Futures and Options Brokers: Help with Selecting a Good One

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DefiniteMaybe
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Futures and Options Brokers: Help with Selecting a Good One

Hello fellow traders and turdites,

I am interested in opening an account to trade futures (commodities) and options (commodities, stocks, anything). I currently have a stock and options account with Scottrade, but the prices on trading options seem to be a little pricey. I was looking at opening one or two accounts with Lind-Waldoc(sp?), OptionsHouse, or InteractiveBrokers.  Does anyone have any experience with working with any of these brokerages?

TIA,

DefiniteMaybe

Edited by admin on 11/08/2014 - 05:16
CynicInvestor
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IB

I work with IB, interface sucks and customer service is kinda slow and not very patient with noobs...but the commissions, markets and margin rates are unbeatable. If you have >100.000 you can get portfolio margin then the fun begins (but also the danger, be wary of leverage).

If you're not experienced, open an account and play around with the "paper" training account they provide for free and watch the training videos they provide...

GFforever
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Try Saxobank.com   Works on

Try Saxobank.com

Works on local workstation - per browser and mobile..

ed
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IB

Also with Interactive Brokers. I trade a variety of countries and have found IB is the best solution (living in Australia).

The customer service I find OK, but my expectations are pretty modest. They are generally efficient eg deposits and withdrawals are processed very quickly.

They were fairly helpful when I needed to bust a trade, and only charged me $50 which I thought was pretty reasonable given the trade would have cost me $10,000 had it stood. 

They do have some slight annoyances though, eg they need 7 days for a corporate action in Australia, which can mean one can't buy stock and then tender it into an offer which is about to close. They also wanted to charge me $150 to exercise some company issued warrants. And all warrants are not listed.

Their platform is reliable and commissions rock bottom.

fast mover
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I also use IB.  They are what

I also use IB.  They are what I would recommend for medium to advanced traders.  The interface is basic blocking & tackling.  You don't need to be a programmer, but having computer skills is a plus.

The commissions/fees are pretty much cheapest that I have found.  You can also program logic into Excel and create an automated trading system (ATS).

Very reliable, but truly for the self-sufficient...I don't say that to scare, just know what you are getting into.

daRake
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"Bust" a trade?  What

"Bust" a trade?  What happened, and why didn't you have to eat the loss?

WillieJackBrownLee
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Options

Guys, I'm looking for any recommendations on a good options broker. I'm currently with Schwab for their checking/brokerage deal, but on the brokerage side, they want $25,000 equity before they'll let me trade uncovered calls and puts.  I don't have $25,000, so can anyone recommend a good options broker with reasonable fees? I'm only looking to hold very small positions initially.

Sockeye
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you have to say if you want a

you have to say if you want a commodity broker or a stock broker for your options.

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I am almost always wrong. But the fun in life is those few times when I am right.

Sockeye
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Lind Waldoc

Turd has an account with Lind Waldock and you should tell them Turd sent you if you open there.  You will get good service. 

I had used Lind Waldock in the past and intend to open my account there once again.  Good company.  they are a commodity and commodity options company.

http://www.lind-waldock.com/special_offers/10_free.shtml?gclid=CJD8xt6gyKkCFQw75QodGj07gg

Remember to tell them Turd Furguson sent you. 

They have broker assistance or lower cost only computer entered trades.  So look into the different accounts to see what  you like.  They have no money practice account to get used to the computer entered trades.  Make sure you practice.  you will be responsible for your mistakes.

If you are new it probably is better to pay a little more for service.  I know the broker will save your butt when you make a mistake which you will do.  the computer might not catch the mistake. 

You also might ask Turd for a recommendation on a personal broker as he knows some of the people pretty well.  You want a nice guy with lots of experience etc. 

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I am almost always wrong. But the fun in life is those few times when I am right.

WillieJackBrownLee
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Thanks, Sockeye. I should

Thanks, Sockeye. I should have been more specific. I'm looking for a stock options broker. Futures options are too rich for my blood right now.

And, actually, I did play around with the Lind Simtrade thing for two weeks (the free period). I came out ahead on gold but lost big on crude...c'est la. But the trial version ran out before I could see my two Aug gold calls through to completion.

ed
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to : daRake "busting trades"

your question is off topic. google "trade bust".

Cú Chulainn
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USAA for futures/options

does anyone have experience with USAA as an options/futures broker?

 
zane
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brokerage acc

Ed i saw u r from Aus like me ... I'm looking to open an acc to buy canadian silver miners ... and I'm hoping to run into Turdle GG or another aussi to get some advice on a good broker to set up an acc with.

just need an execution only broker if that's the cheapest an best.

already have a list of possible/ likely purchases

Silver Standard/Silver Weaton/Silvercorp /Silvermex/South American Silver/ECU Silver/Impact Silver/Endevour Silver/Great Panther. (All subject to a bit of DD)

The Doctor and Eric chimed in with good comments.

Would appreciate any comments. trade size approx  Aus $1,000 - 5,000

punchbowl
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best

Any suggestions for the best online broker for those based in Canada?

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