Best Brokerage Account 2021-Which $0 Commission Brokerage Is Best?- Coffee With Markus - Episode 155

all right fantastic welcome to coffee with marcus this is episode 155 and today we'll talk about the best brokerage account because one of the biggest questions people have is which brokerage should i use when trading and when trading you do need a brokerage and you see finding the best brokerage account is one of the most difficult decisions for new traders and in this video i will share my topic for brokers and show you how to find a broker that meets your needs plus i will show you which one has no commissions and this can save you thousands of dollars anyhow that's on our agenda for today so let's get started this show is about real money and real trades i'll show you the trading strategies that i personally trade the tools that i use to trade my own accounts and we will talk about the right mindset of a trader now talking about mindset i'm going to show you how to create src profits and src stands for systematic repeatable and consistent because that is the key to long-term success in the market so if you are sick of all the hive and empty promises and you want to learn trading strategies actually work then click on like right now and let's get started all right let's get started and let's talk about the best brokerage account and in order to do this i want to compare five different brokers for you so as you can see i'm going to compare tastyworks that is the broker that i'm currently trading with uh with robinhood because many traders are using robinhood so we want to take a look at this we'll talk about td ameritrade because it's wildly popular out there we'll talk about interactive brokers because interactive brokers is great for international traders but is this really your best choice and we will talk about a new broker that i've been using for the past couple of months so i have an account with them and now i want to talk about this and compare them to the others and tell you why i really like this new broker and why i'm in the process of switching over all my accounts anyhow so let's get started you see first of all when you're comparing different brokers you have to pick criteria that fit your needs so i will give you my criteria and these criterias might be great for you or you might have different criteria so let me just show you what is important for me when i'm looking for the best broker so uh the first thing that i would like to know is how much do i have to pay in commissions per month and so i will use a certain baseline for this and this is where since i have an account i look back over the past three months and i wanted to see okay how much did i spend over the last three months with my current broker and this is where i saw okay so for this year and this would be uh one one through um three thirty one uh i made or 150 trades and traded one thousand 1665 contracts so for my baseline in order to compare these different uh brokers i assume so my my baseline is that i will have uh what is it um if i make 150 trades so this would be around 50 trades per month and 500 contracts that i'm trading per month and again for you it might be different but we need to have somehow a baseline especially when we are comparing the commissions per month that i'm spending right now that i would be spending on robin hood td ameritrade interactive brokers now there are a few other fees every single broker has some other fees and so you need to see which of these fees are important to you i will tell you the ones that are important to me so i want to know are there any wire fees and if so how much are they i want to know are there any assignment fees and here is why assignment fees are important to me because i'm trading the wheel strategy as you know and with these wheel strategies it can be that i'm getting a signed option that i'm getting assigned shares so i want to know how much are these costs then i also want to know customer support so what happens if i need help and if i'm calling emailing or texting them right or use the chat so this is important for me uh what about the platform uh every single broker offers a platform for you and uh so which one is the best that fits your needs i will show you the platforms that these brokers offer and uh let you know my opinion for my needs now what else um so this is where we get a little bit more technical uh because i want to talk about level three and four and what does this mean well it means that especially when you are selling options which you do with the wheel strategy one of the strategies that i trade you need certain option trading permissions i did a video on this i'll link to it in the description of what option permissions you need and why they are important and so you want to know how easily can you get level three and four if this is important to you and again i'm just showing you the criteria that are important for me for you it might be different criteria now last but not least i love having live data don't know about you and i want to make sure first of all is live data available with these brokerages and secondly how much does it cost if anything so let's get started and let's talk about the first broker here tastyworks now the good news is since i am currently using tastyworks i know exactly how much money i spend on tastyworks so let me just uh show you here going over year to date you see on this particular account i spent 550 in commissions now i i broke this down uh where i'm going down to okay for the baseline of 50 trades and 500 contracts per month i would spend around 180 in commissions and again this is here the