I know a lot of you are interested in the online stock broker TradeKing so we’ll use this as a catch all for all promotions, coupons, and special offers for new accounts. You don’t need a “promo code” to receive any of these offers, so simply choose the offer that you like best below.
Latest TradeKing Promotions:
Promo 1 –
Promo 2 –
TradeKing is one of the more popular brokers on the web with their $4.95 trades, not to mention their vast array of trading and training tools available for everyone from expert traders to users who are setting up an account for the first time.
If you’re looking to set up an investment or IRA account at TradeKing there may be no better time than now. Take a look at some of the TradeKing Promotional Codes above and take advantage of some tremendous offers.
Zecco and TradeKing both have attractive features that can be appreciated on a variety of different levels. As far as pricing goes, Zecco originally offered $0 stock trade commissions, but has recently shifted from their free offer to a pay commission model which invalidates the very essence of their name “Zero Cost Commissions.” Still if you can keep $25,000 in your account at all times you are entitled to 10 free trades each month. It also offers ten free trades if you make at least 25 trades every month. Otherwise, each trade will cost you $4.50.
TradeKing on the other hand charges $4.95 per trade, this being half the amount of some other discount brokers. It is true that this is forty five cents more expensive than Zecco, but TradeKing has other features that, depending on your needs, might easily make up for this. TradeKing will also pay up to $150 in transfer fees if you are transitioning from another broker, whereas Zecco doesn’t offer anything. TradeKing charges $4.95 for option trades and sixty-five cents for each contract, which is a bit more expensive than Zecco, which charges $4.50 per trade and 50 cents for each contract.
The entire concept of creating a community for investors to discuss their stocks and investments originated with TradeKing, so it isn’t surprising that they outshine Zecco in this aspect. While Zecco does offer their own version of a community, the tools and interaction do not compare to those of TradeKing’s.
Zecco has also had some poor customer service reviews. In the beginning when they offered zero cost trading this might have been understandable, but now that their prices have gone up this might be more of a concern for some new clients. On the other hand, TradeKing is well-known for amazing customer service. In both 2006 and 2007 TradeKing was ranked number one on Smart Money’s Broker Survey for having unparalleled customer service, inexpensive trade commissions and quick execution.
Zecco also charges a $50 yearly fee for a tool called GainsKeeper, which allows you to track realized and unrealized gains in addition to helping maximize your tax strategy along the way. Along the same lines TradeKing offers Maxit Tax Manager, which provides the same service at no charge. While Zecco offers a multitude of other premium features, many of them require a subscription but can be found for free at TradeKing.
When it comes to account minimums, TradeKing and Zecco are very comparable-both have a $0 minimum account balance for cash accounts and require at least $2000 for margin accounts. There are no inactivity fees for either broker.
Zecco’s new pricing strategy has really helped to level the playing field, so there is no longer a great advantage to trading with Zecco because their trade commissions are no longer free. In the end, it appears that TradeKing offers almost everything that Zecco does without charging extra for the services. At TradeKing you will also find a robust trading platform, an excellent community and some of the best training resources available to investors on the web.
Unfortunately the TradeKing $100 Signup Bonus has expired. Please see our TradeKing promotional code page for more TradeKing promotions.
Those of you who follow Before You Invest may know already, either from our promotional code page or via Twitter, but if you have been considering signing up for TradeKing there has never been a better time because they are offering a $100 signup bonus for all new accounts opened in August of 2011.
As with everything there are always terms and conditions so I will save you the leg work of finding them. If you would like to read it for yourself you can always click here, but I will try to sum it all up below.
First, you must open a new account and fund it with $2,500 or more. (Note: TradeKing has no minimum balance to open an account, but you need $2,500 to qualify for the $100 signup bonus. See more in our TradeKing review.) and that amount or greater must remain in your account for the first six months.
You also need to execute three trades within the first 180 days of the account opening. This should be no problem for most of you who want to diversify your portfolio, but anyone who was thinking about signing up just for the bonus without making trades, it wont work.
That’s pretty much it, the standard boilerplate terms and conditions also apply so be sure to read through the T’s and C’s on your own before you sign up.
Most of you know that I’m a customer of TradeKing and I like their setup and trading interface quite a bit. Opening an account was relatively painless and funding it was a piece of cake once I linked my bank account, and we all like simple and painless don’t we?
The following is part of our online stock broker reviews series, helping you find a better broker for your investments.
