TradeKing Review

Company Overview

TradeKing was founded in 2005 as a discount brokerage company that offers comprehensive trading options at a reasonable price. In addition, this brokerage firm also provides its investors and traders with a variety of free tools to enhance their investment experience. TradeKing has received a number awards including the #1 Trading Community in 2014 by StockBrokers.com. Other notable awards include Stockbrokers.com Innovator of the Year 2013, ranked 1st in Customer Service for several years by SmartMoney and received a 4 out of 5 star ranking from Barron’s from 2007 to 2014.

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Account Options

 Minimum Contribution Required Maximum Contribution Required
Roth IRANo Minimum$5,500
Traditional IRANo Minimum$5,500 (for those under 50) or
$6,500 (for those 50 and over)
SEP IRANo Minimum25% of employee compensation
or $53,000
SIMPLE IRANo Minimum$12,500
Self-Directed IRA----
Rollover IRANo Minimum$5,500 (for those under 50) or
$6,500 (for those 50 and over)
Inherited IRA----

 

TradeKing offers several different types of IRA accounts including traditional IRA, Roth IRA, SEP IRA, Rollover IRA and SIMPLE IRA. This selection of IRA accounts is fairly standard and they are available at most brokerage firms. Each IRA account is different and has unique requirements and contribution limits. The contribution limits for the Roth IRA are $5,500 and the contributions are not tax deductible but they do allow for tax exemptions. In addition, you will not be eligible if your income is over a specific annual amount which is different from a traditional IRA where there are no income limits. SEP IRAs are generally for self-employed individuals or those with small businesses, and SIMPLE IRAs are only available to employees and eligible employers.

Investment Options

Investment Options
Stocks$4.95
Mutual Funds$9.95 (for no load), $0.00 plus charges from mutual
fund (for load)
Options$4.95 plus
$0.65/contract
Exchange-Traded Funds$4.95
Annuities--

 

There are a number of investment options available as part of an IRA at TradeKing, including: stocks, mutual funds, options and ETFs (exchange-traded funds). The price of these trades is comparable with other discount brokers but they are less expensive than a fully-managed brokerage service. In addition, TradeKing also allows you to trade fixed income options like CDs and bonds.

Fees and Commissions

Account Related Fees for Roth IRA
Minimum Account Balance RequiredNone
Account Maintenance Fee$0.00
Termination Fee$50.00
Transfer Fee$50.00
Activity Related Fees
Minimum Investment RequiredNone
Minimum Commission on Trading Activity$4.95
Commission for Broker-Assisted Trades$20.00 plus Regular Commission
Charge for Options Contract$0.65/contract

 

While the prices of IRA investment options is similar to other brokers, TradeKing is slightly less expensive than most. The investment options are affordable which makes trading accessible to nearly anyone with an IRA account. In addition, there is no minimum account balance and no account maintenance fee – you will only need to pay for your investments. Both the termination fee and the transfer fee are $50.00 which is on the affordable side.

Retirement Planning

TradeKing provides investors with all the information they need to choose and set up an IRA account. This brokerage firm has complete information on all the available IRA accounts as well as their differences so traders can choose the best account for their situation. In addition, TradeKing has a variety of trading tools that can help investors make better decisions. These tools include technical analysis; trading asset calculators; charts, research; quotes; profitability calculator and pricing calculator.

Account Features

To open an IRA account at TradeKing, clients must comply with some eligibility requirements. Depending on the type of IRA you open, there may be income and other specific requirements that must be met. You will also need to provide TradeKing with information about yourself including your social security number; contact information; employment information; account profile and investment experience. You can open an account online or you can print the necessary forms and send them to TradeKing.

Accessibility

Multi-Device Functionality
Mobile Sitecheck
iOS Accessiblecheck
Android Accessiblecheck

 

TradeKing features a mobile site as well as mobile apps for Android and iOS devices. On the mobile platform, you have complete control over your investments. You can view your account balance, your trades and you can even find updates on the market.

Safety and Security

TradeKing is a member of the SIPC which means all investments are insured up to $500,000 with a maximum of $250,000 for cash claims. In order to protect personal and private information, this brokerage firm is protected with Secure Socket Layer (SSL) encryption technology as well as a sophisticated firewall.

Customer Support

Customer support is available through several methods including live chat, telephone and email. Email is available 24 hours a day 7 days a week while live chat and telephone support representatives can be reached between 8:00am and 6:00pm EST Monday through Friday. During normal business hours, emails will generally be answered within 2 hours while it takes up to 24 hours for emails to be answered over the weekend. The support representatives are friendly, knowledgeable and eager to help customers.

Bottom Line

TradeKing is a highly rated brokerage firm that offers a good selection of IRA accounts and investment options. This award-winning broker is easy to use and provides investors with affordable, high quality IRA-related services. While not all types of investments or IRA accounts are available, overall TradeKing is an excellent brokerage firm.

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