TradingBlock Review and Rating 2023Visit TradingBlock
One of the things that sets TradingBlock apart from other trading platforms is its extensive range of features. For example, you can use it to trade stocks, options, and futures contracts. You can also use it to create custom portfolios, which can be a great way to manage your investments. And if you need help getting started, TradingBlock offers a wide range of tutorials and support materials.
TradingBlock is an online discount broker that is based within Chicago, Illinois, that's one of the four brokerages owned by AOS, the parent company. The remaining three are TradingBlock Pro, TradingBlock Futures along with Money Block. Today we will do a TradingBlock review. Stay with us to explore the broker.
We are going to be unbiased as much as we can in our TradingBlock review. AtoZ Markets is in no way responsible for any opinions of the writer. If you are from TD Ameritrade and think that the writer did something wrong, please contact the AtoZ Markets editorial team.
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TradingBlock was founded in 2017 by a group of experienced Wall Street veterans. The company is headquartered in Chicago, Illinois.
TradingBlock is a broker-dealer and member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). The company offers a variety of services, including online trading, portfolio management, and institutional sales. TradingBlock is one of the leading providers of block trading solutions for institutional investors.
TradingBlock is committed to providing its clients with the best possible trading experience. The company's team of experienced professionals are dedicated to developing innovative solutions that meet the needs of institutional and individual investors. TradingBlock is a leading provider of block trading solutions and looks forward to continuing its tradition of innovation and excellence in the years to come.
Now in this TradingBlock review, we will have a look at their products offering. TradingBlcok offers Stocks & ETFs, Options, Mutual Funds and Auto Trade.
Stocks & ETF
If you like stocks and ETF trading, TradingBlock can help investors who invest in stocks with innovative idea-generation software like TradeBuilder, a patent-pending tool and extensive research and the ability to execute trades in a variety of ways. They provide fully integrated portfolio and market information in order to window for stocks to help traders execute trades more efficiently.
Multiple types of orders
You can choose the stop market, limit and market at closing. Limit prices are set at the current bid or ask (depending on sell or buy the order).
Power of buying in real-time
It displays stock and options buying power to ensure that you have sufficient capital for any deal. Also, shows the capital linked to the pending transactions.
Quotes integrated and current positions
You can easily view the current quote when making your purchase prior to entering the price. If you are placing your order to purchase a security which you already hold an account, you are able to see that position, too.
Working and Saved Orders
Check all active and saved orders from the same order ticket to reduce time when you enter several orders at the same time. Change or cancel orders in just one click.
For traders and investors who do options trading, flexibility is crucial when it comes to finding suitable options, to determining the best optimal strategy, to choosing which execution method is the most adaptable choice. Each option trader or investor has their own set of rules.
TradingBlock introduces tools and features that are designed to make it easier for you to locate securities that meet your investment goals, in order to reduce the time required to identify or create an option strategy, analyze the strategy's rewards and risk and to execute the strategy by using a range of contingency-based execution options.
They have following options trading feature:
- Complex Orders
- Real-time buying power and pre-trade margining
- Integrated quotes and existing positions
- Pre-trade and post-trade analytics
- Working and Saved Orders
TradingBlock has over 11000 mutual funds which is a really good offer for their customers. You can view current NAVs and Fundamental of mutual funds. You can also see historical NAVs charts and download data.
TradingBlock's Auto-Trade service is an automated trade execution service available to subscribers of newsletter publishers who are participating. When you enable Auto-Trade in the account you have created, you are granting permission to TradingBlock to follow the trade recommendations in your financial newsletter for you in an unbiased manner.
With Auto-Trade you can choose whether trades made from newsletter recommendations will be made in accordance with a percentage of the account's purchasing power or based on a dollar amount.
Also Read: TD Ameritrade Review
Analyze and Research
TradingBlock developed Analyze & Research to help investors understand that the true value of an idea is the knowledge behind it. In Analyze & Research, you have access to nearly every bit of information about any ETF or stock and do it in a matter of minutes.
Pros and Cons of TradingBlock
- They have auto trading which is a good option
â€¢ They have easy to use tools
- It is easy to reduce risk by using the option to analyze trades
- They have very low margin rates
- Minimum account balance not required
- Commission charges on shares include $0.001 per share. There is the minimum being $5.
- Additional fees for exchange are added per contract for certain ETF options and index products.
- No mobile app for TradingBlock
- More expensive fees are not appropriate for the majority of traders who are active.
- Website is not user-friendly.
TradingBlock Types of Account
In this segment of the TradingBlock review we look at the different kinds of accounts offered and the TradingBlock opening procedure. USA citizenship must be verified when opening an account.
Different types of TradingBlock account:
The TradingBlock opening process for a new account is as follows.
