NEW YORK (CNNMoney.com) - A few online trading pioneers from the dot.com days have started a new electronic trading site in the wake of industry consolidation and what they see as high prices.

The site, TradeKing, advertises a flat fee of $4.95 for each trade, with no minimum investment and the same fees for all traders, large or small.

TradeKing's Don Montanaro

"I see same, same, same and same. I don't see anything fresh for the online investor," Don Montanaro, TradeKing's founder, told CNNMoney.com Tuesday, the day the company announced its debut.

"We're going after disaffected victims of the industry consolidation."

Montanaro said the $4.95 fee, which is considerably less than the $7 to $10 charged by some competitors, is made possible by using technology to reduce costs.

He claimed that TradeKing's competitors were stuck trying to cobble together old technology from a variety of sites as the industry has consolidated over the years.

"We have an opportunity to build from a green field and turn our savings into value for our customers," he said.

Montanaro also said the site plans on doing away with expensive advertising and will rely on word of mouth and good public relations.

But no matter what kind of cost savings TradeKing plans, the company's success is not guaranteed.

"I think anybody getting into this business has their work cut out for them," said Seth Dadds, an analyst at Garp Research, who said service and the user interface will be extremely important in wooing new customers. "It's not going to be based on just price alone."

The site also offers real time portfolio information and a database of not only analyst's reports but also financial blogs and other tools, the company said in a statement.

Montanaro was a founder of Quick & Reilly's Suretrade, which the company said had grown into one of the largest online trading businesses in the late 1990s.

Many of TradeKing's other top executives are former managers at Suretrade.

________________________

Up year for Dow goes down to the wire. Click here