features
- Flat-rate fees
- Accessible customer service
- User-friendly site
- Resources for beginners
- Streaming market platform
- No account minimum
- Penny stock fees
- Mutual fund fees
- Limited research options
Overall, TradeKing is an ideal site for newbies in the stock-trading world. With remarkable customer service and lower trade costs than its competitors, TradeKing is a great place to start when venturing into online trades.