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TradeKing Review: $4.95 Trades, No Minimums

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Tradeking - Discount Online BrokerI could only avoid the siren song of $4.95 trades for so long, here are my opinions of TradeKing in 2,144 words and 4 screenshots. Last week, I joined the masses and opened a TradeKing brokerage account. I did so partly because I wanted to understand the process and answer some of the emails I’ve been receiving, and partly because I was impressed by their Options Education Center and wanted to dip my toe in the waters of something I never really understood. I had heard that TradeKing offers the easiest way to pull off multiple options related transactions (because they’re often used as hedges) at once. More on that later, let’s get to the basics.

Until the end of November, TradeKing is running a $50 new account bonus promotion where you can get $50 for opening an account, funding it with at least $2,500, and making one trade. Click the link to learn more or email me and I’ll refer you.

Account Application Process

I opened an individual account (with margin enabled) and Level 1 – Covered Calls options trading. Opening an account at TradeKing takes about five minutes and three screens (plus a confirmation screen). They asked for all of your standard brokerage account information details like name, address, social security, employer information, financial information, trading experience, whether you want to be able to trade on margin and with options, etc. Nothing remarkable, quick and easy.

One interesting security measure they put in place was a pop-up keyboard for the password entry. You click on buttons to enter your password, a measure that seems a bit like overkill, though it’s nice that they thought of it. I’ve never seen a company use that during the account opening process. (this is the same keyboard used for logging on to TradeKing)

After the application process, you are asked to agree to several agreements. The agreements run the gamut of agreeing to accept real time quotes, certifying that you’re a nonprofessional, etc etc. After you agree to all those, you’re allowed to join the TradeKing “community!” Yay!

TradeKing Community

TradeKing Community Front Page ScreenshotThe TradeKing Community is TradeKing’s attempt to leverage the social media craze and create a place where traders can share thoughts, opinions, and ideas. I believe Zecco has a similar Zecco community but very few other brokerages do this. I know for a fact that there is no Vanguard or TD Ameritrade or E*Trade community like the one at TradeKing and Zecco. At the moment, it’s very slick looking but lacks a bit in participation. I’ll explain more later.

The major parts of the community are:

  • Community Home (shown right): The community front page captures a taste of every other section of the community, including three huge buttons in the header going to Trading Activity, Trade Notes, and the Forums.
  • Trading Activity & Trade Notes: You can trade with funny money and track your progress here, with the aggregate data of trades being listed in Trading Activity. You can tell that the community is still quite small as on this day (May 29th, 2008) the most active stock is Ford with 10 trades. Most of the notes have zero or one vote.
  • Groups & Forums: You can think of Groups as almost like forum categories and the forum as the big list of every discussion going on. The groups themselves are still of a reasonable size (Beginning Investors has the most with 126 members) but vary in terms of quality, scope, and purpose. Anyone can start a group, so you have groups with intuitive names like “Value Investing” and then ones that have less intuitive names (Street Addicts is one). Some groups have membership rolls in the single digits (Socially Responsible Investors has one member).

But let’s be honest, you don’t sign up with a brokerage because you want to meet friends, you sign up because you want to make money in the stock market.

Transferring Money

Step one to making money on the stock market, after opening an account, is getting funds into that account. They make it pretty easy, simply go to the navigation menu up top and click on Services > Transfer Money. I went with the ACH transfer, which required the basic information (ABA routing #, account #, etc). Unfortunately, there’s a mandatory minimum five day hold after you setup an ACH link. :(

After linking my account, you can only have one account link at any one time. If you want to link another account, you have to delete your current ACH linkage and add the other one (including five day wait). Another minor annoyance is yet another five day hold on ACH deposits if they exceed your account balance (if you deposit less than your account balance, there is no hold).

Making Trades

TradeKing Trading ScreenThe TradeKing trading screen is pretty slick. I like how you get a quick quote on the ticket you enter into the ticket trade form, it appears immediately with useful information (Bid, Ask, Last, Change, Volume, and Company name). It’s nice not to have to click “quote” or something silly like that. (ignore the fact that my account balance says $0.00, I took the screenshot before making any trades… five days is a long time to wait!)

