Do you consider yourself to be a “do-it-your-selfer” when it comes to investing? If you’re good, it can save tons of cash in fees. If you’re not….well, you know the answer. If you’re looking for a low cost online discount broker, why not open account with the best? has been voted the #1 Discount Broker by Smart Money on more than one occasion, so I assume they know that they are doing. So whether you’re looking to open a trading account or a no-fee IRA, let’s take a look why you should consider TradeKing for your investment needs.
Why Open an IRA at TradeKing?
Because TradeKing charges $4.95 per trade for stock and ETF trades, and $4.95 per trade for option trades plus 65 cents per contract. That’s why! They charge the same rate for market, limit, and broker-assisted trades, with no minimums or hidden fees. Are you looking for a no-fee IRA? Then is the online brokerage for you. In addition, TradeKing does not have any ongoing account maintenance fees for regular trading accounts.
How Does TradeKing Compare to Other Online Brokers?
When it comes to trading cost per trade, no other online broker compares (except for maybe Zecco, if you meet certain requirements). At $4.95 per trade, the closest competitor is Scottrade at $7.00 a pop. That makes them 40% higher per trade! The next two closest are TD Ameritrade and E*TRADE, but they are both double in what TradeKing charges. Sounds like a good deal to me. Here’s a chart that compares the pricing structure of the leading online brokerage firms.
Read here for a review on the other online broker Zecco and see how it compares to TradeKing.
Superior Customer Service
Setting up a TradeKing account is a breeze. In about 10 minutes and sharing some personal information, you’re ready to fund your new account. In 2008, they were nominated by Smart Money Magazine for best customer service in their industry. One neat feature that you’ll never get with a brick and mortar brokerage firm is that they offer Live Chat to field your questions and concerns. Based on other reviews, you should be in direct contact with a customer service representative in less than 5 minutes. Below is a video from Investortrip.com that shares some of the awards that TradeKing has won.
Free Dividend Reinvestment Through TradeKing
Purchasing stock through a DRIP program is traditionally the cheapest method to buy stock. Now, TradeKing offers a competitive option. They offer free automatic dividend reinvestment, with the ability to purchase fractional shares. This can be set for all your stock holdings, or just specific ones. This is nice if you have ETFs and you want to reinvest dividends like you used to with mutual funds.
TradeKing Reimburses Transfer Fees
If you’re still trying to come up with an excuse to not open an account with TradeKing, the following should eliminate them all.
Switch to and get up to $150 in Transfer Fees Reimbursed. If you have any other brokerage accounts that charge you inactivity fees for high commissions, why not transfer to TradeKing to save money per year and get reimbursed for it? Sounds like a no-brainer in my book.
Opening an Account
Go to and open an account today and enjoy your no-fee IRA and $4.95 trades.