TradeKing to close Trader Network due to move to Ally
As a part of TradeKing’s integration with Ally, the Trader Network is about to be closed later this month.
FinanceFeeds’ team has been keeping you informed about the transfer of TradeKing’s customer accounts and services to ally.com, more than a year after Ally Financial Inc (NYSE:ALLY) agreed to acquire TradeKing for approximately $275 million.
The next step in the integration of the online offerings of the companies affects TradeKing’s Trader Network, which will become unavailable starting June 19, 2017.
The change is bittersweet for clients of TradeKing who formed part of this free online stock and options trading community where real traders shared and discussed trades and investment ideas. The network was a place where clients of the company often spoke freely to management and staff of the brokerage and got to learn the latest developments around the company in a faster and friendlier ambiance than a typical PR feed would allow.
Ally promises an alternative thanks to its own blog, presented as “A Community For Your Financial Well-Being” but whether it will be able to replace the Trader Network is a question that former TradeKing clients can answer.
Following the transfer of TradeKing customer accounts in early May, securities products and services are now offered through Ally Invest Securities LLC, whereas advisory products and services are offered now through Ally Invest Advisors, Inc. Futures trading services are provided by Ally Invest Futures LLC.
Forex products and services are offered by Ally Invest Forex LLC, an introducing broker to GAIN Capital Group. These Forex accounts are held and maintained at GAIN. Traders retained access to the ForexTrader and MetaTrader 4 platforms, as well as to research & analysis tools.
The move has also affected MBTrading, whose acquisition by TradeKing was agreed in August 2015. MBTrading’s webpage has been redesigned to say that “Ally Invest Now Owns MB Trading. We’ve recently acquired MB Trading, and we’re working to combine our products and services.” In the meantime, traders can still open an MB Trading account if they are willing to trade futures, access software platforms that run through MB Trading APIs, and use Desktop Pro trading software for stocks, futures or options.
