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TradeKing

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Category: Brokers

At TradeKing, you will pay just $4.95 a trade plus 65 cents per option contract. Period. We don't have any account minimums or hidden fees. We even charge the same price for broker-assisted trades.

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My first broker.
While I have moved away from TK to thinkorswim (for the platform options) TK was my first every stock broker. I have nothing but good things to say about them. Prices are great, anytime I needed support was great as well.

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Sneaky fees, bad service, forced into relationship
My (small) account was transferred from Zecco and I was charged a $50 inactivity fee for not making trades or not have $2500 in the account. They said I had the option to not go through with the migration but that option was never presented. Every email said how wonderful it was going to be with the merger, blah blah... NONE of the FAQs regarding fees/commissions mentioned this fee. It was totally hidden. I couldn't liquidate my account and leave, so I was stuck. Horrible horrible service on top of that.

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Charges sneaky fees, poor service, not worth it
I had a small account at Zecco which I did not use very often; when Zecco was sold to Tradeking, Tradeking started collecting $50 inactivity fees on my account. They will sell your stocks to charge their hidden fees.

They create hassles for you if you try to transfer away. If you try to transfer out a single security, they will say that this would leave your account with too low a balance; they will deny your transfer with a made-up policy.

Their agents are rude and hang up on you.

Definitely avoid!

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Slow execution, technical problems
I traded BABA calls today on TK because the commissions were cheap. Turns out you get what you pay for. Don't get me wrong the functionalities of TK are reasonable...but there is so much lag in the order (anywhere between 2-10 seconds) and the whole system freezes up if there is a lot of activity in the market going on.

For example, I was long BABA calls ATM and the price was at 3.3 and i bought at 0.87. The system froze up because so many people were unloading on the opening gap that I could only start seeing my holdings and even bring up the order screen after 10 minutes!!!!! The price was down to 2.2, then 1.2. What I could have sold at 3.3 I sold at an average of 1.8.

This is the price you pay when you get low commissions...get interactive brokers instead. It's really not worth the 10-15min market open lag that you get trading active stocks/options for a $2 discount on commissions...

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Good
Why does it say here they have no "maintenance fee" ? There is an inactivity fee.

I don't have any issues with TradeKing. Although I find them to expensive. Scottrade charges 7 bucks, but they do have branches and more tools. The money they save by of having that is more than 2 bucks. If you trade a lot, 1 or 2 bucks do add up.

Don't like that they do not have a watch list. They "have" one, but it takes a couple of clicks to get there and it is not on the front page nor can you move it there. Pointless.

Would be nice if they gave you free trades every now and then. Some people can only put aside 200 bucks per month, or maybe even less. You can't invest 200 when you have 10 bucks (buy/sell) in fees.

I think someone here said they charge for closing your ROTH if you have one. No, they don't. The charge applies if you don't sell the stocks and everything. If you clear the account and there's nothing in there, it won't cost anything.

Something else I just thought of and that makes little sense.. I like that they have the gains/losses right next to the stocks you have on the front page. It's in dollar amounts and %. BUT, not for the totals. They only have the dollar amount. I am also interested in the % performance-wise of all of my stocks. You have to calculate that yourself. Makes no sense!

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Like
Really cheap commission, the execution is not that great. I wish they had a better platform. But there mobile app is great. Wished they offered level 2 for free

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Invest123 racine, wisconsin

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Cheap, but they get you on unexpected FEES
Tradeking's customer service is truly horrendous. They are extremely unprofessional and don't give you the full story. Unfortunately, I learned this too late after they reamed me on unexpected fees. I'd suggest clarification from them before you do ANYTHING, but I still wouldn't trust their customer support to properly explain things.

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Word Of Advice: Stay Away From Tradeking
I recently had the displeasure of dealing with TradeKing’s customer support, and decided I no longer want to do business with a company with their policies. Sadly, I had to learn the hard way and I am hoping I can save a reader or two from this ordeal.

At the end of last month, I deposited some money to buy some stocks. Since it is an ACH transaction, it takes a couples of days. So, I forgot and didn’t log back in until this month. To my surprise, there is an outrageous $50 charge in my account for an “inactivity fee”. This is a fee they added late last year and they claim they emailed me about it during that time. I can not find an email to this effect and even then, why not notify me before charging me this time around? Would it hurt them to drop a line with all the technology available nowadays? A text, IM, tweet, or something like hey we are about to charge you this fee if you do not make a transaction soon. Instead, the first month there is enough money in the account for them to charge me a fee, they just charge away.

In the following chat, I tried to talk them out of charging me this fee but they will mostly just argue the validity of their fee that is hidden in a 100 question long FAQ that I only found after googling for it. I honestly recognize it was my mistake not to research the company further. But, since I though I was somehow grandfathered in from Zecco, Inc. which they merged with, I did not do my due diligence. I admit I snoozed. However, I don’t want to and advise you not to do business with a company where if you snooze, you lose.

http://chrisrios.com/2013/08/13/word-of-advice-stay-away-from-tradeking/

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Hopeless
I used to use Zecco and moved to Tradeking as part of their merger. I have used Tradeking for quite some time. I am very disappointed with them. Their UI is not friendly as Zecco. Besides this, In last one month they restricted my account 2 times stating that they have returned as undeliverable mails, while I received mail from them couple of weeks back. I demanded the proof of returned mail but they declined. The customer service is very rude and uncooperative besides given issue.

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Hands off from TradeKing it's a SCAM!
last Monday I wanted to sell all my shares after the Dow hit an all time high, my plan was to let it cool down for a couple of days or even weeks and get back in on a dip.

However the site returned an error everytime I tried to execute an order. I would have had a nice profit selling on Monday. I tried to call them and 3 times in a row I dropped out after half an hour in the waiting loop. Most of the time I couldn't even access my account anymore. Next day everything dropped, and with it all my holdings in the range of 0.5% to 2.5%. However when checking my account I found a huge short position for the one which dropped 2.5%. This added on nicely to my account value. But it was suspicious to me - because I had a cash account only and not a margin account, so I wouldn't be allowed to short. Calling in 4 times, I always dropped out of the line after long waiting times. I decided to cover this short position and bought the shares back. A nice profit showed up in my account. The next day my account balance looked completely different. The shorts which came from multiple sales of the same position (because it never was confirmed, I always got an error message), were all cancelled at the same rate they were sold and also showing the same time and date as the sell. And I ended up with a huge margin long position only on that stock. The other stock where I entered a limit order and the rate shot above the limit for 5cents wasn't executed at all on Monday. However today I called in and they told me that everything was my fault because I entered the orders. So I ended up getting too emotional and told them to sell everything for market and close my account.

Trade King collected huge commissions on all the trades, was ignoring the fact that I had a cash account only and still executed shorts and buys on margin, changing the account balances over night - This company is a SCAM! I ended up loosing 2/3 of my profit for the month when my intentions would have gone through without errors on their site on Monday.

But I feel relieved that I'm not a customer of TradeKing anymore.

I'll open an account of a larger more trustable brokerage and be happy paying more commission for a working platform.

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