asterisk this is for my baseline here now in terms of tastyworks how much are wire fees because you want to wire money out of your account and as you know i'm doing this on a monthly basis and i've been doing uh several videos here about my account how they're doing uh how am i doing trading my 250 000 account and when i'm wiring out which is once a month how much does it cost and with tastyworks it is 25 what about the assignment fees well the assignment fees are are five dollars by the way uh let me just actually uh put two asterisks here because i want to explain to you exactly how they are charging so tasty works just so that you know they charge one dollars per contract um and they do have a ten dollar maximum so you're never paying more than ten dollars even if you are trading 50 contracts you will only paid ten dollars and they have no closing fees and this applies to options trading for stock trading you see these days trading stocks is free pretty much everywhere so we want to worry about options here because that's what i'm mainly trading and i know that you're very interested in trading options so i want to show you here um good so uh let's just see uh no closing fee there we go so what about customer support and customer support i must say it's good the experiences that i have had thus far when i'm contacting them by chat they're responding pretty um pretty quickly so uh usually when i'm using their chat i'm usually on hold for three to ten minutes so that is not bad at all now what i do not like about tasty works you cannot call them and i sometimes i want to talk to somebody don't know about you so this is why i'm not labeling it very good i'm just labeling it as good because you can't call them what about the platform i think the platform is pretty good i'm using it uh so but as you know i'm just using a fraction of the platform so for me most important here is actually that i can place trades i'm not using any of the uh the complicated curves that you can have here in all of the analysis so again if this is important to you then you need to make sure that this platform meets all of your needs for me it does what i needed to do which is entering trades now level three and four uh this is actually something that is uh quite easy to obtain with tasty work so no problems there and live data is actually free so um before i go on to the other brokers let me just ask you is this helpful thus far would you like to see uh what i found out based on my research for the other brokers and i do have accounts with interactive brokers and also with the new broker here yes i will let you know what it is here in a moment and what can you expect so don't worry about that just yet and now it is not weeble well we'll talk about this okay anyhow if this is helpful at all do me a favor and click on like and then we can continue good click on like okay anyhow so robin hood how much would you pay in commissions per month now robin hood has always been saying uh it is zero commissions and that is true so for options trading you would pay zero dollars which is actually pretty cool wire fees are a whopping zero dollars hey awesome assignment fees are a whopping 0 so thus far robin hood is really good in terms of commissions right what about the customer support now full disclosure i do not have a an account with robin hood so i never contacted them i never called them based on what i've heard it is pretty bad and based on what i've seen because i don't know if you've been following the news uh in i think i believe it was february when we had the uh the gme uh craziness robin hood restricted trading for several days i don't think that this is fair i don't think that they should do it but they did it is their choice but i don't think that this means that they have their customer in mind now again i full disclosure i don't have an account with them never contacted them uh so i just heard that the customer support is pretty bad uh what about the platform i don't know i heard it is good again this is where i go from here say i don't have an account with robinhood never had one never want one and now again in terms of uh level three and four i heard from traders who are having an account it is fairly difficult to obtain level three and four and if you're trading the wheel strategy this is super important so therefore um anyhow uh keep this in mind and all of this here is right now anecdotal because i don't have count with them but i do know for a fact that live data is free so let's talk about tdmarytrade and how much would you spend with td ameritrade for my baseline and again with td ameritrade you should know i'm putting three asterisks down there you are paying 65 per contract that you're trading so if you break out our handy-dandy calculator here and there's no caps and there's uh you just do this so if you're trading like me 500 contracts per month times 65 cents oops 65 it would be 325 dollars so um it's 325 dollars in commissions and again see footnote 3 because it's 65 cents per contract what about the buyer fee the wire fees here are the same as with tasty works it is 25 assignment fees are zero now what about customer support customer support used to be good right now i would say it is decent there was a time when you could call them they would pick right up right now you are probably on hold for anywhere between 15 minutes and two hours because they got bought by charles schwab and there's a lot of consolidation going on and because of this it seems that the customer support is uh is suffering what about the platform uh think or swim is probably one of the most powerful trading platforms out there