How To Choose The Best Broker In 2020

How To Choose The Best Broker In 2020 | Coffee With Markus | Episode 37

How to choose the best broker in 2020:

Now that retail trading has become way more widespread and there are a lot of different brokers to choose from, how does a trader decide the best broker in 2020?

Well, that's exactly what I'm going to talk about today.

It's been a couple of years since I've opened a new brokerage account, but I've noticed there are quite a few more names in the game since the last time I opened one up. Here are just a few of the names I'll be looking at today:

ThinkorSwim
WeBull
TastyWorks

Here is the criteria that is important for me when choosing a new trading platform or broker:

Easy To Short Stocks
Sell Naked Calls * Puts (Level 3 & 4)
Margin Interest Rate
Understanding Margin Impact
Commissions For 50 Options
Platform Ease Of Use
Live Data Feed
Customer Service
Overall Rating

This morning Fed Chairman, Jerome Powell spoke on the current state of the economy.

He said:

"The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II," Mr. Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery."

If that alone wasn't a big enough concern, there's also growing tensions with China to consider.

Tesla and their CEO Elon Musk has been in the news a lot lately and not exactly for reasons they probably want...

This week, the CEO defied Alameda County shelter in place orders, partially reopening the assembly line at their Fremony factory. In a now-viral tweet, Musk said:

"Tesla is restarting production today against Alameda County rules. I will be on the line with everyone else. If anyone is arrested, I ask that it only be me."

On top of this Musk has reportedly opened a lawsuit against the county from preventing them to open up.

As we've seen for some time in the country there is an overall divide on what should be done:

- One camp seems to think that enough is enough and it's time to reopen and get back to work.
- Where the other seems to think this is a little premature with cases starting to spike again.

It seems like the world as a whole is caught between a rock and a hard place with what to do.

With all this uncertainty starting to build yet again, is another correction inevitable?

This afternoon, we'll watch the last 30 minutes of the stock market cash session live.

See you then!
================================================================================During these live sessions, I'll cover LIVE stock market action and share how I'm currently trading the markets with my live account.

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tastyworks, Inc. (“tastyworks”) has entered into a Marketing Agreement with Rockwell Trading Services, LLC whereby tastyworks pays compensation to Rockwell Trading Services, LLC to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Rockwell Trading Services, LLC by tastyworks and/or any of its affiliated companies. Neither tastyworks nor any of its affiliated companies is responsible for the privacy practices of Rockwell Trading Services, LLC or this website. tastyworks does not warrant the accuracy or content of the products or services offered by Rockwell Trading Services, LLC or this website. Rockwell Trading Services, LLC is independent and is not an affiliate of tastyworks.

[johngreno]

Markus, Please open the account live. The knowledge you share on your videos is incredible!! Thank you for sharing and helping those of out learn and earn.

[dougevans]

Very helpful, just getting started ... looking forward to seeing how to open an account.

[kevinmackenzie]

Thank you for all the information! Very helpful.Thanks.

[barshalom]

I loved the comparison of brokers. I use both TD Ameritrade and WeBull, but I primarily use WeBull exclusively. I will check out TastyWorks.

[borismartinez]

I would recommend to open the account with the same amount that most people open their accounts with, so it would be a closer approach to what most of us do, if that make sense, let's say between 7k and 10k. Thank you for teaching us.

[kathrinnolan]

The broker comparison is helpful. Thank you.

[borismartinez]

Something else to add to the new account would be, to use it without using the power X strategy, to make it more close to the reality of many of us that still haven't made the money to buy the power X optimizer.

[MattSicignano]

Tom Sosnoff was a co-founder of Think or Swim before starting Tastyworks.

[barshalom]

I would go with a broker who offers a demo account to practice trading. This is especially helpful in familiarizing oneself on their trading platform. Only WeBull (my preference), Interactive Traders and TD Ameritrade have demo accounts.

[thejohnnymode]

Intrigued about TastyWorks but their platform doesn't seem simple. Then again neither is IB's Trader Workstation, which is very dated. Keen to see your trial of TastyWorks but you should do it under a different name so you get a typical experience for us to see! $10K amount is probably more relevant.

[dmitrykhramov]

👍👍👍
Super helpful information!
Thank you for your research!
$15, 000 is probably a good number between 10 and 25 🤔
P.S. Do we really get to vote on this channel? And if so, is CWM now a public channel ? 😉

[JuanRosas-thdp]

Great video Markus, I would like to get your perspective in a couple of things:
Do you ussually have a balance higher of 25k to be able to do several trades during the day?
Does all these companies have the same leverage?
Have you considered to open and offshore account?
I currently have an account with Fidelity, but it takes 2-3 business days for the transaction to settle and have the cash available to trade, is this a a inudstry standard? Do you have an opinion on Fidelity?


Thanks

[swoleog]

What about fidelity, you cant beat there support and they have walk in office and walk debt cards. None of those you can sale and get your funds fast as fidelity

[johnb]

Powell, Trump and Elon Musk are good at mowing markets