Founded in 2000, optionsXpress is a pioneer in online stock, options and futures brokerage service to the self-directed investor. Today, over 394,000 investors use optionsXpress to trade stocks, options, bonds, futures, mutual funds and ETFs– all in one account, which is free to open and requires no minimum balance. Each stock, ETF, bond, mutual fund trade- up to 1,000 shares per trade- costs $9.95 while options trade are $12.95 up to 10 contracts per trade. At first glance, OptionsXpress doesn’t appear to be the cheapest, but upon closer inspection, it is obvious they justify their marginally higher price with their education, tools and the overall quality of their platform. As a current promotion valid from now until December 31, 2011, optionsXpress is offering new U.S. customers a $100 bonus when you open an account and fund it with at least $500:
- Open a new Individual or Joint account. However, IRAs, other tax-exempt, linked, or shared accounts are excluded from this offer.
- Fund account with at least $500 cash or securities transferred from a brokerage firm other than OptionsXpress.
- Make 3 trades within 12 months of account opening.
- The $100 bonus will be deposited into your account within one month of meeting the terms and conditions of this offer.
- Maintain at least $500 in your account for 6 months (excluding trading losses), if not, the $100 bonus will be deducted from your account.
With optionsXpress, you receive real-time market data with free streaming quotes, unlimited access to web, mobile, and desktop platforms at no additional cost, nor are there maintenance or account inactivity fees. Their sophisticated online trading tools are easy to use to both new and experienced traders and include calculators, charts, and professional analyst research reports. You also get Level I and II quotes, watch lists and automated trading as well.
OptionsXpress also allows you to practice risk-free options trading with $25,000 in a virtual trade account where you can buy and sell securities with virtual money. You also receive free trading and market seminars either in-person or online, and use of their proprietary tools to find trading ideas and strategies. Offering local live events and seminars as well as live webinars and online videos, optionsXpress helps to increase your trading skills. Additionally download OX Mobile onto your iPhone, Android, BlackBerry or Windows Mobile device to access your account and monitor and make trades on the go. They also provide free broker-assisted trades with licensed options specialists over the phone or online.
optionsXpress Fees and Comissions:
- Stocks (1 – 1,000 shares): $9.95 per trade.
- Stocks (1,001 +) $0.01 per share.
- 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. Although optionsXpress does not require you to fund your account with a minimum amount, you do need to deposit a minimum of $2,000 to maintain a margin account
- No maintenance or inactivity fees.
Oftentimes, lower prices are offered with other online brokerages but at the cost of little support and lacking trading tools. However, with their competitive prices, optionsXpress offers a respectable amount of support and powerful trading tools that make it one of the best online discount brokers around. Find, analyze, and monitor your next trade with optionsXpress today.
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don’t use them, they’re the worst so far.
I transfered funds from my husband’s bank account to my optionsxpress account by mistake, but they assured me they would be returned 10 days ago. then it didn’t happen. I chased them for 10 days every day and they give me the same answer, saying they would inform their bank to start the transfer, the process had been delayed by their bank.
I communicated with them through live chat and called them, everything they said the funds would be returned and they have spoken to the cashier department, but next time I spoke to the support team they told me the same story. I will consider legal actions against them for negligence and unreasonable delay.