TradeKing Forex caters well to traders on a budget by providing accounts with low minimums and tight spreads. A functional trade execution interface and robust reporting tools simplify repetitive tasks, saving you time and hassle.
Open an Account
While some brokers like ATC Brokers have initial investment requirements as high as $5,000, you can start trading forex on TradeKing's platform with as little as $500. The low minimum and ability to trade micro lots play well with the novice investor. Add in pricing spreads as low as 1 pip and it's easy to see why TradeKing Forex is great for the budget-minded investor with a smaller bankroll.
Expert Advisors automated strategies:
Advanced traders can take advantage of the Expert Advisors (EA) strategy within the MT4 platform. Traders program EAs to analyze the market for opportunities to automate trading decisions and set risk management criteria. EAs are efficient ways to take advantage of market opportunities without the investment of time in front of a computer.
Intuitive interface and customizable layout:
New traders appreciate the intuitive feel when placing trades and checking orders. This is easily done by clicking on the trading panel where every spread is updated in real time with buy or sell buttons for quick execution. More advanced traders can take advantage of the customizable layout by creating multiple chart windows or a watchlist of the top currencies to track.
Solid reporting and data export functions:
Reporting features are often overlooked, but TradeKing delivers useful reports which can all be exported to a .CSV file. The account value summary breaks down your running balance by displaying all transaction types so you know if an increase came from a realized trade P/L, interest, or customer deposit. Come tax time, export your realized P/L report for a simple transfer to your accountant.
Markets move fast, and TradeKing lets you capitalize on quick market movements by entering trades with one click from the trading panel. Instead of opening an order ticket, choosing which order type, and setting a price limit, simply click buy or sell and your order executes swiftly at the market price. This is also a useful feature when learning to trade because it simplifies the order entry process.
Poor educational resources:
For a platform that seems to cater to beginners, TradeKing Forex needs to improve in the education department. While the site does a decent job of walking a trader through the basics, it lacks videos and webinars that most other brokers offer. Brokers like FXCM and FXDD both knock education out of the park by offering courses, videos, and platform tutorials.
Limited access to other investments:
From the TradeKing Forex account, traders can trade both gold and silver CFDs (contracts for difference). With only two trading options, TradeKing falls behind market leaders such as thinkorswim, which offers stocks, options, futures, as well as other investment products. Other investment products are accessed through separate TradeKing accounts.
Must be logged in for automated strategies:
Advanced traders may get excited about the automated trading capabilities from TradeKing's metatrader platform. However, you need to be logged into your account for the strategies to run. An automated strategy should work without you there. Because forex markets trade around the clock, this requirement makes it difficult to execute TradeKing's automated strategies and defeats the purpose.
Costs and Fees
Forex Trade Cost Type
Straight Through Processing
Maximum Leverage (International)
Maximum Leverage (U.S.)
Account and Portfolio
Account History Reports - You can create reports or view statements of your portfolio or account information.
Download Statements - You can download your account statements.
Export Data - You can export your portfolio or account data.
Gain/Loss - You can run gain and loss reports for tax planning.
Order Status and Balance - You can quickly view your current trading positions, open orders, and account balance.
Real-Time Updates - Your account balances update in real time.
Cross Currency Pairs
AUD/JPY - The broker offers trading in the Australian Dollar vs. Japanese Yen currency pair.
CAD/JPY - The broker offers trading in the Canadian Dollar vs. Japanese Yen currency pair.
CHF/JPY - The broker offers trading in the Swiss Franc vs. Japanese Yen currency pair.
EUR/AUD - The broker offers trading in the Euro vs. Australian Dollar currency pair.
EUR/CHF - The broker offers trading in the Euro vs. Swiss Franc currency pair.
EUR/GBP - The broker offers trading in the Euro vs. British Pound currency pair.
EUR/JPY - The broker offers trading in the Euro vs. Japanese Yen currency pair.
GBP/CHF - The broker offers trading in the British Pound vs. Swiss Franc currency pair.
Major Currency Pairs
AUD/USD - The broker offers trading in the Australian Dollar vs. the US Dollar currency pair.
EUR/USD - The broker offers trading in the Euro vs. US Dollar currency pair.
GBP/USD - The broker offers trading in the British Pound vs. US Dollar currency pair.
NZD/USD - The broker offers trading in the New Zealand Dollar vs. the US Dollar currency pair.
USD/CAD - The broker offers trading in the US Dollar vs. Canadian Dollar currency pair.
USD/CHF - The broker offers trading in the US Dollar vs. Swiss Franc currency pair.
USD/JPY - The broker offers trading in the US Dollar vs. Japanese Yen currency pair.
Alerts - You can set up personalized alerts for your portfolio.
Automated Trading - You can place trades by setting automated triggers.
Conditional Orders - You can place orders that, when executed, immediately triggers or cancels another order.
Customizable Interface - Layout and features of the trading platform can be customized and changed.
Real-time Charts - Real-time updating charting tools are available through the broker.
Real-time Quotes - Up-to-date price quotes are available in real time.
In Chart Trading - You can use the charting tools to actually place trades.
Customer Service and Support
Email - You may access customer support by email.
Live Chat - You may access customer support by live chat.
Phone - You may access customer support by phone.
Trading Hours Support - You may access customer support during the majority of trading hours.
Android - The broker provides an app for Android devices.
Create Alerts - You can create alerts with one or more of the mobile trading applications.
iPhone - The broker provides an app for the iPhone.
Mobile Research - Research features are available using one of the mobile applications.
Place Trades - You can place trades using your mobile device.
Portfolio Tracking - You can track your portfolio using a mobile device.
Streaming Quotes - Streaming quotes on mobile devices are available.
BlackBerry - The broker provides an app for BlackBerry devices.
Favorable App Store Reviews - Three or more stars have been awarded to the broker's iPhone app from users in the Apple App Store or Google Play.
iPad - The broker provides an app for the iPad.
Mobile Website - The broker offers a separate mobile website for accessing your account from a mobile web browser.
Charts - You have access to charts so you can conduct research on investment products.
Market Commentary - You have access to market commentary from outside experts.
News - You have access to daily market news and updates from third party services.
Historical Data - The broker gives you acess to historical exchange rate data.
Research Reports - The broker provides you with various research reports.
Mobile - The broker offers a platform to execute trades on a mobile device.
Professional - The broker offers multiple platform levels including a professional platform.
Standard - The broker offers multiple platform levels including a standard platform.
Virtual Trading - The broker offers a virtual account for customers to practice trading without risking any actual money.
Free Demo - You can access a free trading demo so you can try one of the trading platforms.
Referral Program - You can be rewarded for referring a friend to the broker.
Special Offer - Special offers for new traders who open an account are available.
Other Investment Products
CFDs - The broker provides other instruments settled as Contract for Difference
Futures - The broker provides trading of some futures products.
Options - The broker provides trading of some options products.
Stocks - The broker provides trading of some stocks.
Courses - You can access educational trading or investment courses from the broker.
Glossary - A glossary of important investment terms is provided by the broker.
Live Seminars - You can attend live in-person seminars around the country from the broker.
Trader Community - You have access to an online community to have discussions and share advice with other traders.
Videos - You can view training videos on the broker's platform.
Webinars - Webinars are available to help you learn about investment products.
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