PROS / The cost per trade is relatively low.
CONS / This company’s mobile app doesn’t allow you to transfer funds into your account.
VERDICT / TradeKing Classic online and the mobile app are easy to use for technical analysis of stocks, but it's not the best option for beginners because it doesn't include simulated trading.
TradeKing Classic’s stock analysis software has low fees and many helpful stock analysis tools. The online platform is easy to navigate and to understand, and educational resources are available with a single click. However, TradeKing is missing some vital features to make investing more accessible for beginners to the stock market.
This free stock market analysis software's platform is entirely online, providing a familiar layout and research resources all in one central location. However, as is often the case with online platforms, you cannot customize, though a few limited items may be moved around. You can create custom watchlists and option chains, so you can keep track of the stocks that you watch.
TradeKing has all of the tools you need to completely research your trade options. You have access to charts, graphs, watchlists and more. This stock market analysis software has more tools than some of the best stock analysis software, including volatility reports and risk evaluators. Access to Level II quotes and an automated trading feature make TradeKing stand out from other competitors.
With this software, you can make many different types of investments. Stock, options, mutual funds and exchange-traded funds are all available for your financial portfolio. You can also trade in both Roth and traditional IRAs. You have access to international exchanges and forex investments, which not many stock trade services offer. The only investment choice TradeKing does not offer, which not every service offers, is the ability to trade futures.
The TradeKing app is compatible with Android and iOS devices and tablets. It lets you monitor positions and trade stocks and options. However, you cannot deposit checks or transfer funds to your account – you'll have to do that from the desktop version.
Compared to other stock charting software, this one has very competitive rates. You only pay $4.95 for each online stock trade, which is much less than comparable services. Margin rates are slightly higher than most services at 9.25% for accounts with balances under $5,000 to 4.5% for those with $500,000 or more in their investment account. Each broker-assisted trade costs $20. Although there is no official annual account fee, there is an inactivity fee. If you go more than 12 months without making a single trade, you may be charged an inactivity fee of $50. So as long as you make at least one trade every 12 months, you aren't charged extra.
If you're just starting out, you can read up on stocks from the education tab. If you want to broaden your knowledge of bonds or bullish markets, the education tab has helpful resources to teach you the ropes before you start trading; there are articles, webinars and a regularly updated blog. You can also take advantage of tutorials, videos and step-by-step training on the company’s website. Unfortunately, this service does not offer any simulated trading, which is a great feature for training newcomers to investing in stocks.
TradeKing Classic is essentially free stock market technical analysis software – if you keep your account active. The mobile app is an excellent companion because you can check your stocks anytime you're away from your computer. TradeKing is missing some key features that could make this an even better stock analysis service, though, such as a trading simulation and the ability to deposit funds from your mobile app.