Online Broker TradeKing Launches with Low, Flat-Rate Commissions
New business, led by a pioneer in online trading, provides the next generation of online brokerage services for smarter, more demanding customers.
Boca Raton, FL (PRWEB) December 27, 2005
TradeKing, an online broker (http://www. tradeking. com/) led by a team that helped pioneer online trading (http://www. tradeking. com/), unveiled its Web site today, www. tradeking. com], offering the next generation of online trading services. With a flat fee of $4.95 for both equity and option trades, plus 65 cents per contract for options, TradeKing offers some of the lowest trading commissions on the Internet, with no hidden fees or account minimums. All TradeKing customers pay the same fee, regardless of trading volume or assets in the account.
TradeKing customers will be able to trade and manage a full suite of investments, including stocks, traditional options, mutual funds, exchange traded funds, bonds and Treasuries. The online trading (http://www. tradeking. com/) platform is complemented by a comprehensive set of information tools, including access to voluminous, but customized information such as a personalized RSS newsreader, educational podcasts, customized financial blogs and a Wiki community – all designed to make the TradeKing experience more engaging, more efficient and more effective.
TradeKing’s founder, Donato A. Montanaro, Jr., created the online broker SURETRADE Inc. in 1997 and is recognized as one of the pioneers in electronic trading. As a subsidiary of Quick & Reilly, SURETRADE offered one of the cheapest online trading commissions at the time ($7.95) and helped create the active trading market. The online broker grew to become the industry’s eighth-largest player and, within three years, had more than $40 million in annual revenue and executed more than 50,000 trades daily.
“We believe that consolidation in the online investing industry has diverted attention from products and services, creating an opportunity for TradeKing in a market that has an estimated 20 million to 30 million online brokerage accounts,” said Montanaro. “After a decade of online trading, investors are smarter and more experienced than ever, and so they want better tools and technology from their online broker (http://www. tradeking. com/) without sacrificing low prices. At TradeKing, we deliver that value, but with a democratic pricing structure that treats all investors equally.”
TradeKing, at www. tradeking. com, is a nationally licensed broker dealer with powerful online equity and option trading tools including real-time portfolio information, advanced order entry, customized charting and alerts, free research and integrated news, stock, option and mutual fund screeners, volatility charts, a pricing probability calculator, enhanced option chains and interactive educational information.
“We don’t think that online trading should be a solitary experience just because you are a self directed investor. That’s why TradeKing is the first online brokerage firm to introduce financial blogs (http://www. tradeking. com/) and social networking tools to the trading experience – bringing the financial services industry in line with other sectors,” continued Montanaro. “People have seen how blogs change everything from how politics is covered to how disasters are reported. Now TradeKing customers can leverage the power of blogs to more easily share information, expand their roster of trading strategies, and connect with other like-minded investors.”
TradeKing’s investors reflect the high regard with which the company’s management team is held. Investors include OCA Ventures, the investment arm of the partners who led O’Connor and Associates – the Chicago-based pioneers of standardized Option trading back in 1977; Bruce Rauner, a Principal at the Chicago private equity firm GTCR; and, members of the Quick family, which founded Quick & Reilly. Quick & Reilly was the first NYSE member firm to offer discounted stock trading commissions to retail clients after market deregulation in 1975.
“Online broker industry consolidation has left many online investors neglected. They’re ready for a better experience at a lower price. TradeKing delivers on that promise with the right tools and the right technology to meet the needs of today’s – and tomorrow’s – online traders.”
In addition to Montanaro, TradeKing’s president and chief executive officer, most of the company’s management team is composed of former executives at SURETRADE. They include Richard J. Hagen, Jr., senior vice president and chief operating officer; Philip A. Claxton, vice president, finance; Peter Seed, vice president, marketing; Roberto Donovan, vice president, brokerage operations; and Kevin Corrigan, vice president, project management.
TradeKing provides self-directed investors with discount brokerage services, and does not make recommendations or offer investment advice. Online trading system response and access times may vary due to market conditions, system performance, and other factors. Non-U. S. residents may be subject to country-specific restrictions. Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options (http://wiki. financialblogs. com/download/attachments/1819/characteristicsandrisks. pdf) available at www. tradeking. com. $4.95 commission rate applies to equity and option trades. See www. tradeking. com for more details on trade commissions for low priced stock, bonds, mutual funds and other securities. Add 1 cent per share for the entire order for stocks priced $2.00 or less.
Contact:
Peter Seed, TradeKing, 561-988-0171
Stewart Lewack, The Hubbell Group, Inc., 781-878-8882
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