Two of the heavy hitters when it comes to low cost online trades are OptionsHouse and TradeKing. As I write this OptionsHouse’s trade commissions are only $3.95 against TradeKing’s $4.95 per trade, so if you are looking for every discount you can get OptionsHouse wins this round, but as we all know cheapest trade commissions don’t always win the battle! (Also, new for August 2011 you can get a $100 TradeKing bonus when you sign up for a new account)
As for options trades, OptionsHouse has a flat-rate of $9.95, which is competitive compared to many other discount brokers and surpasses all of the full service brokers. For example, OptionsXpress has a $12.95 fee and TradeKing charges $4.95 in addition to sixty five cents per contract. The greatest difference is that with OptionsHouse there is only a one-time flat-rate, whereas other discount brokers will charge the base fee as well as an additional fee per contract.
As mentioned, TradeKing charges $4.95 per trade plus an additional sixty five cents per contract for up to eight contracts. After eight, the price goes down to fifteen cents per contract. Short options which are valued at 5 cents or less can be purchased to close at no charge. As for multiple legs, they will only be charged a one-time base price depending on the amount of contracts involved and the price is either $4.95 or $8.95. Mutual funds are available via TradeKing for $14.95 and bonds are charged just $4.95 per bond, but there is also a $14.95 minimum. Treasuries are $24.95 per transaction and Certificates of Deposit (CDs) are also $24.95.
OptionsHouse pricing is somewhat different. With their trade commission being only $3.95, they also have two plans for contracts. With the first plan you can get five contracts for $5, after which each contract is $1. The second plan offers a deal if you are trading over 10 contracts, wherein each contract is $8.50 plus fifteen cents a contract. Mutual fund trades are only $9.95 at OptionsHouse. In addition, it won’t cost you anything to open an account with TradeKing, but with OptionsHouse there is a $1000.00 fee for cash accounts and a $2000.00 fee for margin accounts.
When it comes to trading tools, OptionsHouse offers volatility charts, streaming charts and news, along with a probability calculator, an options hotlist, a risk viewer, a stock screener, a call spread investigator and the covered call investigator, just to name a few. Many of these tools were developed by the pros at PEAK6 who are still using the prototypes to generate and examine test option trading concepts.
OptionsHouse has been awarded four and a half stars by Barrons and is generally highly ranked as a great resource for options traders. As the name suggests, OptionsHouse has a wide variety of excellent tools designed specifically for options traders. Backed by the impressive, market maker PEAK6, this broker allows its customers to have access to many professional-level tools and information. Building a spread is very intuitive with the OptionsHouse system, as is rolling a call or put from one strike to another. It is no accident that the site’s motto is ‘Fast matters,’ because they have made sure that this goes for everything from finding possible trades to populating an order ticket, to actually executing the trade itself.
Reviews from online discussion boards look promising for OptionsHouse, with many people saying that they have had overall experiences with customer service. Another promising feature of OptionsHouse is that they are a member of SIPC, which means that all investments are protected by SIPC insurance for up to $500,000, of which $100,000 can be cash. They also have excess SIPC Insurance of $200,000 in aggregate for all of their customer’s accounts.
The following is part of our online stock broker reviews series, helping you find a better broker for your investments.
When it comes to online brokers, two of the most popular choices are and Scottrade. Both have low commissions, good customer service and excellent trading tools… so who should the average investor invest their money with? Update: You can now get a $100 TradeKing bonus when you open a new account in 2013.
Commissions and Trading Fees
Overall the fees for both TradeKing and Scottrade are pretty reasonable compared to a traditional brokerage firm but in terms of stock trade commissions and ETF trades, TradeKing is more attractively priced at $4.95 compared to $7.00 for stocks and ETF’s.
Both TradeKing and Scottrade charge surcharges on penny stocks (stocks that are under one dollar) and neither of them charge an additional commission fee for large orders or extended hours trading. One outstanding feature that TradeKing offers the same commission on broker assisted trades. Customers can call a broker and submit orders for the same $4.95 rate as they can place online orders. Few brokerage houses offer this and in fact charge much higher commissions on trades that are broker-assisted.
Scottrade charges $27 for broker assisted trades and seventeen dollars for touch tone phone system trades, so the nod clearly goes to TradeKing on this one. TradeKing charges $0.65 per options contract on each trade plus $4.95 per trade, while Scottrade charges an additional $1.25 per contract plus $7 per trade. The difference between mutual fund trades is around two dollars: TradeKing charges $14.95 and Scottrade charges $17.00. Across the board, TradeKing is considerably less expensive for active trading.
