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Best broker for trading options on futures for Australian Traders
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Best broker for trading options on futures for Australian Traders

  #1 (permalink)
Trading Apprentice
Sydney
 
Futures Experience: Master
Platform: TradeStation
Favorite Futures: ES
 
Posts: 3 since Feb 2018
Thanks: 2 given, 0 received

Best broker for trading options on futures for Australian Traders

Hi Traders, after TradeStation suspended selling naked options on futures, I am looking for a new broker. I mostly sell premium on ES, GC and KC. Can anyone recommend a broker that would be best for Australian traders as I am from Australia. I am looking for:

- Easy transfer of funds
- Easy withdrawals
- Reasonable commission
- Ability to sell naked puts in any market conditions (very important)
- Good customer support

If you guys could help, I would really appreciate it.

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,265 since Nov 2014
Thanks: 1,583 given, 1,518 received
Forum Reputation: Legendary



optiongru View Post
Hi Traders, after TradeStation suspended selling naked options on futures, I am looking for a new broker. I mostly sell premium on ES, GC and KC. Can anyone recommend a broker that would be best for Australian traders as I am from Australia. I am looking for:

- Easy transfer of funds
- Easy withdrawals
- Reasonable commission
- Ability to sell naked puts in any market conditions (very important)
- Good customer support

If you guys could help, I would really appreciate it.

I have no idea about the special situation in Australia. But I can comment on the situation of a European (Austrian) trader. Situation here is similar to the situation in Australia in so far, as we both are not in the US and have additional requirements regarding money tranfer etc.

I work with DeCarley, and I am very happy with her service. Best I ever received in many years of trading. If there is a way to assist you Carley will certainly find it. I hold my funds at a European bank, which makes money transfer much cheaper and faster. Perhaps they allow for holding your money at an Australian bank.

I have a second account with IB. They are cheaper, but they have higher margins for naked short options, they liquidate your positions intraday if your margin is not sufficient, and there service is average (to be polite). Main purpose of this account is my longterm stock portfolio and hedges for this portfolio.

Best regards, Myrrdin

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The following 2 users say Thank You to myrrdin for this post:
 
  #4 (permalink)
Trading Apprentice
Zurich
 
Futures Experience: Intermediate
Platform: Amibroker
Favorite Futures: Fesx
 
Posts: 38 since Feb 2011
Thanks: 62 given, 11 received


myrrdin View Post
.......
....

they liquidate your positions intraday if your margin is not sufficient, .....
...


Best regards, Myrrdin

So did DeCarley last week

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  #5 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,265 since Nov 2014
Thanks: 1,583 given, 1,518 received
Forum Reputation: Legendary


Forex37 View Post
So did DeCarley last week

This surprizes me. Did you receive a margin call before ? Was your account size negative ? Or were there any other special circumstances ? In all cases I have heard of (regarding large brokers with the exception of IB) there was a margin call the day before, and it was not acted in the morning (US time) of the next day by the trader. Or the account size was negative.

Best regards, Myrrdin

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The following user says Thank You to myrrdin for this post:
 
  #6 (permalink)
Trading Apprentice
Sydney
 
Futures Experience: Master
Platform: TradeStation
Favorite Futures: ES
 
Posts: 3 since Feb 2018
Thanks: 2 given, 0 received

List of FCMs so far

Here is the list of recommended brokers so far:
  • DeCarley
  • Ninja Trader Brokerage
  • Advantage Futures
  • Phillip Capital
  • Straits Financial

Matt from OptionsCity recommended last four. The first one was recommended by myrrdin (thank you) . I will post updates as I start opening accounts.

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