Inexpensive Options Brokers

[murray t turtle]

Quote from Option Trader:

Reply to Murray,

Yes, all 6 option markets (on 6 lines) each with bids and asks; they simultaneously act as order boxes as well, up to 4 order boxes on the screen at once.

================
Option trader;
Sounds orderly.

Couldnt help but notice Your timing on starting this thread ;
within about 20 days or so of it IB cut thier option comissions!!!!

Also Option traderwould you agree with [I do];
in the sense that even with a better or best broker,
have 2 diferent brokers.
.

In other words Option Trader ,2 brokers because;
safety/protection/diversification.

 

[Option Trader]

Good point.
I acknowledge having personally having 3 brokers (chosen from about 20 plus online brokers). I have had times before that a broker made sudden changes in margin requirements, and only because of having another broker lined up did not have to dump stock. Also, no sense of being married to your broker; he is not a "package deal" like a spouse.

 

[FullyArticulate]

OptionTrader:

I'm not being critical, just curious. Why keep the name of your broker secret? Surely they wouldn't mind the advertising, and it's not like you'll get a worse commission if you refer people?

 

[Option Trader]

Reply to FullyArticulate:
Did not say name of company because afraid of undermining their publicized rates to their customers. This was not a formal offer made by the company to the public.

I have no affiliation with the company and receive no commissions (my understanding also is such a thing would be illegal, i.e. for a non-employee o be paid to refer someone to a broker, other than things like free trades, etc.)

 

[dave_s]

Quote from Option Trader:

The broker I mentioned has amazing execution speed, price improvement, and top quality customer service e.g. e-mail response time and flexibility for the customer needs.

No such $15 OptionsXpress fees. The option rates for my group's volume get as low as $.50. They offer price improvement as well.

Among browser based brokers, I think OptionsXpress is the best; but this company is a Direct Access broker, who are in a league by themselves. E.g., at least with this company I found it safe, quicker, and more reliable to leg into spreads, then to place the orders as spreads with OptionsXpress, as you have 4 order boxes in front of you, and within seconds you can do one order after the other (after first watching if the bid/ask flow changes). I traded over 50k option contracts in a month on their platform placing spreads, and never a problem legging in.

If you need sophistication and research amenities, although they are good, IB is better; otherwise the above is a neater system.

If interested, send private message for more details.

What software, if any, is required to be installed to utilize the borker whom you are discussing?

Thanks.

 

[Option Trader]

Reply to Dave S.

It's a simple download from the broker.

 

[murray t turtle]

Quote from Option Trader:

Good point.
I acknowledge having personally having 3 brokers (chosen from about 20 plus online brokers). I have had times before that a broker made sudden changes in margin requirements, and only because of having another broker lined up did not have to dump stock.


Also, no sense of being married to your broker; he is not a "package deal" like a spouse.

=================

Option trader;

Contact Joe about that option matter we talked about with Jeff;
& whats the stock comission s for that option broker??????
========================================

Actually trade more stocks than options;
better bid ask, but option trading helps any trading market

 

[riskarb]

Quote from Option Trader:

Reply to Dave S.

It's a simple download from the broker.

You really sound like a shill for this firm. I'd bet you work for the firm in lieu of a client relationship. I don't see the point of quoting $.50 when it requires turnover of 25,000 contracts to qualify. There is not a single et member who would qualify for that rate, given the >20k volume req.

IB is $.75 for equity ops with no ticket charge for a one lot. Access to inter/intramarket spreads combos and guarateed inter-exchange fills when trading a market order. Trade conversion/reversals, boxes, flies/condors, time spreads... all from a single order-line.

And no, I don't work for IB.

 

[Option Trader]

Reply to RiskArb:

The 25k does not have to be achieved by any individual, rather as a group effort. I do about 5k contracts, another Elite Trader just told me he does 6k contracts, others less; when getting to 25k contracts, those Elite Traders will save a combined $5k-$6k per month.

Experienced traders tend to prefer using a flexible Direct Access Platform and legging into the spread instead of placing the spread all at once; many times one can get better prices this way with very limited risk (after buying the long, keeping your finger on the order button for split second decision making, while having the luxury of monitoring bid and ask mounting).

If IB works for you, use it in good health; they do have certain benefits.

 

[riskarb]

Quote from Option Trader:

Reply to RiskArb:

The 25k does not have to be achieved by any individual, rather as a group effort. I do about 5k contracts, another Elite Trader just told me he does 6k contracts, others less; when getting to 25k contracts, those Elite Traders will save a combined $5k-$6k per month.

Experienced traders tend to prefer using a flexible Direct Access Platform and legging into the spread instead of placing the spread all at once; many times one can get better prices this way with very limited risk (after buying the long, keeping your finger on the order button for split second decision making, while having the luxury of monitoring bid and ask mounting).

If IB works for you, use it in good health; they do have certain benefits.

Gotcha, but it doesn't answer the question if you work for the firm or are a client.

I've never met a pro who would prefer to leg into risk when the opportunity avails him of getting the trade done at/near ThVal. Regardless of that fact; IB's intermarket guarantee can only be construed as a benefit, not a hindrance. I have never had to use the "guaranteed" fill as I split the posted market with limits or trade the long/short combo independently. Anyone is free to leg into any position they like. I think I qualify as experienced.