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Incorporating Technology: Innovating Your Forex Strategy In Taiwan – Current market conditions make options trading more attractive than ever. More restrictive monetary policy has turned the tide on all market participants, with stocks often falling faster than they rise. This makes it an excellent time to look for brokers who specialize in options trading. Options give investors the right but not the obligation to buy or sell an asset at a set price on or before a certain date.
We research and review the best options trading platforms to help investors decide which platform offers the best mix of education, speed, costs, tools, research and more to suit their needs.
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We chose tastytrade (formerly tastyworks) as the best overall because of its highly competitive options trading commissions, excellent options trading tools, and excellent options-focused education and live video content.
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Tastytrade was created by the same people who created and developed TD Ameritrade’s excellent Thinkorswim® application. The founders were inspired to create a platform that allows self-directed traders to have access to markets and sophisticated analysis tools. Tastytrade is designed more for active investors/traders and only offers stocks, ETFs, options and cryptocurrency trading.
Tastytrade has very competitive fees for trading options. While it costs $1 per contract to open each leg of an option trade, it costs $10 per leg for each option trade, regardless of trade size. A $0.10 per contract clearing fee is also charged. Unlike most brokers, Tastytrade does not charge commission for closing positions, resulting in its very competitive options trading fees.
For example, opening and closing a 50 lot vertical call spread (a total of 200 contracts traded to open and close the position) would cost just $40 at Tastytrade – the maximum of $10 per leg for the two legs ($20), plus the $0.10 clearing fee for 200 contracts ($20). The same trade at E*TRADE, for example, will cost $100 using its $0.50 fee per contract for higher volume/frequency traders. The same vertical spread trade for 100 contracts would result in fees of $60 at Tastytrade ($20 for the two legs and $40 for clearing fees) and $200 at E*TRADE. Tastytrade is competitive on price for all options traders, but it becomes more competitive for high-volume, high-frequency traders.
Along with these low commissions, Tastytrade doesn’t skimp on options analysis, platform workflow or trade input. Tastytrade’s strong option analysis includes charts for specific multi-leg strategies, profitability graphs for option positions, and a simple order entry that automatically sets up the trade structure when specific option strategies, such as a vertical spread or butterfly, are chosen with an intuitive. drop down menu. From there, it’s easy to change the expiration dates and strike prices for a chosen option strategy. The platform also provides probabilities for the potential profitability of various options strategies.
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Tastytrade’s desktop and mobile platforms are designed to closely resemble each other’s look and feel for consistency, although some things may need to be tweaked to account for the smaller screen size of the mobile app. While tastytrade offers real-time streaming quotes, it does not offer fundamental research or live streaming news. Tastytrade offers a Follow Traders feature that allows users to follow the trades of internal celebrities. Tastytrade’s customer service is well regarded by customers for prompt and capable support, with Trustpilot showing a 4.7/excellent rating from more than 300 reviews.
We chose TD Ameritrade to win the mobile category primarily on the strength of the exceptional options analysis, research capabilities, and trading tools provided by its Thinkorswim® mobile app.
TD Ameritrade is the new winner in the Best for Mobile Options Trader category this year, ousting last year’s winner, tastytrade. This was a very close race between the Tastytrade and Thinkorswim® platforms in recent years, but it was Tastytrade’s lack of news and fundamental research that allowed TD Ameritrade to climb into the lead.
TD Ameritrade is a full-service online broker known for excellent educational resources that provide clients with the basics of investing and beyond. The company was founded in 1975 and was acquired by Charles Schwab in 2019. TD Ameritrade also offers a wide range of asset classes, and the various platforms meet the needs of all investors, whether active or passive traders. Although its option commissions are higher than some of the other online brokers more focused on trading stocks and options, access to a complete set of financial products on one platform can be worth it.
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The Thinkorswim® desktop application can be customized by the user, and it generally has more functionality than the web and standard mobile platforms. That said, TD Ameritrade’s Thinkorswim® mobile app makes a decent attempt at replicating its robust desktop version. Thinkorswim® mobile has watch lists, streaming real-time data, and supports charting and trading directly from charts. It does not support the ability to draw trend lines, but charting is still much better on the Thinkorswim® mobile app than on the standard mobile app. Therefore, options traders will use Thinkorswim® mobile as their primary mobile experience.
Very similar to the desktop Thinkorswim®, the mobile version allows users to trade multi-leg options. Traders can choose to rely on TD Ameritrade’s order routing technology or direct their orders to specific exchanges. Traders also have the ability to backtest trading strategies and set orders to trigger automatically when certain criteria are met.
As with E*TRADE, TD Ameritrade is not specifically an options platform. It has a larger universe of offerings and comes with extras that include robust customer service options, industry-leading educational resources, and tools that go beyond trade analysis to assess your overall financial situation. Within that larger universe of offerings, Thinkorswim® is mobile but a standout experience for options traders on the go in search of markets.
Interactive Brokers (IBKR) offers low options commissions, ongoing improvements to its already great trading and analytical tools, and a long-standing commitment to efficient order execution, making it our top choice for advanced options traders.
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Interactive Brokers is the new winner in the Advanced Options Trader category this year, taking the reins from last year’s winner, tastytrade. This is because tastytrade still does not offer streaming news or fundamental research, and IBKR continues in its efforts to build a best-in-class platform.
The company was founded in 1978 by its current president, Thomas Peterffy, under the name T.P. & Co. The company created the first handheld computers for trading markets and began selling its services to the public in 1993, when Interactive Brokers Inc. In that time, IBKR has become the clear choice for sophisticated traders, as it makes almost every security type available in most markets on a single platform.
In 2021, IBKR launched IMPACT, a trading application that aligns investor values with their investments, and Global Analyst, an online tool that helps investors find undervalued companies. The company has also developed many innovative tools to better analyze and automate the trading process, and it supports options trading worldwide in more than 30 market centers.
Interactive Brokers have low option commissions for active traders, ranging from $0.15 to $0.65. That said, $0.65 per contract is the commission for clients who trade less than 10,000 contracts per month, so this puts IBKR on the high side for lower volume traders. There are breakeven points for trading larger volumes per month, which also vary with the premium, but you need to trade more than 100,000 contracts per month to hit the $0.15 per contract commission. Interactive Brokers also has great execution, allowing its large clients to route their own orders, while also offering clients commission-free trading (not including options) that comes with payment for order flow.
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Interactive Brokers has developed some excellent options analysis tools that are also available on the mobile application. These tools include option spread templates to easily compare similar strategies to find the one with the best risk/return profile. IBKR Mobile also has one-tap options strategies that allow the trader to easily make changes to different legs of the strategy, as well as to display key options Greeks on the quote page and to fine-tune strategies by adjusting filters allow In addition to futures options spread, Interactive Brokers also allows traders to exercise all or some options, and it provides helpful indicators to help the trader determine whether an early option exercise would be profitable.
In addition to these tools, Interactive Brokers provides traders with tools to graph potential payoffs on option strategies, as well as tools to estimate the probability of an option being profitable. Other tools specific to options at Interactive Brokers include a write options tool that scans your stock positions and calculates the number of covered options to write against the covered stock, and rollover tools for options that are about to expire.
There are also option analytics that allow traders to manipulate option pricing data such as price, time and implied volatility. Finally, the Interactive Brokers option portfolio continuously and efficiently scans market data to identify low-cost option strategies in line with the user’s goals. It is, quite frankly, a lot for even experienced traders to take in, but it is
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