Hi, I'll keep it easy. I trade roughly 5-10k contracts a month. Currently @ TDAmeritrade. I enjoy using TOS, seems like it puts everything right in front of You especially with trading options. I want to start negotiating commissions on options with Ameritrade ( seems like .75 is just high plus the $9.99 just starts getting expensive.). Keep north of 1mm in the account, do not use any margin. The question is..is this really the best broker for Me? Or do I make the jump to IB and just call it a day? Opened an Account with Optionshouse, don't think the web based stuff is really going to work for Me. Any feedback would be great. I really just need to figure out if should stay with Ameritrade and negotiate or just go to IB. Thanks! M
AMTD will go to 7$ per ticket, but at 5-10k contract/mo you're still getting whacked at 0.75 - I spent months trying to get them to go lower on the contract price and finally gave up, and moved IRA's to OH. OH's web based browser is ok ... at 8$ and .15/contract you'll save a ton of money over AMTD. I hated IB's platform and I think you need over 10k/contracts per month to get .50/contract which still seems high to me when comparing OH or eO at 8 & 3/ticket and .15/.10contract. (I know you can lower your commissions at IB if you're providing liquidity, but that's a two edged sword.) eO's non-professional platform is terrible "eO Direct" (some parts are better than OH's platform) and eO's website is circa 1992 ... their VP told me they're going to update both, but seeing is believing. At 3$ ticket and .10 contract their prices are excellent. I have not been an IB customer, but I am of AMTD/OH/eO, so maybe I'm missing something with IB ... oh and you can still use TOS with just a nominal amount of money in an AMTD account... I figure they owe me a free platform after all the contracts I've done with them.
Try TradeMonster, 50 cents no ticket (plus exchange fees) if you fund with over $25k. Not the greatest platform, but it works
What's better, 50 cents per contract or paying slightly more for a better chance (as independently audited) for price improvement? 1 penny price improvement (or 1 penny worse on a fill) on 1 contract = $1.00.
Commissions are a known cost while a price improvement is something nebulous that every flow seller will dangle like a carrot by your nose. OP, out of curiosity, what is your p&l to commission ratio? 5k contracts per month is a lot on a million dollar account, am I reading you correctly?
i have been with them for many years and when TD took over, its been a disaster. Everything from commissions to customer service now SUCKS! I pay $1.25/contract at thinkorswim. Trading butterflies with $38000 I pay about $4500/ year. Thats 12% of my account value. 12% for submitting my orders!!!!!!!!!!!!!! Submitting my orders is the same as forwarding an email. When I called to ask what makes them worth 12%, they hung up on me!!!! This is the worst customer service I have ever encountered! They do not treat their customers respectfully. This company really went downhill after TD took over. I can't get filled on my orders without paying $.20+ over mid price. They messed up my margin so I can't trade as much, They send my 'open orders' as 'closing orders' to the exchange causing them not to go through right. EVERYTHING ABOUT THIS COMPANY SUCKS now. I will only use them for my charts but will not be trading with them anymore. They are NOT worth 12% of my money.
I don't understand. You chose to deal with them. You knew the commission prices. You know your account size and trading frequency. Why accost them because of their prices? Yell at them if their service was bad, but if you don't like the price you agreed to pay, just move elsewhere, don't be rude to them.