Choice Trade

Marcas

Member
They surely do :)
Question is if they're doing it directly or selling order flow to somebody else. I don't know the answer but it was mentioned that Choice Trade has a good fills and this is bottom line. I think that the best way is to test it yourself.

The same with 'feeling' of the trading platform. It seems to be pretty good but one has to experience it for himself. They give 1 month trying period - that should be enough.

There is $ advantage to trade with them over TOS but if platform (I forgot the name) is awkward to work with choice is not so clear. I don't suppose this is the case. I'm impressed with what I've seen and I've got impression that we can expect our requests will be seriously considered for implementation but I have to put my hand on it to have more concrete opinion.
When I talked to them I got an answer that all pulls I do from TOS (positions, trades, options chain) can be also done in CT although not the same way. For example all trades you pull from clearing house, and options chain through API. I have to test it myself. I plan to do this when I will be able to spend time on it - I expect it will happen in a week or two.
 

HaraldM

New member
What I have seen right now: "There is a list of cash settled options including SPX, OEX, RUT and VIX, for which ChoiceTrade charges a surcharge of $1.00 per contract in addition to the regular commission. This surcharge does not apply for options on ETFs such as QQQ or SPY. $50 maximum commission per month excludes the cash settled option surcharge". So for index options this broker is unattractive.
 

Marcas

Member
They offered a deal to Aeromir:
40c per contract, no ticket with monthly cap $50
for indices there is 75c charge that is not going away
---
total
for SPX/RUT you pay $1.15 per contract up to 125 contracts
after that 75c

for other options you pay 40c per contract up to $50,
contracts from indices and stocks add up to total per month

With TDA you pay $1.3 per contract unless you are able to negotiate it down. I've heard people were able to go to $1.15 when trading in size.

There are other brokers too, you have to find what suits you. I'm very reluctant to go to broker who do not offer any exports even if he has good commissions and superb platform. Well, I may decide for that if I can get data-feed for cheap and total cost will be competitive. There is also matter of workflow - you don't want it to be complicated.
 

RandyS

Member
I called Choice Trade and they are not opening any IRA accounts at this time. Only individual, joint or corp accounts.
 

Marcas

Member
I talked to them also and was told that that they do open IRAs but tradings options in them will be available in about 3 moths, not now. Beside that some restriction will apply like no selling naked options, pretty standard.

I also talked about platforms. They asked me to send a list of features/improvements I'd like to see. I will do that. If anybody has any remarks/requests, send then to me and I will pass or send directly to them. I've got impression that they can do much with the platform but want to hear what clients need.
I see it as opportunity to create platform I want with little effort and get better commissions for that. Worth trying, imo.
 

status1

Active member
If you get a chance ask them if they have SPX weeklies
I signed up for that free trial but I did not see any weeklies in the options chains
 

RandyS

Member
That is strange. Maybe they got tired to telling the 3 month story and decided to just tell people they aren't accepting IRAs at this time.

I was looking at their website and was wondering about this.

 

status1

Active member
I sent them an email yesterday and this is the reply that I got
" We have requested an update from the Programming Team on when these will be added to the platform "
This was the question about the SPX weeklies so it doesn't look like they will have the weeklies anytime soon
 

RandyS

Member
Has any analyized replacing SPX with SPY? Based on their pricing you can trade SPY unlimited contracts for $60 per month. $500 per year is pretty good saving if the perform similarly.
 
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