Full Review of TradeKing
Online brokers by and large compete on the fees they accuse and the functionality of the trading tools bachelor. Although TradeKing is competitive in both of these areas, it’southward also focusing on creating something of a trader community. The TradeKing “Trader Network” allows its customers to develop ideas and strategies by exchanging ideas and theories with one another.
TradeKing was founded in 2005, which makes it a relative newcomer, and information technology merged with another brokerage, Zucco, in 2012. Beingness one of the cheaper brokers for options traders it has experienced notable growth and has much to offer. This allows them to continually add new traders on a regular basis which results in giving them the ability to add to their services. So signing up with this broker seems to be a good deal because it’s relatively inexpensive and they continue to get improve all of their services.
Our review beneath covers exactly what TradeKing is all most in more detail, specifically in terms of trading options. We expect at the commissions and fees, the quality of the trading platform, and the various inquiry and analysis tools bachelor.
Commissions, Fees & Minimum Deposit
The commission construction at TradeKing is both attractive and easy to understand. You simply pay $4.95 for each trade you brand, plus $0.65 for each options contract in that trade. This makes TradeKing one of the cheapest brokers effectually for options trading.
It is $9.95 to practise an option and $4.95 to assign an option. There is also an additional schedule of fees, only almost of these volition only apply if you want a particular actress service. There is an inactivity fee on your account too, which applies if you haven’t fabricated a trade within 12 months and have an asset balance in your account of less than $2,500.
In that location is no minimum deposit for opening an account with TradeKing.
Trading Platform, Tools & Features
Since first opening on the internet in 2005, TradeKing has strived to make it as straightforward as possible for customers to make trades online. Their trading platform reflects this aim. This isn’t i of the most avant-garde trading platforms by whatsoever means, only it does what it needs to do and it does it well.
For the most part the platform is very user friendly. The bodily process for placing orders is not quite as easy at is elsewhere only it’s far from hard. All options club types are covered so y’all can make simple trades and advanced trades from your account.
The tools are rather limited, with not much more than than the basics. You lot tin can get detailed quotes, create watch lists and alerts, and automatically implement your chosen strategies from an option chain. Over and above that, there is little else. Given the low costs though, if you are a self-directed trader that just wants to identify your trades as speedily and as cheaply as possible then the TradeKing platform is certainly fit for its purpose.
The trading platform is mobile compatible and tin can be accessed from most smartphones and other mobile devices.
Research & Analysis
The research and analysis tools available at TradeKing are also not hugely avant-garde. Again, though, much of what you absolutely need to successfully trade options is hither. All customers become gratuitous admission to MarketGrader inquiry reports, which contain all the information you need to identify potential opportunities based on fundamental analysis.
Additionally at that place is an earnings agenda that allows you to keep track of when companies are expected to release their earnings reports. It also shows you data such as per centum changes in earnings per share and bodily earnings compared to expected earnings in an easy to read format.
There’s a decent suite of technical analysis tools, powered by Recognia. These feature nautical chart pattern recognition, price forecasting and a range of trend identifiers and other technical tools. You tin scan the market place to find specific patterns that come across your chosen criteria and likewise set upwards email alerts to notify when such patterns are formed.
Customer Service
There is no 24/7 client back up at TradeKing, which is a small thwarting, only the service is still of a loftier standard. Y’all can get in impact via telephone on Mon to Fri, betwixt 8am and 6pm EST, and there is likewise live chat available. There is email support also, and the broker guarantees a response inside 2 hours during normal working hours. A 24 hour response fourth dimension is guaranteed over weekends.
In our experience the client back up staff at TradeKing are both helpful and knowledgeable. Customer service here is definitely comparable with other top online options brokers.
Summary
TradeKing has plenty to offer all types of options traders. Information technology might be somewhat lacking in terms of advanced tools and features but it’due south very functional. All the nuts for order entry, enquiry, and assay are included and everything is easy to use. If you lot aren’t specially fussy about having access to the bells and whistles available at some brokers and just desire to keep your trading costs downwards then this broker is ideal.
The community aspect of TradeKing shouldn’t exist ignored either. This is a great way to interact with other traders and can exist a big help in developing strategies and identifying opportunities for investment and trading. In that location are also some quality educational resource available to TradeKing customers.
Source: https://www.optionstrading.org/reviews/tradeking/
