TradeKing Auto Trading Review

Why is the binary options market attracting so much attention and gaining so much popularity? It’s because for the first time, everybody can now trade in forex from wherever they are and using whatever devices they have, just as long as they have an internet connection. New traders have been joining in by the thousands to lay claim to the profits they stand to gain by predicting the value movements of various pairs of binary options. This interest has sparked a rush of new platforms jostling to enter into the fray and reap big profits as well. This has brought with it internet crooks whose only intention is to scam. Which means there is a need for deep scrutiny of all programs coming into the market and even of those that have been there awhile. One of these programs is the TradeKing Auto Trading platform.

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Inside TradeKing Auto Trading: What Are They About?

TradeKing is one of the binary options brokers who are into traditional forex trading as well as being in the automated binary options trade market. It has been around for some time but the binary option part of it is fairly new. Here, traders can decide whether to trade via the signals generated by TradeKing’s various newsletters or they can opt in to fully automated trades.

The Promises

TradeKing has for some time been trying very hard to become one of the leading brokers in forex trading as well as in binary options trading. To do this they have made a wide range of promises that are aimed at convincing potential clients, experienced traders and beginners that they are already up there with the best. Here are some of the promises:

  1. Relaxed conditions to open an account: The norm has been that opening an account with forex brokers was limited to people who could afford high minimum deposits, some going as high as $5,000. TradeKing promises to open your forex trading account for as little as $500. This is not a lot of money for beginners who will also have the ability to trade in the micro lots that are provided by this software. This pricing has all of a sudden stirred more interest among novices who think it is affordable and worth trying out.
  2. Automated strategies from professional advisors: For traders who are experienced in forex trading, they can take advantage of an expert advisor’s strategy. Traders will apply this strategy to scour the market for trading opportunities in automatic trading. They will do this without investing hours in front of computer terminals seeking information and analyzing it. They can also establish their criteria for risk management at the same time.
  3. Customized layout and user friendly interface: TradeKing is promising the interface that most traders only dream of; one that is customizable to make the user experience complete. What they have is a layout in which different windows can be set up and run simultaneously. For example, you could have multiple windows tracking the values of the main currencies and a live chat window as well. The set up process for this is easy and smooth thus enhancing the user experience for their traders.
  4. One-click trades: Some programs need you to take various steps before a trade becomes complete. This is in most cases tedious, especially when one wants to make multiple trades within a short time period. TradeKing has come up with an improved trading experience by introducing their one-click trading feature. Here, all a trader needs to do is to set his preferences and with one click, the trade is done. For beginners, it is a plus because it has simplified the buying and selling of currencies.

 

Tradeking Main Page

Tradeking Main Page

Opening a TradeKing Account

At TradeKing, opening a trading account takes about a quarter of an hour. This could be more or less depending on whether or not you take time to read the terms and conditions, and if you decide to read them, whether you thoroughly read them or if all you do is skim over them. You will be required to fill in your personal details as well as your trading experience and your financial information. To add to the security demanded of such personal information and account details, TradeKing has installed a virtual keyboard to boost the security of your account.

Smart Apps

With the technological advancements witnessed in the last few years, it has become essential for any serious forex trading software to build smartphone apps to conform with the times. TradeKing has made it possible for traders to make their trades whenever and wherever by developing apps for Android smartphones, for iPhones and for iPads. Now traders can make their trades, do their research, follow financial news, check their current and past activity on their accounts and much more without having to be in front of a PC.

Investment Research and Learning Center

  • The learning center: TradeKing operates an online learning center where you will find tutorials on various topics related to investing and forex trading including binary options. This center is available for self-training and research by anybody whether you maintain a brokerage account or not. This learning center has different media for disseminating a variety of information. The media you will find here includes: free webcasts (live), webinars, podcasts, video tutorials, newsletters, articles, blogs, e-books, calculators, links for further reading and many other useful tools.
  • The investment research center: TradeKing maintains an elaborate investment research center right in its website. This research and its findings are available to traders which help them make wise investment decisions which are supported by facts and solid research. Here you will find online equity reports, binary options, tolls for fixed income trading, portfolio information in real-time, trading charts and alerts, relevant news and analysis of news, mutual fund screeners, calculators for pricing probabilities, interactive training information and much more.

Other Features

Besides the investment research center and the learning center, TradeKing has other features aimed at enhancing trading and profit maximization:

  1. Maxit tax manager: This feature is an important tool in forex trading today. It is used to keep track of all the activities in your account. This will include all your profits, losses and other important financial information. It is available for use at no cost to all TradeKing clients. You will be able to record your tax related to your income from forex more accurately for your returns.
  2. Account records: TradeKing has a good record keeping and tabulation strategy. This includes the account records for each client. These records will include tax documentation, reports on trade confirmations, quarterly and monthly statements of accounts and activity reports. They are accessible online and you can download such records for your own record keeping in Excel, PDF, Microsoft Money 2007 or Quicken.
  3. CoolTrade / TradeKing partnership: Professional and experienced traders can access the automated currency trades through this mutually beneficial partnership. Traders can make low cost trades with this software. It is not free for all because it comes with a monthly subscription.

 

The Cons

On paper, TradeKing appears to be the perfect model for online forex trades. However, like many other players in the forex markets, it has its flaws. These include:

  • Limited training and education resources for novices: TradeKing has plenty of resources and rich material for research and education and that is not in doubt. The problem is that all these resources tend to be directed at experienced traders as opposed to beginners. In terms of educational material, a beginner will feel alienated at TradeKing. It could be alright for professionals in these trades but it is definitely not suitable for novices.
  • It is expensive for low risk traders: Usually, people start to trade small amounts to see if they can actually make money in online forex trading. The problem with this software is that it will require a tidy amount of money for somebody who wants to start small and build their portfolio through experience. Here, beginners would be better to try the binary robots which give options that TradeKing cannot provide. People with a low income interested in currency trades will be discouraged by the terms offered by this platform.
  • You can’t trade remotely: While manual trading of forex needs you to be online to trade effectively where there are short expiry periods, TradeKing’s automated trading demands that you be logged in for your trades to be effective. This creates the same problem that automated systems were created to solve in the first place.

 

Conclusion

TradeKing is good for manual trading of forex only if you have vast resources to draw from and you are a high risk trader. For the average trader and for beginners, it will be a struggle to make any decent returns with this platform. The best they can do for themselves is to register with binary options robots for good returns.

What you need to do

To make money in currency trading, especially if you do not have the experience most traders with brokerage accounts have, sign up with Binary Option Robot for the best services. It is easy to join and you can make your first trades as soon as you register. The minimum deposits are low and even people who have never traded in binary options, or any forex trades for that matter, are all welcome. There is training for beginners and excellent customer support at Binary Option Robot. Further, you are protected from rogue brokers as this software is only compatible with respected brokers who have demonstrated a sustained profitability record over the years.

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Michael Allen

Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.