How do Think or Swim and Options Express route options orders? Is the trader able to route to specific exchanges and if so is there an added charge to use this functionality? I use and like IB for some options trades, but it is worth noting that traders pay nearly double to route to a specific exchange, say to avoid the Philly time scam. O.
I used www.mrstock.com throughout 2000 and 2001 before consolidating a number of accounts to another broker and was very happy with the service. I was a beginner and the site was easy to use. If anything, it is geared toward more complex trades. Do not remember the commish. On phone calls, they were good and overall they definetly know what they are doing. Site should be used with broadband. I have also heard good things about thinkorswim. Currently, I use IB. Happy with that also. Geo.
I use Mr. Stock as well. My father uses Thinkorswim(TOS). I have nothing but good things to say about Mr. Stock. Commission schedule is not the best, however it is reasonable. All telephone reps have passed both the Series 4 and the Series 7, and are extremely knowledgeable. Additionally, most all have worked on the floor as options trading clerks or MMs. Online, they provide a viewable montage with all quotes across the five exchanges. You can route exchange-specific if you telephone them with the routing request (at no additional charge), after you place the order online. My father says he loves TOS. Their commissions are very low, albeit not as low as IB. He chose TOS over IB, because he liked TOS's platform better. I would use TOS now, however, at my primary trading location there is a firewall, and TOS will not work. TOS offers exchange-specifc routing online, at no extra charge. However, as far as I know, TOS does not offer a 5 exchange quote montage. Both Mr. Stock and TOS have very low margin requirements on Uncovered Options. I have used Ameritrade and E*Trade as well. I can also provide comments on either, if you would like. I do not feel either of these two are very competitive for active options traders. Please feel free to PM me about any broker listed above. Hope this helps.
Thanks bro... does help. There's good stuff on this entire site. Real glad I joined ET after so many years of trading' wonder how long Et has been 'open'. Thanks "Baron"... great job. Bonne chance in 2003!
OE pays you interest on short options that will far more outweigh their assignment fees. IB does not pay interest on the proceeds under 100k. Option traders don't do excercise that often so this fees should not matter.