Garsworld Trading Academy Overview of 20 Main Brokers Broker Has Webbased Platform(s)? Has its own Software-based Platform(s)? Integration with 3rd-party Software? Has Mobilebased Platform? ChoiceTrade Cobra Trading Ditto Trade E*Trade eoption Fidelity Interactive Brokers Just2Trade Lightspeed Trading MB Trading OptionsHouse Questrade (no US) Schwab Scottrade SogoTrade SpeedTrader TD Ameritrade TradeKing TradeMonster TradeStation
One trader s personal opinion / experience with lots of stock trading software: For simple active stock trading, I have enjoyed most aspects of MB Trading s MBT Desktop Pro and Schwab s Streetsmart Edge. They offer flexible layouts, have efficient order entry boxes, and have some nice little useful features like being able to tell from the Level 2 box whether a stock is easily shortable. NinjaTrader and QuoteTracker are two great pieces of software for highly-customizable real-time streaming charts (but you will need to pay a monthly fee like $18 to $65 for a 3rd-party data feed if you don t have an account with a broker they integrate with like TD Ameritrade, Interactive Brokers, or MB Trading). I have heard nothing but good things about TradeStation s software. Lightspeed Trader is an excellent fast direct access day trading platform used by many professional traders. Its main weakness is its charts (but you can get charts elsewhere). Other trading platforms commonly used by professional traders include Sterling Trader Pro and RealTick. I did not like how cumbersome TD Ameritrade s Thinkorswim is. ScottradeElite did not impress me much. Fidelity s ActiveTrader Pro was just average. Andrew from Boston Comparison of Brokers Per-Share Commission Rates: Broker Interactive Brokers ChoiceTrade TradeStation SpeedTrader Lightspeed Trading eoption Cobra Trading MB Trading Questrade (no US) Per-Share Rate(s) All-in rate of $0.005 ($1 minimum; no ECN fees/rebates); or $0.0035 +/- ECN fees/rebates $0.0025 ($1.50 minimum) +/- ECN fees/rebates All-in rate of $0.01 for the first 500 shares and then $0.006 ($1 minimum; no ECN fees/rebates) $0.0039 ($0.99 minimum) + ECN fees [Ask for the rebates!] $0.0045 ($1 minimum) +/- ECN fees/rebates $0.005 +/- ECN fees/rebates [There might be a minimum] $0.005 ($1 minimum) +/- ECN fees/rebates $0.0075 ($4.95 minimum) +/- ECN fees/rebates $0.01 ($4.95 minimum) + ECN fees
Comparison of Brokers Per-Trade Commission Rates: Broker Per-Trade Rate Comments Just2Trade $2.50 eoption $3.00 Must have 2 yrs. of online trading experience. Decent web-based platform; streaming Level 2. Has separate quote software with streaming charts and streaming Level 2. SogoTrade $3.00 Web-based with some streaming quotes. OptionsHouse $3.95 Web-based with streaming quotes and many tools (esp. options ones). Nice low margin rate. Lightspeed Trading $4.50 +/- ECN fees/rebates Good rate if you trade large size at once and will usually be adding liquidity using limit orders. MB Trading $4.95 Good software with fast execution; low fees. Questrade $4.95 Broker for Canadians. No U.S. accounts. TradeKing $4.95 Good customer service but no software platform. ChoiceTrade $5.00 Multiple software choices but with fees. Cobra Trading $5.00 Venom web platform with streaming quotes. TradeStation $6.99 Good software. Can directly route 5,000 shares with no extra fee (good for removing liquidity). SpeedTrader $6.95 + ECN fees Alternative to Lightspeed. Request rebates! Ditto Trade $6.95 Used to follow another person s trades. Scottrade $7.00 Average software; no direct access capability. TradeMonster $7.95 No software but has a low margin rate. Fidelity $7.95 You can directly route orders for free (so good for large-share-size orders that remove liquidity). Schwab $8.95 Good software. You can do free direct routing. TD Ameritrade $9.99 Integrates with lots of 3rd-party software. Free data (including Level 2) even if not very active. E*Trade $9.99 Costs $0.005/share extra for direct routing.
