Tradeking is majorly a Forex broker whose activities are regulated.Any individual that would like to have an account with them should ensure that they pay a fee of 2500usd. According to research, this amount is way above the market rates. This is compared to the fees charged by other Forex traders. In addition, Tradeking forex is the only forex broker that leverages its traders at 50:1. This explains why every trader needs enough capital when opening positions with this broker.
The current margin-call level offered to traders is 2%. This is termed as a risky margin especially to those traders who do not have enough knowledge about the market. It is due to this fact that, every trader is advised to always ensure their margins are maintained at above 2% when setting up an account.It is important to note that, any figures below 100% provides a trader with opportunities to safeguard new positions in the event their stake goes down below the set margin. Every trader is advised to carefully and dutifully monitor his margins in order to ensure he is operating within the agreed margins.
So what are those basic details that one needs to have at his tips before setting up an account with TradeKing? Important to note, a demo is a must have for one to have an account, should bear in mind the required initial deposit, Account trading currency is United States Dollars, there’s a minimum of one lot for each position size and finally, the maximum account leverage stands at 50:1.
Broker Services
Tradeking is supported by platforms such as Meta Trader 4 and Forex Trader PRO. Those who would like to access their services via mobile phones should note that TradeKing is only supported by Windows Mobile, iPhone, and Android.One can either do an email, make a call or use chat via live chat on their website. The official language used is English.
Risk Considerations
A risk analysis for this organization was done by Credio in order to provide its clients with the full information about TradeKing. The report provided an in-depth analysis on the strengths, limitations, and opportunities offered by this broker. The analysis considered different factors that every trader should be keen to note before trading. The first factor was regulation, Credio sort of understanding whether or not this broker was operating within the set procedures. It was noted that indeed TradeKing was a fully registered broker that was operating within the set procedures. It’s regulated by an international agency which allows it to offer quality to its traders The second factor was position size offered by this broker. The report revealed that TradeKing offered only one lot. This means a traders control for his positions is very limited. The third and very important factor that was considered was on the issue of leverage. Even though below the standards, it was noted that its leverage was withing the United States regulations. The fourth and final factor that was considered in the risk analysis was the Margin Call Level.Its Margin of 2% allows traders to have more positions even after their equity is depleted. Which is a plus to traders
The final score for this broker stood at 4. What does this really indicate to traders? Any Forex broker whose risk analysis stands at above a 3 is an indication of high risk. This, therefore, means that Tradeking as a broker is very risky. If you intend to register with this Company as a trader, it is important that you fully understand the requirements. Carry out a thorough research that will help you understand what you are getting into and what you expect as a trader. This research can be done by scrutinizing their documentation and carrying out a background check on the organization.
Research indicates that Heynes Capital Markets is a better option compared to Tradeking Forex. This is because its trade options are diverse, It offers competitive prices to its traders, high level of technology and its systems are user-friendly. There are those who however believe that Tradeking is still the best option. These individuals argue that its of great importance to those who do not have much knowledge on Forex trading. This is because it offers them with the basic information they require to build on their skills in Forex trading.