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You get what you pay for.

As for IB customer service. I have been with them over 20 years, and particularly the past few months, I have found it to have taken a huge leap for the better.

I personally find it (customer service) very fast, and excellent.

As for everything else...it pretty much speaks for itself.

Edited by cuegis

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8 minutes ago, Noah Katz said:

 

If you're implying that you don't get CS w/Tradier, you're mistaken - it's excellent.

I guess I should try it out with a small account. Because no matter who you trade through, everyone has glitches from time to time, and it is a good idea to have 2 accounts as a backup. So , I guess Tradier would be a good idea for me to do that .

What is CS?

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2 hours ago, Ram said:

I am new to trading options and confused between IB and Tradiers.  What would you suggest?

@Ram I don't feel qualified to offer you an informed opinion between those two platforms.  That said, to help those that might want to weigh in on your query, my first suggestion to you would be a more specific question(s) with a bit more background (no offense please, I'm honestly trying to help you).  For example:  What is your point(s) of confusion?  Are you new to working with brokers in general, or just options trading?  What is important to you in a broker (customer service, quick fills, price, platform features, etc)?  Et cetera.

My second suggestion is that your question, in its general form, has already been answered.  Spend some time slogging through the forums.  Yes, it can be tedious, but there is a wealth of information already out there.

My third suggestion may sound like a cop-out, but I present it whole-heartedly:  Try them both for yourself (if you haven't already).  Only you can decide which broker is better for you, and IMHO I think the only way to figure that out is by a hands-on test drive.  Personally, I've done business with five different brokers in my recent time of being new to options trading.  I have found pluses and minuses in each.  I've yet to find my perfect broker, but I've learned plenty in the process.

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Thanks for all of your suggestions/comments. I am new to options trading and my confusion right now is to chose the right broker. Trying to weigh in the pros and ccns. I will try out both and see what works for me. In addition to IB and Tradiers do I need to signup for a trading platform too (like tradehawks) ?  

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I have a day job and so ability to trade (multi leg positions) using my android phone is important. Which broker/platform is the best to satisfy this requirement? I checked some of the suggested brokers and I couldn't find anything related to android app in their websites. 

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I also wanted to try tradier but found it doesn't have mobile app. so it is of no use. Now you have IB vs TastyWorks. There is no much difference IB vs TastyWorks from commission perspective. TastyWorks has good mobile platform easy to use. I just opened IB but going to close as I didn't like their mobile app & platform. It looks they built app long time back & hardly changed. IB apps I didn't fell user friendly like TOS or Tastyworks. If you deposit money in IB they will allow to us it after 5 days, such rules irritate me. But in Tastyworks it is not like that. I personally believe TastyWorks is changing brokerage industry. I don't agree with many ideas of tastytrade but from brokerage firm perspective I consider Tastyworks worth to try.  

Edited by Sonu

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May I know whether the promotion package of Tradier (i.e. $40 per month flat rate) is still available for SO new members?  Does Tradier accepts traders from locations outside the US?  The flat monthly rate sounds really attractive.

 

 

Edited by tytch168

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1 hour ago, tytch168 said:

May I know whether the promotion package of Tradier (i.e. $40 per month flat rate) is still available for SO new members?  Does Tradier accepts traders from locations outside the US?  The flat monthly rate sounds really attractive.

 

 

I just opened an account from the Netherlands, so yes they do accept outside US locations. You have to call them, because the standards forms don't fit for a foreign account. They also allowed me the $40 per month flat fee.

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6 hours ago, Hielke said:

I just opened an account from the Netherlands, so yes they do accept outside US locations. You have to call them, because the standards forms don't fit for a foreign account. They also allowed me the $40 per month flat fee.

Thanks a lot. That’s really a good news.  Do I need to quote a promotion code to be eligible for such flat monthly fee?

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1 hour ago, tytch168 said:

Thanks a lot. That’s really a good news.  Do I need to quote a promotion code to be eligible for such flat monthly fee?

No, I just asked for the SteadyOptions deal

Edited by Hielke

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8 hours ago, Ram said:

@KimKim, I see the performance for Jan and Feb as 

14.1% 3.7%

 What are the gains after commissions (with IB)? Just trying to see what the real gains are.  

 

I didn't check specifically Jan and Feb, but on average, we trade around 200-250 contracts per 10k portfolio. So with 0.75/contract, the gains would be reduced by 1.5-2.0% per month.

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I just received an email ("IB Communique") from IB, going through a whole bunch of new features.

Since I have seen many people here, who are interested in the ability of the various "mobile" apps functionality, it seems as if IB has just upgraded their mobile app specifically with multi leg, options traders in mind, to make it easier to put together more complex spreads etc.

I have not read through all of the details yet, because I do virtually all of my trading on a PC.

