TradeKing sticks to the standard IRA services you will find from most financial companies. You can sign up for a traditional IRA, Roth IRA, rollover IRA, SEP IRA or SIMPLE IRA.
Each IRA available to you is free to open, and there are no account minimums. However, if you are an inactive client (which the company defines as someone who hasn’t traded for a year) and your account is valued at less than $2,500, you will be required to pay an inactivity fee. If you close or transfer your IRA, you will have to pay a termination fee and a transfer fee.
In order to be eligible for check writing and debit card services, you must keep your account balance at at least $10,000. There is an annual fee for this service, though. You will also have to pay a fee for any equity trade, whether you???re trading stocks, bonds or mutual funds within your IRA.
Your personal investment choices will be in your hands, but TradeKing gives you access to the financial firm???s tools, analyses, articles and webinars. Some of the tools include a profit and loss calculator, a probability calculator and stocks screeners.
TradeKing also gives you access to the Trader Network, which is essentially a forum for TradeKing users. You can exchange ideas and experiences in order to improve your own investments. The network includes blogs and articles from those who are new to the financial world and market veterans alike.
The company does not have brick-and-mortar locations, but it does offer you customer support by phone and online. In addition to Frequently Asked Questions (FAQs) sections, TradeKing also offers live chat online and a toll-free phone number for you to call from 8 a.m. to 6 p.m. EST Monday through Friday.
TradeKing offers you straightforward retirement options through its IRA services. In addition to its tools and research available online, you also will have access to the company???s popular Trader Network, where investors share tips and strategies. Although there are no physical locations where you can speak with someone in person, TradeKing gives you multiple ways of contacting its customer service representatives during the week.