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Cheapest Broker for Options, FX, US Indices, Gold

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jfufgiugfx

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Beginner Options Trader looking for best options broker for Australian residents.
Are there any negative tax implications if I use a US or international Broker?
Intending about 10 small trades a month, high return, high risk NTM options.
Options will have daily, weekly or monthly expiries.
I would need a demo account for practice.
Is IB the best choice?
Starting Bank is about 10K

thanks
 
I don't trade options but check out the below link for more details, setting up a demo account is very easy.

https://www.home.saxo/en-au/rates-and-conditions/listed-options/commissions
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jfufgiugfx said:
Beginner Options Trader looking for best options broker for Australian residents.
Are there any negative tax implications if I use a US or international Broker?
Intending about 10 small trades a month, high return, high risk NTM options.
Options will have daily, weekly or monthly expiries.
I would need a demo account for practice.
Is IB the best choice?
Starting Bank is about 10K

thanks
Click to expand...

Hi
Currently I'm using charles schwab (https://www.schwab.com). It is quite good so far. The income received from the option trading will be your foreign income regardless of whether you are using US or Australian broker.
 
Lucy Chen said:
Hi
Currently I'm using charles schwab (https://www.schwab.com). It is quite good so far. The income received from the option trading will be your foreign income regardless of whether you are using US or Australian broker.
Click to expand...
Hi Lucy,

I checked charles schwab but they don't have any Australian operations any more. Please see the article below:

https://www.internationalinvestment.net/news/4004217/charles-schwab-leaves-australia

When did you join charles schwab for options trading and are you based in Australia?

Thanks,
 
jfufgiugfx said:
Beginner Options Trader looking for best options broker for Australian residents.
Are there any negative tax implications if I use a US or international Broker?
Intending about 10 small trades a month, high return, high risk NTM options.
Options will have daily, weekly or monthly expiries.
I would need a demo account for practice.
Is IB the best choice?
Starting Bank is about 10K

thanks
Click to expand...

I am the same. looking to trade options but CMC Markets (who I use for stock trading) charge $33 a trade in options.
IB is supposed to be cheaper, but I am finding testing IB platform hideous, old looking, and slow as a dog, and it is really hard to get around. I have just signed up for Tastyworks.com.au but not been confirmed yet but the option trades are US only and cheap commission but I suspect the difficulty will be funding the account and getting it back out. yet to really figure it out. maybe someone can advise on their experience with Tastyworks
 
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