Disable Preview Step: If you hate previewing your order, it’s nice that they allow you to disable the preview step (you can also setup a default stock and option trade quantity on the same page, though I find that probably won’t be too useful). There is a link underneath the Preview Trade button that takes you to your Settings, then just click the “Bypass Order Preview Screen.” You’ll notice your trading button changes from Preview Order to Place Order. (if you want to change it back, it’s under Services > Settings > Trading & Real-Time Quotes)

One feature that is missing that I found valuable at TD Ameritrade was a floating window that allowed me to trade regardless of the screen I was on. At TD Ameritrade, there was a little Javascript-like form at the bottom of each screen that let me enter in tickers and submit trades even if I was on a general information screen. While it’s hardly a chore to click on trade, having that window was a “nice to have” feature.

TradeKing Covered Call Trade ScreenOptions: The screen to your right is the Covered Call Trading Screen and it, on one screen, lets you buy both the underlying stock and write/sell the Call option to go with it. I’m still very much a novice when it comes to Options, so the terms Butterfly and Condor and all that jazz are meaningless to me, but the Covered Call is something that’s pretty easy to understand. A call option is the right to buy the stock, “call for it,” at a specific price. When you write/sell a call option, you’re selling someone the right to buy a stock from you at a specified price. A covered call means you’re writing a call for shares you already own. This screen lets you buy the stock and write the option, two things at once, and is clearly more convenient than forcing you to buy the stock and write the option on two different screens.

I plan to read more about options trading, enough to become comfortable (I talk about the education center later, where I read their options playbook) and then I may speak to this section in greater detail.

Finally, the backend systems of TradeKing rely on Legent Clearing. Everything from actual trades, securities clearance to settlement is done through Legent and they service a bunch of well-known clients such as Pointe Capital, MyStockFund Securities and OptionsXpress.

Maxit Tax Manager

TradeKing offers a Maxit Tax Manager, by Scivantage Maxit, that tracks your gain and loss, including the following listed features:

  • Tracks all transactions and running cost basis of your securities.
  • Automatically adjusts cost for corporate actions (splits, mergers, spin-offs, etc.)
  • Automatically identifies and adjusts cost basis for wash sales
  • Sets default standing orders for matching sells to tax lots such as Minimize Tax, First In–First Out, Last In-First Out.
  • Calculates Unrealized and Realized Gains and Losses
  • Generates Tax Reports, such as the Schedule D automatically

As of this review, I haven’t really gotten a chance to look too much in depth about this because I haven’t sold anything.

Research

TradeKing MarketGrader Stock Research ScreenshotTrading is nice, but what about the information you need to make informed decisions? Most brokerages offer third party reports (or their own analysis) to help you made decisions. TradeKing uses a system called MarketGrader. MarketGrader describes itself as essentially a big quantitative calculator that crunches all sorts of factors and gives you a number. Yep… a number.

In the screenshot to the right, you can see Yahoo’s analysis. Growth got a B-, Value got a B, Profitability got a B-, and Cash Flow scored a B+. End result? A 48.8 and a flashing red Sell rating. If you want more information, the PDF Report doesn’t really provide it. There’s a paragraph explaining each of those four categories with a few pages of pretty graphs and charts. Surprisingly, the report’s Overall Grade of 42.8 didn’t match the initial Overal Grade of 48.8, which was strange.

Research overall isn’t bad at TradeKing, but the individual stock reports were a little disappointing. They did, however, garner four stars for research in the latest Smart Money 2008 Best Online Brokers survey, likely on the strength of their other data. Comparatively, E*Trade offers (for Yahoo) analyst reports from Credit Suisse, Reuters, Standard & Poors, Rochdale Research, Sabrient, Thomson, as well as a Jaywalk Consensus Report (by BNY Jaywalk). TD Ameritrade offers reports from The Street, Standard & Poors, Ford Equity Research, Market Edge, and the Jaywalk Consensus Report. Both firms received five stars from Smart Money (and both charge more for trades).

Education

This is probably one of my favorite parts of the site and I devoured their Options Playbook chapters, authored by Brian “The Options Guy” Overby. I knew very little about options and this little “playbook” gave me enough information to be dangerous to my bank account. It went through all the terminology, all the plays, all the scenarios for all the plays (especially valuable), and was done in an entertaining (a lot of jokes, some of which were bad jokes) that made it fly by. You don’t need an account to view the Education Center.

Customer Service

Customer Service is very responsive, I was connected to a CSR via their online live chat in less than five seconds. I asked him a litany of general account related questions (I was trying to clarify the whole ACH hold issue I mentioned above) and he was very responsive and informed. If I run into any “real” customer service interactions, I’ll post them in the future.

One interesting tidbit I learned was that the ability to add multiple bank links was not a priority at this moment, which is understandable.