and it is fairly complex for me i just need to enter simple orders i need to enter buy and sell orders so honestly for me it is complex it would take me a long time to learn it and those of you who have think or swim you either love it or you hate it because it is so complex and you have to spend hours and hours learning it what about level three and four yes you can obtain it it is fairly simple and also live data here is free now let's talk about interactive brokers interactive brokers i personally do have three accounts with interactive brokers i've had them since 1999 so i have been with interactive brokers because they're a great choice for international traders however also interactive brokers charges 65 cents per contract so very similar here to td ameritrade uh if i would trade on interactive brokers i would actually spend 325 dollars now the wire fee here is a little bit cheaper it is 10 the assignment fees if you are getting assigned it is zero and the customer support based on my experience is pretty bad i've been trying to contact them by chat by phone by email if you're trying to contact them by chat you will actually be on hold for at least 20 minutes if you try to contact them by phone it is not unusual that you're waiting 30 to 60 minutes until you're getting connected well this is of april 2021 and subject to change so they might offer some better customer support they are just great if you don't need any help from anybody their platform here uh is actually simple to use uh i find it's pretty clunky uh so just if you want my opinion and again this is just my opinion you might find this platform blazing fast and say well wow interactive brokers has the best trading platform there is uh in the future over the next few weeks i will do some videos on how to use the platform on interactive brokers just so that you see what it is like and there's already videos on this channel about this now in terms of level three and four uh yes it is fairly easy to obtain uh but they also charge you 14.50 for live data so if you want to have live data you're paying 14.50 so just keep this in mind this is a monthly fee so you just need to know uh what you need and again i might be off by a few dollars here so this is based on when i looked at my account statements maybe you're paying a little bit less maybe i'm subscribing here for something that is uh that i don't need but anyhow so again just quick question helpful thus far uh helps you to decide okay nicole because if sue do me a favor and uh and uh click on like here really quick okay cool so um with the new broker and i'll tell you in a moment uh who that is uh so when i saw all this mess going on in february where several brokers restricted trading i said you know what this is not fair when i heard from some of you that say my broker suddenly raised the margin requirements and i didn't have a margin problem before and now i have a margin call or that the you have you're on hold forever before you get any customer support i set out to find a great broker and here is uh the the new broker that i'm currently using and i will move all of my accounts over to them uh what they're offering so the commission per month it's a ten dollar flat fee ten dollars no matter how many options you trade so and this is a special that is for you as you're watching the channel here and i'll give you the link in here in a moment here actually let me do this uh yeah i'll give it to you in a moment because otherwise you'll get distracted and don't watch it anymore so i think it is an absolute cool model because it is a flat fee no matter how many contracts you trade now this of course is great if you are trading a lot of contracts like me you have seen it 500 contracts per month i make 150 trades so i'm a very very active trader the other day some of you asked about okay am i concerned about taxes no i mean with these amount of trades and with the um with the amounts of money that i trade i qualify for so-called trader insecurities and can qualify for mark to market and it's a different story we will talk about this anyhow i think it is absolutely cool that instead of paying 180 per month all i'm paying right now is a 10 flat fee that is pretty cool now the wire fees are a little bit more expensive the wire fees are 35 dollars but again i'm using it once a month so therefore if i'm adding this up right and i say well that is 205 dollars per month versus 45 dollars a month for me that me that adds up right and again here it's only a ten dollar difference i'm not wiring money in and out like crazy i'm just wiring it out once a month and that is okay so the assignment fee here is a little bit higher it is nine dollars at this point so um i just want to also put an asterisk on this um so that you know because i looked it up and i wanted to see how many times was i assigned over the past uh three months and so over the past three months i had three wires and i had eight assignments so eight assignments so this is for the year this means that per month i have one wire and approximately three assignments so as you can see this is why the assignment costs here for me are not that important and again this is per month and these are my numbers your numbers might be completely different and that is fine this is where the cool thing is you have probably a brokerage account statement so you can take a look at that and then you know exactly how much you're paying right now so the customer support uh i must say based on my experience over the past uh two months that i've been using them is awesome and what do i mean by awesome awesome i mean that i can pick up the phone right now