How To Find The Best Online Trading Brokerage - BestStockStrategy.com - Options Trading With David Jaffee
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Best Online Trading Brokerage

How to Find the Best Online Trading Brokerage

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. 

3. Negotiate

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. 

Conclusion

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.

To learn more about trading options, visit https://BestStockStrategy.com and enter your email to receive over $400 of valuable free options trading materials.

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About the Author David Jaffee

I (David Jaffee) help people become consistently profitable traders while minimizing risk. I graduated from an Ivy League University and worked at some of Wall Street's most successful investment banks. Subscribe to my YouTube channel for valuable videos - BestStockStrategy YouTube Channel​. Finally, if you're looking to Land a Finance Job, then I've put together the best step-by-step course at LandaFinanceJob.com. My personal website is DavidJaffee.com.

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