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Interactive Brokers Fees and Options Trading

Options
  • 25-03-2023 4:34pm
    #1
    Registered Users Posts: 15,346 ✭✭✭✭


    I was reading another thread here from 2021 that said monthly maintenance fees were $10 but that doesn't seem to be the case any longer from what i can find on their website - is that right?

    I'm currently learning about options trading and Degiro and T212 dont offer these as far as i can see so was looking to move my funds to IB as they do. Anyone here trade options on IB, any caveats or recommendations for another , better platform?

    I am well aware of the risks with options trading, my plan is to use the paper trading on Webull for at least 3-6 months first before i put real money into it. I'm fairly experienced by now with standard trading and no longer loose my money on a regular basis!

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Comments

  • Registered Users Posts: 521 ✭✭✭Stormington


    Boards ate my first post.


    Tastytrade.

    I have a cash account (not margin) and have had no issue trading options as a non-US customer.

    You *have* to use Currencyfair to deposit $ to your account - if you use Revolut or Wise they will return the funds.

    Customer support are helpful and the site explains most things to get you started. The interface takes a bit of getting used to but its manageable.

    You'll have to put in work to understand options - time decay and volatility are huge differences compared to when trading shares.

    Up to now I've kept things simple only bought calls to add juice to when I think the shares are going to go higher. I know how much I'll lose if the trade goes against me but capture more upside. If it pans out then I can keep the cash, buy the shares or roll the options over (buy calls to extend into the future).

    I have referral codes for both sites above if interested. If you want those or have questions about options send a dm.

    Post edited by Stormington on


  • Registered Users Posts: 15,346 ✭✭✭✭Supercell


    Thanks Stormington, thats got decent fees also. Mind if I ping you for a code when creating the account, not likely to be for a few months as I know if i open it now i'll be too tempted. Webull has a paper trading option so going to mess about there until i'm happy i know and understand what i'm doing and loose a fortune in fake money before I start with the real stuff!

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 521 ✭✭✭Stormington


    Hi, no bother at all.

    Sounds like a decent plan. I will say that going from paper trading to real trading is very hard as paper trading does not have to deal with the psychological element of fear and greed. You can build up good habits if you are charting or developing a process.

    One related thing may be to read the tax thread as it may mean that you are classed as a trader subject to Income tax if you are trading options daily rather than CGT.



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