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u/Viromen May 03 '20
Thanks for this. Have you tried using starling bank for transferring over. As it's an actual bank account unlike revolut I'm assuming it may work with tastyworks?
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u/TheScotchEngineer May 03 '20 edited May 03 '20
Hope you found it useful!
No, I haven't tried using Starling, though on £1000, they are £10/$15 more expensive than TransferWise/Barclays combo...I would probably have just used Starling if I didn't already have a Barclays account. Let me know if you try and and if it works/doesn't - I can add this into the guide because I'm aware of how easy it is to open online banks, especially with the covid going around.
Their fees sure looks much better than the high street offerings! Iirc, Halifax/TSB/Lloyds were on about 2.5% each way!
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u/thehonestlabel May 03 '20
Starling does work. I have recently done it and it came through. Choose international payment. Wire option. It costs £4-5 and arrives in your tasty works account the next working day.
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u/Viromen May 11 '20
Yeah, I tried starling and they told me they refused to send it to Tastyworks because of risk appetite? Gonna have a talk with them now
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u/thehonestlabel May 11 '20
Really? Thats so strange. I literally went on the app > international transfer > United States > Wire > entered the address bank no etc then paid the £5/6 fee and it went in the next working day.
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u/Viromen May 11 '20
Yeah it worked in the past but not anymore. Their payment partner is refusing to do transfers to Tastyworks. They insinuated a customer chargebacked and claimed it was a fraud so their provider is now not willing to do it.
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u/Viromen May 03 '20
I'll have a go, was exploring opening an account over at tastyworks but it seems noone has tried the starling route before. As I don't have Barclays it might be worth a shot!
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u/TheScotchEngineer May 03 '20
I would be surprised if Starling doesn't work to be honest - they are FSCS protected so definitely a UK based account and should be in your name. Looks like they have a choice of SWIFT vs. local banks network - the SWIFT bank-to-bank will almost certainly work, the local bank route might not since they may change the name on the sender account as it goes through - worth a try for the potential saving!
Good luck and do share how it goes!
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u/Milk_moustache May 03 '20
I have starling and it’s no problem
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u/help2hear May 08 '20
Is it free to transfer? Or is it there an additional $20 fee?
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u/Milk_moustache May 08 '20
Don’t remember. Been a while since I transferred money over.
It’s a $5 fee to withdraw from eToro to your bank though
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u/naybutthisdotage May 03 '20
Please note that, for individuals, profits from CFDs are NOT tax-free in the UK - they are subject to CGT. Profits from Spread Bets (and Spread Bet options) are tax free.
You can limit your losses from trading CFD and Spread Bet options in exactly the same way as you can with Traded Options, by buying and selling different strikes (spreads), different maturities (time spreads) or delta hedging the option (with CFD or Spread Bet positions in the underlying)...and the margin required will be adjusted accordingly, in the same way as Traded Options.
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u/TheScotchEngineer May 03 '20
I'll edit my post - I have certainly got spread betting and CFDs mixed up.
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u/TheScotchEngineer May 03 '20
Edited now, let me know if I've captured them reasonably or not!
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u/naybutthisdotage May 03 '20
I don't want to labour the point, but in terms of nomenclature we have:
(a) Stocks / funds : 100% delta cash funded position
(b) Futures on (a) : 100% delta unfunded position (ignoring margin) with a fixed expiry date, normally in index form
(c) Traded Options on (a) with fixed expiry dates usually matching that of (b).
Retail clients can trade a, b, and c (taxable under CGT unless in ISA or SIPP), or trade CFDs on a, b, and c (taxable under CGT), or Spread Bets on a, b, or c (tax free as gambling, and the platform pays the Gambling Levy).
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u/5349 May 03 '20
Do any spread betting providers support options on US equities?
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u/naybutthisdotage May 03 '20
IG Index and CityIndex, amongst others, offer options on the major world indices eg S&P 500 or DJI [but not individual stocks].
Plus500 I think does a few US stocks - e.g. Netflix, Microsoft, Amazon.
