Trading options platforms

[vision-on]

Been trading options for a while with IG index, but wondered if there are any other platforms that offer options trading please.

 

[Panic!]

I'm using the Interactive Brokers platform, and like it a lot. Good option analytics.

 

[Windlesham1]

I found IB unreliable and the Greeks were a bit off compared to other calculators-but each to their own. Didn't think IG were still doing options -the spreads make it impossible to make sensible money

 

[Panic!]

I found IB unreliable and the Greeks were a bit off compared to other calculators-but each to their own. Didn't think IG were still doing options -the spreads make it impossible to make sensible money

I see some descrepancies in the greeks as well, but no more than I see in other platforms.

What do you use yourself?

 

[Windlesham1]

CMEgroup.com Saxo bank have an ok demo platform too- but we are really treated like trash in the UK- because we make money!

 

[Panic!]

CMEgroup.com Saxo bank have an ok demo platform too- but we are really treated like trash in the UK- because we make money!

I'm not from the UK and don't make money, so maybe they'll like me better

 

[mike8man]

I found IB unreliable and the Greeks were a bit off compared to other calculators-but each to their own. Didn't think IG were still doing options -the spreads make it impossible to make sensible money

I agree that their spreads are wide BUT there is no tax to pay on profits so overall they are often a cheaper 'broker' IF they will trade the options you want in the volume and expiry date you want.

 

[Windlesham1]

Mike8man you are confusing IB with IG - you cannot trade options on IG, it's hopeless as you take a 50% haircut

 

[mike8man]

Mike8man you are confusing IB with IG - you cannot trade options on IG, it's hopeless as you take a 50% haircut

I'm not confusing them at all. I've traded options with IG for over 20 years and will not trade with IB because although their charges are less their telephone support personnel are few in number meaning when there is a problem you can't sort it out on the 'phone.

 

[Windlesham1]

I didn't think IG had options trading for 20 years, I gave up on them as they asked for fees too. I only trade via a proper broker direct to market. But hey whatever gets you a living.

 

[sideways-sid]

I use IB, and agree with the comments about IG above; the lure of tax-free income just about covers the downside of poor bid-offer spreads for higher-value options held for a while, but definitely does not work for lower-value options traded frequently. There is also no multi-leg function on IG, and margin is applied to both sides IIRC.

Not a personal recommendation as I haven't used it, but OptionsExpress seems to get good reviews and feedback, and this recent article recommends E*Trade:

https://www.stockbrokers.com/guides/optionstrading

 

[IBRex&me]

I have used IB for over a decade, left them after about 5 years to start an account with now defunct MB trading, IB are easily better, so went back. They give nice executions, pay interest on idle cash (above a minimum), commissions are average when compared to some others, give a plethora of analytics, 90% useless to me. I am still surprised they don't have simple things like the expected move for an underlying, even more simple combo option inputs for quantity without having to manually adjust laboriously in their 'quick' 'Strategy builder'( IB users please vote https://www.interactivebrokers.com/en/index.php?f=2493&sid=14346) in comparison to TastyWorks. Tastyworks do have the most simple user friendly input, saving time, essential for many trades. TastyWorks also have caps on their commissions, making them easily more attractive if trading in larger quantities. even low quantities, they are often unbeatable, at $1 in $0 out. if IB would catch up with the simplicity of combo inputs, have improved commissions and have expected move of the underlyings for each expiration, like TW, I would trade soley with IB. oh also introduced my brother to use IB. I have an account in each. Hope you find a good broker.

 

[Windlesham1]

IB is terrible compared to the US platforms - so I use a traditional phone broker- expensive but when you get good fills, the comms are taken care of -each to their own.

 

[IBRex&me]

IB is terrible compared to the US platforms - so I use a traditional phone broker- expensive but when you get good fills, the comms are taken care of -each to their own.

why do you say IB terrible? what broker you use and trade options?
cheers

 

[Windlesham1]

IBis cheap-go figure I use ADM but entry is £100k -Saxo bank are good- open a free demo account

 

[IBRex&me]

ADM

is https://www.admis.com/ their website? still calling in to make trades? and why was IB a poor experience for you?

 

[Windlesham1]

is https://www.admis.com/ their website? still calling in to make trades? and why was IB a poor experience for you?

I trade serious sums of money and IB's platform is not reliable and their ideas about margin are questionable- just bear that in mind. I know UK citizens have been blocked from the US platforms as you have to provide a US address-so they can hound people for tax. I have to sign W-8s from time to time. ADM- you need £100k to open an account- IB about £5k. Just looked at IG for options and they still do index and commodity options. Spreads are terrible of course

 

[IBRex&me]

please tell us what experience you had with IB regarding margin. l been liquidated several times
l sell mainly option spreads, ~30∆,
what are the main strategies you use?

 

[Windlesham1]

ITM shorts banged out when the longs easily covered them for margin.

 

[Quantower]

IB not bad as a broker in terms of asset coverage. For options on futures Dorman is good as well.
TOS is much better than TWS. But also our software Quantower provides an option module for trading different strategies with its analysis.