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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.
Can you help answer these questions from other members on NexusFi?
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.
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.
. I will post updates as I start opening accounts.