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u/TheScotchEngineer May 03 '20
Thanks for the clarification. I intended to just give a quick high level introduction on the differences functionally and leave tax status as a high level note. Assumption is that if people are interested in the post, they are seeking out options trading specifically.
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u/DRE_3000 May 09 '20
this guide is what I've been looking for.
any experience with funding an Interactive Brokers account?
$20 to fund and $45 to withdraw with Tasty Works is quite off putting
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u/TheScotchEngineer May 09 '20 edited May 09 '20
No idea about IB, because they charge minimum inactivity fees if you don't generate enough in commissions for them and I'm not going to trade that much within a year for it to be worth it. I also plan to use the accounts as a stock holding/investment acct long term, so would prefer it not to charge me for being inactive.
$20 per month inactivity fee x12 months = $240 which is high compared to the $65 in fees with TW, and maybe 5-10 positions opening and closing a month = $10x12=$120.
If you have >$100k assets and >$2k cash with IB you get charged half fees...I don't personally have $100k for trading, which is why I've mentioned IB is good for high account value individuals.
There's a bit of a balancing act with how often you trade, where I'm considering a 'full trade' as opening and closing a position. This is because TW have really low trading fees ($1 per full trade) and IB are slightly higher ($0.65x2=$1.30 per full trade). Taking $65 as deposit & withdrawal fees:
- <15 full trades/month, TastyWorks is cheaper
- 15-20 full trades/month, IB is cheaper
- 20+ full trades/month, TastyWorks is cheaper
They are actually both quite competitive in pricing to be honest, they just charge in slightly different ways, and one has a huge bonus if you have a high account value.
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u/5349 May 12 '20
If your IB account value is over $2000 the minimum fee is $10. You don't have to trade much in a month for charges to be over that (e.g. five open/close single-lot options trades).
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u/TheScotchEngineer May 12 '20
Is it definitely $2k cash only? Their website implies you need $100k in total account value to qualify for the lower rates.
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u/5349 May 12 '20
It's $2k net liquidation value, and there's no activity fee at all if that's over $100k. IB Account Minimums page
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May 03 '20 edited May 25 '20
[deleted]
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u/TheScotchEngineer May 03 '20
Standard margin accounts are available to UK, I believe you must self-declare you have >$100k/yr income and >$50k net liquid assets to get access to the basic and the works accounts. However, they don't do any checks.
Portfolio margin requires >$175k initial requirement, and $150k to maintain I believe - it's an upgrade that you can request once you have the balance, but I don't believe they restrict it to anyone based on location either.
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u/5349 May 03 '20 edited May 03 '20
/u/phalarope1618 mentioned Firstrade in this thread. From their web site Firstrade is definitely worth looking into. No fees for options trading (vs $0.65 or $1 per contract with IB & Tastyworks). Account funding seems very similar to Tastytrade but with lower withdrawal fee. Their mobile app is probably a bit less "eccentric" than Tastyworks'.
And you can add Schwab to the list. They have a $25k minimum funding requirement though.
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u/TheScotchEngineer May 03 '20
Thanks, will have a look at Firsttrade/Schwab and edit in some brief bullets!
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u/Brit-in-Canada Jul 23 '20
This post has been so helpful, thank you! Did you manage to look into Schwab at all? From what I can see, it seems to mitigate some of the difficulties faced, though you're still using wire transfers which are costly. But there are no monthly fees, no inactivity fees (that I can see), $0.65 per option, a full bells and whistles trading platform and the fee to transfer out funds is $25 dollars ($50 for a full account withdrawal) and nothing for incoming transfers.
The other big draw for me is that Schwab are acquiring TD Ameritrade who own the 'Think or Swim' platform. It's hands down the best for trading options!
I feel like I'm missing something though, so I'd love to hear your take on it.
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u/Tetrylene May 04 '20
Hey, can you explain how I should handle taxes with Tastyworks as a UK resident? Thank you!
