Monday, February 11, 2008

TradeKing final review... for now

For background information on this review please visit the two links below.
This is the third and final part of my experiences with TradeKing... at least for now.....

The issue I was having with TradeKing now appears to be resolved. My account was able to receive transfers via ACH as of Friday the 8th of February. This was indeed 5 business days as was stated from the original correct setup. The first two setups were incorrect. The first of those was all my fault, so 3 business days were lost because of my incorrect info. The second was mostly my fault as well, costing 5 more business days. I say mostly because the feedback on the site, when giving the correct info, with incorrect formatting was a bit vague. I tried to input a dash, which was incorrect, but it simply told me the number was wrong. Thinking I did something else, I took off 4 digits before the dash as well. So that number was four digits short. Oops, another five business days.

Finally, after talking with TradeKing tech support and getting frustrated with them, and getting in contact with my other institution to verify the correct information, I got the correct numbers with the correct format (yes including the four missing numbers, minus the freakin' dash). I wish someone had told me that in the first place. Oh wait, yes the younger lady on the internet chat explained that in a vague fashion. Anyways, this was Friday the 1st that everything was setup. Time to wait another 5 business days.... On Sunday the 3rd I received an email stating I had an incorrect ACH profile, a- freakin - gain. WTF?!

I had never received an email about the second profile, so I ignored it and held my breath. Checking my records I saw that the original screwup by me also prompted an email by TradeKing on a Sunday. So it looks like these emails are sent on Sundays. That's a bit odd, I would expect to see it sooner, but whatever. What alarmed me is that I got a message about the second profile while waiting for the third one to go through. A less patient person would have deleted the third one as well thinking it was incorrect also. This is not what I did though. As I said I waited.

On Friday the 8th it was live. I immediately transferred funds into TradeKing from the third ACH profile. Tick, tock, time to wait another five business days, even though the funds are no longer in the other institution and TradeKing is showing the funds in the account, but uncleared. That means I might be able to trade this Friday, the 11th. So in all it will have taken me 18 trading days. Only 8 of those were fully or partially by my own error or misunderstanding.

So now I wait......
One final word though, is that even through all of this I would not dissuade anyone from using TradeKing. Mainly I am documenting my experiences for you. I am a beginning trader, so I can't speak about the interface or the research or even timely trades. Well I could speak a bit about timely trades in a few days and perhaps in the future I will do a full fledged review with specifics on different options trading, interfaces, research, experiences, etc. For now this is what I have. This is my final TradeKing review for the moment. Good luck everyone!



Starr said...

Great review on Trade King... Thanks for sharing!!

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Soodsaman said...

tradeking! aHHHHHH so mad. so about 30 minutes to an hour ago when the markets sank about 8% i tried to cover my shorts but damn tradeking server. i couldn't access the website. damn it!!!!! costed me $$$$
its doing it again right now at 3:22pm may 06, 2010. servers are busy. POS Tradeking u fail!!!

Evaelve said...

Good TradeKing Review, Thanks.

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