TradeKing IRA Review


TradeKing Roth IRA, Traditional IRA, Rollover, SEP, Simple IRA (individual retirement accounts) review, promotion offer, rating, fees and commissions. Is TradeKing IRA good and safe way to invest?



TradeKing IRA Commissions
ProductPricing
Stocks and ETFs $4.95
Options $4.95 + $0.65 per contract
Mutual funds $9.95
Bonds $1 per bond with $10 minimum, $250 maximum
Treasuries commission-free
Certificates of Deposit (CDs) $24.95


TradeKing IRA Accounts Offered
  • Roth IRA
  • Traditional IRA
  • Rollover IRA
  • SIMPLE IRA
  • SEP IRA
  • Coverdell Education Savings Account (ESA)


TradeKing IRA Fees

  • IRA set-up fee: $0
  • Annual IRA fee: $0
  • IRA termination fee: $50
  • Full transfer out: both a $50 transfer fee and a $50 termination fee
  • IRA conversion fee (regular to roth or vice versa): $50
  • Inactivity fee: $50, if total accounts balances are below $2,500 AND no trades in the last 12 months


Opening An Account
To open an IRA account with TradeKing, just follow their current promotion offer - Open a TradeKing account and get $1,000 in free trade commissions. - than click on "Open My Account" button and you'll be taken to application forms which could be completed in about 10 minutes. Account could be opened with $0 down.


TradeKing IRA Review

TradeKing holds an interesting niche in the brokerage industry, and has positioned itself as a large-size but low-cost broker offering a high functionality website with a variety of tools for all investor experience levels. In particular, the TradeKing IRA accounts have the versatility that modern investors are looking for, whether they are active traders, beginners, or simply long term investors. While at some companies IRA accounts are limited in the types of investments available, TradeKing offers some vehicles and tools that others do not.

TradeKing promotes itself through its pricing, which is the same for both regular and IRA accounts. They charge a flat $4.95 for all stock and ETF trades, with the same rate for options plus $0.65 per contract. Mutual funds cost just $9.95 per transaction. That is about as low as any discount broker, and this pricing continues to be at the center of their marketing and customer retention efforts. If one is an active trader within the IRA account, the fee structure is attractive since commission costs will be low. They do have a chart on the site that shows standard fees for their competitors, with theirs as the lowest for any given type of trade. Few brokers can actually beat their price, and none of them can also equal or beat the features available at the TradeKing's website.


TradeKing ROTH IRA Review


TradeKing received lots of awards from financial magazines: "4 out of 5 Stars" by Barron's Magazine in 2007-2016 broker survey, rated one of the best brokers for the last six years by Brokerage-Review.com (Tradeking review), and in Smart Money magazines Annual Broker Survey for four years in a row the firm ranked first in Customer Service.

One of the best TradeKing features is Trader Network which is a community of users where they share investing and trading ideas and learn the insights on stocks being traded heavily. Users can get opinions from professional traders on strategies, stocks, options, and other products. In addition, TradeKing has apps to trade on Apple as well as Android smartphones. Both apps get high marks from the customers.


TradeKing Mobile App


TradeKing offers almost free individual retirement accounts with no IRA setup or annual IRA fees. The firm, however, charges $50 for IRA termination, IRA conversion and for full account transfer out. There are no trading platforms fees but the company has a surcharge of $0.01 per share on stocks priced under $2, and $50 inactivity fee, if account balance is below $2,500 AND there are no trades in the last 12 months.


TradeKing Website

TradeKing has worked on its website in recent years, and has created a site that is intuitive and easy to use even for someone completely new to investing. From the start the security features are evident when one logs on to the account via a virtual keyboard to enter the password, and then is frequently prompted to answer a set of pre-set security questions. Once logged in, the account page pops up, and shows all current positions, balances, profit and losses to date, and any relevant expiration data if there are open options positions.


TradeKing ROTH IRA Review: Home Page


The newest part of their website offering is TradeKing LIVE, which is a platform that displays live streaming data during market hours on any stock, bond, option or ETF available. Customers can place trades directly on the platform while viewing current market changes, and there are drop down menus for research tools as well as option chains.

The real time data display in charts can be configured from one day to ten years, and the platform switches between timeframes quickly and smoothly. If compared to a similar platform offered by TD Ameritrade (review) it really stands out, as the latter is slow to load, freezes when you change chart symbols and has a cumbersome scrolling function to view option chains.


Customer Service

The broker offers quick turnaround on calls; the hold times are kept to a minimum and there is no endless list of menu options when a person calls into TradeKing. Clients also have the option of talking to a customer service representative online through online chat feature. Emails are answered within two hours during business hours and within 24 hours during the weekend.


The Good

Hard to beat pricing. Peace of mind of being with one of the six largest brokerage houses in the U.S. which is now owned by the online banking giant Ally Bank. Great investor community. Highly rated customer service. Thanks to recent merger with MB Trading, TradeKing will soon offer one of the best trading platforms on the market with all the features and tools that professional traders use as well as virtual trading, access to futures market, and more advanced orders.


The Bad

The broker charges an inactivity fee of $50 for accounts valued below $2,500 and if no trades were executed during the year. In addition, TradeKing only offers after-hours trading from 4:00 pm to 5:00 pm EST instead of 4:00 pm to 8:00 pm EST. Further, TradeKing banking services (checking, debit card) right now come with fees, but this will hopefully change once Ally Bank takes over ownership.


Conclusion

Investors could open a retirement account at the company with no money down and majority of them will never have to pay any account fees. TradeKing attracts customers with the lowest pricing among large brokerage houses. It retains customers by offering them great customer service, easy-to-use and well-designed website, engaging and helpful trader community, and rich selection of investment products.


Open TradeKing IRA Account

Open a TradeKing account and get $1,000 in free trade commissions.



Article was updated on 3/20/2017.




TradeKing reviewed by IRA-Reviews.com on . Rating: 5
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