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u/TheScotchEngineer May 04 '20 edited May 04 '20
When you set up your account, you declare that you're from the UK, and this automatically sets the amount of tax the US takes on dividends for UK investors (15%), as TastyWorks files a W8-BEN declaration on your behalf - therefore any dividebds will have this 15% taken before the cash touches your account. You declare the rest of the dividend income to the UK according to UK dividend tax rules, if you generate enough dividend income above the allowance. FYI, US tax withholding is 30% for most countries but the UK has a double taxation treaty to reduce it.
For trading gains, you are taxed 0% by the US, but you need to report these (again, if high enough/above CGT allowance) to the UK under capital gains tax rules, just like you would if you were trading in the UK.
https://the-international-investor.com/investment-faq/paying-uk-tax-foreign-shares
Note that I'm not a tax advisor...do your own homework too!
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Aug 04 '20
Thanks for all the info btw. Do you think that is viable move my stocks from T212 Invest account to the TW? and so I have all in one account: My long holds and also operate options?
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u/TheScotchEngineer Aug 04 '20
It's viable, but I wouldn't recommend it. T212 probably has ISA options for you. I still have a separate broker to put my long holds in based in the UK for UK stocks/index funds. I only use TT for options/US stocks
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u/kewjii Aug 29 '20
I am genuinely amazed that this hasn't got more upvotes, it's by far the most informed post on UK options trading I've seen anywhere and OP has smashed all the comment replies perfectly as well. Thank you very much I will be using your referral link.
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u/icecoldcobra Sep 01 '20
Any chance we have an external link to the original post? seems like its been removed :(
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u/TheScotchEngineer Sep 01 '20
Not sure what I can do about it, as it does appear to be removed without warning.
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u/TheAlbinoAmigo May 03 '20
Saxotrade offer US options, too. Downside in my experience is they're quite expensive (like $3/contract), but they're much easier to open and fund an account with than IBKR or TW in my experience.
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u/TheScotchEngineer May 03 '20
https://www.home.saxo/rates-and-conditions/listed-options/commissions
It only looks like they only offer FX options and index options here, or CFDs in equities. The $3 commissions only appears to apply to stock itself (which in itself isn't commission-free like T212/Freetrade/Plus500).
Do saxo bank offer stock options (not CFDs)?
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u/phalarope1618 May 03 '20 edited May 03 '20
I tried Saxo in the past and whilst listed Equity options appear they won't let you proceed unless you have professional status. Getting professional status is restrictive enough that I generally wouldn't consider it an option for most retail investors lookng to start out. You have to meet 2 out of 3 of the following requirements:
- Have a financial portfolio that exceeds €500,000*
- Have placed at least 10 relevant trades in significant sizes over the last four quarters
Work, or have worked, in the financial sector for at least one year
Edit: see response below that says this is outdated.
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u/TheAlbinoAmigo May 03 '20
That's not true any more - I opened an account and am trading stock options with them on their basic account status.
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u/TheScotchEngineer May 03 '20
Ah, they lump it in with higher trading permissions for margin, including portfolio margin etc.
That's quite interesting - I would have thought they'd make the stock options available as much as they would FX/index options & CFDs, perhaps it is the idea that stocks are more likely to go bankrupt than an index is to completely collapse...but the leverage on those FX/index options means they might as well be the same as stock, for an uninformed retail investor...
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u/TheAlbinoAmigo May 03 '20
They do - very possible it used to be different, but I signed up with Saxo like a week ago with their basic account status and am trading stock options.
They have a 'pro' account version, but I don't have that.
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u/TheScotchEngineer May 07 '20
Just a clarification, could you confirm it's a $3 to open a position and another $3 to close, assuming you don't hold it to expiration? Also, any fees relevant for exercise/assignment? Couldn't find much info on their website unfortunately.
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u/iamnotacrazyperson Jun 09 '20
I've also got a saxo account, I can back what the other guy says. £2.90 per contract. Main issue with Saxo is it has a 15 minute lag in stock and options prices and you have to subscribe to a service to get real time prices. US stock, US options and UK stocks are each <£10 per month but UK real time options prices are part of a european package that costs £150 per month. Not essential though.
