Tradeking Review: is it legit?

December 21, 2016 by posted in brokers, Forex brokers, Stock brokers • No Comments

TradeKing review was led by the team of www.forextrading.biz, Is TradeKing legit or a scam? Our TradeKing Review covers fees, regulation, pros & cons. Read before you trade with this stock broker.

TradeKing Review – Full Breakdown of the Discount Broker

Introduction

TradeKing bought by Ally Invest brokerage, it was once a standout name in the online brokerage world, gaining attention for its competitive pricing, comprehensive trading tools, and customer-focused services. As a discount broker, it aimed to provide traders—especially beginners and intermediate investors—with access to the markets without the high fees associated with traditional brokerage firms.

This review offers a deep dive into everything that defined TradeKing: its platform, pricing, customer support, and how it evolved after merging with Ally Financial to become part of Ally Invest. Whether you’re a seasoned investor or someone curious about historical brokerage platforms, this review provides a comprehensive look at what TradeKing had to offer.

The History of TradeKing

TradeKing launched in 2005 with a mission to disrupt the online brokerage industry by offering flat-rate pricing and robust tools at a time when commission structures were often confusing and expensive. Based in Charlotte, North Carolina, it quickly established a reputation as one of the most user-friendly and cost-effective brokers available.

Over time, the company earned accolades for its customer support and technological advancements. In 2016, TradeKing was acquired by Ally Financial, leading to the birth of Ally Invest, which now houses the original features, accounts, and infrastructure of TradeKing under a new brand.

Trading Platforms and Tools

TradeKing LIVE

TradeKing LIVE was the firm’s signature web-based trading platform. It provided users with a clean interface, real-time data, streaming charts, watchlists, and interactive modules. Traders could personalize their dashboards to focus on what mattered most—be it technical indicators, stock screeners, or order execution panels.

The platform supported both novice and experienced traders, with options analysis tools, probability calculators, and profit/loss graphs that allowed users to model potential outcomes before committing to trades.

Mobile Experience

TradeKing offered a mobile app that allowed users to place trades, view account balances, and monitor watchlists on the go. While not as full-featured as the desktop platform, the mobile experience was convenient for those who needed access while away from their desks.

Research Tools

The broker also delivered a variety of market research tools:

  • Stock and ETF screeners

  • Market news and economic reports

  • Technical charting and trend analysis

  • Earnings calendars

  • Option trading tools (greeks, risk analysis, break-even estimators)

Tradable Assets

TradeKing allowed users to trade:

  • Stocks

  • ETFs

  • Options

  • Mutual Funds

  • Bonds

  • Penny Stocks

  • Forex (on request and approval)

While the offering was broad, it was primarily designed with stock, ETF, and options traders in mind. It wasn’t the best for deep mutual fund investors due to associated costs.

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Pricing and Fees

TradeKing’s core appeal was its flat-fee structure, offering competitive rates across the board:

  • Stocks & ETFs: $4.95 per trade

  • Options: $4.95 + $0.65 per contract

  • Mutual Funds: $9.95 per transaction

  • Bonds: Varies based on quantity

  • Penny Stocks (under $1): $0.01 per share, capped at 5% of total trade

  • Inactivity Fee: $50 annually if account balance was below $2,500 and no trades were placed within 12 months

This made TradeKing especially appealing to investors seeking predictability in fees.

Account Types Available

TradeKing supported various account types:

  • Individual & Joint Brokerage Accounts

  • Traditional IRA

  • Roth IRA

  • SEP IRA

  • Custodial Accounts

  • Business Investment Accounts

Accounts could be opened with no minimum deposit, although maintaining a balance of $2,500 was encouraged to avoid inactivity charges.

Customer Support and Service

One of TradeKing’s most recognized strengths was its customer support. The broker consistently received high marks for phone and chat support. Representatives were knowledgeable, quick to respond, and able to resolve issues ranging from account setup to technical difficulties.

Additionally, the platform included an investor community forum—called the Trader Network—which allowed users to exchange strategies and ask questions.

Educational Resources

TradeKing was also an early leader in investor education. It featured a rich library of content for self-learning:

  • Webinars

  • Video tutorials

  • How-to guides

  • Option trading strategies

  • Beginner and advanced articles

This emphasis on education helped demystify trading for those new to the markets.

