tradeMONSTER Review

*** TradeMONSTER has been bought out by OptionsHouse, check out our detailed review of Optionshouse HERE ***

The Good:



TradeMONSTER has a very customer-friendly fee and commission policy. They do not charge any account maintenance fees, no transfer fees and no platform fees (more on that below). Their commission rate is lower than all the major banks and other larger online brokers at $0.50 per options contract, making them one of the top picks for options traders. Their stock trade fee is competitive at $7.50, lower than banks and other larger online brokers. There are, of course, lower trade fees to be found out there (reviewed right here on BestOnlineTraders), but their no-fee policies can cancel out the commission differences depending on your individual scenario.

TradeMONSTER really tries to go the extra mile to educate its clients. They have a vast education section on their site, which includes a host of tutorial videos that explain their various trading platforms and research tools. This is a great resource in that you can become 100% familiar with their software before you ever make a trade, significantly lowering the potential for mistakes.

One feature that I really like about tradeMONSTER is their trading platform policy. Unlike virtually all of their competition, they do not charge extra fees for use of their advanced platforms. They do have multiple platforms for users of varying skill levels, so no matter your level of experience you will be able to easily buy and sell stocks. The fact that advanced users can take advantage of tradeMONSTER's more complex and advanced platforms for free is fantastic and could be the tipping point for people who are trying to decide which site to sign up with.





The Could-Be-Better:

trademonster reviewtradeMONSTER FAQ Snippet

Q: What methods can I select for withdrawals?
A: OM Securities supports withdrawals via check, ACH and wire transfers.

Q: Is there a platform charge for your software?
A: tradeMONSTER’s state of the art web-based trading platform is completely free to use. Unlike some firms that charge a monthly “software” fee. tradeMONSTER delivers all your trading tools to your desktop at... READ MORE.


TradeMONSTER does not offer virtual, or practice trading. One of the things most experts recommend is to practice trading before depositing any money into an account, so this can be a big drawback. This is not a big deal if you already have an idea of what you’re doing, but some beginners like to have the option of practicing buying and selling stocks before they make a deposit and do the real thing.

This may sound odd, given that I mentioned under The Good, but the $7.50 fee per stock trade could probably be a little lower. There are lower commissions out there, but again one must consider the other fees. For example, OptionsHouse offers trades at $3.95, but they charge an additional half cent per share for all stocks under $2, whereas charges the same fee except their threshold is lower at $1. These little things can make a difference, depending on your trading plans and tendencies. As always, it's important to really read into all the details.



Summary

TradeMONSTER offers some considerable advantages for online traders. While not necessarily a household name, their trading platforms are exceptional and offer all the bells and whistles you'd expect from a much larger and well-known company. The fact that they do no charge extra fees for these advanced platforms is a huge bonus, especially when considering that most of their competitors charge a monthly fee (that can really add up over the months and years). These savings, along with their ultra-competitive options fees and other no-fee policies can offset some of the perceived disadvantages. Like we tend to preach around here, it's very important to know all the facts before signing up at an online broker, so do some reading of your own. In the end, TradeMONSTER is a very appealing option and one that we recommend.


Not sure if tradeMONSTER is right for you?
   Check out more BestOnlineTrader reviewed sites:
                   OptionsHouse
                   e*Trade
                   TradeKing
                   Questrade




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