Has anyone tried TradeMonster for their option trading? Their platform seems pretty decent for swing option trading + they have (so it would appear to me) a fairly extensive setup for analysis and option education. I know TOS is supposed to be the standard, but their rates seem rather high (.95 per/19.95 min vs .50 per/12.50 min). They got fairly high marks in recent broker ratings. I know IB is cheaper, but...it's IB. Any input on these guys?
Read TradeMonster's SEC 606 report and then come back here and explain why you would use them as a broker over IB.
Could you please explain for uninitiated what is wrong with their Rule 606 disclosure? Do they have poor execution or execution skewed to specific market makers? Thank you
I use trademonster, I have been with them for a few months now. I really like their platform although it is not perfect. I never used tos because their commissions seem execive to me so I can't really compare. What I can tell you is that it seems to me that their execution is relatively poor compared to the broker I used before. I put up with it because of commissions and also because my old brokers platform was frankly from the stone age...
We agree. If you're looking for low commissions, fast execution and superior customer service give us a call. -Trade Stegosaurus
Or as someone mentioned a few years ago, any firm that has the word "cry" in their name should be pause for worry.
"If you're looking for low commissions, fast execution and superior customer service give us a call." How do I find you?
The SEC Rule 606 order routing report states the obvious. If you want me to explain the obvious, then I will explain the obvious. tradeMONSTER SEC 606 Report 2Q2011 NYSE 69% of oder flow is sold 31% sent to a single ECN NASDAQ 66% of oder flow is sold 34% sent to a single ECN AMEX/Regional 62% of oder flow is sold 38% sent to a single ECN Not a single stock order sent directly to to the listing exchange. Options 100% of order flow is sold Not a single option order sent directly to an exchange. tradeMONSTER is doing what is best for them, not what is best for you. Now go read the Interactive Brokers SEC Rule 606 order routing report and see the difference.