TradeKing vs. OptionsHouse – 2017 Rankings & Review
Whether you are a first time investor, an experienced trader, or someone who has a major stock portfolio, you will want to use the best trading platform possible.
Identifying the top trading sites requires extensive research to determine the current rankings, as well as detailed information on quality, fees, trade execution, user-friendly interfaces, and overall quality of the various trading platform.
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Given all of the available information on the Internet, conducting your research and review may seem overwhelming at first. That said, with time, effort, determination, and discipline, you will be able to decide which of these two top-rated companies, OptionsHouse or TradeKing, is best for you.
However, with this TradeKing vs OptionsHouse review article, AdvisoryHQ hopes to simplify the level of research that you'll need to perform.
Current Rankings for TradeKing and OptionsHouse
One way to discover whether TradeKing or OptionsHouse is the best online trading company for you is to review their rankings.
There are several well-known and reputable companies which provide this type of information. Barron’s 2016 Online Broker Ranking indicates that TradeKing has a four-star ranking and OptionsHouse a 4.5 star ranking.
TradeKing Review Stats:
- This year, TradeKing has received four stars from Stockbrokers.com. They also received “Best in Class” for commissions, fees, and investment offerings. Here is a breakdown of Stockbrokers.com’s rating:Overall – 4.0
- Commissions and Fees – 4.0
- Offering of Investments – 4.5
- Platform and Tools – 4.0
- Research – 4.0
- Customer Service – 4.0
- Mobile Trading – 3.5
- Ease of Use – 3.5
- Education – 4.0
- Order Execution – 2.0
- Banking – .5
OptionsHouse Review Stats:
OptionsHouse.com was ranked #1 by StockBrokers.com this year, and their Options Tradition Platform also received a #1 ranking by Investor’s Business Daily. OptionsHouse is also lauded for their user-friendly technology.
When considering whether to open a trade account with OptionsHouse vs TradeKing, you will also want to carefully consider their respective promotional codes and trading fees. Here is a breakdown of Stockbrokers.com’s ranking:
- Overall – 4.0
- Commissions and Fees – 4.5
- Offering of Investments – 4.0
- Platform and Tools – 4.0
- Research – 3.0
- Customer Service – 3.5
- Mobile Trading – 4.5
- Ease of Use – 4.5
- Education – 1.5
- Order Execution – 2.5
- Banking – .5
Since both companies have an overall 4.0 score, it’s a good idea to review those areas where there is a point differential.
When you’re new to trading, for example, the fact that Stockbrokers.com gives TradeKing a 4.0 for education when compared to Optionshouse’s 1.5, may make a major difference. However, another consideration for new traders is ease of use. In this case, Optionshouse’s score is 4.5 while TradeKing’s is 3.5.
Whether you’re new to trading or a veteran trader, you will discover which company provides the right packages for you by engaging in further research. In this way, you will feel better prepared and more confident when weighing options between TradeKing and OptionsHouse.
Reasons to Choose TradeKing
TradeKing provides quite a few reasons to open an account with them. The company’s site provides these top five reasons:
- Reasonable pricing
- Customer service is ranked #1
- Award-winning tools
- Networking community
- SIPC insurance
In terms of pricing, there are no trade minimums. TradeKing fees are clearly stated. It’s only $4.95 for an exchange-traded fund, or ETF, and stock trades. For option trades, you pay $4.95 along with an additional $.65 for each contract. There is no minimum amount to open an account with TradeKing. The company’s FAQ section states, however, that Core Portfolio accounts require a minimum of $500 and Momentum Portfolios require a minimum of $5,000.
How would you like $1,000 in commissions? When you open an online trading account with $5,000 using TradeKing’s promo code “FREE1000,” you’ll receive up to that amount in free trade commissions.
When you think of customer service, what first comes to mind? In addition to TradeKing’s #1 ranking by SmartMoney for four consecutive years, they claim to provide these hallmarks of customer service:
- Short hold times on calls
- Fast email responses
- Instant online broker chat access
Knowing that you have access to one of the best possible tools, such as TradeKing Forex, can definitely make a difference. TradeKing Forex Trader provides you with these benefits:
- The ability to personalize—and customize—your online trading experience.
- The ability to spot market trends to make informed decisions.
- The ability to automate as well as customize your strategies.
- The ability to access newswires and other streaming data.
- The ability to access your account 24/7 through iPhone and Android applications.
When doing business with TradeKing, you will have immediate access to these and other tools:
- S&P Stock Reports
- Maxit Tax Manager
- Probability Calculator
- Profit and Loss Calculator
- Stock and Option Screens
- Technical Analysis Tools
- TradeKing Live
Whether you’re a new or a veteran trader, networking can make a major difference. Through exchanging ideas, personal experience, and relevant resources, you have the opportunity to participate in and contribute to a community with similar goals. It’s interesting to note that Stockbroker.com claimed TradeKing as the “Best Trader Community” in both 2013 and 2014. This may be one of the many reasons to choose TradeKing over OptionsHouse.
