Inexpensive Options Brokers

[Option Trader]

Reply to riskarb:

I am not an employee, but a customer with a lot of experience, including two months with over 50k contracts.

I don't think IB lets you see the six underlying option markets with bid/ask simultaneously with the other legs in the order, so it increases the risk of "waiting to the last second".

I had a bad experience with a company who routed spreads/ covered calls through IB smart route. E.g. I sought a credit of maybe $8.17 to close a position on a covered call, and the market was offering $8.19; yet the order did not go through for several minutes because they put the leg into the wrong option exchange. I was wondering if you ever had this problem with IB as well.

 

[riskarb]

Quote from Option Trader:

Reply to riskarb:

I am not an employee, but a customer with a lot of experience, including two months with over 50k contracts.

I don't think IB lets you see the six underlying option markets with bid/ask simultaneously with the other legs in the order, so it increases the risk of "waiting to the last second".

I had a bad experience with a company who routed spreads/ covered calls through IB smart route. E.g. I sought a credit of maybe $8.17 to close a position on a covered call, and the market was offering $8.19; yet the order did not go through for several minutes because they put the leg into the wrong option exchange. I was wondering if you ever had this problem with IB as well.

IB shows only the single-line... best bid/offer aggregate one the spread/combo quoted. It's a recent offering from IB and I've had limited experience with it, but haven't had any "hangs" in execution on flies and synthetics. I predominately trade index exotics now.

I would hazard to guess AMEX was the culprit on the buy/write offset.

 

[Option Trader]

It was CBOE on my end; maybe your right about AMEX on the other end.

 

[Option Trader]

Quote from murray t turtle:

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

Option trader;

Does your broker show??????????????????????????
AMEX bid/ask
[not that thats important@ this time
]laugh out loud . Maybe that newly annointed AMEX CEO will fix it some day
PSE,bid ask
BOX ,bid ask
ISE ,bid ask
CBOE, bid ask
PHLX ,bid ask

Murray, if you, or another Elite Trader, wants to see a snapshot of the 4 order boxes on the screen at the same time with all 6 option exchanges in each order box, you can send me a PM and leave me your email address. If can't manage response early Friday, will send on Sunday.

Note, currently, the group does have available a rate of below $.75 per option equity contract.

 

[milstar]

Att.Mr.Nitro

Did Redsky have proprietary trading desk ?
(involved in trading aginst client interess )
Is platform java based ?
How many MB need to download ?
Exist reserve http version for heavy network conditions ?
Exist UNIX version ?
Have full CME E-mini quote?
Is ladder for future statical or dynamical ?

Author would very pleased for answer.

Your respectfully milstar

 

[milstar]

Gentlemen

Author have knowledge Amtd and OX ,tested MBT and
TOS .
New java based platform from TOS suspected to be good .
Customized offer from from TOS about structured commissions and E-mini margin received.

Some of respondents stated that Choicetrade/ex Gotrade ?/
offer lower commission as MBT .

MBT offer 1$ per options and 1 $ per 100 shares

IB and Cybertrader offer some equal ,but both have proprietary trading desk /IB through TMBH ,Cybertrader through SCH and UBS/

MBT is pure agent/also for spot FX / but have not reserved http: for heavy network conditions .

Is Choicetrade pure agent ? Have reserved http version ?
Is platform stable ? /Chocetrade web site in Hamburg blocked from some public access ,where work http TOS,AMTD and OX streamer /

Which of commision can be offered from Choicetrade in case
of 50-100 trades per month each with 100-200 shares or
50-100 trades per month with floating bet from 1 until 30 options ?Is CME e-mini offered ? /MBT,TOS yes, OX only
from 25k$ account/ Is margin 500$ for CME e-mini offered?

Mr.Nitro,Optionstrader & detailed report about experience with Choicetrade would appreciated


Your respectfully milstar.

 

[flyers&divers]

I want to chime in here.

IB has a proprietary trading desk but after thousands of transactions with them I can say that I have always got fair fills from them in equities and options.

Sometimes surprisingly good.

 

[milstar]

Started demo of choice trade

What kind of platform started ,not clear

Answer from company

Dear Client:

Thank you for your message.

We offer many different trading platforms. If you are interested in our basic
online platform, here are answers to your questions:

1) The online platform is not java based.
2) No need to download it
3) None
4) We do not offer futures
5) We act as an agent
6) You can try the platform by logging in with username: ????? password: ????


Regards,
ChoiceTrade Client Services
Phone: 732-214-2660
Fax: 732-210-0378
service@choicetrade.com
www.choicetrade.com
#######################

Asked about commission.Wait answer

Your respectfully milstar

 

[milstar]

Gentlemen

First impression about testing of demo of Choicetrade

Web site www.choicetrade.com blocked from some public access in Hamburg.
Demo ,which can login from startsite have low volume , but
is definitly slow /switching from page to page ,from one function to another/. Or some virus by site or connection is in some point worst.

For comparsion - From all this access work AMTD,OX,TOS ,MBT
more speedy .

Commission ,which public offered 0.99 for 1-20 options
0.75 for 21+ contracts with minimum 5$ can not match MBT for small volume - 1$ for options ,no minimum and one for 100 shares . Futures not offered .

Some comment would appreciated.

Your respectfully milstar