Brokers rules for day trading optionshouses
Trading options on Ameritrade and ScottTrade are absurdly expensive. One thing that I think OptionsHouse needs to work on is their web interface. One thing I really like about OptionsHouse is their live chat customer service. Every time I need help or had a question, the support person on the live chat end was knowledgeable enough to help.
One tiny complaint I have with these guys is that they transferring money into your account takes a while if you use ACH transfer.
I think once they receive the funds they hold it for three full business days before letting you trade. If you wire the money the funds are available right away.
Options House charges 15 cents per contract while some of the bigger brokers charge 75 cents or more. That makes a huge difference, especially when dealing with cheap contracts.
Even on the stock trading front, Options House is hard to beat. It just looks ugly and it will take new users a few minutes to orient themselves. OptionsHouse is exactly what it advertises itself to be.
A great platform for options traders. Try placing an order and just see how fast it goes through. Not sure why, but I remember being able to trade up until 8PM on my last broker. I think someone mentioned this earlier too — when you deposit via ACH bank transfer they hold the funds for 3 days before letting you trade with it.
The customer service here is awful. I have been a customer here for a couple of years and it has only gotten worse. I consider myself an active trader and make 20 trades per week. The brokers here are not properly trained or educated with margin trading, trading rules, order execution and options in general.
This is unacceptable and the manager who is in charge obviously does not care. I have tried to get a hold of this company and asked to speak to a supervisor and they always say that no one is available. They are in clear violation of rules. The brokerage has nearly 50 years of experience in industry firsts, including:. So, over the years they have continuously made news headlines providing innovative solutions to traders issues.
As a result, they now offer truly global trading in a huge range of instruments, including bitcoin, money market mutual funds, bonds, and other fixed-income securities. Head over to their official website and you will see the aim of the brokerage exchange has always remained the same. One of the immediate benefits of a TD Ameritrade brokerage account is that there is no minimum initial deposit requirement.
This is good for beginners and those with limited initial capital. This is actually twice as expensive as some other discount brokers. Having said that, you can benefit from commission-free ETFs. The question that will be answered below though, is are the powerful trading tools and extensive research resources enough to make these high brokerage fees good value for money?
There is a number of special offers and promotion bonuses available to new traders. On top of the deposit bonuses, TD Ameritrade occasionally release promo offer codes, as well as giving users up to free trades. Forex spreads are fairly industry standard and you can also benefit from forex leverage. This is essentially a loan, allowing you to increase your position and potentially boost profits.
However, trading on margin can also amplify losses. The base margin rate is 7. Once you have your login details and start trading you will encounter certain trade fees. Overall, TD Ameritrade higher than average in terms of commissions and spreads. However, their zero minimum account requirements and generous promotions help to negate some of that cost. Whether you live in the UK or Canada, once you sign in to your brokerage account you will have access to the same robust TD Ameritrade trading platforms.
In fact, you will have three options, TD Ameritrade. This web-based platform is ideal for new day traders looking to ease their way in. Having said that, you will be met with a whole host of information, which can make site navigation somewhat difficult.
You also get access to a Portfolio Planner tool. This allows you to build a target asset allocation plan, helping to create a balanced portfolio of securities. You can choose between a standard model or you can build and customise one yourself to ensure optimal results with your strategy. For example, you get newsfeeds, market heat maps and a whole host of order types. The platform is also clean and easy-to-use. Accessing data feeds is straightforward, you can customise charts, plus you have 30 stock and option screeners.
The system has also been streamlined so completing basic tasks, such as placing stop-loss limits and trailing stop orders is quick and hassle-free. In addition, there are option trading tools, such as probability analysis, profit and loss graphs, as well as target zone tools.
As a result, Trade Architect is a good choice for traders with some experience looking to invest a modest sum of funds. Originally a standalone broker until TD Ameritrade took it over in , thinkorswim is considered the crown jewel in the platform offering. Once you download this desktop platform, serious traders can benefit from all of the features found in Trade Architect, plus advanced trade capabilities. In fact, it is so sophisticated, that only TradeStation offers such a comprehensive platform.
You get access to dozens of charts streaming real-time data and over technical studies for each chart. This is actually the highest number in the industry and each study can be customised. Experienced traders will struggle to find such an advanced, reliable and easy-to-use platform. Therefore, in terms of trading tools and platforms, TD Ameritrade user reviews report the highest levels of satisfaction. Also note, all three platforms can be used to trade a huge range of instruments, from penny stocks to cryptocurrency, such as ethereum and litecoin.
The former is designed for beginners and casual investors. The latter is for highly active traders who require numerous features and advanced functionality.
On the whole, iPhone, iPad and Android app reviews are very positive. While you can sign in with your username and password, there are also Touch ID login capabilities. Accessing much of their in-depth research is straightforward while viewing margin balance and account information is quick and easy.
In addition, you can utilise Social Signals analysis. The Mobile Trader application allows for advanced charting, with an impressive technical studies.
In addition, you get a long list of order options. The interface is sleek and easy to navigate. Reviews show even making complex options trades is stress-free. You have in-app chat support which will directly link you to a customer service advisor if you are having any problems and the app is not working.
There is even a screen sharing function. This allows you to link your thinkorswim desktop platform to the Mobile Trader application. You simply select the quotes tab, choose a colour next to the search bar that matches in thinkorswim, pull up a quote and thinkorswim will follow your lead. Having said that, some reviews suggest an ability to screen and set advanced alerts would improve the Mobile Trader app even further. Clients can make direct deposits and withdraw funds with relative ease through the TD Ameritrade network.
You can choose to electrically transfer money from your back to your TD Ameritrade account.