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optionsXpress
 

optionsXpress review 2010: not cheap but excellent in every other way

$100 promotional code: click picture to the left and open new account


optionsXpress Trading Commissions and Investment Products

  • Stocks and ETFs: $9.95 if under 1001 shares; $0.01 per share if over 1000 shares
  • Options (0-34 trades/quarter): $14.95 (for one contract), $14.95 (for five contracts), $15 (for 10 contracts), $30 (for 20 contracts)
  • Options (35+ trades/quarter): $12.95 (for one contract), $12.95 (for five contracts), $12.95 (for 10 contracts), $20 (for 20 contracts)
  • Mutual Funds: $14.95
  • Investments: stocks, options, mutual funds, bonds, futures, ETFs
  • Minimum to open account: $0 for cash account, $2000 for margin account
  • All OptionXpress fees


optionsXpress New Account Opening

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

optionsXpress offers all imaginable 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, SIMPLE IRA.

The list of countries whose residents could open an optionsXpress account is impressive: Argentina, Australia, Austria, Bahamas, Belgium, Belize, Brazil, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Gibraltar, Greece, Guatemala, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Lebanon, Liechtenstein, Lithuania, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Panama, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Thailand, United Arab. Emirates, United Kingdom, Venezuela.


optionsXpress.com Trading Platform/Tools Review

optionsXpress optionseXpress review

optionsXpress.com website has a very pleasant feel and is easy to navigate. The firm offers 18 powerful trading tools, some of which are as easy for beginners as they are for experienced investors. Some of the tools:
  • 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.
  • The DragonSM: scan the market for stocks and options that match your chosen criteria.
  • 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 with the Xspreads Spread Book
  • StrategyScanSM: strategy that aligns with your investing goals, trading experience and risk level.
  • XTend: downloadable trading console is perfect for sophisticated traders.


optionsXpress Pros/Advantages

  • Best customer service
  • Many well-designed trading tools
  • No hidden fees
  • No fee IRA accounts
  • Great research
  • Free real-time and streaming quotes
  • Free virtual trading
  • $0 to open cash account
  • Free account transfers
  • Free instructor lead online classes
  • Free broker-assisted trading


optionsXpress Cons/Disadvantages

  • High trading costs for stocks and options


optionseXpress Brokerage Review Summary


optionsXpress offers great customer service, professional trading tools and is rated best in Trade Experience, Technical Trading Tools, Usability, Research and Customer Service Access in most investor surveys.

The firm makes up for high commissions by not charging fees which a lot of other brokers charge. There is no IRA setup and annual IRA fees, no account inactivity or maintenance fees. optionsXpress does not have a surcharge for stocks below $1, extended hours trading or large-sized orders -- most brokerages have one or more of these charges which makes certain trades really expensive.

Beginner investors could educate themselves at optionsXpress by taking free instructor-lead online classes. They could also call and place broker-assisted trades with no additional charge. The firm was rated #1 Easiest To Use by Barron's magazine.

For investors looking for the best customer service, optionsXpress is the way to go. Because mutual fund commission is a very reasonable $14.95 and there are no IRA fees, optionsXpress is a good option for mutual fund investors and for No-Fee IRA account. Barron's magazine rated the firm at the top of Best For Long Term Investing, Best For Futures Traders and Best For Options Traders categories in 2010.

Clients could open new account with no money down and no commitment and see for themselves if they like the firm as much as we do. New customers get $100 free for opening new account (by using promo link below). They also get transfer fees reimbursed if transferring an account from another institution -- just email optionsXpress after it's done.


optionsXpress Promotional Code/Link: $100 sign up bonus


optionsXpress



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