OptionsXpress Reviews

OptionsXpress Reviews

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Overall Rating33333

OptionsXpress is a medium sized online brokerage firm that specializes in both options and futures. The company offers its clients the ability to trade stocks, options, futures, ETFs, mutual funds, and bonds. The broker is located in Chicago, IL and was founded in 2000. OptionsXpress tries to differentiate itself by offering its customers the same kinds of tools that professional traders use. The company was awarded 4+ stars from Baron’s for over 9 years in a row.

OptionsXpress Commissions

  • Stocks / ETFs: $9.95 Flat rate for 1-1,000 shares. (1,001+ shares is $0.01/share)
  • Mutual Funds: $9.95 + load fee
  • Options: $14.95 Flat for 1-10 contracts. 10+ contracts are $1.50 per contract. (Penny options below $0.05 are only $0.50 per contract)
  • Bonds: $5.00 per bond ($9.95 minimum)
  • Futures: $6.99 per contract (Less per contract on bulk orders)
  • Options on Futures: $12.99 per contract (Less per contract on bulk orders)

OptionsXpress Features

  • Super Fast trade execution
  • Free educational resources, webinars, live events, etc
  • Live chat customer support + Phone support available during business houses
  • Free broker assisted trades
  • Enhanced SIPC insurance to protect up to $25 million in securities
  • Powerful mobile trading platform
  • Free Virtual trading accounts for practice use

OptionsXpress Promotions:

  • Free $100 bonus for new accounts (Minimum $500 deposit)

OptionsXpress Minimum Deposit to open an account: $0


User Reviews

  • Charles says:

    First things first. OptionsXPress has the single best platform / interface out of all the brokers I’ve personally used. Trade execution is perfect too. The free webinars are extremely helpful for first-time investors, but not much use for sophisticated investors. My biggest complaint with this company is that their commissions are significantly higher than most other brokers. Their trading tools are top notch, but you pay for it with higher commissions. Still a good company to work with.

    • Juetueo says:

      Hi Andrew,I’d say that optionsXpress and twiskornhim are both excellent for beginners. TradeKing does a good job, but their educational resources, tools and functionality is more of the bare bones variety.Personally, I think optionsXpress is a slightly better choice for the beginner, but that may be a function of my comparing the optionsXpress web experience with the tos desktop platform. From an educational standpoint, optionsXpress has a broad range of webinars on everything from the basic “how do I…” to complex options strategies. tos, on the other hand, is owned by , which started in the investor education business and bought tos in September 2007. The bottom line is that they both excel in the area of options education. As for options level, I suspect that both firms would probably let you buy calls and puts right off the bat. Certainly ask for that. In my opinion, the fun (and complexity) really starts when you get to spreads. That is where you cross a major threshold, even though your risk is limited.Each firm is different in how they determine your options level, but they rely largely on experience, income, net worth, desired risk, etc. to decide which options levels that they assign. Don’t be shy about asking for an upgrade to the next level…and just because you have a certain options authority, you don’t have to make those kinds of trades.As far as IRAs go, I don’t have an IRA with any of these three brokers, but optionsXpress appears to allow all options trades except naked puts and calls (see their for more info.) tos has a similar policy and puts it this way: “you can trade any complex option strategy you like as long as the resulting position has defined risk. We do not allow for short stock, naked short calls or futures.”In the end, it probably makes sense to start with either optionsXpress or tos, then try the other once you know your way around and know what you like and don’t like with your first choice.I’m sure you know that you may be taking on considerably more risk with options trades, so this is a good time to immerse yourself in the subject with something like Larry McMillan’s .Good luck and good trading!-Bill

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