TradeKing Reviews - What Is It?
WARNING: DO NOT BUY TradeKing Until You Read This Review!
Is it a Scam? Does It Really Work?
TradeKing is an independent online broker that has been in business for more than ten years. In April 2016 it was acquired by Ally Financial for $275 million. At present the company continues to operate as a standalone brand underneath the Ally umbrella. It focuses on providing customers with discounted trades and a smooth process. In May TradeKing has changed its name to Ally Invest. Its brokerage accounts have been migrated to the official Ally's website. The company is known for their great customer service that works via three methods - phone, email, and live chat. All of these means of communication are good, with more than 70% of our calls being connected in less than one minute. The company's representatives tend to make a strong positive impression on most customers who report their experience and friendliness.
Aside from the phone, email and live chat appeared to be more impressive. Generally, TradeKing received a four-star rating from its customers. The official website of the company launched in 2014. At present, it is housed in a separate area. The level of client experience has significantly improved within the last year. Streaming quotes can be found everywhere, and you can place trades from any page with the help of the right sidebar trade ticket. The dashboard is fully customizable. Monitoring orders, pulling quotes, and assessing portfolio performance have been refreshed. To better understand whether this online broker is really effective; let us take a look at the real users' reviews.
Customer Reviews - Does TradeKing Really Work?
There is a small number of customer reviews on different websites; however, the present ones appear to be positive mostly. What people like about the service is that it is easy to use. It encompasses a large area - from logging in to navigating the site, managing account preferences, placing a trade, and conducting research. Most users are glad with their experience. TradeKing has had a few challenges in the past. The login process involved answering security questions. An individual had to navigate the website's triple navigation maze, too. The customers are also pleased with the broker's platforms and tool. At first, TradeKing LIVE was weak in the options and charting areas; however, due to updates in 2015, these have been enhanced. Today, the charts are easy to modify and include ten drawing tools and 84 technical indicators. Profit and loss charts were fully reworked in 2015 and do not experience any Java security errors. Instead, these charts are customizable, clean, and flow well with the research process.
Many people felt excited when they faced TradeKing LIVE's launch in 2014. Now, in 2017, this platform is full of multiple areas. The desktop is clean, the main website's research is highly functional. Due to the acquisition of MB Trading in 2015, users will gain access to MB Trading's active trader desktop platform. To learn more about this, you can read the Platforms and Tools section on the website. Another thing the customers like about TradeKing is that is offers discounted pricing. They also appreciate the simple but important details, such as including a trends column when reading a balance sheet, company's income statement, or cash flows. There is also a peer comparison chart for equities research. You can even get historical pricing spreadsheets if you need more security. Finally, TradeKing offers one third-party research report from Standard and Poor's. Multiple third-party reports are not available at present. But this is fine, taking into account that almost all of TradeKing's close discount competitors do not provide reports at all. As you can see, most users feel well when it comes to their experience when working with TradeKing; however, let us take a closer look at the real users' reviews to understand better how the broker works.
"I like TradeKing for many reasons. The first one is an opportunity to spy on others' trades in order to figure out their reasoning. TradeKing community has another important feature - the +Add Network button. It means that you can add traders to your network with one simple click. In this way you can see what they are buying or selling. I often had questions, so I just sent a private message or a Trade Note request to get the explanation. The company's staff used to answer quickly."
"I am pleased with my experience with Trade King. What I liked the most was that I could get tips directly from industry experts. This broker isn't just for everyday investors but for people who really want to earn money. I highly appreciated the work of industry experts named Rob Smith and Michael Kahn. I have been involved in the investment sphere for many years already but this broker is the best. I managed to set up my own blog and post my views on the market trends. That was really amazing. Thank you for the service."
"I was really glad to cooperate with Tradeking. Their trades are completely transparent. Before investing I always calculate my decisions beforehand. Due to the Trade Notes feature I can look at trade diaries of other users. For instance, I learnt which gold mines should be avoided. I also recorded my own stock and could see explanations of other people as to why they decided to buy or sell. It is very important when you deal with investing."
My Final Summary
TradeKing has a great number of advantages including LIVE responsive and comprehensive platform. This platform can accommodate almost any type of investor, from passive investors to self-directed active traders. The broker offers high-quality educational resources. It is associated with competitive fees. High volume and high balance traders need to pay $4.95 per trade and $3.95 per trade. In fact, this broker has the lowest trading fees among leading investment brokerages. When you invest with TradeKing, you also have access to Ally Bank that offers some of the best interest rates and the most competitive leasing arrangements and auto loans on the market.
There is another advantage - Managed Portfolio Option. It is designed specially for those investors who are not interested in DIY investing and who want to deal with their money correctly. The company offers 24/7 Customer Service with the professional and friendly representatives. These specialists are available all day every day. So, if you have any questions or issues you can contact the customer service and have the situation resolved. For mobile trading, the broker provides customers with iOS and Android smartphone apps. These are decent apps that include the core functionality necessary for effective monitoring of one's portfolio. Taking into account all pros and cons, I do recommend TradeKing.
TradeKing Pricing and Rates
Regular stock trades are $4.95, while options trades cost $4.95 plus $0.65 per contract. Mutual Fund Trade Fee may vary from $9.95 to $76.00. Stocks valued at less than $2 cost $4.95, plus $.01 per share. No commission-free ETFs are available at present.