In this article, you are going to find the best online trading brokerage for you.
A few quick things to keep in mind:
1. Almost all of the brokerages are the same
2. You should look for online sign up bonuses
This is especially true if you have a larger account.
They can oftentimes offer you thousands of dollars, just for enrolling and signing up with that specific brokerage.
I found this link helpful: https://wallethacks.com/best-new-brokerage-account-promotions, which you can use to find which brokerages offer the highest sign up bonuses.
Especially if you have a larger account, you should be able to get your commissions down to virtually zero.
I pay $0.10 for every contract, whereas 4 years ago, I was paying about $9.00 commissions for every trade plus $0.50 a contract.
As a result, I pay about 1% of what I paid previously to trade.
The more money you save in commissions, the more money directly goes into your pocket.
4. Try to Get Level 4 Trading
This enables you to sell naked calls and puts.
Tastyworks is the best for this because when you enroll in their “The Works” product, it’s extremely easy to get approved for Level 4 trading.
5. Try to Apply for Portfolio Margin.
Especially if you have an account that’s over $150,000.
With some brokerages, it’s $125,000, with other brokerages, it’s around $175,000.
If you have a larger account of over $100,000 dollars, try to enroll in Portfolio Margin.
Power E*Trade App versus Tastyworks
Overall, I prefer the Power E*Trade App.
I make every single trade from my phone.
As for Tastyworks, I really do hate their user interface (“UI”); it’s annoying to make a trade - and usually requires about ~10 taps to make a trade, whereas other brokerages require only ~5.
Even so, I like Tastyworks, because it is easy to get approved for Level 4 trading.
My overall recommendation is that, if you have a smaller account, you should go with Tastyworks.
If you have an account with over $10 000, use the Power E*Trade App.
If you’re international, use Interactive Brokers.
I would also definitely stay away from Robinhood or Webull.
Despite how hard they’re trying to get me to promote their brokerages to my audience, I really feel that those brokerages are… shit.
While I give Robinhood credit for lowering overall commissions in the online trading industry, I still don’t believe it’s a good product for retail traders to use.
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