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TradeKing

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content.tradeking.co..
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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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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Tradeking
Tradeking is great they tools, such as email alerts, technical analysis, mobile app, and education. It is all there for you at tradeking. I do wish their execution was a little bit better but all around pretty good.

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Ronzel Chicago, Illinois

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Exactly what you'd expect for a discount broker plus some
TradeKing offers a good value and has reasonable tools for a discount broker. I have never used the live platform as I am not very active in stocks and options but the web UI is streamlined and easy to use.

The price is fine unless you are trading a ton of options contracts, but then if you are you probably aren't using a broker like TK.

Customer service is largely always responsive. I've never had a problem with a rep and responses are quite quick.

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What do you expect for cheap
alright. the title says it all but there actually are better places for less. Look into Interactive Brokers for better prices and fills.

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Chadmorgan San Francisco, CA

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It's ALWAYS something
I've been with Tradeking for over 2 1/2 years now and they are my primary trade account for buying and sell long and short term stocks. When I first started managing my own stocks, I chose them based on their high marks for customer service. Being brand new to trading, that was all I really knew was important to me at the time. Now that I've been there awhile, I can only tell you my opinion based on my experience with them and only them. First of all...there is always some reason it seems why my information is not accurate. A stock split takes up to several weeks to reflect correctly in their system...their pension house is making updates...the system tripled the split, instead of just doubling it....it's sunny out....it's cold out (ok, i'm being facetious, but you get my point)....it is ALWAYS something. I've even gone into my account to see that suddenly, there is a huge deficit for no particular reason. It is only temporary, but still...it doesn't seem right and it sure isn't good for my blood pressure or mood. Yes, their customer service seems well enough, but that is of little importance when I can't get an accurate read of my account and stocks I purchased three days ago still aren't showing up on my Unrealized Gain/Loss Screen. If you are only trading a few hundred dollars, maybe your account being accurate at all times isn't that important, but if you have a lot of money you are trying to invest, I'd do a lot more research before settling with Tradeking. I can't imagine they would all be this bad, but without any other experience, I can only rate my experience and extreme disappointment.

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Better than ever
I've been with TradeKing since the Spring of 2010 and although they have had some annoying patches, in the last several months, things have been much better. They have great rates and customer service has been very good the few times I've needed it. Overall, I'm happy and am glad they have improved.

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Good First Broker
This is my first online Broker and so far it has been a good experience overall. The customer service has been phenomenal to me. Since I am a new trader I had and have tons of questions and they were always very helpful for me.

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Broncostrong Mansfield, TX

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Cheap commissions for cheap tools
I used TradeKing for a good half a year trading stocks and options and the commissions have been great. The problem is that it's for trading and trading only. You won't be able to chart or effectively screen stocks even though they came out with a live platform a few months ago. The community is a nice bonus but all in all I would prefer to have a chart in my trading platform.

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Chhansen Walnut Creek, CALIFORNIA

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Last year's economy car, cheap but with transmission problem
*sigh* This review pains me. I really like tradeking and I’ve been with trading happily with them for a number of years but lately the bloom has left the blossom. (This may or may be due to their switch to a new clearing firm.) Here are some recent examples:

1. The autotrade subscription, which I had just started, went down – it seemed it got into a loop and was buying/selling at random. Their autotrading was down from ~Dec 9 to ~Dec 19. During this period when I called they said it was down and didn’t know when it would be back up.

2. Viewing my GL Unrealized I get a message saying, ‘Our clearing firm Penson Financial is in the process of integrating key new features into your TradeKing account. During this time cost basis information for positions opened 12/19 and forward is temporarily unavailable. This information will be restored shortly.’

3. Submitting an advance order on a stock (that I did owned) it said I had to own the stock before I could trade it. I check with the help service and the recommendation was to call tradeking’s online broker.

Tradeking is still good with some things:

Pros: The trades are executed fast (and sometimes at a better prices), good prices on options and stocks commissions, the service desk is good, extensive educational materials, streaming prices, trader network/forums and ok trading tools. It would be nice to have more control over screening parameters, technical analysis, charting, and visual graphs on profit/loss for options strategies, and paper trading with back testing feature.

Up until recently I could recommend them but in good faith currently I can’t. Not until they fix their technical issues, shown it will not happen again, and it would be nice if they added some of the features listed above.

Overall – TradeKing is a 20th century Hyundai, easy to drive, cheap, good gas mileage, great in the past but starting to lag behind in the technology, missing the modern accoutrements one expects and lately has had a few transmission problems.

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Phillip Atlanta, GA

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