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Thinkorswim vs OptionsXpress
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OptionsXpress vs Thinkorswim: Commissions and Investments
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- Stocks and ETFs: $8.95
- Options (active traders): $12.95 for up to 10 contracts, $1.25/contract for over 10 contracts
- Options (non-active traders): $14.95 for up to 10 contracts, $1.50/contract for over 10 contracts
- Mutual Funds: $9.95
- Bonds: $5 per bond, $9.95 minimum
- Futures: 1-40 contracts $6.99; 41-100 contracts $5.99; 101-300 contracts $4.99; 301-1,000 contracts $3.99; 1,001 + contracts $2.99
- Options on Futures: 1-40 contracts $12.99; 41-100 contracts $8.99; 101-300 contracts $7.99; 301-1,000 contracts $6.99; 1,001 + contracts $5.99
- Covered Calls: $22.90 up to 10 contracts
- Penny Options: 1-10 contracts $4.95 flat; 10 + $0.50/contract
- Spreads, Straddles & Combos: 2-10 contracts - $12.95 Flat (active traders) $14.95 Flat (non-active traders); 10 + contracts - $1.25/contract (active traders); $1.50/contract (non-active traders)
- Investments: stocks, options, mutual funds, bonds, futures, options on futures, covered calls, ETFs
- Minimum to open OptionXpress account: $0 for cash account, $2,000 for margin account
- All OptionXpress fees
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- Stocks and ETFs flat-rate plan: $9.95 per trade on market or limit orders, 5,000 shares maximum
- Stocks and ETFs per-share plan: $0.015 per share, $5 minimum
- OTCBB (Pink Sheets): $9.99 for any stock trade regardless of size or order type for stocks $2 or less
- Options: the lesser of $2.95 per contract OR $1.50 per contract plus $9.95 (only one $9.95 charge for unlimited spread legs)
- Mutual funds: first three mutual fund trades in calendar month are free; $15 per trade after that
- Bonds: up to 6 months maturity - $1 per bond
- Over 6 months up to 1 year maturity: $1.50 per bond
- Over 1 year maturity: $2 per bond
- Listed Bonds: $1.5 per bond additional
- Treasuries: minimum order is $25,000 ($25 minimum commission)
- All other bonds: minimum order is for 10 bonds ($25 minimum commission)
- Futures: $3.50 per contract (inclusive of exchange fees)
- Options on Futures: $3 per contract (inclusive of exchange fees)
- Investment products: stocks, options, mutual funds, bonds, T-Bills, futures, forex, ETFs
- Minimum to open Thinkorswim account: $3,500
- All Thinkorswim fees
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OptionsXpress vs Thinkorswim: Pros
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- Best customer service
- Many well-designed trading tools and cutting-edge trading technology
- Free streaming quotes
- $100 bonus for opening new account
- No fee IRA accounts
- Great research
- Free paper trading
- No money down to open new account
- Free account transfers
- Free instructor lead online classes
- Free broker-assisted trading
- Free dividend reinvestment (contact customer service)
- No platform fees
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- Powerful trading platform, good risk management tools
- Lots of investment products to choose from
- No IRA fees
- Great customer service
- Virtual trading
- No surcharge for placing trade through broker
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OptionsXpress vs Thinkorswim: Cons
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- Higher than average commissions on stocks and ETFs
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- High stock commissions
- In flat-fee plan there is additional charge of $0.005 per share on every share above 5,000
- All order types other than limit, marketable limit, and market orders will be charged per share rates
- Might be too complicated for beginner investors
- Browser trading is very slow
- High margin rates
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Thinkorswim vs OptionsXpress: Comparison Summary
OptionsXpress (OptionsXpress Review)
and Thinkorswim (Thinkorswim Review)
have the same commissions on stocks and ETFs: $8.95 and $9.95 per trade respectively. Both investment companies don't have maintenance and inactivity fees.
Unlike many other online brokerages, they also don't have additional commission on penny stocks (stocks under $1) and extended hours trading.
Thinkorswim has a surcharge of $0.005 per share for shares over 5,000. This will make large-size and penny stock orders very
expensive with Thinkorswim.
Thinkorswim and OptionsXpress provide excellent customer service, research and powerful trading tools. They offer free virtual
trading where investors could test different trading strategies and improve their skills without risking real money. At OptionsXpress
beginner investors could also improve their investing knowledge by taking advantage of free online instructor lead classes.
Thinkorswim and OptionsXpress do not charge IRA annual and setup IRA fees, and OptionsXpress is in our
Best IRA Companies list.
Both firms are great! Thinkorswim will work better for active traders. OptionsXpress is a good choice
for IRA account, beginners, buy-and-hold investors. Customers could open non-IRA account at OptionsXpress
with $0 and give it a try with no obligation. $100 bonus is a nice incentive too.
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