Optionshouse IRA Review 2014: Pricing, Fees, Pros/Cons, and Promotions for Traditional, ROTH, SEP, Simple, Rollover IRA Accounts
Optionshouse Promotion Offer: click image to the left to get 100 FREE trades + up to $125
Optionshouse IRA Accounts
- Traditional IRA
- ROTH IRA
- SEP IRA
- Educational IRA
- Rollover IRA
Optionshouse IRA Commissions
|Stocks and ETFs|| $4.75|
|Stocks and ETFs broker assisted|| $4.75|
Plan 1. Up to five contracts for $5; each additional
Plan 2. $8.50 + 0.15/contract (great if trading over 10 contracts)
Plan 1. Up to 10 contracts for $10; each additional
Plan 2. $12.50 + 0.15/contract
|Mutual funds|| $9.95|
|U.S. Treasury bonds and listed corporate bonds||Orders are accepted by phone|
|Investments|| stocks, options, mutual funds, bonds, ETFs|
|Optionshouse minimum deposit to open account|| $1,000 for cash account, $2,000 for margin account|
Optionshouse IRA Fees
- IRA setup fee: $0
- Annual (maintenance, custodial) IRA fee: $0
- IRA termination fee: $20
- Account inactivity fee: $0
- Outbound Full Account Transfer: $50
- Outbound Partial Account Transfer: $50
Optionshouse IRA Review
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. And they have good incentives since the firm offers very low pricing - flat-rate $4.75 per trade
commission on stocks and ETFs, two attractive plans for options traders, and extremely low $9.95 per transaction rate on mutual funds
(there is also a number of no-transaction fee or NTF mutual funds available).
There are no catches: the company does not have account balance minimum, volume, or minimum trades requirements to get these low commissions.
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 without worrying
about charges. There is only one fee associated with IRA - it's $20 for closing a retirement account - almost all firms charge it. Another potential
charge is Outbound Full or Partial Account Transfer of $50 which will only happen if you decide to move your account (IRA or non-IRA) to another
company. Again, most brokerages have it.
Optionshouse is growing rapidly and the firm is well-known in investor community. Like with most other online brokers, all customer brokerage
accounts are insured by the government (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 2013 Barron's magazine in its annual survey of online brokers rated Optionshouse 4 1/2 stars (the highest rating in the review) for Trade Experience
and awarded an impressive fifth consecutive "Best for Options Traders" ranking.
Because of low commissions and no IRA fees, Optionshouse is one of the best brokerages for an IRA.