It’s the latest in a list of power moves by TradeKing, which last year launched a robo-advisory service, TradeKing Advisors, and a new web-based trading platform, TradeKing Live. The acquisition of MB Trading and all of its assets — including a professional-grade trading platform — will give TradeKing customers access to advanced trading features, such as expanded charting capabilities with over 100 indicators and studies; real-time profit and loss information; enhanced market data; paper trading; and expanded order types, with a system that closely monitors price movement based on over 100 parameters.
“This full-featured platform will give our advanced traders even greater precision and control over the complete lifecycle of every trade, across multiple investment products. That’s a huge win for our advanced TradeKing clients,” wrote TradeKing CEO Don Montanaro in a post on LinkedIn.
‘Seamless’ access for MB Trading customers
TradeKing clients will perhaps be most excited about the addition of futures trading, which hasn’t been available through the broker in the past.
Montanaro assured MB Trading clients that their platform wouldn’t change, indicating they would have “seamless” access to TradeKing’s offerings, including its options-centric platform and tools and the company’s online social community, the Trader Network. TradeKing also offers educational content and managed portfolios through TradeKing Advisors.
All of this will be available to clients for the same trade costs for both sets of customers — in fact, the announcement suggests that MB Trading clients may see better pricing with this merger. TradeKing currently charges a flat trade commission of $4.95 for stocks and exchange-traded funds, and $4.95 plus 65 cents per contract for options trades. MB Trading clients who previously paid a sliding commission scale based on number of contracts will still have access to those rates.
TradeKing is one of the 10 biggest online brokers in the country, with over 500,000 clients.
Clients can expect the first rollout of the brokers’ combined features in the first quarter of 2016.
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