Comparison of Brokers Commission Rates for Options: Broker Rate(s) for Options Trading 10 Contracts eoption $3 + $0.10 per contract $4.00 Interactive Brokers $0.25 to $0.70 per contract ($1 minimum) $2.50 to $7.00 Lightspeed Trading $0.60 per contract ($1 minimum) $6.00 ChoiceTrade $5 + $0.15 per contract $6.50 Just2Trade $2.50 + $0.50 per contract $7.50 MB Trading $0.95 per contract (No minimum) $9.50 OptionsHouse $1 per contract ($5 minimum), or $8.50 + $0.15 per contract $10.00 TradeStation $1 per contract (No minimum) $10.00 SpeedTrader $1 per contract (No minimum) $10.00 SogoTrade $5 + $0.50 per contract $10.00 TradeKing $4.95 + $0.65 per contract $11.45 TradeMonster $0.50 per contract ($12.50 minimum) $12.50 Schwab optionsxpress $12.95 flat rate up to 10 contracts, $1.25 per contract for over 10 contracts $12.95 Ditto Trade $6.95 + $0.75 per contract $14.45 Cobra Trading $5 + $0.95 per contract $14.50 Fidelity $7.95 + $0.75 per contract $15.45 E*Trade $7.99 + $0.75 per contract $15.49 Schwab regular $8.95 + $0.75 per contract $16.45 TD Ameritrade $9.99 + $0.75 per contract $17.49 Scottrade $7 + $1.25 per contract $19.50 Questrade (no US) $9.95 + $1 per contract $19.95
ChoiceTrade # Website: www.choicetrade.com # Commissions: $5 per trade; or $0.0025 per share (with a $1.50 # minimum) +/- ECN fees/rebates using their ChoiceTrader Direct Pro # software # Options Commissions: $5 per trade + $0.15 per contract # # ChoiceTrader Direct Pro (DAS Trader Pro) software-based # # platform (has a $49.95 per month software fee or $79.95 per # # month for Level 2 version) # # ChoiceTrader Select (Bon Trade) software-based platform # # (has a $126 per month software fee; powered by esignal) # # web-based QuoteStream platform with streaming quotes # # (costs $9.95 per month but free if you do at least 5 trades per # # month) # # web-based QuoteStream Pro platform with streaming quotes, # # time & sales data, and advanced charts (costs $19.95 per # # month; Level 2 costs an additional $10 per month) # Clearing Firm: Apex Clearing Corporation # Usually Routes Your Stock Orders To (if not doing direct routing): # # Citadel, Cowen & Company, ARCA, Knight, Goldman Sachs # # No minimum required to open a cash account and $2,000 # # required for a margin account. # # You can trade during extended hours (8:00 am to 9:30 am and # # 4:00 pm to 8:00 pm). An additional charge may apply.
Cobra Trading # Website: www.cobratrading.com # Commissions: $0.005 per share (with a $1 minimum) +/- ECN fees/! rebates; or $5 per trade using their web-based Venom platform # Options Commissions: $5 per trade + $0.95 per contract # # RealTick software-based direct access platform (has a $250 # # per month software fee - rebated if you trade 200,000 shares in # # the month) # # Sterling Trader Pro software-based direct access platform # # (has a $250 per month software fee - rebated if you trade # # 200,000 shares in the month) # # CobraIQ (InstaQuote) software-based direct access platform # # (commissions are an extra $0.001 per share using this; has a # # $125 per month software fee - rebated if you trade 75,000 # # shares in the month) # # web-based Venom platform with streaming quotes # Clearing Firm: Apex Clearing Corporation # Usually Routes Your Stock Orders To (if not doing direct routing): # # Knight, Goldman Sachs, Citadel, Lavaflow, Two Sigma # # Offers a couple of free routes to remove liquidity. # # They offer a lower commission of $0.004 per share if you # # trade more than 250,000 shares per month. # # Requires a $2,500 minimum initial deposit to open an account. # # You can trade during extended hours (6:00 am to 9:30 am and # # 4:00 pm to 8:00 pm). An additional charge may apply.