But, for those who find this important to them, you might want to look into what new changes have been made,.

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Just got email from Robinhood that free options trading is now available on their platform. Currently they only have mobile app but are planning on releasing a web based version some time in future (I have registered my interest for that). I will sign up and try although I like trading from a desktop, so it will more of small exploratory trading.

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6 minutes ago, anand331 said:

Just got email from Robinhood that free options trading is now available on their platform. Currently they only have mobile app but are planning on releasing a web based version some time in future (I have registered my interest for that). I will sign up and try although I like trading from a desktop, so it will more of small exploratory trading.

I've also been allowed access to options on Robinhood, but apparently did not answer their questions aggressively enough so I wasn't allowed access to spreads. Only stock/cash covered calls/puts. When you answer their questions about experience and risk thresholds, etc, I think you have to choose the most aggressive answers. As things are currently, robinhood does not support upgrading accounts to level 3, spread access, so I'm stuck at the moment. Just a heads up so you and others don't get stuck as well.

 

Also, I've just recently been given access to the web version of robinhood and it works pretty well. A bit more info than on the phone app. Very slick looking. Still very simplistic though.

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8 minutes ago, anand331 said:

Just got email from Robinhood that free options trading is now available on their platform. Currently they only have mobile app but are planning on releasing a web based version some time in future (I have registered my interest for that). I will sign up and try although I like trading from a desktop, so it will more of small exploratory trading.

Nice ! I'm still on the waitlist. Can you only enter long call/puts positions ? Or can you do things like risk-defined strategies (iron butterfly, iron condor, long straddle, long strangle, spreads, calendar) ? I'm curious what they allow.

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1 minute ago, akito said:

I've also been allowed access to options on Robinhood, but apparently did not answer their questions aggressively enough so I wasn't allowed access to spreads. Only stock/cash covered calls/puts. When you answer their questions about experience and risk thresholds, etc, I think you have to choose the most aggressive answers. As things are currently, robinhood does not support upgrading accounts to level 3, spread access, so I'm stuck at the moment. Just a heads up so you and others don't get stuck as well.

 

Also, I've just recently been given access to the web version of robinhood and it works pretty well. A bit more info than on the phone app. Very slick looking. Still very simplistic though.

Thanks @akito. Strange that I didn't receive any email on their web version release. I have answered options questionnaire so often and always pick the most aggressive options even though at times it doesn't make sense :)

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2 minutes ago, Djtux said:

Nice ! I'm still on the waitlist. Can you only enter long call/puts positions ? Or can you do things like risk-defined strategies (iron butterfly, iron condor, long straddle, long strangle, spreads, calendar) ? I'm curious what they allow.

Haven't tried yet but their promo suggested that they will support multi-leg spreads. I will give it a try and will post updates on what I find.

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Just now, anand331 said:

Thanks @akito. Strange that I didn't receive any email on their web version release. I have answered options questionnaire so often and always pick the most aggressive options even though at times it doesn't make sense :)

I think I got on the web interface waitlist pretty early, so that's probably why. Yea, I think with the most aggressive answers, you'll get level 3 access. When possible, can you post back with what a quick review of the spread interface and what you can/cannot do? Looking forward to it.

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On 3/15/2018 at 11:20 AM, Djtux said:

Nice ! I'm still on the waitlist. Can you only enter long call/puts positions ? Or can you do things like risk-defined strategies (iron butterfly, iron condor, long straddle, long strangle, spreads, calendar) ? I'm curious what they allow.

An update, i receive my invite to RH options trading.

Seems that for the moment you can only execute order for only single legs. So if you want to enter a spread, you have to execute first the long leg, then execute the short leg. 

So in between you need to pay the full debit of the long leg (i believe that RH is a cash account unless you pay for their 'gold' status).

 

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Thanks for the follow up.

 

It doesn't help the issue, but just adding more info. Apart from a cash account and a gold account with margin, Robinhood also has "robinhood instant", a "limited margin account". https://support.robinhood.com/hc/en-us/articles/207677966-Robinhood-Instant

So you can have a quote-on-quote "margin" account without gold.

Edited by akito

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I just read something on "Quora" about "Robinhood" unlimited, free options trading.

I have never heard of them before, but I went to their site, and found this...

"https://support.robinhood.com/hc/en-us/articles/115005700923-How-We-Can-Offer-Commission-Free-Options-Trading

 

Does anyone know anything about this?

They actually claim to offer free, unlimited, options trading, among many other programs.

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6 minutes ago, cuegis said:

I just read something on "Quora" about "Robinhood" unlimited, free options trading.

I have never heard of them before, but I went to their site, and found this...

"https://support.robinhood.com/hc/en-us/articles/115005700923-How-We-Can-Offer-Commission-Free-Options-Trading

 

Does anyone know anything about this?

