PROS / This forex broker has tools to help you forecast the risk associated with making trades.
CONS / There is a high minimum deposit required to open an account with TradeKing Forex.
VERDICT / TradeKing Forex offers a wide array of technical indicators and many currency pairs, including exotic options, but its trading platform lacks some useful tools.
TradeKing Forex is the forex trading arm of TradeKing, a popular online stock brokerage. TradeKing acts as an introducing broker for GAIN Capital, which is one of the largest forex brokers operating in the U.S. It has no commission but relatively high spreads. Its platform is below average and is not as user friendly as some other we reviewed.
The main trading platform offered by this broker is the TradeKing ForexTrader. Our reviewers downloaded available demo accounts so we could compare this platform with those of other forex brokers. TradeKing’s platform did not compare favorably with some of the others. It lacks some of the usability features we look for in a forex trading platforms. The charting tools have few options for adjusting the charts, and you cannot compare different symbols with each other. The main dashboard isn’t customizable and you can’t adjust the settings of the default windows. The demo account doesn’t allow the creation of alerts, so our reviewers were unable to test that feature.
TradeKing also makes a mobile app available. Our reviewers found the app to be easy to use and among the best apps offered by forex brokers. The biggest drawback of the app is that you can only adjust the style of the charts and can’t use any technical indicators. This makes the mobile charts a less effective tool for analyzing the market and planning potential forex trading strategies.
TradeKing Forex has over 50 currency pairs available to trade. These include all the major pairs, many minor pairs and some exotic currencies, such as the Russian Ruble, the Mexican Peso and the Hungarian Forint.
In order to begin trading through this brokerage, you need to make an initial deposit of $2,500, which is on the more expensive end of our lineup. TradeKing doesn’t charge commission on the trades you make. It does mark up the bid/ask spreads. Of the brokers we reviewed, its spreads tended to be the highest. It must be noted that spreads are constantly shifting and can vary widely on a day-to-day basis depending on market conditions.
TradeKing Forex offers very good training on its platform, including videos, tutorials and a detailed user guide. Weekly webinars are offered that provide market commentary and trading tips, but there is no archive available. You can reach customer support 24 hours a day during the weekdays when the forex market is trading.
TradeKing Forex charges no commission but has relatively high spreads. Its platform lacks some important features, but it has a quality mobile app.