ChoiceTrade

Discussion in 'Retail Brokers' started by EliteTraderNYC, Oct 3, 2015.

  1. Is this broker any good for options? $5 and .15 per contract thats the cheapest ive found so far.
     
  2. rmorse

    rmorse Sponsor

    It's hard to compare because we can't compare Quality of execution and we don't know what your average trade size is. I assume this is for smart routes only. You should ask where your orders go, especially complex spreads. You'd be surprised at how quality of execution makes a huge difference on cost.
     
    Gambit likes this.
  3. Gambit

    Gambit

    Do you think 606 reports are useful?
     
  4. rmorse

    rmorse Sponsor

    Not sure. I have never read one. I don't know how much detail they offer
     
  5. I used it years ago for options and can comment based on that possibly very stale experience:

    If you need somebody on the phone in a hurry; vergetaboutit (early a.m. you will get an answering machine when calling "trade desk"), generally annoying limitations to both front and back end of system; I find IB to be cheap enough and although they are also lacking in customer service skills, the systems are robust (except all dem stoopid bugs but forgivable), so I ask why would you?

    As far as fills adunno, I got filled. Using web-based system, you don't get to see much to be infuriated about. I did get filled on some nickel OTM calls on a biotech that hit the jackpot once... And those calls next few day did like x100~1000 when co. got taken out right quick-like, so, just sayin', I did get filled on those & I'm gonna guess there were not too many on offer.
     
    Last edited: Oct 3, 2015
  6. Gambit

    Gambit

  7. Gambit

    Gambit

    I suppose it helps to at least know if your broker sells order flow or internalizes. Some prop firms internalize as well (daytradetheworld, WTS?)
     
  8. rmorse

    rmorse Sponsor

    It is typical to route and get paid for it with options, even dma. To me, as long as I can directly to an exchange and it ends up on the exchange I don't care if a market maker gets a first look. It helps keep your commissions lower.
     
  9. For a lot of the trades ill make itll be low valued spreads that ill be selling so the .15 makes a huge diff.