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The Schwab app is a bit faster and slightly better for trading, but both lack too much vs the SSE platform or ToS mobile. The SSE app has Idea Hub and The Dragon for idea generation, but I find trading and monitoring positions on it lacking a lot compared to ToS mobile.
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ONLINE WEB APP: Schwab wins by a landslide with StreetSmart Central. PLATFORM / RELIABILITY / STABILITY / SPEED: SSE winsĬOST: As explained above, SSE wins due them giving the trader more Price Improvement in order executions instead retaining more Payment for Order Flow.
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USER INTERFACE: SSE wins for being a little more intuitive IMO, but ToS has way more online how to videos and articles. Also, if you altogether miss option entry or exit trades due to execution quality, then the cost of that is huge.įEATURES: SSE wins at scanning, news, Walk Limit order type, Idea Hub, but ToS wins at # of indicators, the ability to bracket order multi-leg option trades and other features. These differences may seem minor, but in option trading every $0.01 is really $1, so seemingly tiny execution price differences are really big differences. Poor market open order execution is a known issue on ToS, but I haven’t noticed it on SSE.įun Fact, after being sued for routing orders based on highest payment for order flow, Robin Hood now retains ~ $0.15 less PFOF on option orders than ToS and RH trades are $0/contract.
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In this camp, Interactive Brokers again trumps them both with smart order routing directly to all exchanges and 99% of payment for order flow is given to the IBK Pro customers as price improvement. Both brokers allow direct access order routing, but it’s virtually useless feature because their smart order routing isn’t available for direct orders. Furthermore, Schwab shops the order to 6 liquidity providers vs only 5 for ToS. This alone means options trades on ToS were costing me at least ~ $0.25/contract more than Schwab because Schwab is giving that $0.25/contract to customers as price improvement on their fills instead of keeping it. In Q2 2020 TDA retained ~$0.63/option contract in payment for order flow vs ~ $0.38/contract for Schwab. Looking at broker 606 disclosure reports for non-marketable limit option orders (a buy limit order below ask or a sell limit order above bid) Schwab retains the lowest amount of payment for order flow. When filling orders internally, Schwab is said to give almost all of the spread to their customers (50/50 to each customer) as price improvement. The other big retail brokers fill orders primarily through market makers/liquidity providers/wholesalers/dark pools/high frequency traders or fill the orders against other clients orders to earn more on the spread. Interactive Brokers is #1 because they smart route almost all orders directly to exchanges and give 99% of payment for order flow to the trader as price improvement. Fidelity is clearly #1 in this category for stocks and ETFs trading by retail investor because they give pretty much all payment for order flow to the trader as price improvement and their process is 100% focused on best execution quality for their traders, but it’s not #1 for not for options order execution quality.
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For option order execution quality, Interactive Brokers is hard to beat, but their customer service is lacking at best when there are issues with their more sophisticated expert/pro level of complexity features.
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ToS’ software is the #1 among retail active traders, however, I noticed I wasn’t getting filled on option trades altogether or at higher prices than traders in an option forum I’m a member of. ORDER EXECUTION QUALITY: A major priority for me was finding a brokerage with the best options order execution. Since Feb, I’ve been researching and exploring platforms other than ToS so I have a good secondary broker.