i can call them and within two to three rings somebody picks up the customer support team is in north carolina so i'm not going overseas it is here in the united states they have been super responsive by email super responsive by phone and i don't know if they're offering a chat on their website because i was just so happy that i can finally talk to somebody again i'm coming from tastyworks and on tastyworks i've never ever been able to talk to somebody because their business model is that they're all doing it by chat anyhow so i love this what about their platform their set platform is simple and in my opinion it is super easy uh to learn uh so you can learn this platform in literally 10 minutes um because that's what they do they just say hey if you want to enter trades which i want to do it's fine so they don't have all of the belts and whistles that the other platforms have so if you're looking at a at a td ameritrade so i want to say they're more comparable to robin hood right robin hood you just enter the trade and it is good so it's simple and easy does the trick for me level three and four yes uh super easy and uh live data is free so uh this is what uh this new broker is all about so let me tell you who that is and then also give you a special link because uh usually it is a 30 flat fee again the flat fee is amazing and if you use the following link i'm just typing it here and maybe um nicole if you can put it in the chat so it's https uh it's rockwelltrading.com broker so what happens when you go there uh let me just explain to you of why we are having a special link there and what happens when you go to this website so on this website is asking you uh really quickly about your first name and your email address and here's why here's why um because we have actually and now i'm bringing up my handy dandy ipad here so we have created in our private community uh a special discussion group and in this discussion group uh we are here to help you support you with this particular brokerage which again is called trade year uh so for example uh you see here that people are asking questions do they open an account for business in llc for example and the answer is yes so you can ask us if you want to of course you can contact them so this is what we have here we have a trade here discussion group and what might be also super interesting for you is that we actually do have um let me just go back here and share the ipad we do have tutorials for you so uh if you are interested in this and this is why we're asking for your email address so that you get access to all the tutorials where you see the tutorials that we have is how to open an account how to set up a paper trading account oh yeah if that is important to you they offer a paper trading account for free for 60 days and as you know i highly recommend that you trade on a paper trading account first how to fund your trader account how to place a stock entry order for the parag strategy how to place options order for the product strategy entering orders for the wheel strategy how to check your positions so you see this where martin has created all of these videos and you just click here and you can see you play this little video and then you know exactly of what is happening and how to do this here and also what to look out for anyhow this is why uh we have set up this quick website where uh when you give us your first name and email address we will actually let you know how you can access um this cool stuff whether you do it on your ipad and again i hate that it is tethered but it is what it is right so how you can access all of the cool stuff here that we have inside of our members area okay so my promise is to uh to show you the best broker and this is the best broker for my needs now for your needs it might be different uh but i thought that i compare here the the top five brokers that most traders are using right now and i i hope that you find this helpful in a moment i will answer your questions here live uh but uh if you if you like this thus far and if this has been helpful do me a favor and click on like really quick this way i see whether this is helpful and i can do more videos like this also if you're new to the channel click on subscribe this way you don't miss any of the videos oh you need to hit the little bell okay anyhow so uh let's actually take a look at some of the questions uh that you have here because uh they are there are actually uh some some great questions so let's actually get started with uh the first comment uh that we have here from joe smith i believe uh john let me bring it up here so uh i believe that uh john said uh there's there's a big disclaimer in the description about tasty works yeah because thus far i have been recommending tasty works and this is why they required us to have a disclaimer in the description so that's why it is there anyhow um good good good uh let's see let me see what other questions we have there because uh i appreciate you being here live and i want to make sure that i answer most of your ques questions okay cool so um joe says the the link with the disclaimer it's in the description you'll see it here okay look in the description of the video okay josh says yeah he's not going to say robin hood you see robin hood uh and you might have seen it they they have a lot of negative press recently right i mean they get paid for order flow there's a reason i mean there's a reason why they can offer zero zero zero what do you think how do they make money that's always what you need to ask yourself how do they make money if everything here is zero zero zero right and they get paid for order