Hi guys so I'm looking to trade some international options like apple etc. and now I'm currently with commsec but they charge ridiculous fees ($65 usd or 0.75% of the total amount plus $1.10 USD per option) and now these high fees will make making a good profit a bit hard so does anyone know a cheaper place I can do so?
Cheap International Option Broker
Vman384 on 14/10/2020 - 18:56
Comments
Second IB
tastyworks and schwab
CMC and IG Markets have $0 commission for international shares….. BUT IG charges an inactivity fee every quarter so no a good fit if you're planning for long term buy and hold.
CMC doesn't have an inacitivty fee last time I checked.
I've seen posts online that all $0 brokerages make money on the forex rates. So if you're making large trades, then the markup on forex rate may exceed the fixed commissions that brokers like IB charge.
AAPL $125C 16/10
Following on from this, do you need a US bank account to trade ?
Nope. The brokerage will ask you to fill a declaration form when you opt in for US share trading (to avoid double taxation). Following that, you can transfer funds to/from your Aussie bank account into your share trading account and start trading.
interactive brokers