Chase Individual Brokerage

I use a JPM/Chase self-directed brokerage for simple stuff -- mostly buying and holding ETFs and selling covered calls on those. I do my active trading on Robinhood (I know).

In general, the platform is fine, but pretty basic. The main advantage is seamless integration with your other accounts -- i.e., the ability to move money back and forth to your savings and checking, etc. For example, I like to take my profits from options premia on a quarterly basis and move them into t-bills via my savings account. JPM/Chase allows me to do that almost instantly.

The main downsides are:

(1) They take a day to confirm trades, and they won't let you make another one until the last one is confirmed.

(2) They won't let you buy or sell 0DTE options. So if, for example, your weekly covered calls are up big by Thursday and you want to buy back and sell more on Friday, they won't let you.

3) They won't sell spreads or other complex options instruments as a single trade. You have to buy each leg separately and there is a $1.30 per transaction fee for options.

Good info, thanks. We won’t be doing any options, just simple stock/ETF transactions for long holds.

So you’re saying only 1 transaction per day? So let’s say we buy SPY tomorrow, we can’t buy anything else until the next day after the SPY transaction confirms even though the cash is there to do so?