flow so they're selling your orders anyhow good question all right so what else and uh yeah john um i've been using tastyworks for the past year i want to say i've been using interactive brokers for the past 20 years um so i've been using tastyworks and uh yes i am integrating we are integrating trade here into powerx optimizer because many of you asked is it possible to integrate and trade here said sure we can do this and so we are actively working with trade year of offering this integration that you can execute trades out of power x optimizer the software that i use every day right into trade year so in addition that's an additional benefit uh to saving a lot of money and again for me there's saving what around 180 that buys a couple of steaks and i like my steaks i live in texas so anyhow no judgment here but that's me um so i'm saving quite a lot and uh if i look at this this is per month right so if i'm looking over over the year that's easily a thousand dollars here maybe even more okay anyhow good good good so uh edwin now you know who it is it is tradier uh let me just come back here hold on uh let me come back to full screen here so good okay good wayne just turned to rockwell trading family this is awesome welcome and congratulations okay dion from switzerland so good to see you here okay ingo says it's a great community okay joe says i'm a non-us and wasn't able to be with tradie now there's okay listen carefully if you are outside of the earth you can open an account unless unless you reside in canada your canadian resident or citizen if you are residing in the uk or if you're residing in australia there are some rules and regulations that don't allow trade here to accept customers from these three countries canada uk australia any other country you can open an account with them that's not a problem at all okay so uh joe uh just contact them and again if you are filling out this form rockwelltrading.com broker um it will be happy inside the group to help you here okay so jake says uh too bad you can't do the will strategy on trade year unless you have been trading for at least three years well okay we uh so jake it's a good point so what they are asking you what they're asking you please listen carefully the question is how much experience do you have how much experience they do not ask you how long have you been trading they said what is your trading experience now i believe that if you are going through our courses that you have the equivalent of three years of experience because that is the advantage i'm transferring my knowledge to you okay so please be careful what do they ask right and then what do you think is your equivalent if you is your knowledge equivalent to three years of experience in the market and you'll be the best judge right uh and if you feel that this is the truth then you should tell them yes i believe that the experience that i have of watching marcus and coffee with marcus or being part of the community is the same as somebody who is just dabbling around for three years and maybe places one trade a month right i mean some people say oh i've been trading options for 20 years and i said how many options trades did you do oh maybe 40 options trades right i mean look at this yeah i made 150 trades and traded 1665 contracts in one month now i don't know about you but if you are trading a lot right then i believe a month of of active trading really active trading like this beats a year of experience of just dabbling around click is this making sense okay good good good all right so let's see ron so good to see you um where might be the best place to answer questions related to decision between option and stock in the mighty networks forum in our private discussion group just go there and uh we will answer literally within minutes you're getting an answer here okay so joe i know you you don't need to set up a u.s shell company or anything like this don't do anything complicated right unless you are in canada unless you're in the uk or australia if you're in germany if you're in switzerland if you're in the netherlands if you are in in south america if you are i don't know somewhere in asia if you're in singapore if you are i don't know you can open an account with them so you don't have to do this okay so all you need to do is you need to email them and we have instructions on how to do this here actually in exactly how to open a trade your brokerage.com we'll tell you exactly what to do when you're a u.s citizen and when you're not a us citizen so again hope that this helps good so good to see everybody here all right and uh kevin says what is the quickest way to learn things to practically start using the powerx optimizer okay very very easy here's what i want you to do i want you to go into the network and then i want you to go to powerex optimizer there's a course there are the courses and these videos are as you will see super super quick so here's getting started super easy how to get started then trading stocks and trading options just a few videos will take you probably two hours and within two hours you have all the knowledge that you need okay cool cool cool and uh yeah scott says each broker offers different assets and services you need to find the one that is right for you and i told you because based on my criteria and i'll be happy to share them again based on my criterion of one two three four five six seven criteria here uh this is where i must say the the new broker uh which is trade here and again go to rockwelltrading.com broker if you want more information uh meets all of my criteria and this is why i'm switching my accounts all right good