Online Stock Trading

TradeKing Review

TradeKing Review

TradeKing

TradeKing is an online brokerage company that was established in 2005. It is one of the online brokerage companies to receive a lot of awards from recognized magazines such as Wall Street Journal. It does not charge an account minimum. However, the Federal Regulations require you to use $2000 to open the account. It does not offer a demo account. It allows you to easily change your address through your account. To change the address, you must go to Services and click on Settings. After that, you should click on the Change Your Address link to perform the change the address.

1099 Forms

The 1099 forms will be given to people who whole brokerage accounts that received dividends and reportable sale proceeds larger than $10. Accounts with trading activity in Options will not receive the 1099 forms. You will not be qualified to receive the 1099 form if the interest payment and reportable sales events in your account is lower than $10. The 1099 Form is delivered to the account holder on the 7th February. IRA account holder will receive the 1099 form through standard mail.

Cash Sweep Product

TradeKing offers cash sweep product through Legent Clearing. Customers will be able to sweep cash that is not yet invested to the Legent FDIC Insured deposit program. The cash sweep product can be insured for a maximum of $3 million for each customer.

Benefits of TradeKing

TradeKing charges a reasonable price. It is priced at $4.95 for per trade and $0.65 for per option contract. It does not set any minimum requirement on the account. You will not be charged with any hidden fees.

It has good customer service. Wall Street SmartMoney had rated TradeKing to have the best customer service. They guarantee prompt answering of the customer phone call. It will return an email messages promptly. If you need help, you can contact the broker through the instant online broker chat.

Research Tools in TradeKing

It offers many powerful research tools such as MarketGrader Research Reports, Probability Calculator and Technical Analysis Tools. The Profit and Loss Calculator allows you to calculate the profit and loss of the trading. The research tools are provided free of charge to the customers. You don’t have to meet any requirements on minimum balances and trades number. You can choose from 19 option chains. 16 of the option chairs are built based on a strategy. It is easier to search for quote.

TradeKing Market Grader

The MarketGrader Research Reports is designed based on the stock trading analysis. If you use the MarketGrader Research Reports, you will be able to analyze the profitability of undervalued stocks. In this way, you will be able to find the best company to invest your money in stock. The Technical Analysis uses a chart pattern to show you the upcoming price. Serious investor should use the MarketGrader.

TradeKing Trader Network

TradeKing has a large trader network. If you don’t know how to trade, you can watch the fellow traders and learn from them. Professional traders can share about their experiences and strategies with other members. It receives thousands of new sign ups each month. In the trader network, you can find out the most popular trades. You can browse the winning trades that occur daily. You will also be able to browse the trade volume in the whole market. The leatherboard is used by to discover the returns of the professional in TradeKing. By using the leatherboard, you can know what they are trading and how you can improve yourself to be like them. You will be able to learn about many trading tips and techniques through trading experts including Doc Maher, Nicole Wachs and Dan Sheridan. The Trade Note tool is used to inform other traders about what investors are going to buy.

Interactive Chart

The interactive chart allows you to make comparison between the different stock performances easily. You will be able to check the EFTs and indexes. You can draw trend lines on the interactive chart. The volatility charts allow you to make graphical comparison. The interactive charts also show the option trading volumes for different types of securities.

Maxit Tax Manager

The Maxit Tax Manager shows customers the cost and tax for the transactions they carried out in their portfolio. The Maxit Tax Manager is used to identify the wash sales. You can also use the Maxit Tax Manager to perform calculation on the proper tax lot relief. It offers pre trade analysis for both short term and long term opportunities.

TradeKing Probability Calculator

The probability calculator calculates the probability of success in trading of a specific stock. The probability calculator performs the calculation based on the historical or implied volatility. To use the probability calculator, you will have to provide many information including underlying price, future date, implied volatility, interest rate, and dividend date.

TradeKing Profit and Loss Calculator

The profit and loss calculator helps you to determine the potential of a share by calculating the profit and loss. If you use the profit and loss calculator, you can learn how your investment and breakeven points change as the volatility changes from time to time.

TradeKing Options Calculator

The options calculator is used to conduct a research on the Greeks and implied volatility easily. To use the options calculator, you must fill in several fields including price, strike, expiration date and etc.

TradeKing Options Scanner and Options Strategy Scanner

The options scanner offers more than one hundred and fifty thousand option contracts. The options scanner helps you to search for the best trade. The criteria that the options scanner used to find the best trade are liquidity, risk, cost and etc. You can use the strategy scanner to find all kinds of strategies including basic strategy, advanced strategy, covered calls and etc.

TradeKing has won the SmartMoney award from 2006 – 2010. It is rated as 4 out of 5 stars by Barron during the 15th anniversary. It holds the Barron award from 2007 – 2010. The Kiplinger 2007 was awarded because it receives 5 stars in the Kiplinger review of the most honest online brokers in 2008.