Is Scottrade good for options trading?
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Scottrade?
- Thread starter Death Note
- Start date
Thinkorswim is a good firm. They are very knowledgable and have good customer service.
Scottrade has low commissions for options, but unless you know what you're doing do use them. The display options quotes based on the exchange where the last contracts traded - not NBBO. Very dangerous for someone who doesn't realize it!
I'm not too sure about Scottrades commissions. $7 + $1.25 per contract. Not bad but there are some out there that are better.
Scottrade SUCKS for trading options. I have an account with OptionsXpress also, which offers Level II quotes for options. After being railroaded toward the exchange that favored Scottrade, rather than me (THE CUSTOMER), I stopped using Scottrade altogether. My fills were wherever the highest ask was, usually Amex. Watching the level II, I noticed that they would hold the order on a rising price until it leveled out. Let me put it this way - My mom uses Scottrade, and she's NOT a trader . . .
I too must give a plug for thinkorswim. Since moving from Cybertrader I feel much more in control. The fact that they update margin requirements on the fly (rather than in batch mode over night) was by itself enough to have me make the move - got burned for 30k once with Cybertrader because of their batch mode processing. I can't think of another firm where you can e-mail anyone of the founders and expect an answer. fwiw.
When I looked into Scottrade long ago I believe that one couldn't write options naked for whatever reason.
When I looked into Scottrade long ago I believe that one couldn't write options naked for whatever reason.