On the TradingBlock website, find the 'Open Account button'. It is straightforward however the speed and ease ends there. Although the TradingBlock opening account process isn't terribly difficult, it is lengthy and frustrating and consists of a seemingly endless number of questions. The new users must also submit several documents to show your US citizenship and residency , which may take some time to confirm. Once all paperwork is completed the TradingBlock opening account process can take around two days. We found that it is somewhat more recent than other brokerages.
Is TradingBlock Trusted?
During our TradingBlock review we have found that TradingBlock is a trusted broker in the market. There aren't any reported breaches at TradingBlock. They do offer some details about the security of their accounts via their official website. They utilize secure identification as well as ID verification procedures. They also offer SIPC security for accounts of as much as $500,000.
Trading Platforms offered by TradingBlock
TradingBlock offers advanced trading platforms. In the TradingBlock website, there is not much information about trading platforms. But we collected some information about their platforms from different websites.
TradingBlock's basic trading platform comes with all the tools necessary to make trading easy with interactive charts, streaming quotes, advanced orders, and trade alerts. However, if you really want to kick it up a notch and get into one of the active trading platforms they offer their pro trading desk where you can gain access to Sterling Trader Pro, SILEXX OEMS, RealTick or TOP from Instinet trading platforms. The platforms are advanced and robust, with some of the finest customization tools available within the marketplace. You'll need to satisfy certain requirements such as capital requirements and monthly costs to access the latest software, but If you're serious about your trading, you shouldn't restrict yourself to software that can just suffice for you.
Fees and Commissions
They have virtual accounts and brokerage accounts. TradingBlock does not necessarily need to meet a minimum amount to start an investment account for yourself and you can open it with a simple check or ACH transfer.
Their current rates aren't the same as those of other brokers that are virtual. Although the commission fee was reduced for many brokers to zero in October of this year, TradingBlock still has commissions on ETFs, Stocks and Options.
- $0.001 commission charge per share, with the minimum being $5 for stocks and ETFs
- Options can be traded for $5.00 plus $0.50 for each contract.
- Bonds are sold for $1 with a minimum of $50
- UITs or mutual funds trade at a price of $30 per
- Fixed Income fees is $1.00 per bond; $50.00 minimum
- Futures can be traded through TradingBlock Futures with a minimum of $2,000 and the price for futures is $2.50 per contract, for each future contract
Margin rates are fairly low, but they vary. There are also some conditions for a bank account to be able to get the loan.
TradingBlock Review: Account Minimums and Other Fees
Accounts that haven't been active for 12 months are also assessed a fee of $30 for inactivity as well as an additional charge of $2-$5 for statements on paper and confirmations.
There isn't any minimum requirement to open the investment accounts, you'll require a minimum of $500 for an IRA and the minimum amount of $2,000 in order to get margin loans. Futures accounts require a minimum of $2,000 for accounts.
Wire Transfer free $25 for domestic outgoing. $50 for international outgoing. Wire transfer incoming is free.
For more details of TradingBlock fees and commissions, go here.
Customer support at TradingBlock is slightly outdated in this regard in that they provide customer service via email and a phone line. This means they do not have a live chat feature or any other form of 24/7 support.
However, it's not all bad for customers, no matter how old-fashioned they may appear they work well. They respond to calls pretty promptly, as we have experienced and the response times to emails were acceptable. In addition they're concise and efficient in their answers.
Support for their phones is available by calling a toll-free number. It is open Monday-Friday from 9am to 5pm Eastern Time, which isn't suitable for customers from the west coast However, since the headquarters are located in Chicago this can be expected.
TradingBlock has many aid tools that are simple to access and locate for example, its FAC page (frequently solved questions). The FAC is compactly organized with drop down menus, and includes a wealth of specific information for certain subjects and contexts.
Is TradingBlock a Regulated Broker?
TradingBlock is covered by all the regulatory authorities that we would expect from the top-rated trading broker within the US.
TradingBlock is licensed by the Financial Industry Regulatory Authority (FINRA) as well as the National Futures Association (NFA). These are two US regulators that ensure that the brokers they oversee are held to the highest standards In regards to transparency as well as regulation, TradingBlock ticks all of the boxes of our TradingBlock review. Read more about it here.
If you decide to set up the TradingBlock account and begin dealing with them you'll become a member of the Securities Investor Protection Corporation (SIPC) . This is a huge benefit. Membership in the SIPC guarantees that your deposits are secure in the event of bankruptcy or fraud, up to an amount of $500,000.
In conclusion, we'd be able to declare that it's safe to make transactions with TradingBlock brokerage firm. This is certainly the most important aspect in our TradingBlock review.
Based upon my research and my overall experiences with TradingBlock, I'd say they are a typical broker, with commissions that are slightly higher than average while their system is basic. However there are better alternatives available for active traders, so if you think it's not suitable for you, you can read our broker reviews available on our website. But for experience traders, it can be a good choice.