Comments on: TradeKing Review – $4.95 Stock Trades, Cheap Options Brokerage

By: HerseyK

HerseyK — Sun, 15 Jan 2012 02:59:24 +0000

Summary: It took over 5 weeks to setup acct with TK even though I wired in funds.

Each error just delayed the time to find the next problem !! (if that makes sense)

I picked them from a list to auto-trade. Even when they admitted they made an error – their attitude was extremely snotty.
before reading this, I wondered if I had a nasty tone and caused such an attitude. Such as Scott Sanders a supervisor with attitude.

Yes – the delay cost me 3 or 4 of the auto-trade winning trades ! For my allocations about $4,000. Thanks guys.

By: Riddick

Riddick — Mon, 28 Nov 2011 23:22:51 +0000

TradeKing sucks… they don’t allow you to test drive their advanced tools unless you put up money. I set up an account with a small dollar amount to start and after 5 minutes in their tools I knew it was sub-par. Their advanced tools are low end, subed out from a third party and the advanced tools don’t allow you to trade, but link back to an html interface… so it looks low tech and is less functional, slow… I immediately set up a withdrawal of my cash. But wait, they have an anti money laundering policy, so they think they can hold your money for at least ten days before they will let you withdraw YOUR cash. Then they gave me a hard time when I tried to take out my cash… they told me I had to call in to make a withdrawal, so I did and I ripped the poor fool that got stuck with the phone call… pure arrogance on their part… stay away!!!!!! No tolerance for any company with an attitude.

By: Matt R

Matt R — Thu, 10 Nov 2011 21:48:44 +0000

TRADE AT YOUR OWN RISK. I tried Tradeking for the first time today. I have used Scottrade, OptionsHouse, Etrade, Ameritrade, Bank Of America, and OptionsXpress… I have NEVER encountered issues like this before.

I am a high-volume options trader, my average trade size is roughly $10k, average execution time on this site was between 20s-30s. I missed out on nearly all my trades today. Every single order had to be a market buy, or a market sell because every single trade had to be ‘reviewed’ (as per a supervisor) and added all of that overhead. I called up and complained… asking how they could justify putting my trades through a review every single time (all of these trades should have ended up at +15% profit today instead I netted a LOSS of 30%)

When asked how I as going to be compensated for all of these issues, they said, we will not compensate you, When I asked how they were going to address the ‘required review’ of each trade they said that will not change.

YOU GET WHAT YOU PAY FOR… DO NOT GO WITH TRADEKING IF YOU TRADE A LOT. They may be cheap, but the extra bucks you save are NOT worth it… You WILL lose WAY more money than you will save in fees.

By: carpet wands

carpet wands — Fri, 14 Oct 2011 21:51:59 +0000

Man, trading sure is exciting. I sure am glad I bought in two years ago, when the stock market was way down like it was.

By: Anon

Anon — Sat, 20 Aug 2011 04:17:43 +0000

TK has a great site but don’t be fooled by it. Their customer service can be proportioned to rude unfriendly incoherent people. They always have an attitude and I had to do so much to get verified just to create an account. You have to send in a copy of your passport or id and a copy of your social security card. I had to travel to my safe in my bank to retrieve those. Others brokers don’t do this and this usually takes very long to process. Next you will also have to send them a Notarized letter [which they will not reimburse] in addition to your social security and id photocopy. So much hassle to just get an account.
I do not recommend. I also read other recent reviews mentioning slow transaction fills [not confirmed by me] be cause I never used TK passed the creating an account. If creating the account was that much of a hassle then god knows what they’ll do after. So I decided to try my luck with OptionsHouse. The setup there was quick and customer service game me 100 free trades and a wire transfer free reimbursement. Happy with it so far. I’ll see how OptionsHouse does…

By: Bill

Bill — Tue, 12 Apr 2011 16:20:26 +0000

Interesting that the comments shifted from postive to negative. I was thinking about signing up, but i think i might stick to a company with real physical banks/locations to go visit.

By: Justin

Justin — Wed, 06 Apr 2011 22:41:49 +0000

It’s interesting to read all of the different assessments of value or lack of value posted by those commenting. Although I observe price to be a major driver for the reasons people have chosen to go with TK, the reason for staying seems to be a general satisfaction with the intuitiveness of their site. It’s not TMI and it’s easy to understand and do what you want to do. I’m not yet a customer but the opinions shared are a noticeable influence on me. Just like I don’t want to be an accountant to manage my personal finances, I don’t want to be a day trader to trade. This ultimately means the tools need to be simplified, quick, easy and intuitive and allow me to get my end result with the least amount of cost (money, time, cognitive load, etc.) as possible. Thanks for all of your comments.

By: medical

medical — Wed, 06 Apr 2011 19:56:10 +0000

No doubt trade king is the leading broker and new bees should start from trade kind to learn trading.

By: Tom

Tom — Tue, 05 Apr 2011 01:35:35 +0000

Trade King charges a $50 account transfer fee when you close an account.

By: peterf

peterf — Wed, 16 Mar 2011 14:14:45 +0000

Trade king sent me a corrected 1099, only problem was they never bothered to tell me they sent it. If I hadn’t been checking my account on line looking for something else, I would have never known about it until the IRS came knocking on my door. Great customer service, Trade King. Now I have to pay my accountant more money to file an amended return. Thanks, Trade King, for an alleged low cost broker, you are costing me too much. I’m going elsewhere.