optionsXpress review

OptionsXpress Review

optionsXpress just celebrated their 10 year anniversary last year, and looking back, it’s clear they’ve wasted no time climbing to the very top of several broker ratings (including ours here at the Online Broker Review). Other review boards that have awarded them the top spot in the past include Barrons, Forbes and Kipplingers. Originally they focused solely on option trading, but now offer a much wider variety of investment vehicles including stocks, mutual funds, futures, and fixed income investments.

What they offer: $8.95 trades, arguably the most impressive web-based platform, state of the art trading tools with all the bells and whistles, customizable platform, one click trading. Their free education webinars are also top notch, and you don’t need an account to participate (click here to sign up for free education from optionsXpress).

PROS CONS
  • Cutting edge web-based platform with features that rivals some of the best software-based of it’s competitors.
  • Exhaustive education center.
  • Trade on the go with optionsXpress mobile.
  • $0 to open an account, ZERO hidden fees.
  • Commissions are a bit on the high side if you’re not an active trader (35 trades + per quarter).
  • Tiered commission structure.
  • No access to international investments (excluding futures) and no FOREX trading.

How they compare: While they’re not the cheapest, optionXpress justifies their marginally higher price with their education, tools and the overall quality of their platform. If you’re hell bent on saving money on commissions and you’re willing to sacrifice a bit on the “tools” front to do it, OptionsHouse is a decent substitute.

The Verdict: optionsXpress is definitely a pick you won’t regret if you’re serious about trading and you want the tools you need to sculpt a profitable trading strategy. If you’re wary of paying a little bit more in commissions, there’s no harm in opening a virtual trading account and having a look at what you get – then you can decide for yourself if it’s worth it. Our bet is you’ll get addicted to the tools and you’ll love the strategies they teach.

Where to join: Open an account at optionsXpress now (use this special link to claim $100 when you join)

In Depth OptionsXpress Review

Setting Up An Account:

Funding an account at OptionsXpress is dead simple. There’s no minimum to start a cash account, and no sign up fee. However, there is a $2,000 minimum to start a margin account.

Open An Account

optionsXpress Fees/Commissions:

  • Stocks: $8.95 per trade
  • Options (35+ trades/quarter): $12.95 flat (1 – 10 contracts); $1.25/contract (10+ contracts)
  • Options (>35 trades/quarter): $14.95 flat (1-10 contracts); $1.50/contract (10+ contracts)
  • Mutual funds: $9.95 + load fee (unlimited)
  • Bonds: $5.00/bond ($9.95 minimum)
  • Margin rate: 4% – 6% tiered.
  • No minimum account balance.
  • No maintenance or inactivity fees.
  • NOTE: While the commissions @ optionsXpress are relatively high, they are very straight up, and there are no extra fees that many other brokers charge for things like broker assisted orders, paper statements, streaming quotes, extra % for stocks under $1, etc.

Investments Offered:

Stocks, options, futures, mutual funds, bonds, ETFs.
No fee IRAs, education savings plans.

optionsXpress

Ease Of Use:

Rated # 1 for “Easiest to Use” by Barrons. The myOX platform has gone through a remarkable face lift over the last year. Now it takes no time at all to get used to using it, and allows you to customize the platform the way you like it, with 16 different modules to arrange the way you want.

Trading/Investment Tools:

  • Calculators, charts, streaming news, professional analyst research reports.
  • Level I and Level II quotes.
  • Watch lists and automated trading.
  • Mobile trading for iPhone, Windows web phone, Android, Palm and Blackberry.
  • Educational training and strategy tools, OptionXpress really excels – they recently purchased Optionetics, the renowned investing education resource, so expect them to integrate even better education resources.
  • XTEND downloadable software offers even more customizable features and ability to trade at quicker speeds (for serious day traders).

Customer Service/Support:

OptionsXpress is lightning quick when it comes to helpful customer service. You can reach their help staff 24/7 via: Live Online Chat, Phone, Email, or the Support Forum

Awards:

  • 2nd Best For Long Term Investors (4 stars Barrons, 2010)
  • 2nd Best For International Traders, Futures (4 stars Barrons, 2010)
  • Best For Options Traders (4.5 stars Barrons, 2010)
  • #1 ranked by Barrons 4 years running
  • #1 ranked in TopTenReviews review of online brokers (2010)
  • 5/5 Stars from SmartMoney for Trading Tools (2009)
  • Best Online Broker For Usability (Barrons, 2009)
  • 4/5 Stars for Customer Service (Barrons, 2009)
  • Forbes “Best Of The Web” Award

The Final Word…

Top of the line tools & trading education, quick and helpful service, and over 300,000 customers and a long list of awards to prove it. We think optionsXpress has got things down to an art. But don’t take our word for it, sign up for free and test drive it yourself.

Open An Account

Current OptionsXpress Promo Codes:

Open an account at optionsXpress today and claim $100

Countries served by OptionsXpress:

Argentina, Australia, Austria, Bahamas, Belgium, Belize, Brazil, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Gibraltar, Greece, Guatemala, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Lebanon, Liechtenstein, Lithuania, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Panama, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Thailand, United Arab. Emirates, United Kingdom, Venezuela.

Also Read: OptionsXpress review by BrokerStance, Forbes, Kipplingers, Barrons and TopTenReviews.

Disclosure: Some of the links included in our reviews are affiliate links. This means if you click on the link and purchase the item, we will receive a commission.

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