Brokerage recommendation for trading multileg options (via API)?

Discussion in 'Retail Brokers' started by taotree, Apr 17, 2025.

  1. taotree

    taotree

    I'm looking to find a new brokerage. The fills at the one I have been using are rather bad (yes, it's PFOF). I have seen the bid go above my ask without a fill (on a spread). Reading Interactive Broker (IB)'s docs about routing legs separately seems like I want something similar to that.

    Criteria:
    - I trade equity defined risk multileg options on SPY and other ETFs and such.
    - Average a few trades a day for now, limit orders only.
    - Would like to have optimal fills for these multileg types of trades, ideally getting fills in the middle of the overall spread.
    - Minimal fees would be ideal, of course.
    - I don't need any software, just an API. Bonus points if the API doesn't require running a local gateway (IB requires it which is a nuisance) or the gateway is very small and headless.
    - Needs to allow trading defined risk option strategies in an IRA
    - Low/no assignment fee and support resolving it nicely even if I don't have cash to cover it (eg. I close it along with the remaining long leg of the spread next trade day).
    - Bonus points (but not required) for allowing >4 legs (eg. rolling a condor) in a single order.

    It appears that IB might satisfy this, but I'm hoping there might be an alternative that is at least as good on the other points and has a better API because IB's API is... not ideal.
     
    Last edited: Apr 17, 2025
    MarkBrown likes this.
  2. MarkBrown

    MarkBrown

    i sincerely hope you can find someone - i been looking also. my problem with ib is the margin.