TradeKing “New Year, New Broker” $50 Sign-up Bonus
Online discount broker TradeKing has brought back their on-again, off-again $50 sign-up bonus for new accounts. You must open with at least $2,500 and make one trade within 30 days. TradeKing offers $4.95 trades with no minimum balance requirement or inactivity fees. I’ve been happy with them, they are a good basic broker for ETFs and dollar-cost-averaging. Offer expires 1/31/11.
This can also be a good time to switch away from your current broker if you’re unhappy. If you transfer an account of $2,500 value or greater over to TradeKing, they will also refund up to $150 in account transfer fees charged by your old broker.
To qualify for this offer, new accounts must be opened and funded with $2,500 or more. Account funding must occur within 30 days of account opening, and one trade must be executed within 180 days of account opening, for account to qualify. Offer is not transferable or valid in conjunction with any other offer. Open to US residents only. One offer per household. TradeKing can modify or discontinue this offer at anytime without notice. The minimum funds of $2,500 must remain in the account (minus any trading losses) for a minimum of 6 months or the credit may be surrendered.
TradeKing will credit your account transfer fees up to $150 charged by another brokerage firm when completing an account transfer for $2,500 or more. Offer applies to new non retirement accounts funding for the first time. Credit will be deposited to your account within 30 days of receipt of evidence of charge.
For more information, please check out my TradeKing Review. One recent development is that they now require a 5 business day hold on incoming ACH bank transfers before you can trade, if the transferred amount is greater than your existing balance. If you have a $5,000 balance and transfer in $1,000 then there is no hold.
Alternatively, it’s more hassle but if you only want to open up with only $1,000, you can also get a $50 opening bonus with a a referral from an existing member with their Refer-a-Friend promotion. The referrer gets $50 as well. I have an account and if you’d like a referral, please contact me.
If someone you refer funds a new account with at least $1,000 and executes a trade, we’ll deposit $50 into both of your accounts.
Find more in Deals & Offers, Investing | 1/7/11, 4:50am | Trackback
January 8th, 2011 at 5:09 am
Is there a credit check for opening up this account? Hard or soft?
January 8th, 2011 at 2:49 pm
I opened an account under the free options playbook offer, I got a $20 refund for the initial wire transfer, I also transferred my WellsTrade account over, no fee from WT because of the changes, you have until Jan 14 to transfer out from WT for free, so far I like the account, live chat is great, the account opening process was paper less, you sign electronically, and I like that you can email forms over, great if you don’t have ready access to a fax machine, I did fax over a wire request to my old broker through gotfreefax/com, I hope my info is not being stored somewhere?
Does anybody know how long it takes to receive the playbook?
January 13th, 2011 at 10:47 am
I’ve been with TrakeKing for over 2 years. They always hold my ACH deposits for 5 business days, even if they are less than my existing balance. Recently they’ve been having serious reliability issues, so much so that their CEO had to respond. Check these links: http://community.tradeking.com.....orum_posts and http://community.tradeking.com.....orum_posts.
January 13th, 2011 at 10:56 am
I want to update my previous comment. With regards to the 5 day business hold even though my deposit is less than the existing balance, this is what I got from TradeKing:
“ACHs will always show as uncleared deposits for 5 business days after posting. This does not prevent you from using the funds in most cases if the ACH is for less then your total account value. Cases in which you would likely not be able to use the funds are for the purchase of penny stocks, or other volatile stocks.”