OptionsXpress (#1 Recommended)

VN:R_U [1.9.22_1171]
Rating: 10.0/10 (1 vote cast)

 

OptionsXpress Review ImageOptionsXpress Highlights:

  • Stocks $8.95 Per Trade Including Broker Assisted Trades
  • Options Are $1.95 Per Contract With A $12.95 Minimum
  • Trade Stocks, Options and Futures From One Account
  • No Account Maintenance Fee
  • Hone Your Skills On The Virtual Trading Platform
  • Now Partnered With Industry Leader Charles Schwab
  • No Minimum Balance Required To Keep An Open Account

START TRADING NOW


What we like about OptionsXpress:

Powerful Features:

OptionsXpress offers downloadable financial software, called Xtend that allows you to trade options, stocks, and futures all on one customizable interface with streaming quotes.  News, research, and other educational resources are available through this program as well.

OptionsXpress also allows customers the ability to screen investments with their powerful screening tool thereby finding options that match their level of risk, past performance, and other criteria.  They offer a handy Strategy Scan which analyses potential trades with the use of advanced charts and pricing tools.  The Watch List feature allows OptionsXpress customers to develop a list of trades and investments to look out for and then notifies you when they become available.  Xpress Router Technology speed things up by not only standing behind the SECs National Best Bid and Offer (NBBO) guarantee, but routing your order as fast as possible, saving members over 2 million dollars last year, according to OptionsXpress.

Another feature that we love is the Virtual Trade feature; it allows investors to practice trading in a no risk environment, which is both fun and useful.  With this tool you can manage a virtual trading account and practice different trading strategies to see how well they work. OX Mobile application can be added to your BlackBerry, iPhone, Android, or Windows mobile device to allow you to monitor your account and make trades while on the go.

Low Cost:

  • Penny options $4.95
  • $1.95 per contract on Options
  • Stocks $8.95 flat rate per trade

OptionsXpress, now partnered with Charles Schwab, is an online discount brokerage firm that provides some of the best rates around.  In fact, they were recently ranked number one for costs by Kiplinger’s in their 2011 Online Broker Review.  The reason, unlike many other online brokerage companies, there are very few additional or hidden fees and commissions are relatively low.  There is no minimum to open an account and once an account has been opened no minimum balance or inactivity fees.  Pricing is as follows: Options are $1.95 per contract with a $12.95 minimum; Penny Options are $4.95, and $.50 per contract.  Stock commissions are always $8.95 even when broker assisted.  The cost of $12.95 for up to 10 contracts per options trade is one of the best prices in the industry.

Customer Service:

OptionsXpress is unique in that you can actually talk with a Broker on the phone and receive technical assistance or general questions regarding strategy without being charged a fee, excluding trading advice.  Most brokers including Ameritrade and E*Trade both charge $45 for Broker assistance.

In Short:

OptionsXpress may not be the lowest cost online discount broker, there are several that offer even lower rates, but they are worth looking in to.  They have the security of a partnership with industry leader Charles Schwab and some really powerful site features and tools, including a virtual tool where investors can play around until they feel ready for the real thing.  OptionsXpress, as their name implies, specializes in options trades, but still offers an impressive array of other financial investment possibilities.  OptionsXpress is best for traders interested in options trading or who might want to have a Broker available by phone to answer technical questions. OptionsXpress has a multitude of investor tools and resources including tutorials and webinars to help less experienced investors.

 

OptionsXpress, 10.0 out of 10 based on 1 rating

Leave a Reply

  • (will not be published)

XHTML: You can use these tags: <a href="" title="" rel=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

*