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Cheapest Broker for Options, FX, US Indices, Gold

Discussion in 'Derivatives' started by jfufgiugfx, Jan 7, 2020.

  1. jfufgiugfx

    jfufgiugfx

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    Beginner Options Trader looking for best options broker for Australian residents.
    Are there any negative tax implications if I use a US or international Broker?
    Intending about 10 small trades a month, high return, high risk NTM options.
    Options will have daily, weekly or monthly expiries.
    I would need a demo account for practice.
    Is IB the best choice?
    Starting Bank is about 10K

    thanks
     
  2. Trav.

    Trav.

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  3. Lucy Chen

    Lucy Chen

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    Hi
    Currently I'm using charles schwab (https://www.schwab.com). It is quite good so far. The income received from the option trading will be your foreign income regardless of whether you are using US or Australian broker.
     
  4. STEHAR

    STEHAR

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  5. Annica

    Annica

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    Hi Lucy,

    I checked charles schwab but they don't have any Australian operations any more. Please see the article below:

    https://www.internationalinvestment.net/news/4004217/charles-schwab-leaves-australia

    When did you join charles schwab for options trading and are you based in Australia?

    Thanks,
     
  6. mdkb

    mdkb

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    I am the same. looking to trade options but CMC Markets (who I use for stock trading) charge $33 a trade in options.
    IB is supposed to be cheaper, but I am finding testing IB platform hideous, old looking, and slow as a dog, and it is really hard to get around. I have just signed up for Tastyworks.com.au but not been confirmed yet but the option trades are US only and cheap commission but I suspect the difficulty will be funding the account and getting it back out. yet to really figure it out. maybe someone can advise on their experience with Tastyworks
     
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