Options Trading Apps Best to Worst
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- Опубликовано: 25 июл 2024
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Find out which options trading app is best for you. Compare options trading brokers from best to worst for new traders and experienced traders alike. I've been trading options for years and I tried a bunch of different options brokerages and I found a new trading app that got me to move from my old options broker. Robinhood, Thinkorswim, Tastyworks, Interactive Brokers, & Fidelity review.
⚠️ DISCLAIMER ⚠️
I am not a financial advisor. This video is for entertainment and educational purposes only. You (and only you) are responsible for the financial decisions that you make.
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Schwab
E*Trade
Is Robinhood better than Schwab? I have a a Schwab account and just started options trading spreads. I have learned their platform but its dated and misses some of the convenient features on Robinhood. Like providing a P/L graph. Idk if its worth switching
tradearies.com/everythingoptions/
Get a $100 bonus after signing up with my affiliate link and making a deposit of $500
When you go to close your spreads, you don't have to take the suggested price between the Bid and Ask. I always get a little greedy and place something lower and leave it pending until it closes. After 3pm ,if the price is too volatile RH will cancel your pending order and probably close it out automatically at some point. But if you're on top of it and replace the order immediately, then you'll be fine. And if you're not as greedy as I am, you're order will be filled. Of course, the closer to 4pm we get the more reasonable I get. Personally, I would just close the option and regroup but you could always Roll your position. You still have to manually close out of your position by buying back the option you sold and selling the one you bought, but in the same transaction you could open another spread further out. Same as Rolling short Puts for example, before they added the Roll button. Appreciate the review 🙏 Thanks.
Looking forward for the aries review. Thanks for this!
Webull has charts comparable to think or swim, I don't have to wait long get filled, and it's very low cost. I do spreads or verticals so Fidelity and TOS was cutting into my profits.
I like the availability of charts on webull and their growing portfolio of cryptocurrency. I don't like his long LIMIT orders take and I loathe MARKET trades on Crypto with sometimes enormous slippages. They also have daily maintenance that gravely affects the ability to trade. I do like components that incorporate others on their platform with social media type interactions. I HATE getting so many promotional messages and would prefer they adapt to the SIMPLE Robinhood format for options trading. Having mentioned Robinhood in positive reference I'll need to also state that Robinhood is attractive in the App world but if there's a Heaven "They Just Ain't Going!" Lol. Cheers and safe trading and great success to you and yours. Peter
@@cryptopeter1 so what do you use?
Thanks!
Any time 🙏
So did you do it? Did you switch to Aries?
Based on some of your comments below, it looks like you might use E-Trade too?
Which is the best option trading app for Australia ? Buy call put and CFD TRADING
which platform support mini index option trading's ?
Interesting, I would have thought webull would have been #1?? Didn't even make the list?? Any particular reason u don't like it?
Tastyworks doesn't require a commission for closing the position though, so it ends up being cheaper than Fidelity... and it's only $1 per leg, for up to 10 total trades. so 10 iron condors will cost $40. but 100 Iron condors will still only cost $40
Right. I've heard they don't have as good of fills as Fidelity & TOS though, so it may not be worth it.
@@TheFinancialMinutes I have done A LOT of spreads with Tasty, and a few with Ameritrade and eTrade. Let's get eTrade out of the way. Bad fills, horrible customer service, and basically, it is a never again for me. Ameritrade is decent, but I hate the layout, and getting moved up to be able to do spreads when I started was such a shit show, that I also gave them a never again. But I do use their charts. This brings me to Tastyworks. I get good fills, if I have a question, they ALWAYS pick up the phone....BUT, I'm about to leave them. Why? Because I want to do SPX spreads and maybe have 3-4 going at the same time. They are not clean with keeping my spreads separate. I had 2 in and 2 out, and they calculated it as 3 day trades. When I called them, they agreed, but I still had to wait a week to trade again. But I could get around that when I hit 25k in that account. The bigger long term problem is that if I already have a spread on, and I want another one using the same leg, it's an effing nightmare and not workable. There is no reason for this. and because of this, I'm going to be replacing them with someone else.
correction, Tasty calculated my 2 in and 2 out as 4 day trades, not 3. This should had been 2.
ToS is such a downgrade from the TD app. No greeks, IV, Earnings dates, cost basis etc on same page.
And people say this is “better” than the app, better for Amateurs maybe. 10X worse for option traders like myself who don’t have the luxury of sitting on my ass in front of a computer.
Another big corp fixing what isn’t broken and ruining opportunity for the little guys. Thank you Schwab for ruining the one app I could make money with in Corporatist America 😡
Greg , would you buy a call (LEAP) on $TSLA given the 3 to 1 stock split~~?
