TradeMONSTER is one of the 27 firms that were reviewed by the Barron’s annual online brokerage review. The review graded these 27 firms on the basis of eight parameters such as customer experience, research amenities, mobile apps and the like.
TradeMONSTER did really well earning 34 points out of a maximum 40, good enough to earn 4½ stars out of a maximum five. Considering all the parameters, TradeMONSTER was ranked third just behind Interactive Brokers with 35.5 points and MB Trading with 34.1 points.
TradeMONSTER has also been rated as the best choice for options traders for three consecutive years, being rewarded 4½ stars for the current year in this core category.
Customer Service and Customer Education
TradeMONSTER was ranked 3rd in this parameter having been rewarded with 4.6 stars. They have been known to provide really good customer service and have been highly receptive to a customer’s requests.
Several new tools and features were promptly added to their platform on customer’s requests. Some of these features include SMS alerts, the ability to configure your profits and loss metrics to include other costs such as fees and commissions, and the ability to modify the cost basis of a spread.
TradeMONSTER also provides a lot of support to those new to options trading in particular and trading as a whole. It helps them gain more proficiency in trading through a series of lectures familiarizing them with the market terminologies and their platform.
TradeMONSTER does not have a downloadable platform but uses a web only platform. Their web platform is said to be the best available currently. Even their mobile apps are built to reflect the web based platform. Their platforms, both web and mobile, are especially friendly to options traders.
They have a plethora of analytical as well as trading tools for the benefit of options traders. For those new to options trading, tradeMONSTER provides enough education to that will guide you to formulate suitable trading strategies.
TradeMONSTER offers a huge number of trading tools that are especially useful to options traders. Their tradeCycle feature has been especially popular since its inception in February 2010. TradeCycle encourages you to do your research in a thorough manner using the website’s Research Lab before engaging in any trading.
Among other tools helpful to options traders are propriety trade tagging, risk based spectral visualization, live performance charts, risk profile overlays, online bond trading with live streaming quotes as well as portfolio margining.
TradeMONSTER offers very competitive prices to options traders. They do not charge any base fee for options while charging just $0.50 per contact with a $12.50 minimum. For example, 10 contacts wouldn’t cost you $5 but the $12.5 minimum.
Compared to other top tier brokerages these prices are really competitive. In addition no initial investment has to be made to open up an account.
FYI: Right now, they also have several promotions available.