I've just joined EliteTrader. I'm a semi-novice position trader interested mostly in futures options, but also futures and a little in stock options. I had an account with XpressTrade (XT) that was transferred to the OptionsXpress (OX) platform during the merger, last December. So far, I've had some difficulty with my on-line account records. OX customer support eventually fixed it, after quite a bit of prompting on my part. Also, compared to XT, I find the OX platform cumbersome for trading futures and futures options. I've also read some of the other threads regarding OX and I'm a little concerned. Now I'm wondering about getting another on-line broker. Any advice from former XT traders (or anyone else) about OX? Do you find OX a suitable trading platform for futures and futures options? Or would you recommend moving to another broker? Any suggestions for an alternate broker(s)? Thanks.
I'm also looking for an alternative to OX. I'm not a US citizen/resident, so OX doesn't allows me to trade futures. I had noticed that OX is slower now. I swing trade, or position trade, so it isn't a big deal. IMO the best alternative may be thinkorswim, altough they don't offer you all the futures OX has.
Right now I'd have to recommend against OXPS for futures trading, as I outlined in my note in this thread: http://elitetrader.com/vb/showthread.php?s=&threadid=113384&perpage=6&pagenumber=12 I *like* the company and its customer service, but for futures, I am really afraid to trade there right now.
I looked briefly at thinkorswim (ToS), as crgarcia mentioned, it has much less available compared to OX. That, so far, is the only problem I have with them. I've seen other threads about this issue, were ToS expects to add more futures "soon". Who knows when they'll do it. To rickf: Since, you recommend against OXPS, do you have any recommendations for any other brokers? I also looked at Interactive Brokers (IB), but I don't qualify since I have less than 100+ trades under my belt. I didn't bother pursuing them. I'm I being naive about that? Or is IB for 'seasoned' traders only?
I have TOS. I don't need a ton of products though. I believe I saw TOS is expected to release updates early Februrary. Depending on what products you want to trade, I also have a secondary account at Infinity who is very good futures broker. I've heard Velocity is good too but tailored more for high-volume traders.
ToS from what I hear is pretty good for options trading, and I will say OXPS is pretty darn nice for options and stock trading, too. I'm looking at Tradestation and Velocityfutures myself --- most of my trading these days are futures, and OXPS just ain't cut out for it right now for some reason.
I'd recommend IB, sure everyone loves to complain about them, but nobody offers what they offer and especially not for the price. They do have issues, but so does every other broker. I'd also recommend openecry for futures. They offer a large number of futures (almost as many as IB) and their OEC software is .net 2.0 based and very slick.
I was too, the day I heard XPRESSTRADE sold out. Glad I did. If you research enough, you should find at least a couple brokers that match your specific criteria.
Quote from rickf: "...I will say OXPS is pretty darn nice for options and stock trading, too...OXPS just ain't cut out for it [futures] right now..." I agree with you that OXPS is good for trading stocks and stock options. I have had good experiences so far, and they seem to have that down. But, are you saying they are good for futures options? I would think that the trouble they have with futures would also adversely effect trading futures options, as well.
Hello Specula, I just started account at IB. If you want trade options and future options, your total liquid assets needs to be more than 70K. But this you just need write in documents, nobody controls is - it is your responsibibility what you write there. To trade options you need have 2 years experiences and I think 100+ trades with it OR PASS THROUGH TEST on their site (everybody needs start once). I wrote honestly about my experiences so I had to make the test (it will start automatically). To be quite honest test is enough basic so I will say that if you are not able to go through it than you can not work with options. The only problem can be english knowledge, few questions are tricky for non english native speakers. I think the questions could be written in simpler English. Another problem I see that there is not written in advance how many question you need reply correctly - just on end of test you will know if you are succesfull or not. And third one is that there is not written what you need study in advance and when you can repeat it if you were not succefull.