My biggest problem with robinhood is the fill rate. I feel like if a stock is moving quickly, it doesn't like to fill immediately. Which can be the difference in losing your profit. Although I will say I'm a beginner trader and I don't recommend hoping in a trade if it's moving quickly. The main reason I haven't switched to another platform is bc robinhood is super user friendly.
Robinhood definitely has the worst fills, no doubt about it.
Y'all are great at doing what you do. Loved hearing about the different platforms. I have a love/hate relationship with RH. But it's easy and my thumb can do just shoot anything. You're awesome. Thanks for all you do. And you're nice on the eyes! Pete in 🌴 ⛱️
Thanks a ton Peter 🙏
In canada we can’t use robinhood or webull. What do you reccomend aside from TOS?
Aries
So you don’t like coinbase or Webull?
No webull?
IB has some of the best margins I’ve ever seen. And available margin per dollar if holding stock ( 75% margin available vs. some at 50% )
Only drawback is margin maintenance if u push to limits ( such as going over margin holding spy in expire that night or having a very low available margin )
I've deleveraged myself out of margin because of the increasing rates and falling stock prices
was about to watch till i seen the thumbnail have robinhood at top tier 😂😂😂😂😂
Only non bit comment
Wt do you suggest?
Do you even trade options because options trade super easy an fill super quick on Robin Hood and I’ve used personally and traded on five different brokerages as an option trader and Robin Hood is honestly the fastest
I'm a new trader and I'm outside of the US. Can't get approved from IB for trading options. Is there any other good platforms for those starting out with small capital base?
Aries is pretty good and international
tradearies.com/everythingoptions
I use TOS for desktop. Webull for phone. RH line chart oh phone looks weird. Def can’t trade that.
Realy i use rh and Webull and Robin Hood is way more user friendly and quicker for trading options i only use Webull for swing trading and rh for my day trading which is the majority of what i do
Did you switch to Aries app? HOw are the commisions there?
No commissions or fees at Aries, they still don't group spreads though so I decided to move to TD/Schwab's Thinkorswim platform
Are you a profitable trader? Thanks
Aries affiliate link?? I want to sign up and give it a try
tradearies.com/everythingoptions/
You’ll get the $100 bonus if you deposit $500
Tasty works is pretty much 0.50 per option because they don't charge to close.
Plus, they cap their fees at 10 contacts I believe.
Right so they’re cheaper. I wonder how their fill prices compare.
@@TheFinancialMinutes yeah fills aren't the greatest imo.
Can you provide the name of aeris platform?
tradearies.com/
You didn't mention etrade
Can you suggest a step by step tutorial or reading content that can help users outside US easily get used to complex user interface of interactive brokers, I am looking for web version tutorial for selling options
Sure, give me a few weeks. Currently studying for my CFA exam next week but planning to make more long format videos here on the channel after.
What is the best one for EU ?
Interactive Brokers or Aries
@@TheFinancialMinutes interactive has a rlly dogshit UI i cant handle that
Webull is easily better then anything on this list. Good video though
I tried it for a bit but never really liked it enough to switch
I dont trust anything owned by the Chinese gov.
@@TheFinancialMinutes they don't allow to trade custom option strategies
It doesn’t let you open contract past 3:40pm eastern time
Whats the most safe company to deal with, the most secure? In todays environment, this should be the most important. I would argue robinhood is the least safe
Correct me if I’m wrong but Robinhood doesn’t allow options spreads in IRAs.
Not sure about Robinhood, but I know Schwab & Fidelity allow it
How do u feel abt ameritrade
Thinkorswim was made by TD Ameritrade. I prefer their Thinkorswim platform to the TD Ameritrade platform and their website.
Webull is not on our list??🤔😓
Didn’t try their platform enough to give a review of it
Webull in my opinion the best..
Webull is a great app, but they are not a good options broker, you don't even get real time options data enabled off the bat, and you can't sell naked at all! If they enable level 4/5 I would consider going back.
Cant hear you!
Has anyone tried the Optionality app?
Never heard of it. I’ll check it out and get back to you.
@@TheFinancialMinutes Thanks!
Please do a video on aeris. Is it legit? can we trust our money with it?
Ya I've been using them the last 2 months. I'll make a vid on it soon.
What about E*Trade
If it didn’t even make the list, it’s below F tier.
@OriginalSchaffino Exactly. I've heard awful reviews of E*Trade.
E-Trade is fine as long as a few conditions are meet:
- Use Power E-trade
- Adjust your laptop setting for optimal performance. PCs get the best performance.
- Keep option orders mid-size at most.
- Avoid scalping (day trading options). Only weekly or leaps.
Why did you stop uploading?