Ditto Trade # Website: www.dittotrade.com # Commissions: $6.95 per trade # Options Commissions: $6.95 per trade + $0.75 per contract # # DT Squared software-based platform (has a $25 per month # # software fee but these fees are waived if you do at least 25 # # trades a month) # # web-based platforms with streaming quotes # Clearing Firm: Apex Clearing Corporation # Current Maximum Margin Rate Charged: 6.95% # Usually Routes Your Stock Orders To: # # Knight, Goldman Sachs, Citadel, Lavaflow, Two Sigma # # Platform can be used to follow some or all of the trades of # # other #traders. If you attract other Ditto Trade users to follow # # your own trades they will gradually lower your stock # # commissions from $5.95 per trade (with 1 follower) down to $0 # # per trade (with at least 18 followers). # # No minimum required to open a cash account and $2,000 # # required for a margin account. # # They charge a $1 per month data fee (reimbursed after you do # # 2 trades monthly). # # Doesn t currently offer extended hours trading.
E*Trade # Website: www.etrade.com # Commissions: $9.99 per trade (or $7.99 per trade if you do 150+ # trades a quarter; $6.99 per trade if you do 1,500+ trades a quarter) # Options Commissions: $9.99 per trade + $0.75 per contract (or $7.99 # per trade + $0.75 per contract if you do 150+ trades a quarter; $6.99 # per trade + $0.75 per contract if you do 1,500+ trades a quarter) # # E*Trade Pro software-based platform (available if you do at # # least 30 trades a quarter Pro Elite customers) # # E*Trade 360 web-based platform with streaming quotes # Clearing Firm: Self-clearing # Current Maximum Margin Rate Charged: 8.44% # Usually Routes Your Stock Orders To (if not doing direct routing): # # E*Trade Capital Markets, Knight, EDGX, Citigroup # # Has reputation for good customer service. # # With E*Trade Pro you can directly route orders to ARCA, # # NSDQ, and NYSE for an additional cost of $0.005 per share. # # Requires a $500 minimum initial deposit to open a cash # # account and $2,000 for a margin account. # # For an additional cost of $0.005 per share you can trade in # # extended hours (8:00 am to 9:30 am and 4:00 pm to 8:00 pm).
eoption # Website: www.eoption.com # Commissions: $3 per trade; or $0.005 per share +/- ECN fees/ # rebates (using one of the 3 software-based direct access platforms) # Options Commissions: $3 per trade + $0.10 per contract # # web-based platform with streaming quotes and streaming time & sales data; # # streaming charts and Level 2 available via Quotestream Desktop ($15+ monthly fee # # waived if do 10+ trades a month) # # Sterling Trader Pro software-based direct access platform (has a $250 per month # # software fee) # # OmniPro software-based direct access platform ($100 per month software fee) # # eoption Direct software-based direct access platform (50 per month software fee) # Clearing Firm: Apex Clearing Corporation # Current Maximum Margin Rate Charged: 5.00% # Usually Routes Your Stock Orders To (if not doing direct routing): # # Knight, Goldman Sachs, Citadel, Lavaflow, Two Sigma # # Their direct access platforms may require paying additional # # data fees of $11 per month for Level 1 and Level 2 quote feeds. # # You can trade during extended hours (8:00 am to 9:30 am and # # 4:00 pm to 6:00 pm) for a fee of $25 for up to 5,000 shares # # ($0.003 per share if more than 5,000 shares). # # They charge an annual $50 inactivity fee for accounts when # # there are less than 2 trades in the past 12 months or if there are # # less than $10,000 in credit or debit balances.
