Discount Broker -- low option commissions?

[highnote]

Can anyone recommend a good online discount broker with low option commissions?

My bank charges $44 per option trade! Outrageous. Almost makes the trifecta takeout look attractive.

[spilparc]

w.Can anyone recommend a good online discount broker with low option commissions?

My bank charges $44 per option trade! Outrageous. Almost makes the trifecta takeout look attractive.

Interactive brokers

http://www.interactivebrokers.com/en/main.php

50 to 75 cents per option

options-page http://tinyurl.com/cqbrv

[douglasw32]

I use tradeking for small stock purchases..

Option Trades
TRADEKING /Ameritrade /E*Trade /Scottrade /Options Xpress
Market Per Trade $4.95 $9.99 $12.99 $7.00 $14.95min
Per Contract $0.65 $0.75 $1.25 $1.25 $1.50
Limit Per Trade $4.95 $9.99 $12.99 $7.00 $14.95min
Per Contract $0.65 $0.75 $1.25 $1.25 $1.50

http://www.tradeking.com

Best part for me was they did not require som huge deposit to open an account.

[bigmack]

interactive by far is the best

[PaceAdvantage]

If you're not looking for any hand holding, then IB can't be beat.

[highnote]

Thanks for the good suggestions. I will check these out.

Xpresstrade had the lowest commissions I could find, but I knew there might be someplace even lower. IB sounds good.

[highnote]

Looks like IB require a 5K deposit. They have low commissions on option trades.

They have monthly minimums which could actually end up costing more for a low volume trader like me. I'd only do one or two trades per month and my positions would each last from 3-6 months.

So Xpresstrade's $10 commission might be cheaper.

What is the minimum cost of IB per month -- assuming no trades for the month?

[spilparc]

Looks like IB require a 5K deposit. They have low commissions on option trades.

They have monthly minimums which could actually end up costing more for a low volume trader like me. I'd only do one or two trades per month and my positions would each last from 3-6 months.

So Xpresstrade's $10 commission might be cheaper.

What is the minimum cost of IB per month -- assuming no trades for the month?

I opened my last margin account with 2 or 3K. I think they charge $10 a month if you're non active.

[PaceAdvantage]

I opened my last margin account with 2 or 3K. I think they charge $10 a month if you're non active.

Yes, it's a $10 a month charge, but I'm not sure what kind of activity they require per month....

[lefthandlow]

optionsexpress.com

[PaceAdvantage]

You know, I must apologize for jumping into this thread without realizing you were specifically asking about options....

[highnote]

You know, I must apologize for jumping into this thread without realizing you were specifically asking about options....


No prob. IB was a good suggestion. My biggest problem is that I find their fee schedules a little confusing. I think they even charge for withdrawals. But for a volume trader looks like they have the best deal.

For the kinds of trades I make -- maybe 1 or 2 trades per month with each lasting a 3-6 months -- XPresstrade's $10 per trade per contract seems OK. Of course, if I bought multiple contracts then IB might be cheaper. I'm a little concerned about hidden fees at IB. From what I can tell about Xpresstrade the only fee is the trading fee.

As we know, commissions can really eat into profits. So I want to make sure I am opening an account at a place that suits my methods.

[PaceAdvantage]

Yeah, you're only allowed one free withdrawel a month at IB, which is pretty cheesy if you are an ACH/EFT kind of guy like me. I can understand charging for wire transfers or checks, but electronic fund transfer? Granted, it's only $1 ($10 for a wire, and $4 for a check), but is it really necessary?

Still, the first one is free, so if you only pay yourself once a month, it's ok....

Looks like xpresstrade is only a futures and "options on futures" broker. Is that what you will be doing exclusively?

$10 per side per contract. Just from glancing at IB, it seems they beat that....

[highnote]

Yeah, you're only allowed one free withdrawel a month at IB, which is pretty cheesy if you are an ACH/EFT kind of guy like me. I can understand charging for wire transfers or checks, but electronic fund transfer? Granted, it's only $1 ($10 for a wire, and $4 for a check), but is it really necessary?

Still, the first one is free, so if you only pay yourself once a month, it's ok....

I hope I am a good enough trader that I can pay myself once per month!

Looks like xpresstrade is only a futures and "options on futures" broker. Is that what you will be doing exclusively?

$10 per side per contract. Just from glancing at IB, it seems they beat that....

I think xpresstrade also trades plain options? I just checked their site. I better call them and double-check before I send them any money.

IB beats the $10 per side per contract xpresstrade fee by a mile -- but it's the monthly fee IB charges that will add up. I need to figure out how many contracts I will trade in a single trade and see which site is better. Maybe IB is actually cheaper despite the monthly fee.

[highnote]

Here's another options question...

It used to be that you could find options quotes on stocks in many daily newspapers. I've looked in the Sunday and daily NY Times and today's Wall Street Journal but don't see option quotes anymore.

Where can I get a list of options quotes?

[Red Knave]

Where can I get a list of options quotes?Here in the Great White North, I need to check on the Montreal Exchange for current quotes.
Perhaps for you the CBOE is the place to start?
http://www.cboe.com/delayedquote/QuoteTable.aspx

[highnote]

Here in the Great White North, I need to check on the Montreal Exchange for current quotes.
Perhaps for you the CBOE is the place to start?
http://www.cboe.com/delayedquote/QuoteTable.aspx

CBOE is fine if I want to look at one equity option at a time. But I would like to see a whole list of equity options so I can scan down the list and find ones that meet my criteria.

When did newspapers stop printing equity option quotes?

Maybe there are so many derivatives today that too much space is required to print them all?

[skate]

CBOE (?) chicago listed options, list comes out on "A" Friday only, that goes back about a year or so.

you may have to check out local papers on friday.