OptionsHouse Reviews

OptionsHouse Reviews

Visit This Broker

Overall Rating3.83.83.83.83.8

OptionsHouse is a well known, reliable, and powerful online broker for trading both stocks and options. The online broker launched in early 2008 and offers some of the most attractive pricing around. The company is owned and operated by one of the largest options trading firms in the U.S. – PEAK6. Despite the company’s name, users can trade stocks, options, ETFs, and mutual funds on OptionsHouse. The company has been rated as one of the best platforms for options trading by Barron’s.

OptionsHouse Commissions

  • Stocks, ETFs and Mutual Funds: $3.95 Flat Rate
  • Options: $8.95 + $0.15 per contract OR Up to 5 contracts for $5
  • Option Spreads:  $12.50 + $0.15 per contract

OptionsHouse Features

  • Lightning fast trade execution
  • Powerful trading platform
  • Free professionally developed trading tools (Streaming charts, Streaming news, Probability Calculator, etc)
  • Live chat customer support + Phone support available during business houses
  • Professional Investment coaching service available to customers.

OptionsHouse Promotions:

  • 100 Commission-Free trades (Minimum $3,000 deposit to take advantage of this promotion)
  • Free 1 year subscription to Barrons.com(Minimum $1,000 Deposit)
  • 100 Free Commission-free trades and up to $125 to cover transfer fees for new IRA accounts. (Minimum $3,000 Deposit)
  • 4 Marketwatch Investment newsletters free for 1 year. (Minimum $3,000 deposit)
  • 60 Days of free investment Coaching (Minimum $1,000 deposit)
  • Free 90-day subscription to MorningStar (Minimum $1,000 deposit)
  • Wire Transfer rebate of $25 (No minimum deposit)

OptionsHouse Minimum Deposit to open an account: $1,000 for cash accounts. $2,000 for margin accounts.

 

User Reviews

  • raydragon33 says:

    OptionsHouse is easily one of the best online brokers ever. I used to use TDAmeritrade, but since I discovered OptionsHouse I never looked back. Their rates are simply unbeatable for both stocks and options. Trading options on Ameritrade and ScottTrade are absurdly expensive. If I remember correctly Ameritrade does options trading at $9.99 + $0.75 per contract. OptionsHouse on the other hand is $8.95 + $0.15 per contract. You’re saying $0.60 per contract, and if you’re buying or selling options regularly the fees add up. OptionsHouse rocks for stocks too, as they do flat rate $2.95 for stock trades while Ameritrade is much more. One thing that I think OptionsHouse needs to work on is their web interface. Don’t get me wrong, their trading platform is extremely powerful, but it’s weird how they have no simple HTML back-end, they just have this command center like trading screen, which takes a little while to get used to.

    One thing I really like about OptionsHouse is their live chat customer service. Sometimes I don’t want to have to call in for support, so I can get support through their live chat system. Every time I need help or had a question, the support person on the live chat end was knowledgeable enough to help. One tiny complaint I have with these guys is that they transferring money into your account takes a while if you use ACH transfer. I think once they receive the funds they hold it for three full business days before letting you trade. If you wire the money the funds are available right away.

  • Simon says:

    If you’re a serious options trader, Options House is the only game in town. If you’re trading stocks, there’s not a whole lot of difference between the online discount brokers. $5, $10, its not a big deal if your dealing with $5k+ transactions.

    When trading options, there’s no fixed rate, investors really need to look out for the per contract fee. Options House charges 15 cents per contract while some of the bigger brokers charge 75 cents or more. That makes a huge difference, especially when dealing with cheap contracts.

    Even on the stock trading front, Options House is hard to beat. They charge a $2.95 flat rate fee, but with one small caveat. There’s a per-stock fee when dealing with stocks below $2.00 that don’t have options trading. This has only come up once in the 1 year+ I’ve used Options House. If you’re trading penny stocks, don’t use this broker. If you’re trading traditional stocks, or options Options House is the way to go.

    I’m not a huge fan of their trading platform/website interface. It just looks ugly and it will take new users a few minutes to orient themselves. They’re a deep-discount broker so looks aren’t as important as commissions.

  • Mike Yourt says:

    I’ll keep this short. OptionsHouse is exactly what it advertises itself to be. A great platform for options traders. It’s not very newbie friendly. They don’t have the same kinds of educational resources / retirement planning tools that Charles Schwab and TDAmeritrade do. Their customer service isn’t tailored to help out novice investors either. They’re a brokerage designed for people who know what they’re doing. The customer service is there (I love the live chat, as I don’t always like to talk on the phone) but they aren’t going to give free advice or help you plan for your retirement. They probably have the quickest execution times of any broker too, so if you’re a day trader OptionsHouse is a winner. Try placing an order and just see how fast it goes through. Every split second counts when you’re trading numerous times an hour.

  • BCStotheMOON says:

    Options House is the only broker I use for options / stocks. I sort of wish they had global trading the same way ETrade and Charles Schwab do, but they don’t. One of the only complaints I have with the broker is that they don’t allow after hours trading past 4PM central time. Not sure why, but I remember being able to trade up until 8PM on my last broker. I read that a few people aren’t big fans of the interface, I can’t say i’m a huge fan of it either, but it gets the job done. I think someone mentioned this earlier too – when you deposit via ACH (bank transfer) they hold the funds for 3 days before letting you trade with it. It’s kind of annoying but it’s not a deal breaker. Another good thing is that they approve just about anyone for options trading, while some of the other brokers don’t.

    still 4/5 for having some of the lowest commissions around.

  • Bill T says:

    DO NOT PUT YOUR MONEY HERE! I don’t know where to start with this online broker. The customer service here is awful. I have been a customer here for a couple of years and it has only gotten worse. I consider myself an active trader and make 20 trades per week. The brokers here are not properly trained or educated with margin trading, trading rules, order execution and options in general. They have EXCESSIVE hold times when you try to call in and talk to someone. I have tried a few times in the past week and was on hold for at least 30 minutes +. This is unacceptable and the manager who is in charge obviously does not care. I have tried to get a hold of this company and asked to speak to a supervisor and they always say that no one is available. They are in clear violation of rules. They also get payment for their order flow from the market makers and exchanges that they route their orders too. That is why many have previously said that their order execution is awful. I also have an account at ETrade and their orders route a lot quicker. OptionsHouse has a horrendous trading platform and is very outdated. Their charting is also horrible. I learned the hard way being here. Don’t waste your time with this company.

    • Anthony Mann says:

      I have found trades on my activity
      section that are trades I could never have placed
      Such as a 824,000 shares bought and sold
      Within a minute of each other at unit prices
      Above $20 per shares. I have approx 50k in my account
      How was that trade done?! My last 6 month activity report is over 88
      Pages long. Full of trades I never made, never
      Heard of the stock before, and at amounts I do not
      Possess!? Has anyone else had similar
      Activities appear to your monthly quarterly or six
      Month downloads?

  • Leave a Reply

    Overall Rating