OptionsXpress review 4.5-star brokerage firm rating


OptionsXpress Review and Rating for 2014. Investing Costs, Stock Trading Commissions, Brokerage Fees, Minimum Deposit, and Options Pricing.



OptionsXpress Promotion Codes

:
Non-IRA accounts: Open OptionsXpress account and get $100 free.

IRA and Non-IRA accounts: Open OptionsXpress account and get 50 free trades.



OptionsXpress Review: Commissions, Fees, and Minimum Deposit


InvestmentsCommissions
Stocks and ETFs$8.95
Options$14.95 for up to 10 contracts, $1.50 per contract for over 10 contracts
Options Active Traders$12.95 for up to 10 contracts, $1.25 per contract for over 10 contracts
Mutual funds $9.95
Bonds$5 per bond, $9.95 minimum
Futures$3.50 per contract
Forex No commissions. optionsXpress receives compensation through the bid/ask spread.
Options on Futures $3.50 per contract
Spreads, Straddles & Combos2-10 contracts - $12.95 flat (active traders) $14.95 flat (non-active traders); 10 + contracts - $1.25 per contract (active traders); $1.50 per contract (non-active traders)

Investments stocks, options, mutual funds, bonds, futures, options on futures, covered calls, forex, ETFs
OptionXpress minimum deposit to open account $0 for cash account, $2,000 for margin account
FeesOptionsXpress fees


OptionsXpress by Charles Schwab New Account Setup

OptionsXpress by Charles Schwab has a blazingly fast new account application that doesn't sacrifice security: the checking account we linked used a deposit verification process, and the next day we got a phone call from customer service to verify our account information.

OptionsXpress offers most account types: Individual Account, Joint Tenants with Rights of Survivorship, Joint Tenants in Common, Trusts (Regular, Keogh, Profit Sharing Plan Trust, Money Purchase Plan), Corporate and LLC, Partnership, Investment Club, Custodial Account, Coverdell (educational IRA), Minor Roth, Minor Traditional, Custodial Traditional IRA, Traditional IRA, Rollover IRA, Roth IRA, SEP IRA, and SIMPLE IRA.


OptionsXpress.com Website/Trading Platform/Tools Review


optionseXpress review


The OptionsXpress.com website is visually pleasing and easy to navigate. The firm offers 18 powerful trading tools, some of which are as easy to use for beginners as they are for experienced investors. The most popular trading tools are:

  • Chains: all-in-one screen for real-time quotes, intrinsic and time values, and complex spread construction.
  • Chart PatternsSM: up to 20 stocks ranked by how closely they meet your interests and spending limits.
  • XpressCharts: mix and match technical studies until you find a picture that best suits you.
  • FleXCharts: streaming charts let you customize your view of the market.
  • Xspreads Spread Book: view open spread orders by underlying security, month of expiration and strategy type.
  • XTend: downloadable trading console for sophisticated traders.

One of the tools is colorfully named “The Dragon”. It is a screener totally geared toward options and short term trading. It can screen stocks and options based on a number of parameters. A few of them are high open interest, high put/call ratio, and substantial change in volatility. These are important metrics for options traders and give deep insight into market functions.

Another great tool is called “StrategyScan.” It allows you to pick from six screening options to pinpoint certain kinds of trades. You start with the stock symbol, then pick your time horizon and direction. Direction is bullish or bearish: you can pick anywhere from strongly bullish through shades of neutrality into strongly bearish. Next, are trading level and investment risk. This keeps you from picking trades you can't afford. Finally, you pick a specific strategy. The screener will scan all trades from buying stocks to selling options and other, more complicated strategies like butterfly spreads. As complicated as trading can be, it is easy to see just how beneficial are tools like these.

One of our personal favorite features is the charting. OptionsXpress uses super-fast streaming charts powered by Java. You can pull up any chart on any stock or option traded in the U.S. The information is as quick as the floor of the exchange. The charts can be set up to display seven different price patterns including bar, area, percent and candle. We prefer candle: it makes it easy for us to see the price movement. You can focus the charts down to pinpoint movements of price, such as 1 day/1 minute charting. You can also zoom out and chart the Dow (DIA) from the late eighties into the present. Feel free to apply any tool you use to the charts: Fibonaccis, channels, Bollinger bands, MACD, stochastics, and dozens of others are available.


OptionseXpress Review: Pros


  • Very cheap mutual fund commissions at $9.95 per transaction
  • 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 virtual trading
  • Helpful investor community
  • No money down to open new account
  • Free account transfers
  • Free instructor-led online classes
  • Free broker-assisted trading
  • Free DRIP: dividend reinvestment plan (contact customer service to set up)


OptionseXpress Review: Cons


  • Higher than average commissions on stocks and ETFs


OptionsXpress Review Summary


OptionsXpress by Charles Schwab offers great customer service, and professional trading tools and is rated Best in Trade Experience, Technical Trading Tools, Usability, Research and Customer Service Access in online broker surveys by major financial magazines.

There are no IRA setup or annual IRA fees and no account inactivity, maintenance, or platform fees. OptionsXpress does not have surcharges for stocks below $1 (penny stocks), large size orders or extended hours trading.

Beginner investors could educate themselves by taking free instructor-led online classes. They could also call and place broker-assisted trades with no additional charge. OptionsXpress offers free virtual trading, which allows users to practice trading with fake money. In fact, the firm was rated #1 Easiest to Use by Barron's magazine.

OptionsXpress is one of the cheapest brokerages in the industry for mutual fund investing - commission is very low $9.95 (plus the load fee if buying a load fund). The firm also does not charge IRA fees and therefore is a good option not only for mutual fund investors but also for a no-fee IRA account.

In 2011 OptionsXpress was bought by one of the largest, oldest, and best-known brokerage houses in the country - Charles Schwab - and is now a part of this firm. This acquisition should ease the fears of those prospective clients who are worried about trusting their money with a less-known company.

Investors can open a new account with no money down and no commitment and see for themselves whether they like the company as much as we do. New customers get $100 free for opening a new non-IRA account by using OptionsXpress promotion code below. They also get transfer fees reimbursed if they are transferring an account from another institution -- just email customer service after it's done.


OptionseXpress Promotion Code



Open Optionsxpress account

OptionseXpress Promotion Code 2



Open Optionsxpress account


OptionsXpress Reviewed by Brokerage Review on . Reviewed by Editor and OptionseXpress customers. Rating: 4.5


Please share us with your friends




Related articles

Online broker promotions:
Copyright ©2009-2014 Brokerage-Review.com. All rights reserved.
The stock brokerage firm you select is solely responsible for its services to you, the user. Brokerage-Review.com shall not be liable for any damages or costs of any type arising out of or in any way connected with your use of a brokerage house's services. Brokerage-Review.com has partner relationships with other companies. As a partner, we often provide reviews of products and services based on our personal opinions. We are not compensated for positive reviews. While we strive to make sure that the information we present here is true and accurate upon publication, the rates and offers that we share with you may change without notice, so please visit the sites we reference for more up to date information.