Getting Started: Applying
Hailing from the State of Utah, Options House is the new up and coming brokerage firm. Although less than a decade old, Options House is
already a recognizable name in the industry.
Setting up an account with Options House is easy enough. The process is similar to that of other financial institutions that primarily do their business online. Send in an application via fax, or scan it and email to the Option House accounts department. If there are any problems contact Options House either through email or by using the live chat feature.
Getting Started: Pricing and Fees
After a 5-7 day waiting period, most applications should be accepted and the suite of features provided by Options House will be available
for access. The first thing that immediately draws attention is the low pricing and fees for stock and ETF purchases. The fee is a flat rate
of $4.95 per transaction.
Another notable ease of use aspect of Options House is the low minimum opening deposit. It is a mere $1,000 to open the basic, entry level Options House account. In additional to basic accounts, there are various other options for users to choose from. With Options House anyone can create individual, joint or corporate investment account. Or customers may also choose to have a Traditional, Educational, or Roth IRA, or even a Trust. There are many different options to choose from. All of these different accounts have a low minimum deposit relative to other brokerage accounts.
Low minimum deposits aren’t the only thing that sets Options House apart from their competition. There are two new features when
placing an Option or a Spread that gives users a selection of payment plans that are more tailored for individual needs. For Options,
the plan is $4.95 + $0.50 per contract.
Having these different payment selections is an important feature to individuals who are looking to try something new without a major commitment, or to those individuals who are concerned with their budget.
Options House also has a few other bells and whistles that may be attractive to a potential client. For the long-term investor, Options House
has an automatic DRIP feature that will reinvest dividends at the users behest. This is a convenient investment strategy that will save both
time and money owed on taxes.
Another minor, yet noticeable feature is the live quotes feed in the dashboard of the account page. Unlike
some other brokerages, Options House provides live streaming quotes for free.
Finally, one last perk that is noteworthy is the ability to receive free trades, up to 150 at a time! There are two ways to receive free
stock and ETF trades through Options House. New users may sign up using the promotion link below, while existing users may use their personal referral link
to sign others up.
There has been a recent update to the Options House interface. On the surface, it doesn’t appear that much has changed. It is slightly more
aesthetically appealing than the previous version, however it isn’t much of a step up. It’s appearance and some of the features are still
lacking relative to some of their competitors.
Option House has also updated their mobile app, which has been improved by leaps and bounds. The earlier version of their mobile app was a disaster. Loading errors, bugs, terrible graphics all created a generally uncomfortable and frustrating mobile experience. The problem with the recent mobile update is that many of the core issues still exist. Sure, the app looks up to date, modern and sleek. But many of the bugs and loading problems still exist in the core of the app. For people looking for a mobile investing experience, Options House may not be the right decision.
Cheapest Brokerage Firm Overview
Options House has made a name for itself in the financial industries for a reason. The low prices and fees are attractive to any potential client. The interface may be aesthetically unappealing and lacking features, but it is certainly easy to use. For dedicated investors this shouldn’t be a problem. The mobile app also has its issues, but this is rather secondary to the entire experience of Options House. The overall feeling of low fees, flexible payment options and a variety of accounts and perks puts Options House above the average brokerage.
This article was updated on 9/24/2014.