I use Schwab, mostly through inertia, because I have had an account there for many, many, years, and stayed with them when I started Options. I have found them to be honest, accommodating, and real person helpful 24 hours a day. Trading fees are higher than most. I like their trading software (streetsmart edge), but have not compared it to others. The research section is pretty bare bones. Annual trading tax info can be downloaded at the end of the year ready to print, or directly into etax software programs (TurboTax is one). A very nice feature if you do your own taxes.
Also IB has a Cancellation/Modify fee of $0.12. I wouldn't be able to deal with that. I probably drive my broker crazy with the amount of times I throw up orders cancel them throw them back up and change them. I probably do that 100 times with most of my transactions.
I didn't know that. I'm not a day trader though, so I think I could live with the .12 Cancel /modify fee.
Actually for anyone who is not a super active trader that fee is probably not a big factor when you factor in their lower trade cost and low margin rates.
Hi Kryptos- I do basic option trades and use optionshouse. It is my first real brokerage house
- cheap stock trades
- customer service is great
- They are catching up on how to make it easy to report taxes
- the new interface is black background- seems petty but it hurts the eyes after a while
- have to use new interface to see last bid on an option
Overall I am satisfied but again- basic options for me and I trade infrequently compared to most. It's awesome compared ot my IRA accounts in Chase and Vanguard :-)
TD Ameritrade was more expensive when I investigated but had by far the best tools all around. You can open an account and put no money in it and eventually they will close it but you will have free access to their great tools for a while
" Modifying an order cancels the original order and books a new order. Partial fills on the original order are subject to the commission at time of order. Commissions for fills for the modified order are calculated as if it were a new order."
This right here is the deal breaker for me and Optionshouse.