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OptionsXpress Review

OptionsXpress has been in industry for ten years. Their growth has been exponential in the past years and has climbed broker ratings. They have been awarded by Kipplingers, Barrons and Forbes. They started off with Option trading and then have diversified in providing a bouquets of investment offerings which include mutual funds, fixed income investments and stocks.

OptionsXpress offer trades at nine dollars and ninety five cents. It has one of the best trading platform which is web based. The best trading tools along with fully customizable trading platform which included bells and whistles. One of the unique points of OptionsXpress is its research based educating webinars for all traders. Above all an active account is not needed for participation in any of these webinars.

Advantages of using OptionsXpress

  • State of the art best in its class web based trading platform. It is way ahead of its competitors trading platform
  • The educative research materials and the insight provided by OptionsXpress is vast and informative
  • Option to do trading on the mobile with the application OptionsXpress mobile
  • No fee is required for opening an account with OptionsXpress.
  • There are no hidden charges, fee or commission with OptionsXpress

Challenges that OptionXpress users might face

  • If you do not do more than thirty five trades per quarter the commission fee may be higher than the market
  • The commission structure is staggered
  • For traders who are interested in International investments – OptionsXpress does not deal with foreign investments
  • OptionsXpress does not deal in Foreign Exchange trading

OptionsXpress vis a vis Others

OptionsXpress pride themselves in the research they provide and hence they also claim a premium for their services and are a bit on the higher price bracket among other brokerages. If price is what drives you then you may look for other cheaper options but make sure that you would be missing on the exhaustive research provided by OptionsXpress, for which they charge the premium.

If you want exhaustive and top class research that you will not regret and you need to go for OptionsXpress . They will provide you with necessary data for developing an excellent strategy for your portfolio. There is an option for going for a virtual trading account and check if their research helps in developing a profitable strategy.

Prestigious awards won by OptionsXpress:

  • Barrons awarded 4 stars and OptionsXpress came second best for the coveted award of Long Term Investors 2010
  • Another four stars by Barrons winning OptionsXpress the second best for International Trades awards for the year 2010
  • Four point five stars rating by Barrons for the year 2010, giving OptionsXpress Best for Options Traders award
  • OptionsXpress has been ranked by number one Barrons for four years running
  • Ranked at number one position in TopTenReviews – This is the prestigious award for online brokers and was awarded to OptionsXpress for the year 2010
  • Five out of five stars for the excellent Trading tools provided by OptionsXpress for the year 2010 from the firm SmartMoney
  • Best Online brokers for Usability awarded by Barrons for the year 2009
  • Four out of five stars for Customer Service awarded by Barrons for the year 2009
  • Adding to the awards list id the Forbes “Best of the Web” award

Deep Down Analysis on OptionsXpress

Creating an account on OptionsXpress is as simple as saying one two three:-

  • Financing an account at OptionsXpress is dead easy. There’s no minimal to start a cash account, and no sign up fee.
  • Nevertheless, there is a two thousand dollar requirement, minimum, to start a margin account.

OptionsXpress Charges and Commissions:

  • For stocks – From one to one thousand shares: OptionsXpress charges a nine dollar and ninety five cents per trade
  • For Stocks more than one thousand there would be an additional fee of one cent per share
  • Options- Trading contracts less than thirty five trades per quarter there would be a flat fee of twelve dollars and ninety five cents for the first ten contracts.
    • For Options more than ten contracts but less than thirty five there would be a fee of one dollar and twenty five cents per contract
    • For Option trading more than thirty five trades per quarter there would be a flat fee of fourteen dollars and ninety five cents for the first ten contracts and later it would be an additional one dollar and fifty cents per contract for any additional ten contracts
  • For mutual funds it’s a straight fee of nine dollars and ninety five cents and an additional load fee as per the mutual fund
  • For bonds – The charges are five dollars per bond subject to a minimum of nine dollars and ninety five cents minimum charges
  • Margin rate charges are four percent to six percent tiered
  • There is no penalty for keeping your account balance at zero. Minimum account balance is not required
  • There is no maintenance fee required for keeping your account going and neither is their any penalty fee for inactivity.
  • OptionsXpress charges may be on the higher side as compared to the market but the best part is that there are hidden charges and fee other than those mentioned.
  • Even there are no charges for the broker assisted orders or streaming quotes and no additional charges for stocks which are under one dollar.

Types of Investments being offered by OptionsXpress
OptionsXpress is nearly into everything:-

  • Futures,
  • Stocks,
  • Options,
  • Mutual funds,
  • Bonds,
  • Exchange traded funds
  • There is no fee for individual retirement account and Education Savings Plan

Rated best for Usability
OptionsXpress has been rated best for usability and has been rated number one by Barrons as “Easiest to Use.” Their platform has recently gone through a face-lift and offers sixteen different modules for customization

Application tools on OptionsXpress

  • Level one and Level two quotes on Stocks
  • Provides real time live dynamic updates and streaming of quotes
  • Automated trading
  • Maintaining a customized watch list
  • Trading live stocks on the go with the help of your mobile phone
  • XTEND download-able software gives you an upper edge in customization and speedier trades
  • Training and tools for developing your trading philosophy. OptionsXpress would provide you with knowledge through Optionetics – Their tool for online education resources for trading

Virtual Trade

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