Fidelity # Website: www.fidelity.com # Commissions: $7.95 per trade # Options Commissions: $7.95 per trade + $0.75 per contract # # Active Trader Pro software-based platform available to those # # who do 36+ trades in a 12-month period (120+ trades # # in a 12-month period required to receive the full advanced # # features) # # ActiveTraderPro.com web-based platform with streaming # # quotes (must do 120+ trades in a 12-month period) # # web-based platform with snapshot quotes and strategy testing # # Wealth-Lab Pro software for more advanced strategy testing # # (must do 120+ trades in a 12-month period and have a # # $25,000+ account) # Clearing Firm: Self-clearing # Current Maximum Margin Rate Charged: 8.575% # Usually Routes Your Stock Orders To (if not doing direct routing): # # Citadel, Knight, UBS, Citigroup, Goldman Sachs, EDGX, # # BATS, ARCA, National Financial Services LLC (Fidelity owns) # # Has reputation for good customer service. # # With Active Trader Pro you can directly route orders to!! ARCA, NSDQ, NYSE, and more for no additional cost. # # Requires a $2,500 minimum initial deposit to open an account. # # For no additional cost you can trade during extended hours # # (7:00 am to 9:30 am and 4:00 pm to 8:00 pm).
Interactive Brokers # Website: www.interactivebrokers.com # Commissions: $0.005 per share all-in rate ($1 minimum; 0.5% # trade #value maximum; no ECN fees); or $0.0035 per share +/- ECN! fees/rebates (just $0.002 per share for shares exceeding 300,000 # shares in a month) # Options Commissions: Usually $0.25 to $0.70 per contract # depending #on the premium (with a $1 minimum per order). # # Trader Workstation software-based platform with lots of # # features; Trader Workstation has a web-based version too # # integrates with some 3rd-party software such as NinjaTrader # # WebTrader alternate web-based platform with snapshot # # quotes # # Clearing Firm: Self-clearing # Current Maximum Margin Rate Charged: 1.66% # Usually Routes Your Stock Orders To (if not doing direct routing): # # NSDQ, NYSE, BATS, ARCA, Credit Suisse CrossFinder # # $10 per month data fee (waived if commissions $30). # # Requires $10,000 to open an account (just $3,000 if under 27 # # years old). # # Has its short sale list readily available. # # Offers a paper trading account. # # Has a $10 minimum monthly commission requirement ($3 if # # under 26 years old; $20 if account is less than $2,000).
Just2Trade # Website: www.just2trade.com # # Commissions: $2.50 per trade # Options Commissions: $2.50 per trade + $0.50 per contract # Platform: web-based platform with streaming quotes (including free # Level 2), streaming charts, and streaming time & sales data # Clearing Firm: COR Clearing LLC # Current Maximum Margin Rate Charged: 5.25% # Usually Routes Your Stock Orders To: # # Goldman Sachs, UBS, E-Trade, Citigroup, Cowen & Company # # Requires that you have at least 2 years of online trading!! experience and can maintain at least a $2,500 balance. # # Not available for people in New Hampshire or North Dakota. # # For an additional cost of $0.003 per share you can trade in # # extended hours (7:00 am to 9:30 am and 4:00 pm to 8:00 pm). # # They now make their easy-to-borrow short sale list available # # to account holders.
