TradeKing

Best discount broker

Low-cost trades
Great customer service
No minimum-deposit requirement
Good research tools

Relatively narrow range of products offered
No in-person help

Where to Buy

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Our Analysis

February 2009. TradeKing offers both low-cost trades and excellent customer service, according to reviews. There is a flat fee of $4.95 per trade for trades of any type, 65 cents per option contract. There are no hidden fees, and there is no minimum to open an account, which makes this online broker ideal for those who are just starting to build a portfolio. TradeKing representatives communicate with customers in real time via the online TradeKing Community as well as by live chat and phone. If you want a full-service broker with banking services, more handholding and branch offices, reviewers suggest Charles Schwab, but commissions are twice as much.

SmartMoney, Barron's, and Kiplinger's Personal Finance offer excellent reviews of TradeKing. Consumer Reports rates this online broker in its 2007 review of online brokers; the full ratings chart is available to subscribers only. We also found a review at StockTradingToGo.com.

Where To Buy

Our Sources

1. SmartMoney.com

SmartMoney's 2008 annual survey lists the best and the worst online broker in each of six categories, based on hands-on tests and features analyses. This makes the review ideal for those who want to evaluate brokers based on specific criteria. TradeKing is named best online broker in the area of customer service.

Review: SmartMoney's Annual Broker Survey, Neil Parmar, May 20, 2008

2. Barron's

Barron's presents its 2008 review of 23 online brokers, where companies are evaluated based on in-depth analysis of site features, policies, fee structure, research tools and more. TradeKing ranks sixth overall and is also named one of the five best online brokers for buy-and-hold investors and one of the six best for options traders.

Review: Making It Click: Annual Ranking of the Best Online Brokers, Theresa W. Carey, March 17, 2008

3. Kiplinger Personal Finance Details/Subscribe

Kiplinger's Personal Finance evaluates a dozen online brokers by opening accounts at each of them and testing their products and services. TradeKing wins high marks in this review for its customer service as well as its low costs.

Review: Best of the Online Brokers, Thomas M. Anderson, Nov. 2008

4. ConsumerReports.orgDetails/Subscribe

Almost 20 online brokers are rated by Consumer Reports, where editors test each broker's research tools, site features and customer service, as well as evaluating fees and rates. TradeKing is one of the brokers included in the ratings chart, viewable only by website subscribers.

Review: Online Brokers: Better Prices, More Services, Editors of Consumer Reports, June 2007

5. StockTradingToGo.com

This website offers commentary from investment professionals and ranks online brokers based on cost alone. Blain Reinkensmeyer ranks TradeKing second of the six included in this review, citing its low costs and good customer service.

Review: 5 Top Online Stock Brokers, Blain Reinkensmeyer, May 31, 2007