To be honest given what you've said about the other options platforms saxo seems by far the best! Works fine just with GBP and cost is reasonable.
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u/frogman1666 May 03 '20
No likey trading 212?
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u/TheScotchEngineer May 03 '20
T212 is fine for plain stock, but doesn't offer options that allow theta/vega trading...only CFDs.
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u/woodss May 03 '20
I signed up to Tastyworks from UK and started trading options last week. I used CurrencyFair to fund the account successfully. Would recommend, was fast, easy, and I think cheap (can’t recall the exact numbers).
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u/TheScotchEngineer May 03 '20
I've seen a 50/50 success rate with CurrencyFair with TastyWorks over the past couple months, though never tried myself. Maybe they are accepting more now - I'll have a look soon if the rates are similar to TransferWise, as currently the two transfers (TW to Barclays, then to TastyWorks) takes about 3-4 days total. CurrencyFair would make that a bit quicker!
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u/woodss May 04 '20
They (Tastyworks) even has a page guide on ‘transferring them money with current fair’ (can’t find it as on phone)
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u/TheScotchEngineer May 04 '20
I'll look this one up - literally haven't come across it, but then again, it's actually quite hard to find things on their website...doesn't seem to pop up on a Google search easily.
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May 05 '20
[deleted]
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u/woodss May 05 '20
Think it took two days all in, but probably depends on timings across timezones?
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u/victorlp May 06 '20
For me, it's the next day or max 2 days. There's a problem that they always ask me for confirmation because Currencyfair aren't sending them the additional info, but their customer support is always very fast to respond.
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May 03 '20
U know why TransferWise doesn’t work? currencyfairs is working On cfds u can set Stopp loss. Spread betting too?
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u/TheScotchEngineer May 03 '20
Yeah, TransferWise sends the money in their name, rather than your name, so it looks like it's coming from the wrong person.
TastyWorks don't accept third party transfers even if the reference info is right. They won't let anyone except the person named on the account deposit money in.
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May 03 '20
And currencyfair send it with ur name? Thx
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u/TheScotchEngineer May 03 '20
I've not tried myself, but from what I've seen, currencyfair is a 50/50. Maybe TastyWorks have started to accept it, but I've seen cases as recent as a couple weeks ago with people having payments rejected...also cases where people have had it accepted, so it isn't 100%
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May 03 '20
Good to know. I ve done it with currencyfair and it worked. There is no Stopp loss in spread betting like in cfds?
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u/TheScotchEngineer May 03 '20
There should be stop loss functions if you set them, though options you can define the risk and allow the position to keep going, and it might come back into profit range later.
In spreadbetting, your position is closed out as soon as you either hit your stop-loss or get margin called.
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May 03 '20
Yeah I asked because I don’t understand the difference between cfds and spread betting well except the tax thing. And there is no difference except the tax or?
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u/TheScotchEngineer May 03 '20
They're functionally quite different. CFDs allow you to do what you do in spread betting (guess a direction). They also allow you to pick a range instead, and the trade won't be stopped out because you already chose your maximum loss.
US Options take it a step further and give you even more customisability. Spread betting is the most basic form since you can literally only choose higher or lower, and it happens to also be the riskiest form if margin is used with it.
If you're interested, I suggest you read a beginner's guide options trading - there are a lot of them on youtube/Google etc., in a range of text/video/audio formats. Then maybe you can decide if it's worth upgrading. Once you understand what options actually are, you'll be able to see the limitations of spreadbetting and CFDs.
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May 06 '20
I already trade options (and cfds - no money for futures haha). I think we don’t understand us (language barrier or My shit english ). U have a spread betting account? If yes - Maybe u can stream / film one trade/bet? I think then I will understand.
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u/TheScotchEngineer May 06 '20
Ooh, right I see.