Lightspeed Trading # Website: www.lightspeed.com # Commissions: $4.50 per trade +/- ECN fees/rebates or $0.0045 per! share (with a $1 minimum) +/- ECN fees/rebates; or $3 per trade # (using their non-direct-access Lightspeed WebTrader platform) # Options Commissions: $0.60 per contract (with a $1 minimum) # # Lightspeed Trader software-based direct access platform with # # lots of advanced active trading features (has a $10.00 per # # month cost for the Level 2 data bundle) # # Lightspeed WebTrader web-based platform with snapshot # # quotes # Clearing Firm: Apex Clearing Corporation # Current Maximum Margin Rate Charged: 6.00% # Usually Routes Your Stock Orders To (if not doing direct routing): # # Credit Suisse, PDQ ATS # # LightSpeed has its own LSPT route which charges just # # $0.0015 extra per share regardless of whether you remove # # liquidity. # # In order to use Lightspeed Trader there is a funding # # requirement of at least $25,000. To use Lightspeed WebTrader # # you must deposit at least $5,000. # # You can trade during extended hours using Lightspeed Trader # # for no additional fee. # # The Level 2 box in Lightspeed Trader can be directly linked to # # esignal charts. # # Offers a paper trading account.
MB Trading # Website: www.mbtrading.com# # Commissions: $4.95 per trade; or $0.0075 per share (with a $4.95 # minimum) # Options Commissions: $0.95 per contract (with no minimum) # # multiple software-based platforms with lots of features # # integrates with some 3rd-party software such as NinjaTrader # # web-based platforms with streaming quotes and Level 2 # Clearing Firm: Apex Clearing Corporation # Current Margin Rate Charged: 7.45% # Usually Routes Your Stock Orders To: # # Credit Suisse, Getco, ARCA, NSDQ, BATS # # Has reputation for good customer service. # # Has its easy-to-borrow short sale list readily available. # # Streaming data costs $6 per month (but is free if you pay at # # least $25 per month in commissions). Level 2 data costs $10 # # per month (but is free if you do 10+ trades at the $4.95 rate). # # Offers paper trading accounts for stocks. # # Requires a $1,000 minimum initial deposit to open a cash # # account and $2,000 for a margin account. # # For an additional cost of $0.005 per share you can trade in # # extended hours (7:30 am to 9:30 am and 4:00 pm to 8:00 pm). # # There is no additional cost if you re already doing the per-share # # commission plan.
OptionsHouse # Website: www.optionshouse.com # Commissions: $3.95 per trade # Options Commissions: $1 per contract ($5 minimum commission); or # $8.50 per trade + $0.15 per contract # Platform: web-based platform with streaming quotes and many tools # Clearing Firm: Apex Clearing Corporation (owned by PEAK6 - the # parent company of OptionsHouse) # Current Maximum Margin Rate Charged: 4.00% # Usually Routes Your Stock Orders To: UBS, Citigroup, Citadel # # Has reputation for good customer service. # # Offers paper trading accounts for both stocks and options. # # Requires a $1,000 minimum initial deposit to open a cash # # account and $2,000 for a margin account. # # For no additional cost you can trade during extended hours # # (8:00 #am to 9:30 am and 4:00 pm to 5:00 pm).
Questrade (for Canadians) # Website: www.questrade.com # Commissions: # # $0.01 per share (with a $4.95 minimum and $9.95 # # maximum); or # # $4.95 per trade (with a $89.95/monthly fee for Questrade # # Advantage active trader program - rebated if you do 100+ # # trades a month) # Options Commissions: $9.95 per trade + $1.00 per contract # # web-based platform with streaming quotes # # software-based platform IQ Edge with extra features # Clearing Firm: Self-clearing (by end of 2012) # Current Maximum Margin Rate Charged: 6.25% # # Does not accept U.S. accounts but popular for Canadians. # # You can directly route your orders to NYSE, NSDQ, or ARCA # # for an additional fee of $0.003 to $0.004 per share if you # # remove liquidity. They apparently do not give you ECN rebates. # # Level 2 data for an additional fee of $19.95 per month. # # Requires a $1,000 initial deposit to open an account. # # You can trade during extended hours (8:00 am to 9:30 am and # # 4:00 pm to 5:30 pm). # # They sometimes charge a quarterly $19.95 inactivity fee if # # your account is less than $5,000 and you don t place at least # # one trade during the quarter, but there are some exceptions.
