Online Broker Suggestions...

Discussion in 'Options' started by socaldodger, Nov 18, 2005.

  1. Hi:

    I need some recommendations for an Online Broker. Who do you guys use? What do you guys think about OptionXpress, E*Trade, Ameritrade, Interactive Brokers, Thinkorswim?? Any help would be greatly appreciated.

    Thanks in advanced,

  2. Choad


  3. hajimow



    I need some recommendations for an Online Broker. Who do you guys use? What do you guys think about OptionXpress, E*Trade, Ameritrade, Interactive Brokers, Thinkorswim?? Any help would be greatly appreciated.

    Thanks in advanced,


    Your question has a big clear answer. Interactive Brokers. My opinion about the other brokers that you mentioned.
    OptionXpress: Good service. You can do different strategies. Only problem is that it is expensive for options compared to IB and margin rate is higher.
    2- E*Trade: Expensive and if you did not have the option of IB, I would go with OX instead of ET
    3- Ameritrade: Hell no. They are expensive, high margin rate and they have bug in their option margin calculation in their favor that they don't want to fix it.
    4- Thinkorswim : I have no idea on this but I bet you they are more expensive than IB and smaller. If you have the choice of IB, why you want to go with Thinkorswim unless you want to have a second account beside your IB account.

    Result: IB is the best choice. You can trust on my choice because I had accounts with 9 different brokers and now that I have IB,I am relieved. A big relief.
  4. OptionsXPress...Others have mentioned other brokers who are cheaper but due keep in mind that a cheaper price for options doesn't always mean a better broker...

    OptionsXpress is great on execution, customer service, emailing and postal mailing trade confirmations and their web site is great and loaded with tools and they are always working on making it even better...

    I use them and am very satisfied and highly recommend them.
  5. MTE


    Yes, Thinkorswim is more expensive than IB, but it is cheaper than OX under certain conditions, besides you can pick OX commission schedule at Thinkorswim if you like, among some other brokers' schedules (no IB though).

    However, commissions are not the single most important factor in choosing a broker, so don't make any big decisions based solely on commissions!

    The good thing about IB is that you can trade many instruments from one universal account.

    The good thing about Thinkorswim is that their trading platform is the best in business, for options that is.

    In other words, there're really only two choices for option traders - Thinkorswim or IB. Demo both and see which one suits you better.
  6. Thread regarding inexpensive brokers may be useful for you if you need option price, system stability, and split second reaction time (while monitoring all 6 option exchanges).

    If you need sophisticated orders, then I would agree IB for a Direct Access platform*, or OptionsXpress for browser based (ThinkorSwim: no opinion).
    *only, in my limited experience with them, the system can sometimes freeze, and then customer service might not be available either. (If anyone can, please verify if you had the same experience.)
  7. ===============

    That is a helpful thread;
    within 20 days or so IB , Trade Station cut commissions/costs.

    I like IB,OXPS and ;
    have IB quotes freeze more than OXPS.

    Something else helpful ,read all the elite trader broker ratings;
    click ''brokers'' @ top green line this page

    Did have some temporary IB freeze once when I was changing an exit option order from limit to market;
    but never have had that problem with my IB back up , which is IB rapid order , set up @ top of screen.

    IB may be a bit more complex than some brokers;
    typicaly they want a seperate notice of a bank wire, fine with me.

    OXPS has notably better option quotes[6 exchanges ] , than IB;
    & like IB says have 2 brokers.
    Also my average holding time for stocks & occasional options = days, so I don't need customer service that often.

  8. milstar



    To date best platform tested from point's of view
    stability ,quality of code, relation objective to means,
    communication with clients ,customized offer -
    possible thinkorswim .But policy of TOS avoid
    printed version of account statements -inacceptable
    atleast for author.

    read thinkorswim thread by option

    Your respectfully milstar

    P.S. IB,Cybertrader are principal's ,which involved in trading against client order.

    Choicetrade stated that is pure agent .But to date author not find some by CT platform and offer,that is some better as MBT .
    About Rushtrade to date author have not full opinion .Only about she's clients acquisiton policy can say some equal to
    IB (aggresiv)
  9. def

    def Sponsor

    if you are going to continue with your fixation on agency/principal, please get your facts straight. IB does not act as principal nor does IB conduct any proprietary trading. IB's order routing stats and reports to the SEC clearly state that best price and time are the determining factors upon where an order is routed. You should also read the routing reports for any firm you are looking at. they may shed some light. I'm not asking you to choose IB as your broker but I'm asking you to get your facts straight. I'll also add that you are obsessed on whether a firm may trade against you rather than fixating on obtaining the best fill.

    respectfully, def
  10. milstar


    Dear Mr.DEF

    Sorry to inform you ,in one of your e-mail before you stated
    IB not involved ,TMBH make that .

    In this case definition as " Company and she's affiliate
    have not proprietary desk,not involved in trading against
    client interess and exist not a grounds for direct conflict of interess" can not be used .

    Trading against clients interess with access to information
    about clients group behaviar, position,stop loss give principal
    multiple decisive advantage's.

    Illustrative example . Take simply not adaptive Risk /Reward
    relation 1 to 1 . By each 20$ bet in case of win back 40$

    Very good operator from 100 operations would win 60
    Good operators 55 operations
    Take transactions cost 2 operations
    60-2 = 58 operation
    55-2 = 53 operations

    Trading by Principal would increase this winning realtion for 3-5 operaitons.
    58-5= 53 winning
    53-5 = 48 operations

    Broadly mass of operators ,which can perform result 40-50 % per year would make loss

    Definition of GS,MWD,MER as "China wall" - without matter
    #10     Dec 1, 2005