Update – In 2014, TradeMonster and OptionsHouse MERGED, so the site TradeMonster.com no longer exists (and re-directs to OptionsHouse.com)
A subsidiary of optionMONSTER.com, tradeMONSTER was launched in late 2008 as an online trading platform. OptionMONSTER provides the education, news and market intelligence on options and equity trading, while tradeMONSTER allows the average investor to use the tools and knowledge gathered from optionMONSTER and apply them on the tradeMONSTER platform. With over 20 years experience by the people who brought you this online discount broker, it’s no surprise that they were rated “Best for Options Traders” by Barron’s for the second year in a row.
tradeMONSTER offers several different account types, the most common of which are the following:
- General Account
- Custodial/Trust Account
- Corporate Account
- IRA account
- Futures Account
The accounts allow the opportunity to trade stocks, options, futures, ETF´s and mutual funds.
Fees and Pricing at tradeMONSTER
All you need is a minimum opening account balance of $2,000 and you are ready to trade with one of the best trading platforms on the web today. Every equity stock trade costs $7.50 per trade. Options trading cost $0.50/contract, single leg orders require $12.50 minimum and multi-leg orders require $15 minimum per spread. Unfortunately, this price is pretty high when compared to other online discount brokers like TradeKing and OptionsHouse but if you’re a causal trader, the few dollars a month in additional fees is worth the technology upgrade.
Futures and options on futures will cost you $1.50 per contract/per side, excluding exchange fees, NFA fees, overnight and platform fees. Mutual funds cost $15.00 per trade, which applies to purchase only, as there are no fees to sell. Last but not least, municipal, corporate, agency and treasury bonds are $15.00 per trade.
tradeMONSTER Technology and Platform
The tradeMONSTER platform is exclusively accessible through your online browser, there is no need to download the program to your own computer, so you can trade from any computer, anywhere. tradeMONSTER offers an array of trading tools such as a technical analysis of pattern recognition, technical scans and technical alerts. Also included is the liveACTION scanner that searches a database of streaming quotes and other metrics in real-time to help you find opportunities in the market.
Other tools include a strategy seeker, a spectral and snapshot analysis from their tradeLAB, detachable windows, twitter integration, portfolio analysis, paper trading, a trade spread maker, trade simulation, free real time streaming quotes and charts as well as a professional grade market analysis.
Funding your tradeMONSTER Account
There are five ways to to fund your tradeMONSTER account:
- Transferring your existing trading account over to tradeMONSTER – All you have to do is complete the Customer Account Transfer form, print the completed form, sign the form and send it along with a copy of your most recent statement from your previous account. Up to $250 in fees can be reimbursed if you show valid proof.
- Link your bank account and your tradeMONSTER account with an ACH Cash Transfer – Click the Request New Transfer button, enter the tradeMONSTER account number you want to deposit the money to, complete the form and click submit. It’s that easy.
- Write a check – Make your check payable to PENSON FINANCIAL SERVICES and send it to Penson Financial Services, Inc. at 1700 Pacific Avenue, Suite 1400, Dallas, TX 75201.
- Deposit your stock and bond certificates – Sign the back of the certificate and print your account number and/or the primary account holder’s social security number underneath the signature. In the blank space, before the words “Attorney to Transfer”, print “Penson Financial Services” and send your certificate to the address located in number three.
- Wire Transfer – When asking your financial institution to initiate the transfer, provide them with the following information:
JP Morgan Chase227 Park Ave.
New York, New York 10172
ABA: 021000021 (for non-domestic USD wires use SWIFT Code CHASUS33)
FBO: Penson Financial Services
FFC: Account Holder´s Name & OM Securities Account Number
tradeMONSTER Industry Awards
Barron’s gave tradeMONSTER very high rankings in their 16th annual online broker review. They received 4.7 out of 5 stars for Trading Experience, 4.7 out of 5 stars for Portfolio Analysis and Reports, 4.5 out of 5 stars for Customer Service and Education, 4.4 out of 5 stars for usability and 4.5 out of 5 stars for Research Amenities.
tradeMONSTER Customer Service
Customer service representatives are available during regular business hours, 8:30 AM ET to 6:00 PM ET, Monday through Friday. Contacting tradeMONSTER is easy, just use one of the following options:
- Call ’em up at 1-877-598-3190.
- Send them a fax at the following number: 1-312-284-4775.
- Shoot over an email. The email address for all inquiries is email@example.com.
There is no doubt that tradeMONSTER has a great up and coming trading platform, complete with top notch tools and excellent education. However, the trading price and lack of brand awareness could detract some traders from giving these guys a try. If you’ve become interested in allowing tradeMONSTER a shot at your business, you can sign up for an account using any link you see in this article.
Feel free to share your experiences with them … we’d love to know what you think.