tradeMonster Review

Company Overview

tradeMONSTER is an online brokerage firm that was launched in 2006 in the United States with the goal of making professional investing available to everyone. This company specializes in stocks, options, mutual funds and ETFs trading with sophisticated online trading technology. tradeMONSTER has received several awards from Barron’s including best mobile trading platform with 4.9 stars. This online broker was also given a rating of 4.5 stars for Best for Options Traders and for its overall rating. tradeMONSTER received a 5 star rating for Usability, Research Amenities and Customer Service & Education.

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Account Options

 Minimum ContributionMaximum Contribution
Roth IRANo Minimum$5,500/year
Traditional IRANo Minimum$5,500/year
SEP IRA----
SIMPLE IRA----
Self-Directed IRA----
Rollover IRANo MinimumNo Limit
Inherited IRA----

 

tradeMONSTER offers a Roth IRA and traditional IRA as well as a rollover IRA. However, SEP IRAs and SIMPLE IRAs are not available and there is no ‘catch-up’ contribution option.

Investment Options

Associated IRA Investment Fees
Stocks$7.50/trade
Mutual Funds$15.00/trade
Options$0.50/contract
Exchange-Traded Funds$7.50/trade
Annuities--

 

The typical investment options are available at tradeMONSTER including options, ETFs, stocks and mutual funds. Clients can also invest in futures, futures options and bonds at this online broker. Annuities and CDs are not available at tradeMONSTER.

Fees and Commissions

Account Related Fees for Roth IRA
Minimum Account Balance RequiredNone
Account Maintenance FeeNone
Termination Fee$20.00
Transfer FeeNone

 

tradeMONSTER has some of the lowest fees of any online broker. There is no minimum account balance required, no maintenance fee and no transfer fee. There is only a $20.00 IRA termination fee. The low cost of IRA accounts at this broker enables a greater number of investors to open an account and save for their retirement.

Retirement Planning

There are no retirement planning tools or IRA calculators at tradeMONSTER but clients can take advantage of the many investment and trading tools available at this online broker. There are several analysis tools that investors can use to plan their trading and investment strategies. tradeMONSTER also has a variety of portfolio management tools including trade simulations, advanced performance tracking and group order management. Investors can also access a wide range of tools that can help find investment opportunities like custom scans, professional market analysis and liveACTION which analyze real-time market metrics.

Account Features

There is no age restriction to open a Roth IRA and investors only need to have made taxable income in the past year. A traditional IRA is similar except investors must be under the age of 70 ½ to open an account. Additionally, investors need to provide their social security number, date of birth and other personal and/or financial information to open an IRA.

Accessibility

Multi-Device Functionality
Mobile Sitecheck
iOS Accessiblecheck
Android Accessiblecheck

 

With the mobile apps from tradeMONSTER, investors essentially have all of the same features and functions as their desktop trading platform. Investors can place orders manage their accounts, get real-time streaming quotes, create charts and more.

Safety and Security

tradeMONSTER is a member of SIPC, FINRA and NFA to assure traders that they are transacting in a safe and secure investing environment. Securities that are in client accounts are insured by SIPC up to a maximum of $500,000. In addition, a number of sophisticated security protocols are in place to protect clients against online fraud and theft.

Customer Support

Customer service is available Monday through Friday from 8:30AM to 6:00PM ET. Investors can speak to a representative via telephone or through email. During customer service hours, investors will get an immediate response by phone while email may take up to 24 hours to be answered. Overall, customer support at tradeMONSTER is helpful and professional.

Bottom Line

While investors cannot open a SIMPLE or SEP IRA at tradeMONSTER, the commissions and account fees at this online broker are quite low which makes it possible for nearly any investor to start saving for retirement.

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