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OptionsXpress Review

Shiryee MaReviewed By: Rating: ★★★★¼ (4.25) Updated On: Dec 29, 2014

Why You Got to Make Use of This Online Trading Platform?

Through this OptionsXpress review, you will find out why you got to make use of this online trading platform. Normally, reviews focus both on the positives and negatives of a product or tool. But, in this case, you would be surprised to know that the tool hardly has any faults to point out.

OptionsXpress Review

Don’t be amazed to read the good things because that is what this online trading platform is all about.

About OptionsXpress

OptionsXpress is a discount broker for stock, futures, options, ETFs, mutual funds, and bonds, which provides their online trading services in the United States of America as well as in other countries. The brokerage firm is headquartered in Chicago, Illinois and was formed in the year 2000.

The company has been providing online traders with excellent futures trading and sophisticated online options. You would be glad to know that this brokerage firm has consistently been rated as one of the best online brokers in the United States of America by Barron’s. Once you use this online trading tool, you would not be amused.

In March 2011, the brokerage firm was acquired by Charles Schwab (SCHW). Though online traders can make use of their online trading tools, it has been said that Charles Schwab might port the features of OptionsXpress and then shut it down. OptionsXpress can work as an independent broker and work with its clients.

However, that should not be a deterrent from using this online stock trading tool as nothing has been confirmed yet.

Investment offers

Opening an online account on OptionsXpress is simple. It takes few minutes to do it. You can either open an individual or joint tenant’s account. For every trade, you are required to pay $8.95. Trust accounts can be opened Keogh, PSP, Regular, and MPP.

OptionsXpress Review

You will need to have a minimum balance of $2,000 if you want to maintain a margin account to be able to trade. You will want to take note of that because this is one feature you might not get if you make use of other online trading stock platforms. Sometimes when you are not going to trade, you will not be charged for an account inactivity fee.

This enables you to save money during tight budget situations.

Fees and Commissions

If you are a qualified active trader who has more than 35 option trades per quarter, then you will have to pay $1.25 per contract having a minimum of $12.95. You might want to know that when compared to other online stock trading tools, the commission here is little on the higher side. But, when you are using simple trading tools and taking the help of reliable discount brokers, that is the price you are going to pay.

Trading Tools

The trading tools provided by OptionsXpress are Xtend, Trade and Probability Calculator, All-In-One Trade Ticket, Chains, Volatility View, OXsocial, and others. Xtend has a simple and easy to see the desktop, which is something that is missing in several of the online trading tools. This is a simple tool which you can make use of when doing your trading.

Help, Supports and Resources

The customer support from OptionsXpress is one of the best. They listen to their customers, unlike other firms who think very highly of themselves. Whether you are a novice or a professional trader, you will find that this online stock trading tool comes with features that are easy to use.

They provide you with webinars which are free of cost. Through these webinars, you can learn more about how you can use their trading tools and how you can trade like a professional. The tutorials are simple and come with simple marketing language that can be understood by anyone.

You would also want to know that the brokerage firm is a member of the Securities Investor Protection Corporation. That means if the company shuts down, you know that your money in your account is safe. The Securities Investor Protection Corporation account coverage comes with an insurance of $24.5 million per customer.

Out of that $900,000 is cash. You need not be tensed about the functioning of the firm as it has a solid insurance claim. That allows you to concentrate only on your trading. You can devote your entire time and concentration in your trading. Unlike other traders who use online trading tools without proper insurance cover and are worried about their money, you won’t have to be worked up.

Awards

This online stock trading platform was awarded the best in Class for Options Trading in 2014 and they also won the #1 Trade Ticket. It was also awarded as the Best Trade Ticket and Best New Tool (WalkLimit order type) and rated 4 stars for Customer Service and Ease of Use, and placed Top 5 for Options Trading.

In 2012, OptionsXpress was awarded with Best in Class for Platforms & Tools, Research, Investor Community, Investor Education, and Options Trading.

Summary

It goes without saying that OptionsXpress is a kind online trading tool that comes with 40 tools and trading options, which can help you increase the effectiveness of your online trading. Though the transaction costs are higher, you will want to know that you get excellent customer support along with no hidden fees.

You don’t need to have a minimum balance and you are not going to be charged for account inactivity fee. You have several useful features like instant messaging, 24/7 support, paper statements, free streaming news, free broker assistance service, and others. Those of you who want to use this online stock trading tool outside the United States of America can do so using US currency in your account.

Review Overall

Recommended
Summary: Highly efficient, user-friendly stock software with responsible supporting team.
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