Anyone using TradeKing?

[sweeps]

Anyone using TradeKing to trade stocks or options? Saw a small blurb in SmartMoney about it. At $4.95 a trade (either market or limit), that beats Scottrade. Plus it seems that would render Sharebuilder obsolete too.

[poundwise]

Re: Anyone using TradeKing?


I like this part...

"TradeKing Beginner’s luck? Perhaps. Our surprise winner in the discount category is TradeKing, which was launched in December by the same people who founded Suretrade, a dot-com-era online brokerage that was eventually acquired by Quick & Reilly (now part of Bank of America). With its $4.95 market and limit orders, TradeKing carries the banner of cheapest broker."

-- from SmartMoney magazine

According to that same article, TradeKing had the best rate on your cash and got high marks for customer service.

Very interesting.

[sweeps]

Re: Anyone using TradeKing?

According to their web site, you get 1% on any cash balance in your account. I also read that some people report slow trades, but that's not a big problem for me. If my buy or sell takes 60 seconds instead of 6, I can deal with that.

Another interesting angle here is their IRA. There are no fees to open an IRA, nor any inactivity fees. And apparently there is no minimum balance required? For those people who have been looking to open a Roth IRA with $3,000 or less, this might be the ticket.

[brecklin]

Re: Anyone using TradeKing?

hmm. i think im going to look into them a little..

[JBinKC]

Re: Anyone using TradeKing?

I use Interactive Brokers and their rates are as low as $1. What is nice about them is you can trade on about any exchange worldwide.

[sweeps]

Re: Anyone using TradeKing?

Very interesting, JB. I notice there's a minimum order of 200 or 100 shares. That may scare some people away. But very intriguing I must say.

[JBinKC]

Re: Anyone using TradeKing?

Sweep odd lots have a fixed commission of a $1 but there are negatives you need to spend $10 monthly in commission and they charge you for limit orders that you cancel or modify but it is a surely a convenient way to diversify out of our doomed currency.

[Crystallas]

Re: Anyone using TradeKing?

Its not enough for me to switch, but it looks great for someone looking to find a way into the market.

Im still addicted to finding sharebuilder promo codes, and opening new accounts. I think I pulled about $280 from them sofar.

[sweeps]

Re: Anyone using TradeKing?

TradeKing currently has a $100 bonus for signing up (Must maintain $1,000 account balance for 6 months). More info

[Mathew Green]

Re: Anyone using TradeKing?

There are no fees to open an IRA, nor any inactivity fees. And apparently there is no minimum balance required?

TDAmeritrade offers similar terms on IRA's. There is a $500 minimum to open one online, but why would anyone bother to open an IRA with less than that anyway? TDAmeritrade usually offers some free trades during the first month too. (And last time I looked, several other online brokers were offering similar deals on IRA's)

[poundwise]

Re: Anyone using TradeKing?

TradeKing currently has a $100 bonus for signing up (Must maintain $1,000 account balance for 6 months). More info

Sweeps: The offer does not require a $1,000 balance for 6 months. Only that you open the account with a minimum of $1,000 and then maintain a minimum balance of $100 for 6 months.

"To qualify for this offer, new accounts must be opened and funded with a $1,000 minimum and one trade executed. Offer excludes retirement and custodian accounts. Offer is not transferable or valid in conjunction
with any other offer. Open to US residents only. One offer per household. TradeKing can modify or discontinue this offer at anytime without notice. A minimum balance of $100 is required in the account for the first six months. Other restrictions may apply."

[tinapbeana]

Re: Anyone using TradeKing?

i do have a tradeking account, specifically b/c of the no minimum when i started AND b/c it is one of the few online that trades in some of the greener companies i've pinpointed (these are also typically small change stocks).

my trades have gone through properly, and my only gripe is that you can't place standing limit orders on a stock that is under $2 (which is almost all my alternative fuel babies)

[greedy4chips]

Re: Anyone using TradeKing?

TradeKing currently has a $100 bonus for signing up (Must maintain $1,000 account balance for 6 months). More info

If you make the required $10 in trades or close to it, then it is great bonus (10% return). I quit trading stocks so I wouldn't be interested in this one myself.

Great bonus for you folks that do buy/sell stocks though!

[poundwise]

Re: Anyone using TradeKing?

If you make the required $10 in trades or close to it, then it is great bonus (10% return). I quit trading stocks so I wouldn't be interested in this one myself.

Great bonus for you folks that do buy/sell stocks though!

Not sure what this means. I could find no stipulation that requires $10 in trades. The offer states that you must fund the account with $1,000 and execute one trade (at $4.95).

Also, the offer may have earlier stated that you must maintain a balance of $1,000, however, now it states that while the account must be opened with $1,000 you only have to maintain a balance of $100 for 6 months to be eligible.

Seems like a good deal to me.

[poundwise]

Re: Anyone using TradeKing?


By the way, the offer doesn't state that you have to maintain a balance of $1,000. Only that you have to open the account with a minimum of $1,000 and execute one trade. Thereafter, the minimum balance requirement for the offer is $100 for 6 months.