In 2007, eOption was created with a straight forward plan in mind – low-cost trades combined with fast, efficient execution. Ultra low commission rates provide a unique value that will immediately enhance a successful trade with a higher investment yield – that is their focus.
eOption provides an environment for investors interested in a reliable trading platform, fast execution and friendly service, without the high commission cost your trade needs to cover.
eOption is one of the newest discount brokers to hit the online scene but they have over 30 years of experience in trading options. Since 2007 they have offered one of the lowest commissions in the industry to win market share.
eOption average user rating: Above average
eOption Brokerage Reviews organization rating: Above average
Product and Services:
- Cash Management Services
- Direct Access Trading
- Sterling Trader Pro
- Sterling Trader Pro is a multi-purpose front-end trading platform equipped with features specifically designed with the input of experienced professional traders.
- RealTick is a customizable trading platform for direct access trading, decision support tools, and market analysis.
- Bon Trade Solutions
- Bon Trade Solutions (BTS) offers a turnkey ASP trading and middle office solution that will enhance any trading style.
- Omni Pro
- OmniPro is an advanced direct access trading platform designed for professional traders to handle high-capacity demands, proprietary trading firms, and black-box trading systems.
- eOption customers must maintain a minimum of $25,000 in equity in order to use RealTick, OmniPro, Bon Trade Solutions, or Sterling Trader Pro.
- Retirement Savings
- Open an eOption No Annual Fee IRA
- Fixed income securities
- Fixed income securities are attractive to investors who rely on their investments to provide a stable income stream, reliable returns and also reduce risk exposure.
- US Treasury Issues
- Municipal Bonds
- Zero Coupon Bonds
- Preferred Stock
- Structured Investment Products
- Certificates of Deposit (CD’s)
- Unit Investment Trusts (UIT’s)
- Corporate Bonds
- US Agency Issues
- Margin Accounts
Education and Tools
- News and research provided by Quotemedia
- Daily stock option trading blog by 1 Option
- Zacks.com Stock and Mutual Fund Screener
- Option education and tools provided by the OIC
- Special savings offer from GainsKeeper for eOption customers
- Daily Option Trading Commentary
- eOption Daily Market Report
- eOption’s Daily Market Report is a timely and informative service detailing equities that have recently met classic chart pattern conditions.
- eOption’s Daily Market Report is provided by Recognia®, the industry leader providing actionable investment research products for self-directed investors and traders.
- This Stock Screener is brought to you by Zacks Investment Research
- Option Education
- Pricing Calculators Live Seminars -
- Position Simulator Strategy Screener
- Options Quiz
- Options Glossary
- Options DVD (free)
- Options Book
GainsKeeper provides a web-based tax lot accounting software package to help active traders manage their trading activities in a tax-efficient manner:
- Electronic importing and processing of your stocks, ETFs, mutual funds, bonds and options on stocks and ETFs transactions, including short sale trades.
- Application of complicated tax rules for Wash Sale adjustments, Corporate Action processing and Option Assignments and Exercises for accurate cost basis calculation.
- Generation of a Realized Sell Activity report which populates your Schedule D on IRS prescribed forms, or can be exported to tax preparation software,
- Reporting on your Unrealized Positions based on current market pricing.
- IRS Form 6781 reporting for 1256 contracts (non-futures) and IRS Form 4797 reporting for traders qualifying for Marked to Market treatment.
Tools to help you manage your tax position including warnings for potential Wash Sale adjustments, a “What-If” Simulation capability to test the impact of Buy and Sell transactions, and suggestions for portfolio symbols to Sell based on GainsKeeper’s proprietary “Sell Grades” to maximize after tax returns.
Investment products Offered:
- Mutual funds,
- Foreign stocks,
Fees and Commissions
- Stocks and ETFs: $3
- Options: $3 ticket charge plus $0.10 per contract
- Option Exercise and Assignment: $9
- Foreign Stocks: $39 (must be placed with a broker)
- Extended Hours Trading: $25 for up to 5,000 shares, $0.003 per share for over 5,000 shares
- Mutual funds: $14.95
- Listed Bonds: first 25 bonds – $5 per bond, each additional bond – $3 per bond, minimum – $39
- Minimum to open eOption account: $500
Opening an account
The following accounts are available to open online:
- Traditional IRA
- Rollover IRA
- Roth IRA
- SEP IRA
In order to complete the application, keep the below information ready:
- Driver’s license
- Social Security Number or Tax ID
- Federal tax rate
- Information about your annual income, debt, expenses, and net worth
- Email address
Advantages of being with eOption
- Very low commissions – One of the lowest cost brokers online.
- Great margin rates
- Dividend reinvestment plan
- No IRA fees
- Offer a wide range of investment options including stock, bonds, options, and more.
- Supports international accounts (Accounts can be created for people outside the USA)
- One click execution of multiple leg orders.
- Very expensive extended hours trading commissions
- Slow and painful account opening process
- Limited trading tools and charts
- No way to modify orders
- Technical issues
- Customer service complaints
- Limited research
- Minimum of $500 to start an account required.
- Streaming quotes and live charts are an additional $15/month if you trade infrequently