They actually claim to offer free, unlimited, options trading, among many other programs.

There are many threads on SO, both on this thread and others as well.

For now, it is released in beta to only some clients.

I just got access to that today, and was a RH client before (primarily for stocks).

For the moment, some basic features (like executing a spread option order) you would expect is not there yet.

If you have use RH app to buy/sell stocks, well it's as bare bone for options.

Edited by Djtux

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25 minutes ago, Djtux said:

There are many threads on SO, both on this thread and others as well.

For now, it is released in beta to only some clients.

I just got access to that today, and was a RH client before (primarily for stocks).

For the moment, some basic features (like executing a spread option order) you would expect is not there yet.

If you have use RH app to buy/sell stocks, well it's as bare bone for options.

Well, maybe in 2 years.

But, by then, everyone else should be better than where they are at.

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On 3/26/2018 at 11:14 AM, Djtux said:

An update, i receive my invite to RH options trading.

Seems that for the moment you can only execute order for only single legs. So if you want to enter a spread, you have to execute first the long leg, then execute the short leg. 

So in between you need to pay the full debit of the long leg (i believe that RH is a cash account unless you pay for their 'gold' status).

 

I received access to the web interface for Robinhood, as it used to be only limited to the phone app.

Well, options are not supported in the web interface yet.

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1 minute ago, NikTam said:

For multi-legged positions, is it general experience that IB is the best for this?  I'm on TOS and exiting a Iron Condor (for example) can take days.

If you are trying to close an IC (4 legs as a single order), check if there are legs that are worthless (no bid) because it's going to be difficult to sell those legs.

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I've found (I believe others have suggested it too) that often when not able to get a fill it helps to break it into separate put and call spreads.

 

Recently I couldn't get a fill on the June TLT IB evn for .04 less than the mid.

 

I got immediate fills at the mid as two separate spreads.

Edited by Noah Katz

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22 minutes ago, Noah Katz said:

I've found (I believe others have suggested it too) that often when not able to get a fill it helps to break it into separate put and call spreads.

 

Recently I couldn't get a fill on the June TLT IB evn for .04 less than the mid.

 

I got immediate fills at the mid as two separate spreads.

Thank you.  That worked.  I closed it out as two verticals.  Next time I will try the "1st trade triggers sequential" on TOS.

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14 hours ago, gujboy75 said:

With Think or Swim / Schwab - can you place a mutileg order and have it be considered just 1 trade or is it separate trades?  Thanks.

Schwab considers it one trade.  For example, a recent iron butterfly (4 legs) of 20 contracts per leg I was charged:  each contract 0.65 trade fee, plus ~0.38 reg fee per leg, plus an overall 4.95 trade fee.  Thus: (4 x 20 x 0.65) + (4 x 0.38) + (4.95) = 58.47 total.  Double that number to account for both open and close of the trade.  The reg fee varies based on the number of contracts.

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Did anyone else get the special email today from IB?

They introduced a whole series of new tools for options, among about 10 other new, way ahead of the rest of the world, functions for their customers.

An advanced options trading , and analysis tool for mobile, as well as in addition to all of the already existing computer tools...

Here is the options stuff, and a few others, but not all.......

https://www.interactivebrokers.com/en/general/communiques/2018/news-at-ibkr-05-2018-vol3a-us-billpay.php#options-strategy-tools-drop

https://www.interactivebrokers.com/en/general/communiques/2018/news-at-ibkr-05-2018-vol3a-us-billpay.php#IBot-drop

https://www.interactivebrokers.com/en/general/communiques/2018/news-at-ibkr-05-2018-vol3a-us-billpay.php#investment-choices-drop

https://www.interactivebrokers.com/en/general/communiques/2018/news-at-ibkr-05-2018-vol3a-us-billpay.php#quant-blog-drop

 

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On 3/26/2018 at 11:14 AM, Djtux said:

An update, i receive my invite to RH options trading.

Seems that for the moment you can only execute order for only single legs. So if you want to enter a spread, you have to execute first the long leg, then execute the short leg. 

So in between you need to pay the full debit of the long leg (i believe that RH is a cash account unless you pay for their 'gold' status).

 

Just received a new email from Robinhood in case anyone is interested.

I have $0 fund in RH as i removed everything so it's going to be difficult for me to test it further for now.

Quote

 

Early Access to Multi-Leg Options Strategies 

We're excited to announce that multi-leg options strategies are coming to Robinhood! 

This means you can now trade multi-leg options strategies in a single order and monitor these contracts together, for free. To get started, you'll need to download the latest version of Robinhood from the App Store or Google Play. 

 

Please don't hesitate to submit a request with any questions or feedback. We're here to help! 

Sincerely,
The Robinhood Team 
robinhood.com 

 

 

 

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