Schwab # Website: www.schwab.com # Commissions: $8.95 per trade # Options Commissions: # # $8.95 per trade + $0.75 per contract # # Using optionsxpress a flat rate of $12.95 or $14.95 for up to 10 # # contracts and $1.25 or $1.50 per contract for more than 10 contracts # # (depending on whether you do 35+ options trades a quarter). # # StreetSmart Edge software-based platform for Active Trading # # clients (free Level 2 if you do at least 30 trades a quarter) # # web-based platforms with streaming quotes # # optionsxpress web-based and software-based platforms with # # lots of options trading tools (currently requires opening a # # separate account since optionsxpress not yet fully integrated) # Clearing Firm: Self-clearing # Current Maximum Margin Rate Charged: 8.50% # Usually Routes Your Stock Orders To (if not doing direct routing): # # UBS (more than 99% of the time) # # Has reputation for good customer service. # # You can directly route orders to ARCA and NSDQ for no!! additional cost. # # Requires a $1,000 minimum initial deposit to open a cash # # account and $5,000 for a margin account. # # Can paper trade options (via optionsxpress) and stocks. # # For no additional cost you can trade during extended hours # # (8:00 am to 9:30 am and 4:00 pm to 8:00 pm).
Scottrade # Website: www.scottrade.com # Commissions: $7 per trade # Options Commissions: $7 per trade + $1.25 per contract # # ScottradeElite software-based platform available to those # # with a $25,000+ account (can get Nasdaq TotalView and # # Level 2 for $15 monthly fee waived if do 15+ trades a month; # # can get just Level 2 for $10 monthly fee waived if do 10+ # # trades a month) # # Scottrader web-based platform with streaming quotes, charts, # # and time & sales # Clearing Firm: Self-clearing # Current Maximum Margin Rate Charged: 7.75% # Usually Routes Your Stock Orders To (if not doing direct routing): # # Knight, Citadel, UBS, Citigroup, Lavaflow, EDGX, E*Trade # # Has reputation for good customer service. # # Requires a $500 minimum initial deposit to open a cash # # account and $2,000 for a margin account. # # Offers paper trading for both stocks and options. # # For no additional cost you can trade during extended hours # # (7:00 am to 9:30 am and 4:00 pm to 8:00 pm).
SogoTrade # Website: www.sogotrade.com # Commissions: $3.00 per trade # Options Commissions: $5.00 per trade + $0.50 per contract # Platform: web-based platform with streaming quotes # Clearing Firm: Apex Clearing Corporation # Current Maximum Margin Rate Charged: 6.50% # Usually Routes Your Stock Orders To: Citigroup, Knight, Citadel, UBS # # Requires a $500 minimum initial deposit to open a cash # # account and $2,000 for a margin account. # # For an additional cost of $0.005 per share you can trade in # # extended hours (8:00 am to 9:30 am and 4:00 pm to 6:00 pm).
SpeedTrader # Website: www.speedtrader.com # Commissions: $0.0039 per share (with a $0.99 minimum) + ECN! fees; or $6.95 per trade + ECN fees # Options Commissions: $1 per contract (with no minimum) # # SpeedTrader Pro (DAS Trader Pro) software-based # # direct access platform (has a $49 per month software fee or # # $104 per month for Level 2 version but these fees are waived # # if you generate commissions that month equal to the total # # amount of the fees) # # Sterling Trader Pro software-based direct access platform # # (has a $250 per month software fee which includes Level 2) # # web-based platform SpeedTrader 2.0 with streaming quotes, # # streaming news, and charting # Clearing Firm: Apex Clearing Corporation # Usually Routes Your Stock Orders To (if not doing direct routing): # # JP Morgan, ITG, Lampost Capital, Knight, Goldman Sachs, # # Citadel, Lavaflow, Two Sigma, EDGX # # ECN rebates may be available upon request. # # Offers several free routes to remove liquidity. # # $1,000 required to open a cash account and $2,000 # # required for a margin account. # # They offer a free paper trading account. # # They charge a quarterly $30 inactivity fee if you don t place at # # least 15 trades during the quarter.
