TradeKing launches with $4.95 trades
TradeKing is launched today, a new venture of Donato A. Montanaro of SureTrade fame. Their claim to the market dominated largely by $7 Scottrade? Cheaper trades. Their 7% margin trades are also pretty low, but if you’re into that, you can get a better deal on margin trading. There are certain fees like stop check payment fee and IRA transfer fees, but overall looks like a pretty solid proposition without minimum trading and minimum balance requirements.
I guess one could call them a Web 2.0 stock trader (hey, Richard, this one might be interesting to you), as they offer a blog, an RSS aggregator and tagging on their site as well. The blogs are pretty heavy on finance and stock recommendations, but I guess boosting their financial service with content offering generated mostly by users wouldn’t hurt - there’s much to be said about creating a community of finance-savvy individuals, as Fool.com experience proves.
CNN/Money runs an article on TradeKing today:
Montanaro said the $4.95 fee, which is considerably less than the $7 to $10 charged by some competitors, is made possible by using technology to reduce costs. He claimed that TradeKing’s competitors were stuck trying to cobble together old technology from a variety of sites as the industry has consolidated over the years.
March 14th, 2006 at 6:02 pm #lida
hey, i was wondering if tradeking has a minimum intial investment to start an account. i have limited funds but i am looking to get started anyway
July 22nd, 2006 at 1:16 pm #Matt
No minimum, which is exactly what attracted me to this company.
November 29th, 2006 at 2:52 pm #Blog Money Whore » Blog Archive » TradeKing Rant
[...] Mind you, there are many great things about TradeKing, and there are plenty of websites out there about how great it is, and I originally hoped to use it to buy the mutual fund VICEX and to get a $100 bonus. That was over two months ago now, and I still don’t have shares of VICEX nor a $100 bonus. Here are my gripes: [...]