Note: You can compare online brokers fees here for these and other online brokers
Neither company charges a setup fee or require yearly IRA fees. Almost all online brokers charge an IRA termination fee, but Scottrade does not charge anything for IRA termination. Both brokerage firms are considered top brokerages for IRA accounts. Also, neither Scottrade nor TradeKing charge account maintenance or inactivity fees, and neither company has any hidden fees that pile up as you maneuver through their various applications.
Mutual Fund Options
For investors who are looking for a more established brokerage that offers thousands of free mutual funds, the brokerage of choice would be Scottrade, which offers investors who are wanting to invest in large, brand-name companies or in mutual funds a great selection. Scottrade is also highly recommended for customers wishing to plan a retirement account. TradeKing will do everything else and is especially adequate for active traders, options traders and beginner investors.
Those who are new to investing will find ample resources at both TradeKing and Scottrade. Both brokerages offer helpful and educational online investor communities that allow investors to pose important questions and to learn from more experienced investors. They also both offer heaps of comprehensive educational resources and tools that can be easily enjoyed by every skill level, as well as a variety of user-friendly trading tools. TradeKing and Scottrade are listed among the brokerage review’s selection of Best Brokerages for Beginner Investors.
Scottrade does offer programs such as Scottrader and Scottrade Elite. These are tools for high volume traders who are accustomed to the proprietary trading platforms that were in place before the Internet. The advantages of these platforms include being able to save the environment you have been working in so that your screens pull up the same information you were previously viewing each time you log in. Also, prices and new offerings are refreshed automatically so you won’t have to worry about refreshing your screen and missing out on something new.
So who is the better broker? Well, Both TradeKing and Scottrade offer great customer support as well as online resources and trading tools, so the answer depends on your investing needs. If you’re a frequent trader, TradeKing will probably save you money with their lower equity trade fees (especially if you need broker assisted deals), but Scottrade has better options for mutual fund investors.
Click Here To .
Click Here To Open An Account at Scottrade.
Other Broker Reviews
The following is part of our Tradeking Review series. In this post, we are going to be looking at the assortment of fees and commissions for TradeKing account holders.
When it comes to trading stocks, options or anything else, paying high commissions can really eat away at your rate of return, especially if you are a high frequency trader. This is one of the reasons why so many investors are switching to TradeKing, who have one of the lowest fee structures among online brokers. (Update for August of 2011: Get a TradeKing $100 bonus when you sign up for a new account)
Stock / ETF Commissions and Fees
Right now TradeKing charges a flat rate of $4.95 per transaction for stock and ETF trades either online or through a broker. The broker-assisted trades for $4.95 is a big departure from other online brokers that charge anywhere from $27 (Scottrade) to $54.99 (TD Ameritrade) for broker-assisted transactions. (Update: Get a $100 TradeKing signup bonus when you open a new account in August 2011)
Penny stock traders should take note that the one exception to the $4.95 trades is that TradeKing charges $0.01 per share on stocks valued under $1.00, and the minimum trade for OTCBB and Pink Sheet stocks is $100, so penny stock traders should take note. Aside from that TradeKing has no other hidden fees for stock and ETF trades.
Options Commissions and Fees
If options are more your speed, TradeKing is very competitive with those as well. For the first 8 contracts TradeKing charges $0.65 per contract plus a base of $4.95. If you are purchasing 9 or more contracts that rate drops to $0.15 per contract, plus an $8.95 base. When compared to the other major online brokers, TradeKing is either the cheapest or close to the cheapest depending on how many contracts you are purchasing at the time.
At the time I’m writing this the margin rate ranges from 4% (with a margin balance of $500k and up) to 6.5% (with a margin balance from 0-$9,999), and margin accounts are subject to a $2,000 minimum equity requirement. There are other restrictions and rules for TradeKing margin accounts so rather than rewrite them you should review the terms and conditions on their website for a complete list
For those of you interested in TradeKing’s IRA fees, they have no annual fee for having an IRA with them. There is a $50 fee to either close or transfer out your account (in full). Of course normal commissions apply for trades within the account, but that’s pretty standard fare.
As you can see, based on commissions and fees alone TradeKing is one of the more popular online brokers these days. Over the next few weeks we will be continuing the TradeKing review series and examine some of the other areas of their online trading platform.
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A number of readers have written in asking about the best low price online stock broker, and while “best” is a matter of opinion, I thought I would put together a quick summary to help Before You Invest readers compare online brokers fees from the popular online brokers.
