eOption Promotion Offer Code

Current May 2020 eOption promotion code, bonus offer for customers opening new brokerage or IRA account.

eOption Promotions

New account incoming wire transfers of $10,000 or more will be reimbursed wire transfer fees up to $30. The account must remain open and funded for at least 30 days to receive wire transfer fee reimbursement. This offer excludes all retirement accounts. Much better promotion is at Webull which charges $0 for stocks, options, and ETF trades.

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Options House Overview

An IRA at Options House comes with no minimum balance requirement and no setup fee. The broker doesn't require any level of activity in the account, and there is no annual fee. An Individual Retirement Account can be opened with any deposit amount.

Keep in mind that the broker does charge $60 to close an IRA. Transferring one to another firm costs $75 when transferring the entire account. A partial transfer is $25.

The broker's account fees apply to Roth, Traditional, Rollover, and SEP IRA's. Regrettably, SIMPLE IRA's are not available at Options House.

Options House IRA Cost of Trading

Both retirement and non-retirement accounts at Options House have the same pricing schedule. Stock and ETF trades cost a very low $0. Option contracts are just 50ยข extra, another industry low. On top of these low rates, the broker has an on-going promotion for IRA's. New retirement accounts receive free trades for 2 months, although a $5,000 minimum deposit is required.

The broker's low commissions come at a price, as Options House does not offer any ETF's that are free to trade. The flip side of this policy is that there are no short-term trade fees for any ETF's.

Options House does not specialize in mutual funds, and as such, traders won't find any NTF funds. Every mutual fund transaction costs $20. As with ETF's, there are no short-term redemption fees.

Investors will find target-date mutual funds at Options House. These products were created to make saving for retirement easier. There are several fund families available, including T. Rowe Price, Fidelity, and JP Morgan. Some of these are no-load products.

Options House IRA Fees Comparison

The lack of a SIMPLE IRA offering will certainly cost the broker some clients. Fidelity, Vanguard, and TD Ameritrade all offer the retirement account.

Not charging an annual IRA fee is common nowadays, although other brokers persist in doing so. WellsTrade customers, for example, must pay $25 per year to maintain an IRA. This fee can be evaded by keeping a balance of at least $5,000. Vanguard also has annual fees, and they too can be avoided.

The ability to open an IRA with no minimum deposit is also common in the brokerage world today. Some firms still require a minimum amount of funding, however. Schwab traders must deposit at least $1,000 to open a retirement account, although a monthly direct deposit can eliminate this requirement. Betterment requires a deposit of $500 or more.

Options House's closeout fee of $60 is above average. Merrill Edge charges $49.95, and Firstrade is at $50. Closing a Vanguard IRA costs nothing. There are a few brokers who charge more than $60. Motif Investing, for example, charges $95.

A $75 fee for IRA transfers seems rather steep. Schwab and Ally Invest charge just $50. Other brokerage houses do charge more. TradeStation clients, for example, must pay $125 to transfer a full account to another firm.

Options House Minimum Investment

Options House minimum investment to open brokerage account is $0 ($2,000 for margin account).

Options House minimum investment to open ROTH IRA, traditional IRA, Simple IRA, SEP IRA is $0.

Options House minimum account balance: none.

Options House IRA Fees

Fee Amount
Options House IRA setup fee $0
Options House annual IRA fee $0
Options House IRA termination fee $60
Options House account maintenance fee $0
Options House account inactivity fee $0
Options House outbound full account transfer (ACAT) fee $75
Options House outbound partial account transfer fee $25

eOption Promotion Disclaimer

Current eOption promotion offer incentive details could change at any time without notice.