OptionsHouse was established in 2005 and come from the house of prestigious PEAK6 Investments. PEAK6 has been in options and derivatives business for years. Their below market price of three dollars and ninety five cents for stock trading is attracting many traders from other brokerage houses. Their tools offered for efficient trading are also one of the best in their class – Evidence to it is the “Best for Options Traders” awards that OptionsHouse has won at Barron’s Annual Broker Survey continuously for 3 consecutive years 2009 – 2011.
Before Jan 13, 2011 trades were priced at two dollars and ninety five cents. Now they are priced at three dollars and ninety five cents – It still is competitive as compared to the market. OptionsHouse has recently come up with a new platform with features that are way ahead then their contemporary counterparts. The new feature platform was released on March 2011.
They are also present in iPhone apps. They have exhaustive research and educative material on Options trading and high end options trading tools. Their promotions are amazing as compared to any other broker.
Their current promotions being offered are:-
- When leaving your current brokerage Move your stock, option, or mutual fund holdings through Automated Customer Account Transfer in OptionsHouse and the fee being charged by your old broker for doing the transfer would be paid by OptionsHouse ( subject to a maximum limit of one hundred dollars)
- If you wired funds into your for the first time OptionsHouse credits you with twenty five dollars in your account as a rebate of wire fees
- Above all there is training for thirty days to make you a skilled investor. Get thirty days of investment training when you finance a new account with a least amount of one thousand dollars for a cash account or two thousand dollars for a margin account.
- Tell a friend promotion pays you one hundred and fifty dollars or thirty commission free trades. OptionsHouse pays you for spreading the word to your friends and acquaintances. Through a simple input mechanism inside your login you can invite your friends and family and enjoy the promotions.
Advantages of being with OptionsHouse
- Their trading platform is flexible and is comparable to any other brokerage houses online platform. It has many advance features that makes trading a pleasure
- Their association with PEAK6 provides access to many of their tools
- Low commission along with professional tools makes OptionsHouse the most preferred online houses in the market
- Their platform is fast and intuitive and is also rich in educative content
Challenges with OptionsHouse
- OptionsHouse does not provide futures and international trading
- Mutual funds are limited and fixed income vehicles are also limited in options
- OptionsHouse does not provide foreign exchange or futures trading.
What are people saying on Optionshouse
OptionsHouse is on a continuous mode of upgrading itself and hence has comeup with a new trading platform this March. They are among the most loved on the Barrons annual list since they are climbing year on year on that list. Even though there are limited Mutual Funds and Investment tools that are present in OptionsHouse their economic pricing is the real killer, which attracts the traders to them. Their promotions are way attractive and are better than the others in the market. Currently they are promoting that they would pay for ACAT charges charged by your previous broker if you moved to OptionsHouse and will also give some wire credit the first time you make a payment in your account. OptopnsHouse would give you economical trading prices which will make sure your spend on trades and not on their commissions
Deep down analysis of OptionsHouse
- Setting up an account is not challenging. Signing up an account will be as easy as any other brokerage house – Besides there live chat is available from 7 am in the morning to 6 pm in the evening – Central Time, so in case you have any issues opening the account – you have live help available on chat.
- For opening a cash account there is a minimum fee of one thousand dollars and for opening a margin account there is a minimum fee of two thousand dollars.
- Transfer to your account can be made through a wire transaction of Electronic transfer or through Automated Customer Account Transfer or even through a paper check.
Commissions and Fees charged by OptionsHouse:-
- OptionsHouse charges flat fee of stocks trading and it has a tiered commission for options
- Stock trading is at three dollar and ninety five cents. There is no additional fee for broker assisted trades. This is one more point that makes OptionsHouse better than the other brokerage houses since they charge for broker assisted trades
- For stocks which are less than two dollars that are not options eligible, there is an additional $0.005 per share for the whole transaction order
- Options charged at five dollars for five contracts, adding to this there is an additional one dollar charge for an additional contract or eight dollars and fifty cents and an additional fifteen cents per contract
- Spreads are charged at ten dollars for ten spreads and an additional one dollar per contract after it or twelve dollars fifty cents and an additional fifteen cents per contract
- Final verdict is that – Whether you are trading five or hundreds of contracts OptionsHouse is the most economical place for doing these trades
- Adding to the economical prices there is no maintenance fee for your account
- Mutual funds, and
- Retirement funds.
- Number one for Trading Experience by Barrons for the year 2009
- Rated number one for Options Traders by Barrons for three consecutive years 2009, 2010 and 2011
PlatformTools provided by OptionsHouse:
- Enriching and Educative materials for option trading
- Free web-inars that get you PEAK6’s extensive options trading experience and expertise.
- Real time quotes,
- Risk calculator
- Solid charting
- Graphing tools
- Watch lists
- Tax management tools for your trades
- Portfolio performance reports
- Virtual trading accounts
- One-on-one coaching for one hundred and fifty dollars $150 per month.