Low Cost Options Trading - OptionsXpress vs. OptionsHouse
73The best low cost options traders: OptionsXpress vs. OptionsHouse
OptionsXpress is a popular online discount broker which essentially focuses on options and offers an extensive range of products includes stocks, mutual funds and fixed income securities. OptionsXpress occupies a highly attractive market in option trading. With its highly advanced technology platform, OptionsXpress duly responds to all the requirements of the option traders. OXPS has a considerably low customer acquisition cost in comparison with other online discount brokers.
OptionsXpress is known for its equity options pricing. For trading options, the company does not offer a base rate plus contract price. If the customer trades 1 contract or 10 contracts, his fee would still be $12.95 or $14.95 on the basis of the quarterly trade average. If the customer trades 20 contracts he would get the price of $1.25 per contract, an exceptionally good fee structure in the industry. OptionsXpress is the best broker service to trade options. And if you wish to make use of other investment options such as stocks, ETFs and mutual funds their affordable pricing and trading technology make it a much preferred option.
Stock trades are priced at $14.95 per trade for the first nine trades, and then at $9.95 per trade for the life of the account. The website offers lots of interesting features. Customers can set-up a portfolio and receive wireless price alerts, obtain free streaming quotes and real-time news, and account updates. OptionsXpress provides an entire selection of unique features for the options trader, including trading advice, option research and trading tools, the ability to set trailing stops, and an educational tool to study the various trading strategies of participating advisers.
OptionsHouse provides stock and options traders an exceptionally brilliant combination of professionally developed tools and a flat rate of $9.95 per trade. OptionsHouse, created in collaboration with the institutional options market-making firm, PEAK6 Investments, LP, offers access to innovative idea generation and risk management tools. The website was built using cutting-edge web technology which helps to improve its functionality. No more flipping from page to page to execute a trade. The web-based trading platform enables users to check market prices, create and analyze advanced options trades as well as send orders with the help of easy point-and-click interaction. OptionsHouse offers an extremely simple and convenient commission schedule of $9.95 per trade, with no hidden or per contract charges. The firm provides flat $9.95 trades for all stock trades. As for equities, the commission is $9.95 per trade and are offered in unlimited shares.
Nayanathara. S.
Hi-Tech Editorial Division
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OptionsxpressNO says:
14 months ago
Optionsxpress sent me an email and told me via phone not to take action on my account to avoid a margin call. They stated that they would tell me in a following email if there was going to be a margin call. I called to confirm this information because I've been told the wrong thing several times by optionsxpress an been misled too many times to count. This time optionsxpress has cost me dearly. They told me there was no immediate need to add money to my account to avoid a margin call. About an hour after that conversation, they liquidated my stock when it was at its lowest point. Optionsxpress defrauded me out of $35,000 in seconds. About 6 hours later that same day I recieved an email warning me that there would be a margin call on the stock if I didn't add $1,500 to my account within 3 days. The problem is, they had already liquidated my stock positions. I've spoken with several representatives and managers and they agree that they made a mistake yet they do not wish to fix it. They told me that they were even willing to put me back in the stock position I had with margin and then said they couldn't because my account didn't have the same money in it. I wonder why. I invite anyone who has gone through the same thing to contact me. Any actions taken by optionsxpress that violate the laws of the federal government and/or state are illegal and unacceptable. I hope this helps others to avoid doing business with this kind of company. Please share your story so that others don't get ripped off by optionsxpress.