TradeKing is an online brokerage firm that provides a platform for trading in stocks, options, mutual funds, and forex. It was founded in 2005 and has since then, established a reputation as a reliable and affordable trading platform. In this article, we will examine TradeKing’s forex trading service and evaluate how good it is for forex traders.
Trading Platforms and Tools
TradeKing offers different trading platforms, including the web-based TradeKing LIVE and the mobile app. The platforms offer advanced charting tools, technical analysis tools, and customizable watchlists. TradeKing LIVE has a user-friendly interface that is easy to navigate, even for beginners. The platform also offers a trading simulator, which allows traders to practice trading strategies without risking real money.
TradeKing’s forex trading tools include a currency pair chart, a forex news feed, and economic calendars. The platform also provides access to real-time quotes and market data, enabling traders to make informed trading decisions. TradeKing’s forex trading tools are not as comprehensive as those offered by some other brokers, but they are sufficient for most traders.
Fees and Spreads
TradeKing offers competitive pricing for forex trading. The broker charges a flat commission of $4.95 per trade, which is lower than the fees charged by most other brokers. The commission includes all fees, including spreads and other charges. TradeKing does not charge any account maintenance or inactivity fees, making it an affordable option for traders who do not trade frequently.
TradeKing’s spreads are also competitive, with some currency pairs having spreads as low as 1 pip. The broker does not offer fixed spreads, but the spreads are generally tight, especially during high liquidity market periods. The lack of fixed spreads may be a disadvantage for some traders who prefer to know the exact cost of trading.
Customer Service and Support
TradeKing has a reputation for excellent customer service and support. The broker provides 24/7 customer support through phone, email, and live chat. The support team is knowledgeable, friendly, and responsive to customer inquiries. TradeKing also provides educational resources, including webinars, tutorials, and articles, to help traders improve their trading skills.
Regulation and Security
TradeKing is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The broker is also a member of the Securities Investor Protection Corporation (SIPC), which provides insurance coverage for traders’ accounts in case of broker bankruptcy. TradeKing’s website is secure, with SSL encryption to protect traders’ personal and financial information.
TradeKing is an excellent option for forex traders who are looking for an affordable and reliable trading platform. The broker’s competitive pricing, tight spreads, and excellent customer service make it a popular choice among traders. The lack of fixed spreads may be a disadvantage for some traders, but the trading tools and educational resources provided by TradeKing compensate for this. Overall, TradeKing is a good choice for forex traders of all levels of experience.