Ran out of ideas
@@TheFinancialMinutes that is unfortunate man. Maybe consider some real time stuff about your own trades successes, problems, goals, etc.
What about eTrade?
I’ve heard really bad reviews on ETrade
I have been using it for one and half years trading options. Commissions are.50 and free if the price falls below .10. Has paper trading, lots of charts, and customization. You should check it out.
.65 to open, .65 to close= $1.30
1.00 to open, $0 to close= $1.00
Tasty works is cheaper not expensive
how are the order fills?
Waiting for that Aries review :)
Coming soon!
Yeaa this man is from the wild west aint no way robinhood a platform that dont even fill ur orders is better than tos. .. tos commission is there for their best service. This guy never callled td ameritrade customer service gets you in on the instant. Orders are executed on the instant. Orders can be sent out in sooo many different ways including time limit.. meaning if you want to open a position at 3pm you can just tell them to fill at best price on that time. Not to mention their actual transfer. Remmeber one last thing robinhood will purposely always buy at ask and sell at big by default (hence you are paying a few extra dollars anyways). On td an order at the bid gets executed almost fast as ask (really depends on liquidity tho)
I talked about fill prices in the vid and said that was one of the sacrifices of RH. Also been using TOS for 6 years it just doesn’t have a user friendly platform that I prefer.
I do most my longer term stuff with fidelity, its nice. It absolutely sucks for day trading and options and I use the web interface for most serious things. The app sucks. They need to hire a nee design team
I think a bad UI can make it harder to sell your long-term investments so maybe not a bad choice
@@TheFinancialMinutes haha right. It’s like how a website makes it super easy and intuitive to sign up and pay but then they become unbelievably incompetent when it comes to accessing the place to unsubscribe. Fidelity is like just put your money in here and don’t mess with it you idiot…. come back and look at the numbers every once in a while.
which is good advice for most people honestly, a vast majority of Fidelity customers probably don’t need to worry about options or day trading
RIP think or swim
Ares
i'm curious why you would use robinhood since they seem to be associated with noobs, whereas you seem to have a lot of options experience. Makes me wonder if they are paying you? lol
If only 😅 I'm getting robbed by the bid ask spread instead but UI is still untouchable
@@TheFinancialMinutes ah, makes sense. I wonder, could limit orders help with the bid/ask discrepancies? Thanks for the great content
@@hankigoe8615 Yes but the fills take longer and you won’t get the best prices compared to other brokers. From what I’ve seen E*Trade has the quickest fills at the best prices.
Love seeing all these 20 year old gurus that live in their parents basements giving financial advice.
Lol it was a top floor bedroom at an apartment costing me $1,100/mo
Love seeing people commenting like they know my situation when they don’t know anything about me. The algorithm thanks you. 🤖
ruclips.net/video/rIje4AO06MU/видео.html
You gotta be sponsored by robinhood, ain't no way. Easy isn't better
Sponsored? If only 🤣
Love HOOD❤
Webull for the win
Good UI but not worth the geopolitical risk
@@TheFinancialMinutes you bring up a very fair point sir, I will reassess
kind of unfair for fidelity you didnt even compare their desktop app
Absolutely the relationship between risk and return is left skewed, so with high risk trading strategies you'll have outsized losses and some substantial gains.
Ain’t no way you out Robinhood above think or swim
@DevRealm Lol no bait. Usability over everything.
Shwab app is a disaster...Robin is actually for kids..Best was TD Ameritrade app
TDA is a good one, just don't like their fee since you get the same fill price Robinhood gives you
@@TheFinancialMinutes FYI. TDA is no more. Fee was not a problem to me, their App was the most human friendly ever.
Nooo. Robinhood....nooo
Usability is untouchable
@@TheFinancialMinutes i hope this was not a pun ;)
Robinhood sponsored? Wtf i hate robinhood
I am using IBKR, i was shocked to learn that they do not have live data feed for US Stock Options. You would need to subscribe additionally (OPRA subscription) to get a live feed of $32.75 per month! That's crazy
I thought tastyworks charges 1$ to open but nothing to close.
Right. So they’re actually cheaper since TOS & Fidelity charge for entry & exit.
they only charge open and not close and are also capped at 10 USD. so if you trade more than 10 contracts its actually cheaper than all other brokers
Yeah, I was about to say that. So if you just open an option and let it expire, does it count as only opening and not exiting?
Really it boils down to 5 platforms.
- Tastyworks
- TD Ameritrade
- Schwab
- E-Trade
- Webull
Ok. I get that you hate RH. But you can't ignore it. Nor can you beat their UI.
@@millenialmusings8451 They can be ignored. Most do not make money nor have good execution speed.