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Anonymous

Edited 05 Oct 2021

General Investing

Which is the best brokerage/platform to trade options?

Which is the best brokerage/platform to trade options? Ibkr requires upgrade of cash to margin account which worries me as a beginner investor. Any brokerage allows option trade without margin account?

Discussion (7)

TD tends to give more accurate prices compared to tasyworks or IBKR and I love the option strategy charting tools

Downside ofc is because it's so good and popular, signups take quite awhile these days.

Don't be afraid to open a margin account, as long as you don't touch the margin you cannot be affected. Keep a journal and track of the amount you are using.

If you are using debit combos, this isn't a problem, maintenance margin isn't required. Credit combos however, you need to keep track of your Buying power used and make sure you don't sell more than the amount of cash you have.

It's just like using a credit card, just be sure you keep a record of your "expenses" and don't "over buy" more than you actually have, no need to fear

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Chris

02 Mar 2021

Owner and Writer at Tortoisemoney.com

Actually you can trade options on a cash account in IBKR (I've done it), it's just that you can't sell naked calls/puts (which you shouldn't be anyways if you want to trade safe hahahah).

But if it still doesn't work for you, perhaps you can try tastyworks, TD Ameritrade or Tiger Brokers!

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