TD Ameritrade # Website: www.tdameritrade.com # Commissions: $9.99 per trade # Options Commissions: $9.99 per trade + $0.75 per contract # # integrates with some 3rd-party software such as NinjaTrader # # Thinkorswim software-based platform with streaming quotes, # # charts, Level 2, streaming news, and streaming CNBC # # Trade Architect web-based platform with streaming quotes, # # charts, Level 2, streaming news, and streaming CNBC # Clearing Firm: Self-clearing # Current Maximum Margin Rate Charged: 9.00% # Usually Routes Your Stock Orders To (if not doing direct routing): # # Citadel, Citigroup, Knight, EDGX # # Has reputation for good customer service. # # Offers free Level 2 and streaming quotes with no activity!! requirements.!! No minimum required to open a cash account and $2,000 # # required for a margin account. # # Offers paper trading for both stocks and options. # # For no additional cost you can trade during extended hours # # (8:00 am to 9:30 am and 4:00 pm to 8:00 pm).
TradeKing # Website: www.tradeking.com # Commissions: $4.95 per trade # Options Commissions: $4.95 per trade + $0.65 per contract # Platform: web-based platforms with streaming quotes # Clearing Firm: Apex Clearing Corporation # Current Maximum Margin Rate Charged: 8.75% # Usually Routes Your Stock Orders To: Citadel, Knight # # Has reputation for good customer service. # # Requires a $2,000 minimum initial deposit to open a margin # # account. No minimum in order to open a cash account. # # They charge an annual $50 inactivity fee if your account is # # less than $2,500 and you did not place at least one trade in the # # last 12 months. # # For no additional cost you can trade during extended hours # # (8:00 am to 9:30 am and 4:00 pm to 5:00 pm).
TradeMonster # Website: www.trademonster.com # Commissions: $7.50 per trade # Options Commissions: $0.50 per contract (with a $12.50 minimum! and $15 minimum for spreads) # Platform: web-based platform with streaming quotes and many tools # Clearing Firm: Apex Clearing Corporation # Current Maximum Margin Rate Charged: 3.50% # Usually Routes Your Stock Orders To: Citadel, Knight, BATS # # Options-focused broker with reputation for good customer # # service. # # Has special cheaper commission rates for those who trade # # more than 10,000 option contracts per month. # # Has lots of online options tools and offers paper trading. # # Requires a $2,000 minimum initial deposit to open an account. # # For a steep extra cost of $0.015 per share you can trade in # # extended hours (8:00 am to 9:30 am and 4:00 pm to 5:00 pm).
Trade Station # Website: www.tradestation.com # Commissions: # # $6.99 per trade (at least 30 trades per month), $7.99 per # # trade (10 to 29 trades), $9.99 per trade (1 to 9 trades); or # # $0.01 per share for the first 500 shares and $0.006 per share # # thereafter (with a $1 minimum; includes all ECN fees) # Options Commissions: $1 per contract (with no minimum) # # TradeStation comprehensive software-based direct access # # platform with very advanced strategy testing tools (has a # # $99.95 per month software fee waived if you traded 5,000 # # shares or 50 option contracts) # # TradeStation Web Trading web-based platform # Clearing Firm: Self-clearing # Current Maximum Margin Rate Charged: 8.50% # Usually Routes Your Stock Orders To (if not doing direct routing): # # EDGA, Getco, NQBX, EDGX, Citigroup, Knight, BATY # # Has reputation for good customer service. # # You can directly route orders under the per-trade plan too # # (there s no additional charge up to 5,000 shares; $0.005 per # # share extra for shares in excess of 5,000). # # It will cost you approximately $12 per month for real-time data # # (including Level 2). # # Requires maintaining at least a $5,000 account balance. # # Offers paper trading capabilities.