If you’ve looked for an online broker for any time at all I’m sure you’ve come across the popular online discount broker TradeKing. But how is TradeKing to invest with?
Fees and Commissions
One of the biggest draws to TradeKing is their low commissions and fees. At the time I’m writing this they charge just $4.95 for all stock and ETF trades, whether they are placed online through their website or working with one of their brokers… a service that many brokers charge $40 or more for.
For options TradeKing charges $0.65 per contract plus a base fee of $4.95 for up to 8 contracts. If you need more than 8 you pay $0.15 per contract but they then charge a base of $8.95 for the transaction.
TradeKing also offers many other investment options like Mutual funds at $9.95 per purchase or sale, CD’s at $24.95 per transaction, Bonds at $4.95 per bond ($14.95 minimum) and treasury securities at $24.95 per transaction.
Disclaimer: Be sure to review all of these fees on the TradeKing website before signing up as they may have changed since the time of this writing.
Customer Service
According to SmartMoney’s broker survey, TradeKing ranked #1 for the third time in 2011… which is a great sign that their customer service will be there for you when you need them.
You can contact TradeKing’s customer service either by phone or through their online chat option (which I personally like) and speak to a trained broker (instead of some call service rep) so feel free to ask complicated questions and put them to the test!
Their customer service hours are 8am – 6pm ET, Monday – Friday which is a little light for my taste (I would like to see them open a little longer to accomodate busy professionals) but they are open an hour and a half before the opening bell and two hours after, so there is some room to get aftermarket questions answered.
Trading Tools
TradeKing’s trading tools feature an assortment of research reports, technical analysis charts, calculators for proft and loss and taxes, and stock and options screeners if you’re looking to narrow down your investment options to a specific set of criteria.
One of the things I like the most is that they have a lot of educational tools specifically geared towards new investors which features articles, videos and webinars to get new investors up and running quickly. Even seasoned investors can learn a thing or two, or check out the glossary for a quick refresher.
Opening An Account
I personally opened an account recently and I can tell you it really could not have been any easier. Opening the account took just a few minutes and I could log in and explore all of the tools and features that TradeKing had to offer.
To fund my account I just securely linked my bank account to TradeKing’s site and did an ACH deposit. The whole process was approved in less than a day and I was able to make a deposit the next morning. Once the money was cleared I was ready to go and placed my first trade very quickly and easily.
If you are interested in opening a TradeKing account click here to sign up today.
Sign Up For TradeKing in August 2011 and get $100! Click Here for more details.
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