Money FM 89.3 Show
Asked by Anonymous
Asked on 10 Sep 2019
What are the reputable and reliable platforms one should use when starting out?
There are no options available for Singapore market. Personally I trade options and manage a portfolio in the US market.
Platform wise I use thinkorswim as I got a group rate with comm of 1 dollar per options contract or 5 bucks for with no minimum monthly fee per month nor are there live data feed fees.
The only thing better at interactive brokers for me would be that there are no stock assignment fees which is at 15 bucks per assignment.
I'll suggest that you learn more about options before starting out. Paper trade or find a mentor to guide you. You can literally lose your entire account or more if you do not know what you are doing. Will be happy to share more.
Hope this helps and all the best.
See all 3 comments
1) the widest range. many option choices inside that the other platform (TOS) can't offer.
2) lowest commission. very low. some less-popular stocks, you get negative commission for trading it, coz u adding liquidity to it. negative commission means you get paid to trade =)
3) lowest FOREX rate for changing your SGD to USD (or EUR for those trading European options)
do note that there is a minimum $10 fee per month if your portfolio is less than $100k. $10 is very low considering 2) and 3)
also... it's not an extra $10 fee, its MINIMUM $10 fee. meaning say u trade only 3 trades that month and got charge $4. IB will add on extra $6 to round it up to $10 fee
if u are an options trader, you easily do $10 of trading monthly.
Interactive Brokers is a great option. They charge USD0.25 per options contract (USD1 minimum), but they charge you USD10 per month -- unless you make 10 trades a month or maintain an account minimum of USD100,000.
You can also consider Saxo Markets. They charge USD3 per options contract (U.S. markets) and have an office in Singapore to facilitate any questions you may have.