Security Measures

TradeKing took security seriously. Accounts were protected by encryption protocols, two-factor authentication, and secure login procedures. Users also benefited from SIPC insurance (covering up to $500,000, including $250,000 in cash).

Merger with Ally Financial

In 2016, TradeKing was acquired by Ally Financial and eventually merged into what is now known as Ally Invest. This transition brought changes:

  • Platform rebranding

  • Migration of accounts

  • Integration of Ally banking services

While some users experienced glitches during the migration, most features were preserved or improved upon in the Ally Invest ecosystem.

Pros and Cons

✅ Pros

  • Flat-fee pricing made cost expectations clear.

  • Powerful tools for both stock and options traders.

  • Great for beginners due to its educational content and user-friendly design.

  • Excellent customer support reputation.

  • No account minimum to get started.

❌ Cons

  • Limited support for no-transaction-fee mutual funds.

  • Extra charges for penny stock trading.

  • Inactivity fee applied under certain conditions.

  • Forex access was limited and only available on request.

  • The mobile platform was less robust than the desktop version.

Ideal User Profile

TradeKing was best suited for:

  • Cost-conscious investors

  • Beginner traders who valued education and simplicity

  • Options traders who wanted advanced tools at a low cost

  • Long-term investors looking for low-cost access to equities and ETFs

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User Reviews and Feedback

Before the merger, TradeKing earned widespread praise for transparency, pricing, and ease of use. However, after becoming Ally Invest, some legacy users reported issues like:

  • Login delays

  • Funds transfer problems

  • Platform downtime during busy trading sessions

Still, the overall satisfaction level remained high, especially among users who appreciated low fees and self-service tools.

Tradeking Review Conclusion

TradeKing carved a unique position in the online brokerage industry by offering affordability, functionality, and a client-first mindset. While the brand itself no longer exists, its DNA lives on in Ally Invest. The flat-fee model, education-first strategy, and community approach helped democratize investing long before zero-commission trading became the norm.

For investors who value robust tools, educational content, and predictable fees, the TradeKing experience (now via Ally Invest) remains a strong contender—even in today’s competitive brokerage environment.

Tradeking Review Frequently Asked Questions (FAQs)

  1. Is TradeKing still in business?
    No. TradeKing was acquired by Ally Financial and is now part of Ally Invest.

  2. Can I still use my TradeKing account?
    Yes, through Ally Invest. Your account was automatically transitioned during the merger.