Over the next few weeks we will be detailing each of these brokers in a head to head format to help you decide which broker is right for you, based not only on the online brokers commission, but on the trading and educational tools available to account holders as well.
The following is part of our Online Stock Broker Reviews series to help you find a better broker.
You may have noticed the TradeKing advertisements that feature $4.95 trades and have super cheap options contracts, but you may have wondered to yourself… is TradeKing a good broker? Well to be honest I wondered that myself so I opened an account and checked it out for myself.
Here’s All You Need To Get Started With TradeKing…
1. Open an Account
2. Make a small deposit in your account
3. Start Trading
It’s really that simple!
Commissions and Fees
Obviously the biggest draw for TradeKing is their affordable commission structure on stock trades. Online trades are just $4.95 each, as compared to $7 for Scottrade and $9.99 for TD Ameritrade and ETrade. For you options traders TradeKing charges $4.95 per trade plus $0.65 per options contract, which is again much cheaper than the brokers listed above. For those of you who trade options contracts in large amounts this can result in a significant money savings!
For mutual funds TradeKing charges $14.95 for the purchase or sale of No Load funds and $0 for Load Funds (but they note that it is subject to charges from the fund itself). Bonds are $4.95 per bond and treasury securities are $24.95 per transaction.
The application process takes about 5-10 minutes to open an account (depending on how much reading you want to do) but in all isn’t terribly difficult. You will have to supply the standard information such as your name, address, social security #, etc and then let them know what kind of accounts you are looking to open. There are options for traditional accounts, IRA, Roth IRA, options, margin, etc so you can select any or all options that are right for you. The part that takes the longest is that you will need to go through a lot of agreements from the NYSE, NASDAQ and TradeKing themselves, but this is standard no matter what investment brokerage you go with.
Stock, ETF and Mutual Fund Screeners
Perhaps the most useful tool on the Trade-King site are their Stock, ETF and Mutual Fund screener tools.
The stock screener allows you to select from financial ratios such as PE Ratio, Price to Sales, Current Ratio, company specific information such as revenue, revenue growth rate and debt to equity ratios. Stock screeners are extremely helpful for investors that aren’t sure of which stocks to buy and don’t have any in mind when they open an account.
On the mutual fund side the Trade King fund screener allows you to select by fund family, objective, load type, leaders scorecard, performance indicator and/or minimum investment. When I leave all the criteria unchecked there was just under 7,300 mutual fund options available so you should be able to find an option that is right for you.
As someone who rarely trades options, I found the options calculator to be very interesting. You can enter a company’s stock ticker symbol and the calculator updates with the current stock price and lets you select from a list of strike prices and expiration dates to help you determine which option you prefer. The calculator also provides implied volatility which is a tricky calculation but a must for options trading.
TradeKing Learning Center
One of the things I found most interesting about TradeKing was their “learning center” which is a great feature for beginning investors looking to learn how to invest. The learning center features training lessons by type of security, by type of trading strategy as well as more specific resources like tutorials on technical analysis and even a “rookies corner” that features videos and blogs for first time traders to pick up a tip or two.
TradeKing Trader Network
TradeKing features what they call the “trader network” which allows you to connect with other investors and see how they are trading and more importantly why they are trading the way they are. It allows you to track their portfolios and see how they are doing to help you gain some insight in to your own personal investment strategy. The Trader Network also features a forum where you can chat with other investors who have similar interests. I like the idea of tracking others’ activity, especially if you can see their real portfolio, but I do want to let everyone know to always be cautious when it comes to message boards… there are a lot of people with other agendas (maybe to drive a stock price up or down) so always be objective when listening to advice in a forum.
TradeKing promises that calls will be answered quickly and that you won’t have to sit on hold for a long period of time. Their hours of operation for phone calls are 8AM-6PM Eastern time Monday through Friday. There is also the option to email or chat with a life representative during the same hours.
One of the things that I like is that the customer service reps on the other end of the phone are real brokers rather than the normal customer service rep. The TradeKing website claims that their customer service reps “know their stuff” so I plan on testing this out over the next few weeks and I will certainly keep you posted!
TradeKing has a lot of awards under their belt which gives me a good feeling about them. They were rated #1 in customer service by SmartMoney from 2010 to 2012 and the TradeKing online trading platform and was awarded 4 out of 5 stars in a similar category from Barron’s from 2007 to 2012. High praise from two very distinguished sources.
Overall I was pretty impressed with TradeKing, certainly the low commissions are appealing and their customer service seems very solid. I would like to hear what you think, please leave your comments about TradeKing in the comment fields below!