Fees

So, trading looks good, the community is young but growing, everything seems on the up and up with TradeKing… is there a catch? If there ever was a catch (can you tell I’ve been reading Gotcha Capitalism?), maybe it’s in the fees… but they’re not. $4.95 a trade, no minimum balance requirement, no account maintenance fee. Mutual funds trades are a little pricier at $14.95 a trade for no-load mutual funds but they beat a lot of their competitors (TDAmeritrade costs $49.99, E*Trade costs $19.99). If you are only going to get funds from one brokerage, say Vanguard or Fidelity, then I’d recommend opening accounts with them rather than buying through TradeKing; otherwise TradeKing looks good on the transaction fee category.

There is a $50 fee for account inactivity but can be avoided if you have a combined account value of over $2500 or make one commission-charged trade in the last 12 months. If you want paper statements, those will cost you $2.50 a piece and trade confirmations will cost $1.00. I recommend going paperless anyway (or just print up the documents yourself).

Conclusion

My experience with TradeKing so far has been good. There were a few small annoyances like waiting five days for the ACH link, then another five days on the first deposit, but overall it’s been a solid experience. The TradeKing “community” area looks nice but I don’t know how great that’s going to be considering they’ve had it open for a while and it still appears to be in its infant stages (or at least it’s only a toddler).

The one area I was quite impressed with was the educational areas where they taught you about options. Options can get tricky so explaining all the scenarios is certainly a plus and if you fancy yourself an options house, which I believe TradeKing does to a certain extent, you definitely need a place where you teach people how to do those types of transactions. While I won’t be entering into any Butterflies or Condors in the near future, at least I’ll know what the heck they are.

If you made it this far, thanks for reading, this is by far the longest and most comprehensive review of… anything, that I’ve ever done. Hopefully you found it valuable!

{ 110 comments, please add your thoughts now! }

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110 Responses to “TradeKing Review: $4.95 Trades, No Minimums”

  1. Cap says:

    Great review. Everything looks pretty spot on. I believe the Maxit Tax Manager was a recent addition in feature, and was pretty handy for the ‘recent’ tax filing. Haven’t had any major problems with TradeKing yet (whenever a company doesn’t screw me over, I give it a plus in my book).

    There was an outage back in 2006 during marketing opening hours… I forgot what marketing event triggered it (I remember assuming people were trying to login to make trade), but the site was quickly back up in about 10-20 minutes. Didn’t really affected me, but I’m sure plenty of people weren’t happy about it.

    Having said that, I haven’t experienced any significant problems since then. All my customer service inquiry have been answered in timely matter with relevant answers, so I see no reason for anyone looking for a discount broker to overlook TradeKing.

  2. Drew says:

    HSBC has a pop-up java keyboard for when you login. But they also have another password you need to put in, PLUS a sitekey. It’s horribly annoying.

    I wish TradeKing would do a PROMO on sign-up of funding of account!!

    I may hold out on signing up until I see something better than refer-a-friend.

  3. Cap says:

    Drew: TradeKing occasionally has a $100 sign-on bonus. They’d most likely have one again within the year… so just keep your eyes open for the promotion.

  4. Santa Claus says:

    Cap and Drew. Please be aware. The $50 or $100 promos will only go to those sites its intended for. If you repost the links or click on a reposted link you will not get credit for the promotions.

  5. kamran says:

    T..R..A..D..E K..I..N..G —–SUCKS
    the platform is slow and unresponsive, the streaming quotes suite is a joke and when I tried to take my money out they put a 10 business day hold on my money…YES 2 weeks to get my money out!!!
    If you’re a trader you’re best off going with Ameritrade or the cheaper Ameritrade cousin I-zone(4.95 a trade).

    • abas says:

      you are lucky they gave you your money. i have been at a for 2 months, i can’t even get my own money out of the acct. everyday there is a new excuse.yes openning acct is easy but closing it. goood luccck;;;

      • y says:

        any update on this issue? Were you able to withdraw any money? If so, did they charge any kind of withdrawal fee or anything?

    • Nick says:

      Also, I-zone has a 5k minimum required to start and a 5k minimum balance rule. I wanted to start off smaller so I am going with Tradeking.

  6. indexfundfan says:

    Beware. Tradeking’s can arbitrarily extend the ACH hold time to 60 days if they decided that they do not like you. I found this out the hard way.