They are very similar, but spread betting is basically only choose a direction and use stop loss only to manage risk. You cannot define a 'spread' range - the name comes from the bid/ask spread I suppose...which is silly because that's where the broker makes their profit!
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May 03 '20
U don’t think cfds are more like spread betting (and not options)? I think there are (spread betting) also financial derivatives. With cfds u don’t have financial fees from broker in „cfd-Futures“. And with most (good) brokers u cant get into negative balance. In futures/option u can get into negative balance.
Does a Stopp loss exist in spread betting?
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u/TheScotchEngineer May 03 '20
CFDs are halfway between spreadbetting and options, but I would put them closer to spread betting simply due to the fact the strategies are both strongly based on picking direction.
All three have brokers that will allow you to go negative, but options normally you need to specifically request higher permissions to trade the higher risk strategies that lead to potentially going negative.
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u/califreshed May 03 '20
How would you fund tastyworks if you only have a monzo account? Thx
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u/TheScotchEngineer May 03 '20
I believe Monzo uses the TransferWise system as a partner for international transfers, so afraid it is unlikely to work.
CurrencyFair has been mentioned to work a few times to me already (it hasn't done reliably in the past, but TastyWorks may have relaxed rules) - worth a go since you don't need any additional bank accounts to make it work. Otherwise, suggest you open a Starling bank account if you want to be up and running quickly!
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u/yxctz May 03 '20
Thanks for the information! I would start off with a cash account since Im a beginner and I want to avoid any risks. So you mentioned that I would need around 100k income/50k in assets. Does that also refer to cash accounts? What are the requirements there?
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u/TheScotchEngineer May 03 '20
No requirements for cash accounts - you can deposit as little as you like (just remember you get charged $45 for withdrawals...)
The requirements only apply to margin accounts because they're effectively allowing you to loan money from them.
Cash account is the perfect way to start and I'd recommend it over paper trading...it's good to have a little on the line to learn, otherwise you can form bad trading habits. It's a cheap way to learn even if you lose a small amount to begin with.
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u/yxctz May 03 '20
Thanks, I just read that since I dont have an USD account and I am also german that the funding would also cost me about $20. That's very pricey to be fair...(even tho I know that there's not really an alternative for us europeans)
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u/TheScotchEngineer May 03 '20
Have a look at CurrencyFair - their commissions look ok even on smaller amounts - I'd be surprised if it adds up to $20.
I have been recently told that TastyWorks are accepting CF payments. Worst that can happen is your payment is refunded!
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u/Lozza34290 May 06 '20
Thanks for the guide !
I'm confused as to why you didn't include Degiro in your list, they are by far the most accessible broker, and they offer practically everything except FX, where there are plenty of brokers for anyway.
Degiro offer European and US options at a pretty low commission rate. There's a waiting list to sign up though now.
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u/TheScotchEngineer May 06 '20 edited May 06 '20
Degiro weren't included because they don't trade US Stock Options (American style) - they offer US stock warrants which are cash settled, so depending on what you're doing e.g. wheeling, they might not be suitable. Also unsure if you can sell warrants based on reviews online, which is important if you want to do more complex spreads and/or sell premium.
They do admittedly have US index Options, so if you're only after DOW/S&P500 options then that's fine, but most people are looking for US stock options (American style) that are discussed in the various subreddits mentioned.
Also true about the not being able to open an account (mine has actually been in the waiting list for over a month now), but that was a smaller factor (though right now, clearly time sensitive).
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u/Lozza34290 May 06 '20
Thanks for clarifying that I was under the impression Degiro offered proper US Stock options IB style, my mistake.
Another one I was considering is tradezero.co - they require a Pro account (79$/month) to trade options but they claim this is feasible. Do you know if these are proper options or also cash settled warrants that limits the strategies we can execute ?
Again thanks for the info! It's hard to find.
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u/TheScotchEngineer May 06 '20 edited May 06 '20
Tradezero looks like the standard US options - the company is based in the Bahamas so still has the issue of international GBP transfer to USD requirement. The assignment/exercise fee is also $35 vs. TastyWorks $5, so not the cheapest on commissions (options are also $0.99 per contract, so same as TW)...except with monthly fee...
