It’s official! TradeKing and Zecco have formally merged. Since the announcement in May, I wondered what they would call the new company. KingZecco? TradeZec? In my opinion, they wisely decided to keep the TradeKing name, because it had more brand equity. The formal company name will be called TradeKing Group, Inc.
The new company will have several billion in customer assets and over 500,000 customers. They are much smaller than the largest firm Fidelity but still have a respectable amount of customers. This will make them approximately the sixth largest brokerage.
The firms have not gotten FINRA approval, so the merger isn’t finalized yet. Though I suspect FINRA should make the formal approval within the next two months.
The press release made no announcement of when accounts will be merged. However, both firms use Apex Clearing as the clearing house. This should make the merger process easier than other mergers of past. The biggest issue will be the merger of front end features and services unique to each. Hopefully, with the merger they will keep the best of both companies. TradeKing is great with customer service, and Zecco has great mobile trading options and FOREX. Out of the two companies, TradeKing is definitely my favorite.