Best Place to Trade Options

I use Etrade. They aren't the cheapest, but they now offer portfolio margining and it's nice to have a guy in an office that when I call knows my first name and fights with the firm on my behalf. That's worth the extra 1/2 cent per contract to me.

But if you are all about speed and execution they aren't that great.
 
I get $1.25 at TOS and they won't match IB since they are a "deep discount broker" (or so I was told).
For the volume I do, $1.25 is fine.
The TOS platform is excellent for options and the order entry system allows you to do some pretty cool stuff that is unnecessarily cumbersome in IB.

I happen to have accounts with both, so that's the way to go (my $0.02)
 
Quote from TheGoonior:

I get $1.25 at TOS and they won't match IB since they are a "deep discount broker" (or so I was told).
For the volume I do, $1.25 is fine.
The TOS platform is excellent for options and the order entry system allows you to do some pretty cool stuff that is unnecessarily cumbersome in IB.

I happen to have accounts with both, so that's the way to go (my $0.02)
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What's your volume per month? I'm about 150 contracts a month and I only qualify for $1.50/contract.
 
That's higher than mine...I think I did $600 in commissions all last year.
I guess my overall cost is slightly higher than $1.25 since I just noticed the fee column has "SEC/ORF" charge which normally is a few cents, but can be higher as it looks like I get dinged $0.10-$0.20 whenever I get routed through PHLX (which looks like it happens about every 4th-5th trade).
My base commission column says $1.25, though.
Also, my account was opened over 4-years ago, so maybe it was different before TOS got bought out.
 
Quote from newwurldmn:

I use Etrade. They aren't the cheapest, but they now offer portfolio margining and it's nice to have a guy in an office that when I call knows my first name and fights with the firm on my behalf. That's worth the extra 1/2 cent per contract to me.

But if you are all about speed and execution they aren't that great.
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If your broker has to fight on your behalf, you're getting screwed by the firm... or at least they're trying to screw you. :)

For the guy who does a coupla contracts a month, overpaying doesn't add up to a lot - even if paying 5 to 25 times more per trade. But if you trade some volume, deep discount commissions will make a big difference in the bottom line at the end of the year.
 
Quote from TheGoonior:

That's higher than mine...I think I did $600 in commissions all last year.
I guess my overall cost is slightly higher than $1.25 since I just noticed the fee column has "SEC/ORF" charge which normally is a few cents, but can be higher as it looks like I get dinged $0.10-$0.20 whenever I get routed through PHLX (which looks like it happens about every 4th-5th trade).
My base commission column says $1.25, though.
Also, my account was opened over 4-years ago, so maybe it was different before TOS got bought out.
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Hmmm, I wish I could cite your account as grounds for TOS to give me a better rate, LOL :D I doubt it though. I'm over $1000 in commission for this year and I also opened my account about five years ago but just got active in the last two. I guess I'm not a good negotiator. Maybe I should start a thread on what people's rates are on TOS and what's their volume.
 
I personally still use TOS, even though I do think they have gone down hill a bit since the buyout. I negotiated $4.95 + $0.65/contract for my commission rate. That may sound expensive, and it is if you only trade a few contracts at a time, but it saves money if you trade more contracts. For instance if I trade 6 or more contracts per trade my commission is less than someone paying $1.50/contract. If I am trading 9 or more contracts my commission is less than someone paying $1.25/contract. So if you are trading more than just a few contracts per trade, you may be better off with a base price + a much smaller per contact price.
 
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