Today, everyone seeks for a way which is going to bring them extra money in their pocket. Of all the other options, the most of the people commit to the financial industry and foreign exchange market, which is simply known as Forex. Forex brings together millions of clients from all over the world and hundreds of companies which number grows with every day. This market requires committing to certain risks and danger which this business can offer. Therefore, it is necessary that the companies which provide these services are working according to the rules regulated by law. It means that the clients are going to accept services from regulated companies much easier than from unregulated ones. And if they don´t they will experience possible frauds or manipulations because many unregulated companies allow secure deposit and advantageous process for withdrawal, or they just withdraw themselves from the market, not leaving any opportunity for the clients to find them. However, TradeKing is none like such companies. This company is already a veteran when it comes to Forex trading. It was established in December 2005, with a simple goal – to provide low-cost commissions and quality service, and most importantly, to offer investors a safe place where they can go to share ideas, examine the market, and eventually place trades.
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Background and Regulation
For more than 10 years of its existence, TradeKing has evolved merging with Zecco in late 2012 and purchasing MB Trading in 2015. Among other things, Zecco brought the finest market research and quality mobile trading, while MB Trading brought a quality desktop trading platform as well as futures trading. Therefore, with the existent TradeKing offer the new company acquired a chance to be one of the crucial broker companies. It also means that TradeKing is a regulated Forex broker. It is registered by National Futures Association (NFA) which is under the jurisdiction of the United States, meaning that TradeKing is regulated by a single international agency. As it is already mentioned, it is important to have a guarantee and some form of regulation to assure you of the secure transactions. However, a large number of Forex brokers is decentralized, meaning they have several operating offices or participants from all over the world. It makes it difficult for governments to regulate them.
TradeKing Trading Platform
Trading platforms are the crucial part of every broker company. Therefore, many agents focus on these platforms, their characteristics, and development. Their goal is to provide customers control and connection with their accounts anytime and anywhere. Therefore, the software developers published TradeKing LIVE which is available for Windows, as a web platform for both Windows and Mac users, and a mobile version for Android and iOS devices. At the time of its issuing, TradeKing LIVE was a little weak, especially in the charting. However, updates made in 2015 enhanced and further contributed the platform success. On the other hand, there are still several areas which need to be improved, but these are minor setbacks, which are, hopefully, going to be solved soon.
TradeKing Account Types
There are no particular account types when it comes to TradeKing company, on their website you can find a possibility to register only to the one universal account, where all customers are treated the same way. To do so, you must offer a minimum initial deposit of $2,500. It is much higher than the average initial deposit, which some customers can consider to be a disadvantage. Besides, TradeKing offers a maximum leverage of 50:1, which is below the standard.
If you decide to open an account with TradeKing, there are certain promotions which they offer for the newcomers. For example, their standard promotion is $100 in free commissions once you have opened a new account. Be sure to find more information on the promotions and special offers and use the necessary codes.
There are four available options to fund your accounts. It is possible to so with wire transfers. However, it is necessary to provide the bank information. It is also possible to mail the check. There are addresses available on their website if you decide for this option. They will usually take three business days to process, and TradeKing does not accept starter checks, money orders nor credit card checks. You are also able to send funds from another account and another broker as well. Finally, there is ACH option which automatically links your bank account to your TradeKing account. The processing time, however, makes no particular difference, since it takes three business days to process.
- Wire transfer
- Internal and broker-to-broker transfers
- Customer Service
TradeKing offers several support options like fast phone help, live online chat for instant broker access and e-mail option. The support team is excellent and very efficient. They respond to your answers immediately and provide you with all the necessary information to solve your potential problems. The company´s goal is to reply to every e-mail within 2 hours during the business hours and within 24 hours during the weekends. TradeKing devotes much attention to this segment, and they often do tests and reviews on the support and establish better standards for clients.