TradeKing Reportedly Discussing $300m Sale: Bloomberg
Bloomberg reports that TradeKing, one of the most aggressive brokers on the retail stock market trading market in the US,
One of the most affordable retail clients focused online stock brokerages in the U.S., TradeKing is considering a sale according to a report by Bloomberg. Sources which are cited in the article on the matter are claiming that the company is in discussions with Bank of America to find a buyer for the business.
The company has been rather aggressive in its operations as it has been charging a flat $4.95 fee to its clients for every stock trade that they undertake, while not requiring a minimum account balance.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
TradeKing made headlines in the foreign exchange industry after acquiring MB Trading in August last year. According to sources cited by Bloomberg the company is looking to receive about $300 million from the sale. No official comments have been obtained from company representatives, possibly due to ongoing negotiations.
Suggested articles
B2BX Simplifies Access to Institutional Grade Liquidity for Crypto TradingGo to article >>
After the acquisition of MB Trading, TradeKing decided to drop the Retail Forex Dealer License of the company and transferred the forex business to its introducing brokerage unit. The deal has ultimately resulted in higher volumes for GAIN Capital, the second biggest broker in the U.S. by market share.
With its competitive offering, TradeKing could be an appetizing business for a number of more established institutions amongst brokers that are looking to expand their reach to retail clients. On the negative side, the current market sentiment is eroding the confidence of retail investors as the Dow Jones Industrial Average has marked a 500 point drop in today’s trading.
U.S. markets are closed on Monday for Martin Luther King’s Day holiday.
ForexMagnates – Your new website is sh*t. I used to love your site but I just can’t navigate this new format: it is un-intuitive, hard to access older posts, slow to load, doesn;t resize to smaller browser windows.
In short, your site is so bad I am stopping reading it.
Thanks for the engagement I guess. If you hang on a bit, you may find surprises on FM. One way or another, we appreciate feedback even when it comes in the form of tough love.