good good uh so um let's actually come back here uh matthew says i'm from canada now creating my llc in delaware um okay i do not know how all of this works talk to a cpa right when you're um when you're doing these things if this makes sense and happens and you can also contact trader they'll be happy to tell you if if that would work here okay good good good um yeah wow cannot believe that someone will advocate for arby note i don't i mean this is where i say uh i think uh that uh the customer support is bad after all this bad press and uh yeah restricting trading platform i don't know and i heard it's very difficult to get level three and four which i believe is necessary if you want to trade the wheel okay good let's see oh tenachi uh new here that is fantastic okay welcome okay uh so weeble i don't know i talked to weeble weeble when i talked to them uh and i talked to them maybe late last year they did not offer this level three and four at all so they did not have level three and four maybe they're offering it right now but uh you see i would be a little bit careful with the brokerage uh that says hey uh just refer me to your friends and you get free stocks or anything like this any wow okay larry says will the new broker offer llc accounts yes they do especially when you're in the us uh when you are foreign talk to them uh whether they do or not but uh since you offer asking about llc and not gm bihar i assume that you're in the us and yes they do okay so um okay john how does the broker determine if something is a watch sale well there's rules and regulations and you need to see if you qualify for a trader and security so that you can avoid the wash sale rule and talk to your accountant about this so it's very important i'll do a dedicated coffee with marcus around it i did an episode it's called trading and taxes or something like this i'll link to it in the description that might help you okay good good good so good to see everybody here um and yes patty i put it on mighty networks actually yesterday and it is trader and i know that many of you are already in touch with trader and have uh thus far from what i heard really good experiences like me which is fantastic okay so um yeah ricardo says tastyworks uh is said uh and they don't have paper trading accounts you see this where i think if that's important to you uh so the new broker does have a paper trading account as you can imagine that is not very important for me personally i'm trading live accounts i've been trading long enough but uh it might make sense for you to actually trade on a simulator first and therefore yes uh tradio offers 60 days if you're signing up through this link for 60 days here okay good um so they're ewing is how can you find out what level you got when you open with trade here um do me a favor uh go to this group that we have in mighty networks because this is where martin shows you exactly how to do this how to change it how to check it and honestly the easiest way is you can just call them and say hey what i mean and then i say oh i mean i made a mistake i don't have one to three years of experience i have the equivalent of three years of experience so just contact them easy enough here okay so uh yeah fernando says robin hood charges five dollars for the gold package and the support is non-existent i have only heard bad things about robin hood here and i do not recommend them okay good uh oh cheryl says trader sends you confirmation of your options level that is cool and uh yeah webby wonder says robin hood could have defaulted if they hadn't stopped trading at the times they did and you see this is where i don't think it's a good business model i don't think it's a good business model if they have to stop trading trade here listen carefully trade year never ever restricted trading during these crazy times so i don't want to say if they never ever back in 20 years i don't know how long they have been in existence you might have never heard about them but they have been around for quite a while and i i don't want to say that they never restricted it but they didn't do it recently when most other brokers did it even tasty works restricted trading but it was only for two hours so i don't count it but as you know td ameritrade restrict trading fidelity all of this okay so yep don't want to do that restricting trading this is pretty bad okay so joe says i've negotiated with schwab for uh 35 per contract well even when you do this uh you're still probably paying what um based on the volume that you do 165 dollars so you're probably to where i am right now with tasty works at around 180 and i must say the 10 beats 180 at least in my book okay good good good okay so timothy's asking can i get the wheeled strategy book on amazon not yet but look what i got here look what i got here this is if you can see it it is not for resale i don't know if you can see it it says it here not for resale this is the proof so it is there so we actually start shipping it out to our mastermind members um tomorrow and then we will open this to you hopefully next week if you have enough in stock we can open it to you next week that you can get the book we will make it available on amazon however amazon as a retailer as you can imagine they are charging an additional fee so on amazon it will be 24.95 and uh we will make it available through our website for four dollars and 95 cents so pretty much five dollars we'll keep you posted there so that's gonna happen next week this is the idea here okay so scott says uh yep yeah tastyworks chart is commissioned only on the open this is what i mentioned it here there's no closing fees right