Best online stock brokerage and best online broker. David Jaffee with BestStockStrategy.com, you can go
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profitable trader. I use etrade I actually
used OptionsHouse before but then I think in October of 2017 or rather
August 2017 e*trade completed their acquisition of OptionsHouse as a result
I used Etrade but I do use the OptionsHouse trading app and the only time that I make
trees is in the Android app I have never made a trade on the desktop computer on
the laptop I make every single 100% of my trades using the OptionsHouse app
the Android app I really don't think that there's much difference between
using etrade or thinkorswim or RobinHood or tastyworks or you know
any of those other platforms or Interactive Brokers I think that my returns
would not be negatively impacted irrespective of the platform that I use
except for RobinHood I would not use that because you can't trade naked
options but it was I guess the big takeaway here is that it's not a
paramount decision about which brokerage that you use because I think that you're
just constructing a potential roadblock in your mind when the most important
aspect is that you just have to get started so whether I use OptionsHouse
or etrade or tastyworks or Interactive Brokers or Schwab or Fidelity or any of
them I would still have the same I would still make the same money that I make
trading so I use OptionsHouse like I said a few things to keep in mind though
all right I'm gonna get more into specifics some of them especially if you
have more than like $20,000 thousand dollars they offer sign up bonuses so I
would Google "online stock brokerage signup bonuses" and then you can
frequently get around $400 or $500 if you have around
$20,000 are you willing to deposit into a new
account. Additionally sometimes they'll offer you like sixty days of free
trading so remember you easily make around $500 or also let's
say you have an existing account what you could do is you can call up your
existing broker and say that you've seen an offer where they're offering $500 for
new accounts and you want to know if their baby willing to match that maybe
they're not going to give you the entire $500 but maybe they'll say, "hey if we
deposit if we credit you with a credit of like $200 hundred dollars is that
enough for you to stay" because remember they don't want you to leave so if you
have an existing brokerage even if you've used it for around one or two
years you can call them up and say that you've seen a sign up bonus elsewhere
and that you're thinking about transferring your account to that new
online brokerage because they're offering you five or six hundred dollars
and you want to know if your existing broker is willing to offer you like two
or three hundred dollars or at least you know three or four months of free trades
in order to entice you to stay and to not switch brokers so that's something
you can do you can play the game and credit for company companies do it
as well where they offer you signup bonuses for their credit cards but make
sure that you do take advantage of the signup bonus especially if you have more
than $10,000 in your account because whether you're opening up a new account
or you have an existing account you can utilize that to make money because they
will pay you to stay. If you want to practice you can use thinkorswim they
have a paperMoney account which I think gives you around a hundred thousand
dollars in like play money so if you want to get comfortable with trading
option premium you can do that that's the best way of practicing if you're an
international resident then you have to for all intents and purposes use
Interactive Brokers I would say almost 100% of my international students use
Interactive Brokers not a hundred percent because I don't really care
which brokerage they use but those that tell me I would say that almost all of
them use Interactive Brokers for US and Canadian citizens if you have below
$3,000 I would recommend that you use either
TastyWorks or RobinHood again not a huge fan of RobinHood at all
because it doesn't allow you to trade naked options additionally when you sell
verticals they don't allow you I think they do actually allow you to have some
margin but I'm not sure that it's 20% of the margin capabilities which means that
I kind of look at RobinHood as something like if you're trying to learn
how to ride a bicycle and then they put training wheels on there but I do think
that RobinHood instills and encourages people to develop negative habits
because in some of the group's that I am that I'm a member of on Facebook I would
say 9 out of 10 people in there they end up buying options and that's like one of
the easiest ways that you can go broke and lose all your money so I for the
most part I tend to steer people away from RobinHood because I think honestly
that RobinHood wants their people to lose money so if you have below $3,000
and you're going to be disciplined and you're going to sell vertical credit
spreads then I'm okay with you using RobinHood because you're not going to
pay any trading commissions. But I also recommend you use tasty works if you
have three to twenty thousand dollars I would recommend then you use tastyworks.
