I usually don’t promote trading accounts and won’t make it a habit either, but when the product is good and there is a promotion, I believe you should know about it. Open a trading account with TradeKing and put $50 in your pocket!*. TradeKing is celebrating their 5th anniversary in 2011 and they are offering this promotion for a limited time (Account must be opened before January 31st 2011!).
Since I am Canadian and can’t open a trading account with TradeKing, I can’t take advantage personally. I found that their trading fees are very cheap and that the $50 promotion could be interesting too. So I did some research to know if they were good or not. Here’s what I found;
Open a Trading Account with TradeKing and Get:
– Unlimited trades at $4.95, no hidden fees**
– No account balance minimum requirements (beside the $2,500 in order to qualify for the promotion)
– Access to 5 star customer service (ranked #1 for customer service in 2008 and 2010 by Smart Money Magazine***)
– One of the best trading platforms for stocks and options (ranked 4 stars by Barron’s)
– If you open your trading account before January 31st, you are eligible for their $50 promotion:
What is Important to Know When You Open a Trading Account
I actually believe that there are 3 major points you need to take into consideration when you open a trading account with a brokerage firm:
#1 Trading cost
#2 Ease to trade with the broker platform
#3 Customer service quality
On these 3 aspects, most reputable money magazines seem to agree that TradeKing is doing the job. So if you are looking to change your trading account in 2011, TradeKing may be a great option 😉 On top of that, TradeKing offers a $150 transfer fee reimbursement.
* To qualify for this offer, new accounts must be opened and funded with $2,500 or more. Account funding must occur within 30 days of account opening, and one trade must be executed within 180 days of account opening, for the account to qualify. 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. The minimum funds of $2,500 must remain in the account (minus any trading losses) for a minimum of 6 months or the credit must be surrendered. Other restrictions may apply.
**TradeKing adds $0.01 per share on the entire order for stocks priced less than $1.00. $4.95 per commission rate applies to equity and option trades. See our Commissions + Fees for more details on trade commissions for low priced stocks, bonds, mutual funds, other securities. $0.65 per option contract is added to each option trade.
***Click here to learn more about SmartMoney, Barron’s and Kiplinger’s reviews and the major criteria used for each ranking. Supporting documentation for any claims, comparisons, statistics, or other technical data, will be supplied upon request by calling 877-495-5464 or via email at service@tradeking.com.
It does seem like a good deal. For those looking to transfer over, the transfer fee is reimbursed and another $50 bonus for opening.
$4.50 commission is a pretty good for a trade.
Thanks for sharing Mike!
Just a note of caution with Tradeking. They had been using Legent clearing for sometime before this fall(I believe) when they switched to Penson clearing. While changes are expected, I was disappointed with the change in reinvesting fractional shares. TradeKing no longer reinvests for anything less than full share. I have now begun to search for new broker because of this change that was a biggy to me. Be careful, ask questions.
Otherwise the 5+ years with TradeKing, I was extremely happy and satisfied.