when you close the trade so it's right here but even with that even with that it is still 180 dollars per month at least for me okay uh jinson says i moved to tastyworks uh from td ameritrade so you're already saving some money i think how much more money you can save with trade year anyhow commissions are negotiable margin rates can be even more important depending on how you trade yes and let me tell you trade year's margin rates are around five percent i believe it's 5.15 or 5.25 percent now compare this to tasty works tasty works margin rates are eight and a half percent so if this is important to you yeah this is where again you write down the criteria that are important to me uh to you i'm using very little margin so for me the margin rates are not that important but if you're trading a lot on margin as you said scott then absolutely write it down as a criteria and compare brokers there okay so uh timothy unfortunately not and it has nothing to do with trade here it has something to do with the rules and regulations of your government okay anyhow um ali says why do you wire transfer not ach ach is less cost and it is free that is correct um for me it is because i want to have the money in my account the next day it's just me if you want to wait three to five days ach typically takes three to five days and it is fine in fact this is where if we go back and go here to the trade your brokerage tutorials uh we actually show you here let me just show you how how to open an account just gonna show martin's amazing video here uh because martin actually no it's about funding sorry so how to fund your trade your account you will see that there is actually four ways how you can do this and uh let me just play this video here for a minute or two uh while martin is talking about that there we go okay so as you can see there is four different ways and you can absolutely you know it got dark uh but uh let me just go back here so you can absolutely do an ach transfer takes one to four business days and uh this is free yeah you're absolutely right this is free so you can do this anyhow good um so as a margin for options some rockers don't allow margin there's never ever margin for options you're only getting margin for stocks no broker will give you marginal options it just doesn't exist i did a video on this one i'll link to it in the description it's uh how to use leverage and understanding margin right so there's no margin on options and you don't need this you don't need this at all okay anyhow good good good um so ib data fees goes to zero if i'm putting enough trades okay so great so you're you maybe if you put in enough trades you're uh you're saving 14.50 but you're still paying 325 so i mean yeah it's all pros and cons and i'm just telling you um what i personally do and i hope that this helps you okay good uh martin when you're assigned if trading the wheel no not necessarily right i mean this is why i'm trading cash secured puts and uh this is where many times i'm not using margin at all but again scott depending on how you trade right you might use a lot of margin i'm using very very little margin even though i have margin accounts i mainly use my cash and rarely tap into the margin so um let's see so moxin says can we have a comparison on margin rates as well again if they are important to you um don't know about td ameritrade interactive brokers is really really low i believe it is in the two percent range uh so if you want to go there uh the the new broker trade year is around five percent tasty works is around eight percent no idea where robin hood and td ameritrade are because for me it's not important i use very little margin very very little margin here okay so uh jake says uh tastyworks is great yeah i mean whatever works for you i'm just showing you what works for me what i will do because many of you were interested in asking over the past few weeks of who's the new broker that i've been talking about and why am i so excited about this okay so uh let's see what about zero contracts do they charge if you don't trade uh yes there's an inactivity free if you don't trade for a year if you don't trade a whole year there's an inactivity fee and honestly if you don't trade for a whole year just close your account i mean easy enough right so you need to make i think it's something something like 12 trades per year so if you're not an active trader it might not be a good choice for you there's many brokers who do not charge an activity fee so i i believe that this is if you look here at the comparison this is good for an active trader like me and i know that many of you are active traders too if you only trade once or twice a month you might not need this broker and then honestly it doesn't really matter if you're paying 65 cents per contract or a dollar per contract if you only do a few trades per month right so might not uh might not be important to you this is why telling you what is important to me okay so uh penry is asking have you considered first trade broker no i have not uh how about brokerage account with e-trade i believe that e-trade is very comparable to td ameritrade uh you see e-trade schwab fidelity and td ameritrade they're usually in the same boat so i would say this is probably true here uh for also all of this year for e-trade schwab and fidelity so anyhow good good good um let's see edwin says nine dollar assignment fee yuck well it really depends on how you trade right i mean i have three assignments per month so for me it's definitely worth it right now i'm paying already five dollar assignment fee so my monthly cost increase by 12 but they decreased by 170 i highly