Personally I am NOT a fan of tastyworks platform it's just so slow for me
to enter in an order it's way too visual it's a little bit clunky if I want to
like roll a position or manage a position or even enter in a new position
it's incredibly slow I don't like it at all. Also when I use etrade the fees for
the exchanges are actually built in and shown on my total commissions so I think
that tastyworks they charging around 13 cents per contract in exchange fees the
funny thing is that for for each trade I pay a flat $8.50 plus 10 cents per
contract but I don't pay 10 cents per contract plus the Commission fees so
instead like I pay if I trade like 50 contracts of Facebook then I will pay
the $8.50 plus an incremental five dollars in fees so then that will work
out to $13.50 in total for me to sell 50 puts on Facebook but if I was doing that
same trade of selling 50 puts using tastyworks it would be I think it would
be a maximum of well I think it's $1 per contract right
so but they they max it out at ten contract a $10 per leg but you also pay
the 13 cents for every contract that you sell in exchange fees which is actually
higher than the 10 cents that I pay you know for for like incremental so in that
when you sell 50 contracts using tasty works it would charge it would cost you
the 10 dollar maximum plus 13 cents of 50 that would be six dollars and 50
cents right like something like six dollars and fifty cents so therefore as
a result you're actually paying $16.50 for a tasty works versus the $12.50 or
the $13.50 that I was paying in etrade rate so tastyworks. I'm not really a huge fan
of Tastyworks although I do like tastytrade content but regardless of
whether but I definitely do believe that if you have anywhere from three to
twenty thousand dollars and you should use tastyworks and just get used to the
platform. If you have more than twenty thousand dollars you should really go
with any online brokerage that you feel comfortable with that's also offering
you a relatively large signup bonus as I said before you can simply Google online
sign up bonus or online stock brokerage sign up bonus and then you can
get the lists that are going to provide you with the best current signing sign
up bonus and you can also leverage that list for your existing broker to get
some cash bonuses or to also get some concessions like three months of
free trades etc A few other things is if you have
over a hundred thousand dollars you should always ask for portfolio margin
there is never a time when portfolio margin does not give you greater
flexibility than Regulation T and the last thing is irrespective of how much
money you have whether it's two thousand dollars or two million you should always
ask your online broker for the ability to sell naked puts and calls
some of them might ask you to take a quiz they might ask you what your
investment objectives are in which case you should indicate that it's
speculation that you understand the risk then you're taken because remember the
online brokerage is they're just trying to cover their own butts. But you
should always ask for the ability to trade naked puts and calls you can just
simply place a call into the online stock brokerages customer
service and it's very easy for you to get approved to sell naked puts
and call some of the online brokers are easier than others but I know that
tastyworks is incredibly easy to get approved to sell naked puts and calls
some of the other ones are a little bit more difficult like Schwab is a little
bit more difficult. But you should ask them tell them that you're interested
in speculation some of them will even give you a quiz which you can look up or
you know you can do it yourself and then find the answers but the point is that
to summarize about the best online stock brokers I use OptionsHouse which was
acquired by etrade make sure that you google the sign up bonus for online brokers. If you want to
practice you can use thinkorswim papermoney for international students you're
pretty much pigeonhole to only use Interactive Brokers if you have less
than three thousand dollars like two to three thousand dollars you will use
either tastyworks or Robin Hood if you have three to twenty thousand dollars
you're going to use tasty works if you have more than twenty thousand dollars
you're going to use whichever stock brokerage is offering you the best
signup bonus remember if you have over a hundred thousand dollars you should ask
for portfolio margin and you should always ask for the ability to sell naked calls
and puts irrespective of how large your account size is. This is David Jaffee with
BestStockStrategy.com if you have any questions let me know please like
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