Thursday, January 31, 2008

So how good is Trade King?

Not so good thus far... I'm hoping for better but it's not looking so good. I just recently got started trading in the stock market and have for the last couple weeks been using a reputable online broker, but the commissions make it almost impossible to make a profit. One reason is that I started out with a lowly 50 bucks. I've recently added 30 bucks in cash to that fund so now it's basically 80 bucks minus commissions. So at 12.95 per transaction that puts me in a nearly impossible position. By the way, on my first trade, I've almost recovered the commission and pretty soon will make a profit, at least until I sell, then I'll take another huge hit and that's in an almost nightmarish market. 12.95 isn't bad if you're investing thousands of dollars, but hey I've only got 80.

I figured I would try another brokerage that was cheaper so that my profits would be easier to come by and it came down to Zecco.com and TradeKing. Zecco lost out because of the trade schedule, basically twice a day. I would like to get a chance to ride the waves of volatility, especially in this market, so twice a day won't work for my plan. So I chose TradeKing.

The first problem I have is that I only have about $30 in cash and the other 40 something is in the two shares I own. So I needed to get the cash to TK, but without expensive fees. I didn't want to wait forever, but wiring is too expensive, so I chose to go the slow electronic transfer route. There is a 5 business day waiting period, which sucks, but that's life. At first I created an ACH profile (electronic transfer with no fees), but had the wrong info.

So I cost myself 3 trading days. I was sent an email and promptly re-created this profile with correct info. The website nicely informed me that I would be able to trade on February 1st. Earlier today I took a look to see if trading time perhaps came early, but to my chagrin my profile was gone. It was just gone, no notice, no anything at all. So will I trade via TradeKing tomorrow or not?

At first I tried the online chat feature on TradeKing's site. The guy was nice enough, but basically told me that there was no way it could be deleted without a notice being sent to me, but also in the same breath told me that if my bank rejected it then it might disappear. This didn't make sense to me, but I played along. He was going to check a few things, but I didn't have all my bank info handy at the moment so I let him off the hook.

Finding the info he requested, I went for the online chat feature again, getting a different person of course. This young woman(I'm assuming on age by communication style) didn't know what was going on. She did not communicate clearly and basically wasted a bunch of my time. I was pretty irritated at this point.

I called my main brokerage and explained the situation and they verified that they do indeed accept transactions and withdrawals and even checked to see if TradeKing had attempted any communication with them. There had been none, but I was instructed how I might do things from their end which unfortunately involves me sending a form and documentation from TradeKing. But wait, I've had this account for almost two weeks and I don't have any documentation from them yet, so again I'm screwed.

As a last resort I call the TradeKing support number. The nice gentleman on the other end tells me my profile shouldn't have been deleted, but hold on and let me check. I explained the situation twice and he told me there was something in the system showing two profiles having been setup, the first being deleted, just as I had said, but the person who can help me had left for the day. He asked me if I could call back tomorrow, February 1st, the day I should have been able to transfer money in. So it's not looking good. Instead of deleting a part of my account, I almost wish my whole account had been deleted, then it would be perfectly clear I should just give up. Unfortunately, me being who I am, I will call in the morning, hoping they can redeem themselves. We'll see..... I'll let you all know.


EDIT --added further links to rest of story
part 2
final part

16 comments:

Anonymous said...

Hello my name is David Dusseault and I am the Director of Brokerage Operations at TradeKing. I saw your blog posting about your experience at TradeKing and was hoping I could help resolve this issue.
If you set an ACH profile up at TradeKing with bad info, the only people who can delete it would be TradeKing or our clearing firm Legent Clearing. From what I can get out of your blog, it sounds like you tried to create and ACH profile on two seperate occasions, and both times the account numbers or some part of the profile was not entered correctly. The inforamtion must be 100% accurate in order for the ACH link to work.
You mention that you called your other firm to ask if there had been communication from TradeKing, and there was none. Yes, that could be the case being that the ACH profile was not created correctly. If the other bank rejects an ACH profile for something like a bad account number, they notify us, and we then send an email to notify you. I would be happy to research this further if you want to contact me directly.
Thanks
Dave Dusseault
Brokerage Operations Director
ddusseault@tradeking.com

Anonymous said...

Tradeking Sucks. They can NOT afford a stable good servers. I lost over 5K while trying to sell and their system is sooooooo slow. It won't load..and the phones were jamed to place an order on the phone. Terrible. I took my money somewhere else..I'll pay 100$ per transacton to get my order in. They running the cheapest servers with an old technolgies (php) ...slow..

Judy said...

((( warning )))Tradeking cost me alot of money. they allowed me to buy stock but would not let me sell it. when I went to sell, the order was rejected. It took me 3 days to unload MGM by that time I had lose over a dollar a share. when I called Tradeking and told them to sell my stocks they would not sell them and the stock was falling.It took about 45 min. of pleading with them to sell my stock before they finally did.

Judy , November 7, 2008

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The firm represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

Its head office is in Panama with affiliates everywhere: In USA, Canada, Cyprus.
Do you want to become really rich in short time?
That`s your chance That`s what you really need!

I`m happy and lucky, I started to take up real money with the help of this company,
and I invite you to do the same. If it gets down to select a correct companion who uses your funds in a right way - that`s it!.
I make 2G daily, and my first deposit was 1 grand only!
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Anonymous said...

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You may probably be very interested to know how one can manage to receive high yields on investments.
There is no initial capital needed.
You may begin to get income with a sum that usually goes
on daily food, that's 20-100 dollars.
I have been participating in one project for several years,
and I'm ready to let you know my secrets at my blog.

Please visit my pages and send me private message to get the info.

P.S. I make 1000-2000 per day now.

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Anonymous said...

May I…?

shiko said...

I currently have about $5000 in TradeKing. Last week their servers went down and I no on had online access. I lived through it and held on to my investments. The next week, everything was fine.. Well until yesterday when they blocked me from online access to my account. I don't know about older more experienced investors, but new age investors like myself (21 years old) have grown up doing everything online. Without online access to my account I dont know what investments I am in, how much I am losing, and no way to sell. They told me I can call, but the lines are always busy, so there is no way I can get an efficient trade in. I am currently waiting to get my account restored so I can wire transfer the money back to my bank and switch to a new broker, because this is absolutely ridiculous. Oh and their explanation for blocking my account? "There is activity from your IP address that is flagging out system, so until we can figure it out we cannot restore access." Seriously? Do they think I'm hacking into their network? I guess they need someone to put the blame on for their servers crashing. Anyways this is just to serve as a warning for those looking to open an account with tradeking. DO NOT DO IT. You are at a great risk to lose money. Hope this helps you.

Huge Boobs said...

Every night the totals are wrong for my account, phone number just gives you a busy signal you cant leave a message, online chat does not work, website is either down or slow 50 percent of the time. I cashed out, not sure how much longer this company will be around.

Sam said...

The only problem i have had with tradeking is that they take FOREVERRrrrr to set up an account. And with setting up my ACH it probably took 3 weeks of constant diligence and bothering them to hook my bank account to my tradeking account.
check out my financial blog!
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