  3. What was TradeKing known for?
    Affordable flat-fee pricing and user-friendly platforms.

  4. How much were stock trade fees?
    $4.95 per stock or ETF trade.

  5. Were there fees for not using the account?
    Yes, a $50 annual inactivity fee applied under specific conditions.

  6. Did TradeKing have a mobile app?
    Yes, but it offered fewer features than the desktop version.

  7. What trading tools were available?
    Real-time quotes, charts, option strategy tools, screeners, and calculators.

  8. Was TradeKing good for beginners?
    Yes, especially due to its educational resources and intuitive interface.

  9. Could I trade options?
    Yes, with advanced analytics and profit/loss calculators.

  10. Were penny stocks supported?
    Yes, though they incurred extra fees.

  11. Did TradeKing offer mutual funds?
    Yes, with a $9.95 transaction fee per fund.

  12. Was Forex trading available?
    Yes, but on a limited and request-only basis.

  13. What insurance protected users?
    SIPC coverage for up to $500,000 in securities and $250,000 in cash.

  14. Was it possible to transfer from another broker?
    Yes, through an ACAT (Automated Customer Account Transfer).

  15. Were there no-transaction-fee mutual funds?
    No, all mutual fund trades incurred a fee.

  16. Did TradeKing support DRIPs?
    Yes, Dividend Reinvestment Plans were available.

  17. How was customer service rated?
    Highly—users often praised fast, helpful responses.

  18. Could you trade bonds?
    Yes, pricing varied by the size of the order.

  19. Were advanced orders like stop-loss supported?
    Yes, the platform supported multiple order types.

  20. What replaced TradeKing?
    Ally Invest is the direct successor

TradeKing Review FAQs 2

  1. TradeKing Review 2025: Is It Still a Smart Choice?

  2. In-Depth TradeKing Broker Review: Features, Fees, and More

  3. TradeKing for Beginners: A Step-by-Step Overview

  4. Is TradeKing Right for You? Honest Breakdown for 2025

  5. What Happened to TradeKing? The Ally Invest Transition Explained

  6. TradeKing Review for Long-Term Investors: Pros and Cons

  7. TradeKing Review for Active Traders: Speed, Tools, and Value

  8. Is TradeKing a Safe Platform? Security, Insurance & Privacy

  9. TradeKing User Ratings: What Real Investors Are Saying

  10. The Evolution of TradeKing: From Discount Broker to Ally Invest

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💸 Fees, Pricing & Account Value

  1. TradeKing Fees Explained: Commissions, Spreads, and More

  2. Are There Hidden Fees on TradeKing? What You Should Know

  3. How TradeKing Makes Money and What It Means for You

  4. TradeKing Pricing Model vs Traditional Brokerages

  5. Is TradeKing Still a Low-Cost Investing Platform?

🛠️ Platform, Tools & Features

  1. TradeKing Platform Features Breakdown: Charts, Tools & Customization

  2. Using TradeKing’s Research Tools: A Beginner’s Guide

  3. Is TradeKing Good for Options Trading? Tools and Strategies

  4. TradeKing App Review 2025: Mobile Trading Experience Tested

  5. Automated Trading on TradeKing: Is It Available?

👤 Audience-Specific Reviews

  1. TradeKing for College Students and Young Investors

  2. TradeKing for Retirees: How Does It Compare for Wealth Preservation?

  3. TradeKing for Side Hustlers: Weekend Warriors and Casual Investors

  4. TradeKing for Day Traders: Speed, Execution, and Interface

  5. TradeKing for Swing Traders: Is It a Fit for Medium-Term Strategies?

🧑‍🏫 How-To Guides

  1. How to Open a TradeKing Account (Now Ally Invest)

  2. How to Buy Stocks on TradeKing: A Step-by-Step Tutorial

  3. How to Use Alerts and Watchlists on TradeKing

  4. How to Place Options Trades Using TradeKing’s Interface

  5. TradeKing Portfolio Management: Tips for Smarter Investing

📘 Strategic & Thought Leadership

  1. Why TradeKing Was a Pioneer in Discount Brokerage

  2. Should You Still Consider TradeKing in a Robinhood World?

  3. TradeKing’s Merger with Ally: Was It a Win for Users?

  4. The Rise and Rebrand of TradeKing: What Changed, What Didn’t

  5. TradeKing in 2025: Where Does It Stand Among Competitors?

🧩 SEO & Niche Topics

  1. TradeKing Account Types: IRAs, Margin, and More

  2. TradeKing Minimum Deposit Requirements Explained

  3. TradeKing Promotions and Bonus Offers for New Users

  4. Common TradeKing Complaints and How to Solve Them

  5. Best Alternatives to TradeKing for 2025

⚖️ TradeKing vs. Other Brokers

  1. TradeKing vs Robinhood: Best for New Investors?

  2. TradeKing vs E*TRADE: Which Offers Better Value?

  3. TradeKing vs TD Ameritrade: Platform Comparison

  4. TradeKing vs Fidelity: Who Has Lower Fees?

  5. TradeKing vs Charles Schwab: Research Tools Showdown

  6. TradeKing vs Webull: Best User Experience?

  7. TradeKing vs Merrill Edge: Investing Tools Compared

  8. TradeKing vs Ally Invest: What Changed After the Merger?

  9. TradeKing vs Interactive Brokers: Best for Active Traders?

  10. TradeKing vs Vanguard: Long-Term Investing Face-Off

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John Doe is a seasoned Forex trader and financial content creator with over 17 years of hands-on experience in currency markets. Specializing in broker reviews and trading strategy analysis, John combines real-world trading insights with in-depth research to help traders make informed decisions. He regularly tests platforms like MT4, and MT5 to provide up-to-date, unbiased reviews. When not trading, John contributes to financial forums and mentors aspiring traders on maximizing their investment potential.

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