I recently took out an account with this firm for options trading purposes.
Their fees are reasonable,Their platform is a bit of a headache for starters,but
ok after some practice.It has some useful addon features
Their response to questions on their Chat Site is excellent and instantaneous.
But, alas, there it ends for options trading:
Margin accounts are not allowed for Australians.
Vertical credit spreads are only allowed on European cash settled options.
You cant leg in on the short side first,to take advantage of a moving market.
They wont accept an asx stock option with an xx.01 value as being European.
Calendar spreads of any type are not allowed.
I am asking myself what use is IB for any kind of real serious trading,if any kind of credit trading is out?(naked or defined risk spread).None of this is mentioned on their website.
I would be interested to know others experience of Options trading with IB
and whether there is something a little more unrestrictive out there at similar rates?
I also trade with Commsec,but the problem with them is that there is no spread trading
platform,and legging into spreads is bad news in the wrong type of market.
They also are ruthless in demanding double the defined risk with no allowance for
any credit,which to me if a credit spread is far OTM is outrageous theft of ones liquidity.