TradeKing Review

MIN. DEPOSIT No
Up to 4:1
Up to $1,000 BONUS
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TradeKing
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Overview

Company Information TradeKing is one of the most popular Forex online brokers in the U.S. The platform is part of the TradeKing Group based in Fort Lauderdale, Florida. Created in… more

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Details

BrokerTradeKing
Website URLhttps://www.tradeking.com/
HeadquartersCharlotte, North Carolina, U.S.A.
Support Number877-495-5464
Support Emailserice@tradeking.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish
Minimum 1st DepositNo
Minimum Trade Amount-
Maximum Trade Amount-
BonusUp to $1,000
PayoutUp to 4:1
Free Demo AccountYes
Regulated Yes
RegulationFINRA, SEC
Account TypesTraditional, Roth, Rollover, SEP, and SIMPLE IRAs
Deposit MethodsWire Transfer, Account Transfer, Check, ACH Transfer
Withdrawal MethodsWire Transfer, Account Transfer, Check, ACH Transfer
Types of AssetsStocks, Options, Bonds, Funds, ETFs, Forex
Account CurrencyUSD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

TradeKing is one of the most popular Forex online brokers in the U.S. The platform is part of the TradeKing Group based in Fort Lauderdale, Florida. Created in 2005 the company evolved and finally merged with Zecco in 2012 and acquired MB Trading in 2015. This move produced the excellent client focused online platform that offers excellent trading experience. With the use of the Metarader 4, the Forex trading website became one of the best brokers in North America. The company offers a very generous demo account with $50 000 of virtual money where you can test the platform and see if it’s the one you’ve been looking for your main broker. With great research and excellent services, Tradeking has established a solid base that can be improved further. Trading features and tools are some of the best in the industry and can offer hassle free trading to beginner and expert traders.

Trading Information

Currently, Tradeking offers two types of accounts for Forex trading. The first one is their “Mini” account option that has a minimum deposit requirement of $500. It offers all the trading features you need if you’re a beginner trader. Its purpose is to offer you a taste of the real trading experience without risking too much money. The spread types if fixed and goes around 1.8 pips for majors (EUR/USD). The leverages for Forex, Gold and Silver and stocks is set to 1:50. The commission per standard lot is $4.95. Margin call level is set at 100% and the currency pairs offered are 48. The minimum trade size required for the “Mini” account is $10 000. The second option that TradeKing offers is their Standard account. It’s an upgraded version of the “Mini” account with some additional trading benefits (like spreads and commissions). The account requires a $2500 minimum deposit and a minimum trade size of $100 000. Trading by telephone is supported, as well as mobile trading. You also have trailing stop orders, one-click trading, pending orders and automated trading supported. The only thing missing from the account types is a swap free version of the accounts (Islamic account).

Trading Platforms

TradeKing has developed their trading platform called the TradeKing Forex trader. This platform offers all the benefits and features that a beginner or expert trader needs. It easily customized and you can change the layout styles until they suit your personal trading profile. It offers more than 70 indicators which can help you follow market trends. It supports trading from charts and has 15 pre-installed automated trading strategies. Streaming news and analysis will help you stay in touch with most recent events on the market. The Forex Trader Web allows you to run the platform in a web browser environment. It runs on Windows and Mac operating systems and only requires an internet connection. TradeKing also offers a mobile version of their platform which works great on Android and Apple devices. The second platform Tradeking offers are the very popular Metatrader 4. It’s been around for a decade and is probably the most famous platform in the online trading world. The MT4 offers multi-lingual support for over 17 languages and support automated trading. You have expert advisors, and the platform works on every device and operating system. The only downside to the MT4 is that it doesn’t have a browser-based platform, and you’ll need to install it on your device before you start trading.

Security and Customer Services

TradeKing has been providing financial services for over a decade, and this means they’ve taken all the needed measures to protect their clients. There is a secure SSL protocol installed on their website which protects your personal data. The company is fully licensed and is a member FINRA, SIPC, and the NFA. They don’t offer a segregated account option which is a bit odd, but otherwise, all of your funds and personal data are secured. The customer support is great and even on some occasions, above the industry standard. There are plenty of contact methods you can use to get in touch with the customer care team. Their coverage is 24/6, and they offer both domestic and international phone numbers. You can send them an email or send them a fax. They’ve also have given their postal address for legal purposes. A Live Chat system is available for people who look to resolve their problem quickly.The only thing missing here is the different language support option (it’s only in English), but they’ve done a great job even without it. As far as educational materials go, they’re not that much but are enough to a help a newbie understand what trading is all about.

Deposits and Withdraws

As far as depositing methods are concerned, you don’t have a lot of options. There is a debit card option, eCheck, wire transfer and check deposit. The most used methods are present, but it would be nice to see a digital wallet option (they are much quicker). Only when you’re using your debit card, you’ll have an instant processing time, with all other methods you’ll have to wait from 2 to 10 business days for the deposit to be completed. With such a history behind it, one could expect that a company like TradeKing would make the extra effort to make it easier for their clients. Withdrawals are also sluggish and can take up to 30 days to be completed depending on the withdrawal methods you’ve chosen. There are no mentioned deposit or transfer fees on their website.

Deposit Bonus and Loyalty Programs

TradeKing doesn’t offer any bonuses or promotions at the time of writing this review.

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