    I don’t want to leave a link here in case this is seen as spam. But if anyone wants to read it, google for

    Tradeking is holding my money hostage

    You should see my blog post on this issue.

    indexfundfan

    • abas says:

      they have done the same thing to me for 2 months so far. they ask for additional papers that they did not originally ask for, and right after you provide them what they wanted they ask for another thing. i ve been at a for 2 months. stay away from them if you can, no really;;;

      • abc says:

        why don’t you withdraw all money first and then call in to close account? Is it okay or they have to keep your account $2500 for no matter what..Thanks

    • Eric says:

      Mine too… I deposited a new check 5 days ago but they wont let me withdraw my other funds until the new funds clear.. What?? And you forgot to mention that they charge a $.01 premium per share for any regular trade that is priced under $1.00 per share. So, if you were planning on trading pennies go elsewhere this is not the site for you.

      Seriously?? a .01 premium?? If you buy 10,000 shares of something that costs $.30, you end up paying $3104.95 ($3000 for the stock, $100 in premiums $4.95 fee). It then goes up to $.33 and you decide to sell. Since the stock still hasn’t reached a dollar you again are charged the $.01 premium so you only get $3,195.05. So, out of your $300 profit, or 10%, you really only make $90.10, or 3%.

      They advertise their really low $4.95 commission per trade and it looks enticing but beware of the small print. That transaction I just mentioned totaled $209.90 in fees, that’s absolutely ridiculous. Plus getting your money in and out is a huge hassle. ACH setup requires you to fax them drivers licenses and a voided check. That is the first business I have ever dealt with that can’t verify your bank account electronically. 5 day business holds on checks until you can start trading, regardless of account balance. 10 day hold on deposits before you can withdraw. Not to mention, they won’t let me withdraw any funds until my new deposit clears the 10 business day mark. The site is a joke, I already have my e-trade account open and I’m just waiting for TRADEKING to give me my damn money so that I can start trading again.

      • Hondaddy says:

        Eric,
        I couldn’t agree with you more after adding two penny trades to an established portfolio. I haven’t had a lucky penny since Six Flags but the $.01 premium was enough to break my habit of looking for low priced treasures. That sucks, I like to speculate these sub-micro-caps… have fun when they pop or just say “oh well, I haven’t learned my lesson yet” when they dive and die.

        Scottrade hooked me with the FREE TICKER SERVICE. The $2.05 more in commission is worth it. And pennies are upcharged only 1/2% of the principle value. That’s better… to some extent. I think if we’re all patient we’ll get what we want eventually.

      • abc says:

        that is really Bullshit tradeking. Time in trading stock is golden. Any second counts dollar. They hold us 10 days for what?..clean their ass?..bank takes only 3 days..they takes extra 7 days to clean up their balance sheet? I am going over their website but I was doubt that why commission is so cheap compared to TDAmeritrade or other website..no lunch is free in US. Luckily I found this website reviewing true words about their reputation. Don’t listen to Smartmoney editor or other editor, they are bullshit each other to promote their website. How Smartmoney editor make money (based on their salary 50K per year)..shit..they make from broker like Tradeking and others…If you try to save couple dollar on commision, your 10K or more than that, which is hard earn money will go to their banks. By the time you go to court to claim your money, all that transactions take you more than a year to take money back. I hate this kind of broker..it is your hard earn money…this broker does not have reputation. I don’t open account with them. I am at TDAmeritrade now but the commision trade is 10 dollar.. everyday I trade at least 3 trade..cost me 60 dollar…so I try to go to cheaper but reputation..I still could not find any good one yet. TD tool is good, customer sometimes bullshit too. the execution time is fast (less than 1 second, guarantee) Their webbase Commander window is good. Intraday charts are good to see. They have thinkofswim tool but it looks too me so much functional that you feel confused when market is opened…it takes too much time to open and close when ticker runs up and down so fast. I did not use it. I use only commander because it give me good intraday chart and I use third software name quotetrack to view chart history and draw chart. If anyone know any cheap broker but have good reputation. I believe last 2 year 2008 and 2009 are good one to find out which brokers are good because those years were in recession and brokers did not have money to cover their ass so they took our money to cover their balance sheet. Please let me know which one is good one. Thank you in advance.

    • Hondaddy says:

      I recently attempted to move my TradeKing account to Scottrade. They too are holding my transfer for 60 days. I spoke to a third party in this business and they said this is not the standard of the industry (usually 10 to 14 days max). In his opinion this is shady and underhanded. This info is posted on their website if you look for it… but this is not something they warn you about, and they should.
      I had been a customer for a year and always had $15K to $25K in product or thousands just sitting in their coffers. They didn’t have a problem with that. I’m very upset with their highly uncommon rules and will never recommend TradeKing to anyone.

