optionsXpress Review
 

optionsXpress review 2010: not cheap but excellent in every way


optionsXpress Trading Commissions and Investment Products

  • $9.95 per stock trade, if over 8 trades in a quarter
  • $14.95 per stock trade, if 0-8 trades in a quarter
  • Options: 0-34 trades/quarter $14.95 (for one contract), $14.95 (for five contracts), $15 (for 10 contracts), $30 (for 20 contracts)
  • Mutual Funds: $14.95
  • Investments: stocks, options, mutual funds, ETFs


optionsXpress New Account Opening

optionsXpress has a blazingly fast new account application that doesn't sacrifice security: a checking account I linked used a deposit verification process and the next day I 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 Trading Platform/Tools Review

optionsXpress optionseXpress review

optionsXpress.com website has very pleasant feel and is easy to navigate. optionsXpress offers 18 powerful trading tools, some of which are as easy for beginners to use as they are for experienced investors. Some of the tools you could use include:
  • 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
  • Free IRAs
  • Great research
  • Free real-time and streaming quotes
  • Virtual trading
  • $0 to open cash account
  • Free account transfers
  • Free instructor lead online classes
  • No extra charges for broker-assistance on trades


optionsXpress Drawbacks/Disadvantages

  • High trading costs for stocks and options


optionseXpress 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. But trading stocks and options is expensive with them.

optionsXpress 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 brokers have one or more of these charges which makes trade really expensive.

Beginner investors could take advantage of free instructor-lead online classes. They can also call brokers and place trades through customer support since there is no extra charge for broker-assisted trades. optionsXpress was rated #1 Easiest To Use by Barron's.

If you are looking for the best service and don't mind paying a bit more in stock commissions, then 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 IRA accounts. You could open new account with no commitment and see if you like it as much as we do.

New customers get $100 free for opening new account (you have to use promo link below). You also get your transfer fees reimbursed if you transfer an account from another institution -- just email them after it's done.


optionsXpress Promotion Code:

optionsXpress



Covestor Investment Management
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