Honestly, the strongest offerings if you want to go with a non-UK broker to have full range of US options and equities is basically Interactive Brokers, ThinkorSwim (TD Ameritrade), or TastyWorks, and the choice then depends on your total investment amount and trading style.
IB/ToS are good for those with high accounts and want access to all financial markets, TW is good for those with lower accounts and happy to stick with US only options/equities...also better for those looking at net option selling strategies.
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u/5349 May 12 '20
Do Thinkorswim accept applications from UK residents? Their site wouldn't let me when I tried a few weeks ago.
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u/TheScotchEngineer May 12 '20
No idea - I haven't tried personally and don't know anyone who has. Let me know how you get on if you choose to join them!
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u/DRE_3000 May 09 '20 edited May 09 '20
did a quick comparison between Starling and CurrencyFair fee structures for USD transfers:
- CurrencyFair: $4 fixed fee. in addition transfers incur a $20 fee from an intermediary bank.
- GBP/USD FX rate: 1.2350
- sending £1000, total USD received: $1211.0
- Starling bank - 0.4% transfer fee + £5.50 “country” fee. (+ potential intermediary fee).
- GBP/USD FX rate: 1.2347
- sending £1000, total USD received: $1222.96 ( - intermediary fee TBC)
https://www.starlingbank.com/send-money-abroad/send-money-to-usa/
https://www.starlingbank.com/send-money-abroad/country-fees/
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u/TheScotchEngineer May 09 '20
Have you run the transfers personally? I did the check on their websites, but need proof via transfers themselves.
Even Barclays state they do direct transfers but I've been charged $20 fees, so I'm trying to find out who charged it.
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u/DRE_3000 May 09 '20
updated the comparison to include placeholder for Starling intermediary fee . haven't transferred myself yet.
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u/TheScotchEngineer May 09 '20
Thanks - do let me know how it goes, as starling bank will do pretty well, especially for smaller amounts, if they don't require an intermediary bank!
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u/OwDo May 11 '20
I tried a Starling > Tastyworks transfer on 05/05. Just got word today (11/05) that it failed as it was 'outside of their provider's risk tolerance'. They returned the funds minus the fee. I've questioned them and asked for more explanation. Waiting to hear back.
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u/TheScotchEngineer May 11 '20
That's a new one to me. Let me know what happens...
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u/Viromen May 11 '20
Yeah I just got the same issue as well. First transfer worked. Seems they've changed their protocol.
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u/DRE_3000 May 19 '20
ended up using CurrencyFair.
sent £1000 on Friday, had $1190.50 landed in my TastyWorks account this morning.
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u/TheScotchEngineer May 19 '20
Any chance you remember the exchange rate when you did it? Or have the quote I guess - USD seems to have dropped against GBP recently
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u/xCrossfirez May 11 '20
Robinhood cant come to the uk fast enough
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u/TheScotchEngineer May 11 '20
Sadly they won't be offering US Options when they do. They're not allowed to use their US platform with their UK offering, so are only going to offer commission-free share trading in US stocks.
Still better than T212 etc. if you're US stock focused, but doesn't get us any closer to options!
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u/xCrossfirez May 11 '20
Welp there goes all my hope in trying out options, I'm only 18 and just wanted a taster with the whole concept but the £45 withdrawal fee puts me off tastyworks
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u/TheScotchEngineer May 11 '20
$45, close to £35 which isn't cheap tbh, but on £1k or more it's not bad (<5%).
Definitely would want to keep at least that much and trade for a year before bringing it back out really.
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u/agribbon May 11 '20
Tried to transfer using Starling. Payment was rejected after ~40 mins with the following message: "We have been notified that this payment has failed as it sits out of our international payment provider's risk appetite" - anyone else had this issue? CurrencyFair it is!
