OptionsHouse IRA Review 2015: Pricing, Fees, Pros/Cons, and Promotions for Traditional, ROTH, SEP, Simple, Rollover IRA Accounts
OptionsHouse IRA Accounts
- Traditional IRA
- ROTH IRA
- SEP IRA
- Educational IRA
- Rollover IRA
OptionsHouse IRA Commissions
|Stocks and ETFs|| $4.95|
|Stocks and ETFs broker assisted|| $29.95|
|Options||$4.95 + $0.50 per contract|
|Mutual funds|| $20|
OptionsHouse IRA Fees
- IRA setup fee: $0
- Annual (maintenance, custodial) IRA fee: $0
- IRA termination fee: $60
- Account inactivity fee: $0
- Outbound Full Account Transfer: $75
- Outbound Partial Account Transfer: $25
OptionsHouse IRA Overview
Despite of what the company's name might suggest, OptionsHouse is not just for options traders. The vast majority of its customers actively
invest in stocks, ETFs, and mutual funds.
Recent Merger With TradeMonster
In 2014, OptionsHouse and TradeMonster merged, combining into one trading titan. OptionsHouse has phased out its old trading tools and adopted
the TradeMonster's platform. Customers now get award winning TradeMonster tools, but still pay OptionsHouse’s low commissions. The best of
both worlds makes the new OptionsHouse one of the best online brokerages in the industry.
Pricing, Fees, and Account Minimums
OptionHouse’s charge for trading stocks and ETF’s is $4.95, placing the broker squarely in the low-cost category. Options are an extra $0.50 per
contract. Placing a trade with a living, breathing broker tacks on an extra $25.
Mutual fund transactions at OptionsHouse carry a $20 charge. Margin debits of less than $25,000 cost 6.5%.
Research tools at OptionsHouse are on the meager side. Data from TradeMonster is given for stock research, and Lipper provides data for mutual funds.
Compared to other brokers, such as Fidelity and Schwab, that provide information from multiple sources, the amount of research information at
OptionsHouse is on the low side.
OptionsHouse can be contacted via an on-line chat system, phone, fax, or e-mail. The chat and phone service are available 7:00 AM to 7:00 PM (CST),
Monday thru Friday.
Since the merger with TradeMonster, OptionsHouse has adopted the former’s professional level trading platform. It offers charting, options research,
order entry, account and position data, market news, plus a tool for strategy testing. The platform is launched from the OptionsHouse web site and
generates a new window from the web browser.
Within the platform, there is extensive search capability for option chains and strategies. Traders can navigate through straddles, butterflies,
strangles, and other option tactics. Clicking on an option produces an appropriate trading ticket, making the process simple and user friendly.
The platform is customizable and easy to learn. Clicking on the bond button takes the user back to the original web browser. Some issues have to
be handled in the original browser, while others are viewed in the platform window, a characteristic which some users might find distracting.
OptionsHouse has applications for iPhone, iPad, Android phones and tablets, and mobile web. The interface is intuitive and user friendly. Users
can place an order, read market news, search for options, and look over account and position data. Investors can even select virtual trade on
the mobile app to practice trading. Unfortunately, right now funds transfer isn’t available, nor is mobile check deposit.
Right now, customers who open and fund an OptionsHouse IRA with at least $5,000 within first 30 days will receive 60 days of commission-free trading.
Promotion link: Trade Free For 60 Days when you Open a New OptionsHouse Account
The brokerage firm also has a refer-a-friend program offering current clients $150 cash or 30 free trades when someone they refer to the broker
funds an account.
OptionsHouse does not charge fee for setting up IRA account. Unlike many other discount brokers, there is also no IRA annual (maintenance, custodial) fees.
The company does not have inactivity charges - you could buy a few mutual funds or stocks and forget about them for years and never get charges. There
is only one fee associated with IRA - it's $60 for closing a retirement account - almost all firms charge it. Another potential
charge is Outbound Full (Partial) Account Transfer of $75 ($25) which will only happen if you decide to move your account (IRA or non-IRA) to another
company. Most brokerages have it too.
Is OptionsHouse Safe?
Like with all other online brokers listed on our website, all customer brokerage accounts at OptionsHouse are insured by SIPC, http://www.sipc.org/ in case of brokerage firm failure,
very similarly to the way bank accounts are insured by the FDIC. The insurance is limited to $500,000 per customer, including up to $250,000 for cash.
In the most recent online stock broker survey, OptionsHouse got score of 5 (out of 5) in Mobile and Portfolio Analysis & Reports categories as
well as some of the highest scores in Research Amenities, Usability, Customer Service & Education, and in Trading Technology categories.
In summary, because of low commissions and no IRA fees, OptionsHouse is a great brokerage firm for an IRA account.
Updated on 9/4/2015.