OptionsXpress vs. thinkorswim

Quote from Madgenius:

As a Professional option trader I don't use any of these brokers.

But if I had the choice of a broker who defaults to P-coast or the ISE.

I would choose the ISE. Best executions, Price improvement, fast cancels, tight markets.

I don't trust the P-Coast and I trade on the Amex.
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Agreed - have had some nightmare cancel times on CBOE and AMEX, resulting in call to brokers to call the exchange.
PCX I find so illiquid exepct for a few block trades, would not use it unless I want to hold the market LOL, seems most don't hit it.

I always use ISE and love the fills, and instant cancels. Would also consider the BOX for the same, only used it a few times.

As for OptionsXpress, used them a few years ago, but you cannot trade actively with a website broker, not recommended for serious traders. And I don't think you can choose your routing on OptXp.


You need a software platform for instant action. TOS has one, I use Cyber.
The only downside I suppose to a software is more buggy, and downtime, but I have not found a problem using CyberTrader.
 
Quote from TorontoTrader2:


As for OptionsXpress, used them a few years ago, but you cannot trade actively with a website broker, not recommended for serious traders. And I don't think you can choose your routing on OptXp.
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OptionsXpress does allow you to route trades to the exchange of your choice.

I'm not sure why you say that you cannot trade actively with a website broker (meaning HTML based). If you have a halfway modern computer and broadband access I don't see a problem. I get instant responses and cannot see any room for improvement, but maybe you can teach me something here.

And because you don't need a software program it means that you can trade on any computer that has Internet access. So backup access to your broker is easily obtained. And you don't have hassles with firewalls or, as you said, frequent buggyness. I shutter whenever I have to do a software upgrade to anything.
 
Quote from Don87109:

OptionsXpress does allow you to route trades to the exchange of your choice.

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Are you sure that OptionsXpress allows you to select routing of options trades? I haven't found that to be the case.
 
Quote from TorontoTrader2:

Agreed - have had some nightmare cancel times on CBOE and AMEX, resulting in call to brokers to call the exchange.
PCX I find so illiquid exepct for a few block trades, would not use it unless I want to hold the market LOL, seems most don't hit it.

I always use ISE and love the fills, and instant cancels. Would also consider the BOX for the same, only used it a few times.

As for OptionsXpress, used them a few years ago, but you cannot trade actively with a website broker, not recommended for serious traders. And I don't think you can choose your routing on OptXp.


You need a software platform for instant action. TOS has one, I use Cyber.
The only downside I suppose to a software is more buggy, and downtime, but I have not found a problem using CyberTrader.
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================
Jetfuel;

RE;OX & IB.



Agree,stay away from AMEX and the smart thing to do is set up IB SMART routing to ExCLUDE AMEX;!!!!!!!
by excluding AMEX you enable IB SMART routung to live its name.:cool:
Nordic is right to LOL about AMEX;
Amex has been in news much for SEC fines for not honoring quotes.

Have been using Oxptions express for years, limit entry /market exit = fine;, especially high volume underlying.
IB may very well have an advantage with its SMART routing, commissions are a bit cheaper,& its faster also .

Dont believe OX is direct like IB;
if it is I have missed it for years, now OX does have a neat 5 -6 exchange bid ask quote book thats highly reliable , better than IB in that respect,
but like IB says ''have 2 brokers''

:cool:

Tried to open TOS account ;
my computer malfunctioned to much with them, before wired money in,
could be me
more than them-
Think or Swim.
 
I don't think OX is in the same league with direct access brokers, plus like others said above, they are too expensive.

I have used TOS for a couple of years as an IB backup and for swing trades- great analysis and modeling platform and the most reliable greeks I have encountered. Smart staff also at TOS. In my limited talks with OX staff, I found them to be long marketing hype and short real options trading knowledge.
 
Quote from Robby:

Are you sure that OptionsXpress allows you to select routing of options trades? I haven't found that to be the case.
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Yes, I just logged into my old account, I do not see a routing option at all for options. Please post screen shot.

Stocks have ARCA and INET routing.

On my platform I can direct to any one of the 6 exchanges
 
Quote from TorontoTrader2:

Yes, I just logged into my old account, I do not see a routing option at all for options. Please post screen shot.

Stocks have ARCA and INET routing.

On my platform I can direct to any one of the 6 exchanges
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You have to request routing privileges. I happened to stumble upon this about 2 years ago when I asked "why do you the show the customer the B/A for each exchange".

I don't think they advertise their routing capability probably because they get paid for routing by the exchanges. I rarely use routing because I get good fills and I don't want to handcuff them from deciding the way to get the best fill. Yeah, they get paid by the exchange, but with limit orders I suspect getting me filled to earn the commission is more important to them.

CBOE, AMEX, PSE, PHLX, ISE and BOX are the alternatives for routing. Again, I usually don't route my orders and most of them are filled on the ISE.

I hesitate to post a screen shot because I would have to edit out my account information and I don't want to spend the time.
 
I don't think they advertise their routing capability probably because they get paid for routing by the exchanges. I rarely use routing because I get good fills and I don't want to handcuff them from deciding the way to get the best fill. Yeah, they get paid by the exchange, but with limit orders I suspect getting me filled to earn the commission is more important to them.

CBOE, AMEX, PSE, PHLX, ISE and BOX are the alternatives for routing. Again, I usually don't route my orders and most of them are filled on the ISE.

____________________________________________________

Options Express gets paid by the exchanges/DPM's for YOUR order flow and then they turn around and charge you 15 bucks for one contract. :eek:
 
Lots of good discussion - thanks.

I see a lot of comments regarding OX, TOS & IB, but very few about MB...

I'd love to hear from someone that has traded options through MB tell us about their exprience... fills, platform, etc.?
 
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