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TradeKing $50 New Account and National Friendship Day Promotion
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It seems every summer TradeKing runs a promotion where you can get $50 for opening a new account (if you didn’t have one already). Well if you didn’t notice it based on the temperatures outside, it’s summer and TradeKing has brought back their $50 new account promotion this month. If you have $2,500, want a TradeKing account, then this promotion is right up your alley.
The promo is pretty straight-forward. Make a deposit of $2,500 or more within 30 days of opening the account and make one trade within 180 days of opening the account. The $2,500 you deposit has to remain in the account for at least 6 months or you surrender the credit (they say you “may” surrender the credit, so it’s unclear how closely they police this).
There is no promotion code, you just need to click this banner:
[This promotion has ended.]
National Friendship Day Promo
Also available is their National Friendship Day promotion, also available this month. With the National Friendship Day promotion, you and your friend each get $50 for referring a friend to TradeKing. If you need a friend with a TradeKing account, you can contact me! The only rule is that you need to deposit at least $1,000 and make one trade.
I use TradeKing for all of my individual stock investments because I like their online customer service and it’s hard to beat $4.95 a trade. In fact, I went as far as to move all my assets from E*Trade to TradeKing for those reasons and because I wanted to simplify my finances. It was a pretty painless process and TradeKing even reimbursed me the $60 fee even though I wasn’t a new customer (I asked before I made the transfer and they agreed!).
Here’s the fine print:
{ 5 comments, please add your thoughts now! }To qualify for this offer, new accounts must be opened and funded with $2,500 or more. Account funding must occur within 30 days of account opening, and one trade must be executed within 180 days of account opening, for account to qualify. Offer is not transferable or valid in conjunction with any other offer. Open to US residents only. One offer per household. TradeKing can modify or discontinue this offer at anytime without notice. The minimum funds of $2,500 must remain in the account (minus any trading losses) for a minimum of 6 months or the credit may be surrendered. Other restriction may apply.
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Just one trade, that’s all? Sounds like a great deal; far better than one I recently received from…well, I shouldn’t mention the name but the initials are “TD Ameritrade”. (Multiple free trades, which is anathema to the concept of buying and holding.)
Seriously, if there’s no fine print beyond that this sounds like a prudent way for TradeKing to get customers. And for those customers to get exposed to the market.
I’m guessing the summer $50 promo can’t be combined with the $50 friendship day promo?
For the friendship day promo, does the $1000 also need to be kept in the account for 6 months? What’s the fine print for that promo?
I read somewhere that TradeKing ACH transfers are slow; 5 days? Is that still true? And deposited money can’t be used to trade for 5 days? (maybe that doesn’t apply to margin accounts though?) And I read that the max amount for ACH is $10,000?
FYI for people using Adblock: disable it to see the banner for the first promo.
I might be interested in the friendship promo, depending on the T&C. Do you have that info Jim?
ditto for me if the friendship promo only requires $1000 vs $2500?
With all I have read about Tradeking, I think Sharebuilder is a better value and more reliable. However, I do not trade on a regular basis, so this might be a better deal for others.