      Scottrade has free ticker service(to all)and has a BlackBerry friendly m. mobile website that works very well. It’s not an app you have to load. Any web friendly phone can use it! Genius.

      live and learn, the “Crabby old Hondaddy”

  7. Jeff says:

    I’m trying out TradeKing now, but their login prompt is one of those stupid java typewriter thing which you have to push each key for your password. Its enough to keep me from using their service. It won’t let you manually type in a password.

    • Jim says:

      That’s a security feature a lot of financial institutions are putting in because it prevents keyloggers from storing what you type in a keyboard and sending it off. While a bit of a pain, it’s designed to offer you greater levels of protection.

      • Stephen says:

        I don’t see how those things offer greater security.

        First of all, anyone in the room can see each button I click, which is less secure than just letting me type it.

        Secondly, rather than log keys, a program could just as easily capture a very small area around the cursor at each mouse click.

        Also, it’s slow and painful, and frequently doesn’t register a click for some reason.

        I just signed up for TradeKing, and I have HSBC and they use it too. They are annoying.

        • Jim says:

          You can watch for people looking over your shoulder more easily than checking if a keylogger is running on a computer. A program could easily capture a very small area around the cursor, which is why many keyboards rotate the keys (TradeKing doesn’t) and that prevents that security risk.

  8. Forget Tradeking if this applies to you:

    Foreign citizens with a US Tax ID number and legally living in the USA may open a TradeKing account with the exception of citizens from the following countries: Australia, Austria, Belarus, Canada, Cote d’Ivoire (Ivory Coast), Cuba, France, Germany, Hong Kong, Italy, Iran, Iraq, Japan, Liberia, Libya, Malaysia, Myanmar (Burma), Netherlands, Nigeria, North Korea, Saudi Arabia, Singapore, Taiwan, Sudan, Syria, United Kingdom, Zimbabwe.

  9. Glen Nile says:

    Tradeking customer service is abysmal. After 2 weeks of asking why my account was not setup, I gave up and went with another company.

  10. Lewis says:

    So your review was quite helpful.
    I’m like 17 and have researched several companies and have quite the piggy bank from my first job. And I don’t want to have to work again(Work=Sucks!). Do you recommend this for me.

    • joe says:

      awesome lewis,,,

      yes its good to trade, take your time & do your research on stocks, if your going to day-trade and want your money to clear back to you join a day trading group~

  11. Ed J says:

    I have been trying to fund my account since the first of April. They are very slow and I’ve had to reapply 3 times for 2 errors they made in setting up the ACH. Still waiting but I will likely cancel.

    • Jim says:

      Can you explain the problem you’ve been having? I find it difficult to believe someone messes up an ACH, it’s a pretty standard process.

      Where will you go instead?

  12. MJ says:

    Does anyone know if Tradeking does free automatic dividend reinvestments?

  13. Ken says:

    I signed up and funded my account within two hours via wire transfer today. So far so good.

  14. Zach says:

    I’ve been using tradeking for about a year and overall I like it, but there are some caveats. The pro is obviously cheap trading for what you get- trades and options are cheap, and TradeKing has quite a few features that other discount brokers don’t offer, like extra-hours, advanced options, etc.

    But I agree, the 5-day wait is annoying. And the platform (and whole site for that matter) is slow. Tradeking is the only brokerage site I’ve ever used, so I’m not sure what others do, but a few other things that get to me sometimes are how they determine which stocks need higher margin, how you can never use your full buying power…often not even half..how they require you to trade certain stocks over the phone..and how too many trades per day/week can get you coded as a day-trader. I’m not too keen on the 1cent charge on penny stocks either…but I’ve heard thats rather ubiquitious.

    Anyway, I can still recommend them, the education and customer service available there are great and they are improving services regularly, so I’ll stick with them for now. And again you can’t beat the price!

    • abc says:

      Zach,

      I think you look for small picture but you forgot about big picture. Thinking of they give you 5 dollar save for each buy or sell, but other hand they take you more money than that. For example if they ask you to call them to buy or sell stock, which they say these stocks are not listed, you call them they charge extra money to do that transaction (that is called BS). Second, if their balance sheet has trouble, they will hold your money or sometimes don’t give you money until you go to court. That happens all the time because they know that we trade on internet, never go to their headquarter to trade. Sometimes they close their headquarter, you don’t know where the hell are they. Ask yourself how many tradeking office you see on the road? (NO) so if those problems happens, your 10 thousand dollar goes with the wind (compared to you save 100 dollar on commission). Moreover, their service looks like they hold their profit than they give you profit. Example, they determine which stocks they give to you to trade..what if stock you like they don’t have..that is problem. If you go to other broker, the service Tradeking has is normal service (basic one)..The one I don’t like is why they hold us too many days on deposit or withdraw money. It is your money. You have right to take it out and should be in your bank within 3 business day.

