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Broker Recommendations

Hello Everyone,

When it comes to options trading, having a reliable and suitable broker is essential. Let's look at some of the brokers that most JTNC clients use:

  1. TastyTrade: TastyTrade stands out for its attractive commission structure. As of the date of this presentation, they offer a flat $1 per contract commission and only charge to open a trade. They do not charge a closing commission. This commission structure can result in significant long-term cost savings. Additionally, TastyTrade has capped their commissions at $10 per trade, which is particularly beneficial for those trading with larger account sizes. Even if you trade 100 options contracts, you will only pay $10 in commissions.
  2. TD Ameritrade (acquired by Charles Schwab): TD Ameritrade is another popular broker among JTNC clients. While they may not have the most attractive commission structure like TastyTrade, they offer something unique. JTNC recommends using TD Ameritrade's ThinkorSwim platform for charting. To access this platform, you can open a cash account with TD Ameritrade and fund it with just $50. This will give your lifetime access to the ThinkorSwim platform, and the best part is that TD Ameritrade does not charge any data fees or platform fees. But unlike TastyTrade, you will pay commissions in and out of trades with no maximum cap.
  3. Interactive Brokers: For our Canadian traders, Interactive Brokers is considered the best broker option. They offer a comprehensive range of services and features that cater specifically to Canadian traders. Their platform is robust and provides access to various markets and financial instruments.

It's important to note that the choice of broker ultimately depends on your individual preferences, trading strategy, and specific needs. Each broker has its own strengths and weaknesses. Therefore, it is advisable to thoroughly research and consider your options before deciding.

When applying for a brokerage account you will need to request at least level II options trading approval. All brokers will ask questions about your experience level, number of trades you take per month and general trading knowledge. Because you are following JTNC trade signals, you may be relying on our expertise with our twenty plus years of experience. You may want to consider adjusting your answers to these questions to reflect JTNC’s experience if your options experience is limited. That said we highly recommend you study options and practice with a paper account until you possess at least a fundamental knowledge of options trading. Most brokers will not approve options trading for new traders unless they possess some level of experience.

 In conclusion, selecting the right options broker is crucial for a successful trading experience. TastyTrade, TD Ameritrade, Interactive Brokers, and other brokers offer unique features and benefits that cater to different traders' requirements. By exploring and understanding the offerings of these brokers, you can make an informed decision and find the one that aligns best with your trading goals.