TradeKing is one of the top online brokers and is quite popular for various reasons. Although the company may not possess a strong brand name like Scottrade or E-trade, the company has certainly been able to satisfy its customers quite effectively. The company has also proven its worth by receiving the award for best customer service in the SmartMoney magazine, since the year 2008. However, when choosing online discount brokers, customer service is not all that is needed. To that end, the company also offers discounted prices to the customers; meaning that the fee structure of the company is quite low.
The fee structure of TradeKing is one of the factors that draw customers to the company. TradeKing is regularly considered to be one of the cheapest online brokers and the company certainly offers lower prices than most of the competitors in the market. It may appear that since the prices that are advertised by the company are low, it is possible that the company may charge hidden fees or commission. However, this is NOT the case, and the fees are quite straightforward. The fee for trading stocks on TradeKing is $4.95 per trade and the fee for trading options contracts on TradeKing is $4.95 plus $0.65 per contract. The fee on mutual funds, however, is higher than the other fees at $9.95. There are TradeKing reviews that suggest that their fee for mutual funds and bonds is a bit too high. Nevertheless, TradeKing does offer some of the lowest prices for an online stock broker.
Key Features of TradeKing
Apart from the regular features, one of the features that is most appealing at TradeKing is the feature that allows users to interact with each other, which can improve the benefits can be reaped from the investments. The TradeKing network is essentially a forum on which users can share ideas and gain insights on the instruments that other are trading at the time. Many a TradeKing review suggests that the trader network is one of the unique selling propositions of the company.
In addition to the trader network, the company also provides lots of educational material which is useful for new investors. There is a lot of information on what you should know before you start investing and provides insights for the advanced trader as well. Another interesting feature about TradeKing is that the company offers a “TradeKing promotional code” every few months through which new customers receive free money through sign up bonuses.
Advantages of TradeKing
One of the biggest advantages that TradeKing has over the competitors is that the company provides excellent customer service; so much that its customer service has been attracting customers to the company. Owing to the excellent customer service, the company has made it to the best online brokers list. As already mentioned, the other obvious advantage of TradeKing is the discounted prices that it offers to the customers.
Disadvantages of Using TradeKing
Although there appear to be no obvious disadvantages for TradeKing, one of the disadvantages is that there is no option to trade FOREX on TradeKing. So if you are interested in trading FOREX, then TradeKing may not be good for you. Another disadvantage is that the company does not provide customers with sufficient amount of research tools, although educational material and help is available. For instance, the company does not provide a portfolio planning tool which is important for investors.
Signing up with TradeKing
Opening your account with TradeKing is very simple and just takes a few minutes. Take advantage of your TradeKing promo code and simply click here to get started now.
Transferring to TradeKing
Do you already have a stock trading account with another online broker? Well, you can take advantage of TradeKings low fees and easily switch over them them today. They are even offering to reimbursed you up to $150 in transfer fees!
Here’s how to get your refund:
- Open a new account right now.
- Complete and print an Account Transfer Form.
- Mail or fax the signed Transfer Form to TradeKing along with a copy of your most recent statement (from your previous broker).
- Request your account transfer reimbursement by faxing your transfer reimbursement form, along with proof of transfer charge, to 866.699.0563.
That’s it! They make switching from your previous broker super easy.