OptionsHouse Login

OptionsHouse clients can safely log on into their OptionsHouse.com account by hitting "OptionsHouse Login" button link below which will take them to the OptionsHouse login page (member sign in screen).

OptionsHouse Login

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Customer Service

Chances are when you need customer service the most at Optionshouse (think large volume days), everyone else does too, and this seems to clog up the phone lines and live chat feature into perpetuity. It’s not unusual with the current state of Optionshouse’s customer service to experience an alarming busy-tone when calling or having to wait for a while until a representative is available. Wait times on their live chat feature can be long as well.

Additionally, Optionshouse customer support via phone and live chat is only open from 8 AM – 8 PM ET Monday through Friday. There have been numerous reports of all forms of trading being unavailable (web and mobile) where this error message has been produced (see screenshot below) leaving investors locked out of their accounts.

Trading Platform

When Optionshouse was sold to General Atlantic and merged with Trademonster, the original Optionshouse platform was thrown out and subsequently replaced with Trademonster’s platform. The original OH platform was simple, clean, easy-to-use, and surprisingly fast with loading data (see screenshot above). Unfortunately, the same cannot be said for the current OH platform, which came from Trademonster. Besides being a slow web browser trading platform to begin with, data consistently lags when scrolling down and attempting to load option chains (see screenshot below). At best, this is a nuisance that a trader can willingly accept in exchange for low commissions, but at worst this is an unacceptable design flaw that can cost serious traders money. Having to wait 2-3 seconds for option chain data to load for every single underlying is simply absurd. Imagine having five or ten (or fifty) different option positions on in the same underlying, and having to wait for choppy data to load with every scroll of the mouse to see the prices/delta/theta.

As far as customization of the platform, there are 4 preset choices to configure the location of the collapsible windows on the side(s) of the platform. However, these windows, which include account information, positions, orders, watchlists, and news, cannot be detached to move freely around the platform. On the plus side, the platform does offer “unusual activity” scans that can detect larger than average option/stock volume, % gainers and % losers, etc.

Along with this, before a trade is submitted, it can be analyzed in the tradeLAB for max profit and max loss while giving the probability of this happening. Often an overlooked portion of any trading platform, option data does not stay loaded overnight on the OH platform, so a trader cannot plan trades throughout the night for the following morning based upon the bid and ask of the previous day’s close.

Mobile Application

Although Optionshouse advertises in the Apple App Store and on their website to have an “award winning mobile app”, the 3/5 star average review for the current version of the app would strongly suggest otherwise. For every version of the app ever released, the average rating is still low at 3/5 with ‎993 reviews total.

Moreover, there has also been speculation of Optionshouse employees fabricating glowing 5-star reviews to boost the overall app rating in the Apple App Store, but given the overwhelming amount of negative reviews by actual Optionshouse clients, the effects of this, evidently, were insignificant. There was also further speculation of Optionshouse releasing duplicate versions of the app, or releasing versions with minor changes, to wipe the abysmal review slate clean and start again, but similar to the alleged fabricated employee reviews, this effort failed because existing clients continued to inundate new versions of the app with negative reviews. It’s not difficult to see why the app receives unsatisfactory reviews, scrolling is slow, the app occasionally freezes and spontaneously crashes, and trading is neither quick nor easy with the interface.

Fees and Commissions

While Optionshouse unquestionably offers highly competitive commission rates, this comes at an unseen price. Currently, it costs a $4.95 to trade stocks and $0.50 to trade options with a $4.95 base fee. This means, to trade a single option contract it costs a minimum of $5.45, and two contracts would be $5.95, etc. However, option orders routed directly to an exchange, such as BATS or CME or ICE, as opposed to SMART routing the order will incur an additional $0.10 fee. With that said, the pricing in general is better than at the competitors.

You truly get what you pay for, (i.e. the reason commissions come at an unseen price) because along with these low rates comes slow/outdated trading software, poor customer service, and a massive lack of investment products. OH does not offer any access to the forex market. Although they offer access to the futures market, there is an account minimum of $10,000 and commissions are not advertised.

Any form of a delivered paper statement, which includes monthly trade statements and tax documents, will be charged a $2 handling fee; trading activity and account size cannot waive this fee. Assuming an investor opts for electronic statements, there would be no fees associated with the account because there are no inactivity or maintenance fees.

Updated on 9/19/2017.

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