Just as you want to protect your assets and investments of time, energy, and capital, so too, does TradeKing. To accomplish this, the company provides these measures of protection to create a stress-free online experience:
- Securities Investor Protection Corporation (SIPC)
- London Underwriters policy
- Firewalls and Secure Socket Layering (SSL) technology
- Username and password security
- Limit on failed login attempts
- Customized automatic logoff
Reasons to Choose OptionsHouse
There are also a number of reasons why you would choose to conduct online trading with OptionsHouse vs TradeKing. According to their site, they offer the following incentives:
- A trading platform that you can adapt to your needs
- Around-the clock access with web and mobile applications
- Free trading tools
- Products that are both advanced and innovative
- Ease of trading with one click
- SIPC insurance
- Live chat
OptionsHouse also knows the importance of utilizing the most effective processes and having the right tools for the job. Their tradeCYCLE approach illustrates this and lists the recommended product for each step of the process.
Image Source: OptionsHouse
OptionsHouse’s fees are comparable to TradeKing’s. In addition to not requiring a minimum balance, OptionsHouse charges a flat rate of $4.95 per trade and $.50 per contract. That’s just $.15 less than TradeKing’s fees.
There are a variety of resources at the OptionsHouse website. These include “how-to” articles on a variety of relevant topics as well as live chat. These are helpful on multiple levels, whether you’re new to trading or want to review and otherwise increase your knowledge base.
There are plenty of incentives for new Optionshouse customers. With a $5,000 minimum deposit into an individual, joint, or IRA account, you can make up to 100 commission-free trades for 60 days. The current OptionsHouse promo code for this deal is “60FREE.” If you choose to trade with this company, it’s a good idea to keep checking for other promotional opportunities.
Where to Find More Information: OptionsHouse vs. TradeKing
Given the online trading industry’s attention to detail, there are reputable sites that provide reviews and other specific information to assist you with making decisions. If you’re not yet sure whether you want to trade with TradeKing or OptionsHouse, you may find the detailed broker reviews at Stockbrokers.com to be beneficial. There is one for both TradeKing and OptionsHouse.
Stockbrokers.com’s Blain Reinkensmeyer posted a mini review of TradeKing on April 4, 2016. There is an extensive review that follows. He gives the company four stars and notes the benefits of the TradeKing LIVE platform.
In his mini review posted on March 14, 2016, Reinkensmeyer also gives OptionsHouse a four-star review. He liked that OptionsHouse’s platform is user-friendly for both new as well as seasoned traders.
- The CAN SLIM Investing System
- How to time the stock market
- How to find and evaluate stocks
- How to read stock charts
- How to buy stocks
- When to sell stocks
These are just two avenues for gaining more information. As you learn how to trade and further advance your skill set, you will become aware of available—and trusted—resources. This can occur through making connections with other brokers, networking, and otherwise dedicating yourself to becoming an experienced and successful trader.
Remember, too, that both Tradeking and OptionsHouse provide information and services to assist you with this process.
Incentives for Switching Brokers
If you’ve been trading for a while, there may come a time when you want to explore other brokerage firms and what they offer. Your reasons for wanting to switch may vary, and in general, they are probably as unique as you are. Taking advantage of TradeKing’s fees and promo codes, for example, may be among those reasons. If you switch to TradeKing, your TradeKing fees will be refunded through this simple process:
- Open an account or log in if you already have one.
- Fill out and print the Account Transfer Form.
- Mail in the form along with a recent account statement from your prior broker.
- Complete the transfer reimbursement form and include verification for the charge.
You can either mail or fax these forms to TradeKing.
It doesn’t appear that OptionsHouse fees are refundable if you switch from them to another brokerage. As previously mentioned, however, OptionsHouse promo codes are available with their new account offer.
Making Informed Choices
Since TradeKing’s and OptionsHouse’s fees are practically identical, you may want to take other features, such as their trading technologies, TradeKing’s Forex and OptionsHouse’s tradeLab™, into consideration.
When you trade online, the platform you choose can make a significant difference in how you trade, especially if you’re learning how to use it for the first time.
Other things to consider include rankings and awards. In a recent press release, OptionsHouse announced that they received the “Best for Options Traders” in Barron’s 2016 Online Broker Ranking report. TradeKing’s home page announces that Stockbrokers.com ranked their TradeKing Live platform as #1 for Innovation.
As with all important decisions, becoming informed takes time and careful consideration. Part of this process includes asking relevant questions, setting reasonable goals, and determining core values. Remaining informed is a daily aspect of being a successful trader. Whether you choose to invest and trade with TradeKing or OptionsHouse, remember the bottom line—that this is an investment in you and your financial future.
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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
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