encourage you i mean if you want i'll be happy to give you these notes uh so go to rockwelltrading.com app and i'll give you the notes feel free to make your own comparison so and let's see edwin if you're getting assigned a lot and if this is important to you i mean just look at your costs for me it is saving me easily easily 150 to 200 per month and if i think about this times 12 that would be like what eighteen hundred to two and a half thousand dollars per year that buys me another nice ipad right so okay anyhow whatever makes most sense for you edwin okay so tulia says do you use the hch system um yeah ach is free if you have one two four business days then you can absolutely use ach you see you might have watched me here when i'm wiring out twenty two thousand dollars out of my account sixteen thousand dollars twenty four thousand dollars i don't mind uh these these few fees and you know what now that you say it i might even have used ac8 i'm not 100 sure i'll be happy to look this up for you um i just know that if you're international you have the wire fee so see if you're if you're getting hung up whether you need to pay 35 or not i feel that you need to fix something in your trading right so it's a different story julio anyhow i know that we have been in touch and it's all good it's all good so joe says what does trade here charge for martin lundy you know what why don't we look it up real quick uh let me just uh quickly see because uh there is the trade here uh fiscal let me just bring it up here and uh i will share my screen here in just a moment so that you see exactly how much it is how much the margin is here we go okay so uh let me just show you to my desktop and i'm marking this a little bit better bigger so as you can see um there is there's a margin interest of 5.25 again if if this is important to you if you are trading a lot of margin i don't if this is important to you uh then uh then yeah take this into consideration and just see how much you're paying in it i mean for me uh let me let me see if it is easy for me to retrieve this information uh in my brokerage account if if it is i'll be happy to tell you how much i paid thus far in margin i just want to quickly see before i go there let me go to transactions let me just see okay so i i can just show you uh here's my my desktop um so here are all my transactions uh you see i can just show all the transactions of this year and uh here is um how much interest i've paid this year and uh here's how much interest i paid i believe it's a hundred forty four dollars not quite sure yeah i think from 216 at seven percent here yeah so 144 dollars and uh there it was from uh january uh forty six dollars so as you can see i paid i paid around two hundred dollars um at seven percent and uh now i'm saving some money because it's only five point two five percent but you see i'm using super super super little margin here so therefore it's not really a big deal for me uh joe if it is for you then uh yeah just just compare it but you see here it doesn't really matter honestly even if i would pay nine percent that would uh increase this by forty dollars and uh again if you're new to this channel here so uh thus far year to date i made uh sixty five thousand dollars so if i'm spending like two hundred dollars in margin to make sixty five thousand dollars i think that's pretty good okay anyhow anyhow good good good so um can a foreign company open an account with rockwell well with rockwell we are just providing a software and education so with trade here please check with them it's on a case-by-case basis um just email them or call them it would be easy enough it would be easy enough okay good good good so audi said what level do we need for the wheel this is where you need level three so you do need level three and this is why it is super important there we go that you make sure that you can easily get at least level three if you want you can go with level four level four is for really complex option trading strategies and at some point you might want to do it but level three yeah i'm pretty sure that level three is all you need for the wheel strategy all right well let me ask you has this been helpful at all to help you make a decision of who might be the best broker for you because this was the title of the video or it is the title of the video best courage in 2021 the most important thing is write down your criteria and then just look at the the brokers that you're considering and again if margin is a big deal for you great if uh if you're anyhow doing ach and never do a wire forget about the wire fees right if you are getting assigned a lot uh somebody set it out so if you're getting assigned a lot it is important to you then take this into consideration anyhow hope that this video was helpful if it is do me a favor and click on like also feel free to share this video with anybody who can help the or you can need this to make a decision of who is the best broker i will see you in 45 minutes from now if you want to with a quick market update so that you know what was happening in the markets today take care everybody

Channel: Markus Heitkoetter

Views: 13,162

Rating: 4.9375 out of 5

Keywords: best brokerage account 2021, best brokerage account, best brokerage account for options trading, best brokerage account options, brokerage account, best brokerage 2021, best brokerage for beginners, best investing apps, best investing apps for beginners, best stock broker, best zero brokerage trading account, Coffee With Markus, markus heitkoetter, Rockwell Trading

Id: kzinSHgX848

Length: 48min 52sec (2932 seconds)

Published: Thu Apr 08 2021