Zero Fee option brokers

[ironchef]

Can you assess how good are their fills?

I have no basis for comparison but I have no complains.

I usually trade equities using market order because once I decided I don't like to fool around. Quite often their fills were between bid/ask instead of buy at ask and sell at bid. On the other hand with options I always used limit orders.

 

[ironchef]

I'll never use Schwab. Back in '94 I wanted to open an account to trade futures. They would only let me open an account if I deposited $200k minimum and they only had 1 broker with a series 3 license in their office who would only show up on Tuesdays and Thursdays to take my orders. I think their commissions were on the high side too. Around $79 or $89 per round trade. When I left their office, I said I would never use them as a broker as long as I live with that bullshit they wanted to pull on me.

I am sorry you had bad experience with them. I don't trade futures so don't know if their demand is reasonable or not. I only trade equities and options on equities.

I have been using Schwab to trade for over 20 years, opened my account with $1,000 and have no problem, so far. On the other hand I had quite a bid of problems with the other brokerage I used. I am still keeping my funds in both because I don't want all my eggs in one basket.

Also, as I mentioned in a different post, I don't know if the 25 cents a contract is their usual commission or if I got a special rate. They reduced my commissions about a year ago.

 

[wmwmw]

I am sorry you had bad experience with them. I don't trade futures so don't know if their demand is reasonable or not. I only trade equities and options on equities.

I have been using Schwab to trade for over 20 years, opened my account with $1,000 and have no problem, so far. On the other hand I had quite a bid of problems with the other brokerage I used. I am still keeping my funds in both because I don't want all my eggs in one basket.

Also, as I mentioned in a different post, I don't know if the 25 cents a contract is their usual commission or if I got a special rate. They reduced my commissions about a year ago.

Is firstrade 0 cent cheaper than 25 cent?

 

[Amun Ra]

I am sorry you had bad experience with them. I don't trade futures so don't know if their demand is reasonable or not. I only trade equities and options on equities.

I have been using Schwab to trade for over 20 years, opened my account with $1,000 and have no problem, so far. On the other hand I had quite a bid of problems with the other brokerage I used. I am still keeping my funds in both because I don't want all my eggs in one basket.

Also, as I mentioned in a different post, I don't know if the 25 cents a contract is their usual commission or if I got a special rate. They reduced my commissions about a year ago.

A lot of commodities brokers back then had high minimums to open an account, but $200k was excessive. I eventually ended up at a broker who only required a $5k opening balance and $45 per round trade. But the fact that they wanted to charge me so much above and beyond what a normal broker would charge and also not give as good service just really pissed me off so I wont use them forever now.

 

[ironchef]

Is firstrade 0 cent cheaper than 25 cent?

Of course it is.

In any case, I am OK with 25 cents. I used to pay way more a few years back with a full service broker and even then it was fine compared to the profits.

As a non professional amateur retail, I tended to focus more on profits than commissions perhaps it should be the other way around?

 

[ironchef]

A lot of commodities brokers back then had high minimums to open an account, but $200k was excessive. I eventually ended up at a broker who only required a $5k opening balance and $45 per round trade. But the fact that they wanted to charge me so much above and beyond what a normal broker would charge and also not give as good service just really pissed me off so I wont use them forever now.

I am glad you found the right broker for you.

Good luck and best to you.

 

[Amun Ra]

I am glad you found the right broker for you.

Good luck and best to you.

Yeah, but it's funny, I don't even remember the name of that broker now. I only remember they were based out of Chicago. I certainly don't miss the old days of having to get real time quotes from my landline or paying $350 per month to have a book of charts mailed to me every week.

 

[moolah]

Aside from First Trade, all brokers do not offer $0 commission to customers living outside the USA. I live in Asia and use TDameritrade (Think or swim) and still have to pay brokerage. However, customers living in the USA who use TDameritrade pay $0 commission.

 

[ajacobson]

"Yeah, but it's funny, I don't even remember the name of that broker now. I only remember they were based out of Chicago. I certainly don't miss the old days of having to get real time quotes from my landline or paying $350 per month to have a book of charts mailed to me every week."

Lind Waldock and very little has changed in the world since 1994