Why I Switched my IRA to TradeKing
Submitted by G.E. Miller on Thursday, 19 November 20097 Comments
Switching to Tradeking
I just made the switch from ETrade to TradeKing for my IRA. I have kept Zecco.com for my non-retirement account (because Zecco has zero fees, even on the trades – but they charge a $30 annual IRA fee, so I didn’t switch my IRA to them). Here’s why I made the switch to Tradeking for my IRA:
- zero annual fee at TradeKing for IRA’s
- zero inactivity fee (ETrade has inactivity fees unless you meet certain requirements)
- $4.95 trades (vs. $12.99 at ETrade)
- they get very high ratings in online broker reviews every year
- I decided that if I’m going to promote their service, I should try it (review to come in the near future)
Oh, not to mention, that they are currently offering $50 if you sign up by the end of this month. They extended their promotion that I highlighted last month. Here’s what you need to do to get the $50:
- Sign up for a new Tradeking account by November 30 via clicking the banner below (this special is only offered through affiliate ads).
- Deposit $2,500 into your TradeKing account
- Make one trade on TradeKing
- $50 bonus then gets deposited into your TradeKing account
Just click on the banner below to sign up!
{Update: This promotion has ended, but you can still }
I’ve actually been looking for a place to start my IRA. How much did it cost you to leave Etrade? Usually it’s $50-$75.
Ideally, I’d like to start a Roth IRA somewhere with as little money as possible (just to get started on my 5 years) and then transfer it over to Vanguard after a few years (my Roth 401(k) is good, so I keep my retirement savings there). What I don’t want is to have to pay fees to for switching, so I may just start with the requred $1,000 minimum in Vanguard.
Do you know where such a thing is possible? Thanks!
Great article, I continually read great things about TradeKing. The only downside to TradeKing that I’ve seen is that they don’t offer as many funds as other online brokers. Perhaps, G.E. will include this in his review of them.
addressing Daniel @ Sweating The Big Suff
Why is it that you want to start a roth ira, then transfer it to Vanguard at a later date? But to answer your question, you can open a Scottrade Roth with an initial deposit of $500 and no account closing or transfer fee, which does exactly what you want… the one thing you must consider though is, will they have the same no account closing/transfer fee policy at the time of transfer?
For more resources check out this recent post, http://www.financeanswers.com/blog-finance/the-roth-ira-made-easy
Is there any advantage with starting with vanguard vs. the others?
I personally use Firstrade, but I’m open to the idea of switching to TradeKing. I continually hear good things about them, and $4.95 per trade is $2 cheaper than the $6.95 at Firstrade.
How has TradeKing been working for you? I recently opened an account. I also have accounts at Scottrade, Fidelity, and Schwab, and have no problems with these.
@ John – TradeKing has been working great thus far. I’m going to do a full fledged review in the near future.
I use Tradeking as a brokerage and just opened a Roth IRA. Have not sent in money yet… BECAUSE there is no ACH transfer!
What do you all do? Wire? Check? It annoys me that I have to either write check (per pay period) or pay money to wire funds to the IRA!
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