Tradeking Interview
We emailed a set of questions over to Dave Dusseault, director of business bevelopment at Tradeking. He was more than happy to help us out!
What Year and where was your company founded?
2005 in Boca Raton, FL. TradeKing now has two locations one in Boca Raton, FL and the second in Charlotte, NC.
Why did you choose your current fee and commission structure?
We chose our current fee and commission structure because we are able to offer a great product and service at a better price compared to our competitors. Here is a link to a blog from the CEO discussing how we can do it for this price.
Have you won any recent Honors & Accolades?
How safe are my assets at TradeKing?
TradeKing is a member of the Securities Investor Protection Corporation (SIPC), which provides protection for accounts up to $500,000 (including $100,000 for claims of cash) per client as defined by SIPC rules. An explanatory brochure is available upon request or at www.sipc.org or via telephone at (202) 371-8300. Through its clearing firm, TradeKing provides an additional $25 million of coverage per client (including $900,000 for claims of cash) through a third-party insurance company with an aggregate clearing firm limit of $100 million to pay amounts in addition to those returned in a SIPC liquidation. This brings the total protection per client to $25.5 million with a limitation of $1 million on claims for cash balances for each client (as defined by SIPC rules). This coverage does not include transactions or trading losses or declines in the value of securities.
What steps does TradeKing take to secure my privacy?
The security and privacy of your personal and account information are important to TradeKing. Our approach to protect it encompasses technology, processes and procedures.
Firewalls and Secure Socket Layering (SSL) Technology
TradeKing has security measures in place to protect the loss, misuse and alteration of the information under our control. The secure site area uses SSL (Secure Socket Layer) technology to provide a secure environment for all transactions. When you submit sensitive information via the website, your information is encrypted online (look for the padlock icon on your browser to verify security). We maintain electronic (such as firewalls) safeguards to maintain the confidentiality of your information.
Username and Password Security
TradeKing will never request your username or password or your personal information. To protect the security of your account, TradeKing will not provide or confirm your password. No one from TradeKing will ever request your password. If you forget your password, you will be able to reset it online at any time. We also offer two levels of security by letting clients set up two passwords: one to access account information, one to enter orders and execute other sensitive transactions, such as fund transfers. By setting up two different passwords, and not entering your “Trading Password” when you log in, risk of unauthorized access to your account is greatly reduced.
Failed Login Attempts
To protect your account from unauthorized users, TradeKing blocks access to your account after a set number of unsuccessful login attempts. To restore access to your account you must contact Customer Service. Once we determine that no unauthorized activity has occurred, your access will be restored.
Customized Automatic Logoff
To help ensure that you never leave your personal information untended, our system automatically logs you off after a period of inactivity. The system allows you to set the time of your automated logoff (min. 15 mins. - max 180 mins.).
Policies and Procedures
We believe that your privacy should never be compromised. At the same time, we want to offer you the array of products and services you need to accomplish your goals. TradeKing provides investment brokerage services by means of its own internal operation and those of its clearing firm and other unaffiliated third party providers such as mutual funds and variable product sponsors. TradeKing acts as an introducing broker to its clearing firm, which in turn processes the transactions and acts as the account custodian. Your information is segregated in our offices and servers. Only employees and third-party service providers who need the information to perform a specific service are granted access to your information. Furthermore, all employees are kept up-to-date on our security and privacy practices and our service providers are contractually obligated to keep information confidential. The standards we adhere to are covered in our Privacy and Security Policy.
In 100 words or less, why should our readers sign up with you?
TradeKing (www.tradeking.com) is a nationally licensed online broker dealer offering simple, low flat fees ($4.95 per trade for both equity and option trades with $0.65 per options contract), with absolutely no hidden fees or account minimums. The TradeKing Web-based platform features powerful online equity, options and fixed-income 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.
A pioneer in incorporating social networking features in online trading, TradeKing gives its clients unprecedented means for finding and connecting with like-minded investors to share ideas and strategies. TradeKing is a privately held FINRA member brokerage firm. Each account is protected up to $25 million through SIPC and TradeKing’s clearing firm.
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