  15. A Perry says:

    Thanks for the post. I’ve been comparing the various companies and this post was a huge help in clarifying questions I had. I was a little skeptical about the low fees, but I think I’ll take a chance on this and see what happens.

  16. Sophie says:

    With respect to withdrawal of funds, there seem to be negative comments only. Could anyone provide info on their experiences withdrawing funds and/or closing their accounts from Tradeking? It would be terrible if I were to put in funds but have difficulties withdrawing them later.

    Many thanks.

  17. LBL says:

    After reading your rather positive review and the negative issues listed herein, I will not be opening an account any time soon.
    It’s clear to me the longer holds are merely a jocking of money… the place where they recover on the ‘reduced’ fee schedule. When I hear back that they have solved this ‘issues.’ I will reconsider them.

  18. Ben says:

    Refused to honor my request to cut a check from my account because I had cut a similar check that same day. However, they had emailed me to say that my requests were being processed and checks would mail within 24 to 48 hours. When I called to ask why the second check hadn’t been cut, they said it had been rejected because it was too similar to the check I cut on the same day. They went on to question me like the Inquisition as to why I would cut two similar checks on the same day. I asked if they could wire the money into my account and wave the fee. They flat out refused. Very unprofessional customer service. Terrible experience all around. I’ll be moving my money elsewhere.

  19. nick says:

    Well, sadly after reading these comments I think I’ll go for another company (I’m thinking scottrade, a bit more expensive though). The fees sounds great here, but the service sounds terrible. As a first time investor, I want to make a good decision.

    • Jim says:

      Some people have had bad experiences but the vast majority have had good ones, as evidenced by their awards. Maybe the negative experiences go to the more vocal users?

  20. Dave says:

    Please let’s hear from folks with positive money withdrawal / account closing experiences. This talk of trouble in this area bothers me.

  21. Chris says:

    I’ve been with Tradeking for about a year. Your review is pretty thorough and accurate. I have not had any problems with them except once a $1000 deposit was credited as $10000 (I emailed Tradeking to correct this so that they didn’t temporarily freeze my account or something when they caught it themselves).

    The only negative is the 5-day wait on deposits. This seems like overkill, especially if it is a deposit that does little to your overall balance (for example, a deposit which increases your balance by less than 5%). The good news is that you can call Tradeking via phone and usually place an order before the 5-day wait is over. Sure, that means you need to actually talk to a trader rather than hit a few keystrokes, but I’ve never had more than a couple second wait and it’s still $4.95 a trade.

    I haven’t had any other problems like the ones some posters have mentioned, and therefore I’d recommend Tradeking.

  22. Robert says:

    I recently opened an Account with TK because Scottrade likes to hold withdrawal Checks for 3 days before mailing. TK may very well pull the same tactic, but they are $3 cheaper on trades.

  23. brad says:

    I haven’t opened an account anywhere yet needing some suggestions i was looking at tradeking but some of the posts have really made me question them so what are some suggestions for first time traders with only about 1000-2000 to invest…is tradeking worth opening an account or should i go somewhere else

    • Jim says:

      With $1000-$2000, I think you have to go with a discount broker of some kind. I’ve never had an issue with TradeKing and they charge $4.95 a trade with no minimum balance requirement.

      • Eric says:

        But if you are planning or trading pennies go elsewhere. TRADEKING is a “discount” broker that charges a $.01 premium per share for any stock priced under $1.00.

        • joe says:

          as i make $200-300 pr trade its worth for me to use Td ameritrade, yes its more pr trade but I dont want the extra fee hassle to deal with on SOME sub pennies I trade, just like the flat fee.

  24. brad says:

    what about sogo can’t really find much on them but i have heard they are aren’t bad

    • Trader says:

      been with them for about 4 years (since they were sogoinvest) if you’re a trader that has research and level2 elsewhere, they are the best!!! LOVE their clearing house!!

  25. Beginner Investor says:

    Can Canadian Citizens use trade king? Is there any additional steps for non-US citizens?


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