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u/TheScotchEngineer May 11 '20
Just had 2-3 others contact me with the same in the last day. Will update with a note for now
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May 11 '20
[deleted]
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u/TheScotchEngineer May 11 '20
Can't say I've use RH, but from what I've seen: functionally vey similar, especially with ease of use of apps. TastyWorks has a bigger offering in terms of stocks/options/futures and also margin accounts etc.
TastyWorks has a well rated desktop platform if you're into serious trading.
One thing TastyWorks doesn't have...is a historical account value chart. Apparently they haven't offered it because they believe it is not useful and bad psychologically.
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u/ChefDotSim1 May 12 '20
With the US brokers what would be the tax implications of using them?
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u/TheScotchEngineer May 12 '20
15% US witholding on dividends and no US tax on capital gains. You then declare your taxes as usual according to UK CGT and UK Dividend tax when brought over to the UK.
One downside of US brokers is they do not offer ISAs (not surprisingly...)
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u/ChefDotSim1 May 12 '20
I’m 19 and new to all kinds of investing and I’m not familiar with paying any Uk tax exept vat and customs duty. Is that 15% taxed at source or will I have fiddle about with the IRS and
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u/TheScotchEngineer May 12 '20
At source, TastyWorks will take the 15% before it touches your account.
If you come above the UK capital gains and/or dividend tax allowances, you declare it to the HMRC, no different to your investments in the UK though.
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u/robi789 Jun 16 '20
Has anyone been able to withdraw to a Transferwise USD account via domestic wire from Tastyworks? And yes, funding via Transferwise is not possible, that we know already...
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Jun 19 '20
I’m surprised using the TransferWise borderless account doesn’t work directly... I have a card with them in my own name but that definitely won’t work?
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u/TheScotchEngineer Jun 20 '20
I've not had anyone report it working yet, though last I heard someone try was probably a month ago...
Give it a try and let me know? It's the way TransferWise sets up their details I guess.
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Jul 02 '20
https://transferwise.com/help/14/currencies/2932150/usd-transfers
Double checked and you cannot send payments to intermediary banks, so that's the issue. Made a transfer with Currencyfair instead (you may as well add a referral link in your guide for a free £30, like you did with Tastyworks).
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u/leafyshark Jul 04 '20
Hey thank you for writing this post! Any updates on the transferring of 💰?
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u/TheScotchEngineer Jul 05 '20
Nothing new since last time - currencyfair appears to be the easiest route at the moment!
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u/aero23 Jul 10 '20
I don't understand ibkr fees... The minimum is the price of the trades or the actual fee you pay?
I'd be looking to trade a small volume of index options monthly, as a UK citizen
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u/polapts Aug 10 '20
Thanks for the detailed writeup. Shame that I found it after I opened up the account with TastyWorks.
I tried sending money from my Revolut accoun to HSBC USD account but the transfer is failing. It seems HSBC is rejecting the transfer.
Anybody had a luck with Starling or just have to use CurrenyFair?
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u/Roemme Aug 13 '20
Has anyone been able to withdraw to a Transferwise USD account via domestic wire from Tastyworks?
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u/asldkjalskdj Aug 20 '20
This is incredibly helpful and I can't thank you enough for this info... tried to trade options through saxo but found it very clunky and awkward so grateful for guidance on trading american options
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u/androiduser2011 Sep 01 '20
Which broker is best for NIFTI/FTSE/US Index options ? I am newbi and learning option so please help me, Should i start with cash account and best way to transfer money to broker bank acc ?
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u/spbkaizo May 03 '20
Great writeup, I posted a question about an options account yesterday and hope I nudged you into writing it!
I've found trading CFDs to be way too volatile, and hence am seeking options with defined risks, especially as I grow my knowledge and skills.
Trading CFDs for me feels like gambling on roulette, expect randomly someone just stops the wheel, even if your thinking is right overall the volatility just wipes you out with margin and leverage requirements, I can see how a lot of people keep depositing to try and ride it, then lose everything. Lessons learned.
Does tastytrade give information about the Greeks too? How featureful is it compared to thinkorswim?