PROS / This stock trading software includes forecasting and risk-vs.-reward tools.
CONS / It does not provide a trade simulator.
VERDICT / TradeKing offers resources that help both new and experienced traders develop their investment portfolios.
TradeKing was founded in 2005 and offers you multiple investment options to help build your portfolio. Whether you are trading to bring in additional income or interested in long-term investments for retirement, TradeKing provides resources to help you achieve these goals. With an online platform that allows you to trade wherever you are and a fully equipped education center, this online stock software is a solid choice and earns our Top Ten Reviews Bronze Award.
Platform & Tools
TradeKing Classic gives you more investment options than typical stock software, enabling you to create a diversified portfolio that can include forex trading and access to the international stock exchange. Some unique components of TradeKing's investments include extended trading hours and automated trading. The extended hours allow you to trade beyond typical stock exchange hours, and the automated trading option lets you schedule trades to be made automatically weekly, bi-weekly or monthly.
You can get to the platform via the stock trading website, making it easy to access your accounts from any computer. The trade platform is sleek and well designed; the windows are clean and uncluttered with extraneous data. While you are able to shift windows in the platform and change their placement, you are unable to create new windows or fully customize the platform to meet you trading needs.
This stock trading software's online platform provides you access to alerts, watchlists and streaming quotes. The data provided allows you to have the most up-to-date information needed for making sound investments. TradeKing also provides expert research and analysis that can help you gauge changes or shifts in the market. You can view risk reports and volatility calculators. These tools help you avoid making risky investments and give you information so you can weigh your best options.
You can access your accounts on a mobile device in two separate ways. You can view your portfolio through your mobile device's web browser, or you can download the TradeKing app for your iPhone or Android device. On the mobile platforms, you can access your accounts, view watchlists, and trade stocks and options. However, you cannot transfer funds or set alerts.
Fees & Commissions
This straightforward stock tracking software offers low, flat-rate fees for online stock trades. This means that no matter your level of trading, you always receive the same price. These low prices allow you to put more money toward your investment and less toward fees. The price for options contracts is $0.65, much lower most of the other stock trading companies we reviewed. The price of broker-assisted trades is $20.00.
TradeKing charges an inactivity fee. If you do not place any trades within one year and your combined household accounts hold less than $2,500, TradeKing charges you $50.
Education and Resources
TradeKing's educational resources provide you with information on a variety of trade topics. You can read articles, watch videos and webinars, and even attend live events. The investment topics include material on investing styles, different investing terms and basic investments. These materials range from beginning to advanced investment education; this means that even as you develop your investment style, these resources provide continuous value. It lacks a trade simulator. This useful tool lets you test strategies and try the market in a virtual environment before committing real money.
One unique feature in the beginning education section is the Featured Rookie Strategy that provides breakdowns and detailed explanations of investing tactics. These walkthroughs even prove valuable for experienced investors looking to learn more about a new tactic.
If you have questions that cannot be answered by the TradeKing website or through the detailed FAQs, you can contact customer support via telephone, email and live chat during regular business hours Monday through Friday.
TradeKing's flat-rate fees and straightforward prices make it a good value for both casual and active traders. The platform is user friendly, even though it cannot be fully customized. The fully stocked education center also brings value to you and your investment portfolio. Although it lacks a trade simulator, TradeKing Classic nonetheless gives you excellent tools to build and implement your stock buying and selling strategies.