Anyone using Saxo Trader Go ? https://www.home.saxo/en-au/about-us Looking to margin trade US options from Australia and possibly transfer my share portfolio to use as collateral. (Yes, I'm aware of the impending doom approaching - please leave out your dire warnings)
US Equities and Option Trading with Saxo Australia
MITM on 10/01/2022 - 17:10
Comments
Watching your assets sold to meet margin calls when the market flash crashes 15% then recovers would be my worst nightmare.
Thanks MSK - adore your comments on OB - all are insightful and appreciated.
if you are serious with options sign up to Interactive Brokers
they been around for a while and been through many down turns and crashes
but this is for serious traders, you cant leave your account dormant they close it after a few months and they charge you
inactive fees but they are the top dog bar none if you are a serious traderThanks H - yes, I note there is a lot of discussion on OB for IB which I've read through, but none for Saxo which I've come across in my DD.
From my reading, IB (US) don't allow Aus residents to trade options. But IBAU do - please correct me if I'm wrong.
Also there is IBKR-PRO plan and IBKR-LITE plan. LITE doesn't charge an inactivity fee though charge 1% over PRO.
Yes, I am serious for Options trading but inexperienced and am looking for a Aus friendly platform. Do you know of a IB users forum ?I used IB in the past but mainly for index and stocks, they have options trading I could add but I never actually trades options with IB
I am using options with comsec but the options strategy I come up with is mainly for generating income rather than actual gain from leverage stock price
rise or fallI only sell put and call and hold till expiration so I only pay 1 set of commission and hence I get the premium and the income I desire
if thing goes against my put and call and the option get exercise then I paid 2 set of commission but that usually happen less than 10% of the time
Yes I use Saxo they are very good and platform keeps getting better, PC platform is great, if anything too much info, and phone app is good. They are not just a trading platform like some internet start up, they are a regulated bank from Denmark ..the customer service here is good. 16 billion US under management.
If your trading options then of course anyone would want control to recover funds when your not covering a call in time, nothing unusual about that
Thanks W - yes I see the platform is full of info which would be more and more useful over time/experience. Regulated bank & privately owned.
Often funding into is painfully slow, how do you find funding your account from Aus ?
I've built up quite a large position the last few years (how can you not) and would like to try trading options using my shares as collateral.
I guess I could open an account and bug customer service with questions instead of OB. Are you open to PMs ?Never been an issue, they have local support via HSBC and transfers no different to any other platform once ID confirmed etc. As I don't trade on margin then never had to rely on fast transfers to cover a call but it's a standard bank to bank transaction.
All mine were prior to Osco fast payments so I cannot comment if they now do real time or not, never needed to add more funds once the profits started accumalating
There have been a few examples of these kind of trading platforms blowing up in recent years, leaving investors as creditors.
Saxo have been around quite a while, and I have no reason to think they are not on the up and up, but I look a bit askance at the idea of transferring my assets to them to enable margin trading.
I’d be concerned that a substantial adverse market could cause liquidity problems - lot’s of people on the platform would struggle to cover substantial margin calls, and if they failed to do so, even if you were the counter party in the black, you could find your funds unavailable.