eOption is a division of Regal Securities, Inc., a member of the Securities Investor Protection Corporation (SIPC). Your account
assets are covered by the SIPC, which protects customers of its members up to $500,000, with a limitation of $250,000 on claims for
cash balances. Additionally, our clearing firm, FirstSouthwest Company maintains an aggregate policy limit of $150,000,000 in
“Excess SIPC” insurance through a syndicate with Lloyd’s of London to protect client accounts up to their net equity for loss
of securities and cash.
Pros: Low commissions and fees.
Cons: Poor platform and support.
Yes, their platform is very basic, but their low commissions and fees are great, and I can live with it as I have 4 accounts with TDAmeritrade for long and swing trades, and for analysis.
I opened eOption account to trade options about 2 weeks ago. It's been great with low commissions and fees, until today.
Today, I was trying to take profit but for some reason my Sell to Close order got rejected, and missed the opportunity to bank $1300 and had to settle for couple of hundred at next opportunity. I sent emails but was taking too long for a response, so called in. Their support guy said there were some internal reset going on causing the rejection of the order. He also said to use different brokerage firm to daytrade. Basically saying "move on buddy".
I'm keeping screenshots of the logs on rejected orders. Today, I got lucky and didn't take a loss. But if this happens again, I'll keep taking screenshots for record, close my account, and possibly take a legal action.
I would of gave 1 star due to that huge bug and response by their support, but the 2nd star is for their low commissions and fees.
Pros: Lowest fees available
Cons: Everything else. Extremely poor platform, often showing $0.00 for quotes, $0.00 for purchase price, completely incorrect P/L. Account value only updates once per day (sometime overnight between sessions). Quotes are not accurate
e.g. I had an open Condor spread order, limit sell at $0.27. The Bid consistently reached $0.28 and $0.29, yet my order was not executed. When I contacted the trading desk, their response was that multi-leg quotes come from different exchanges, and don't represent the actual bid/ask spread.
This is the epitome of a poorly performing platform, it is completely unprofessional. I would avoid them at all costs, even if trading here were free!
Cons: Everything Else
I was set up on Auto Trade through a stock advisory options membership group. The first month was okay but then the group who was doing the trades were providing members feedback on a few successful trades and I realized my account balance didn't change. I found out EOption cancelled my auto trade option without notifying me. Per SEC regulation brokerage firms must provide you adequate notice to increase funds or remedy any situation in your account to meet guidelines etc. I never received any notification. And get this the advisory group who were doing the trades for me were not doing risky naked option trading so I required very little funding. When I talked to them they told me "we don't have to do that because we are a small company." It got worse from there. They froze my account for no reason so I couldn't even do any manual trades and they charged me $50 for inactivity! Moreover, the trading platform is so old and antiquated. I lost over $2k bucks due to their botch up. Just remember the old saying, you get what you pay for.
Cons: Con job
Sent them completed application and 50k check twice and was sent back application and check twice by regular mail. Would' not speak to me on the phone, Since my application showed 50 years of brokerage experience and 7 figure liquid assets, my only conclusion is that they were Afraid I would learn too much and go to regulators.BEWARE ! ! !
Pros: Good platform, low fees.
I am really wondering if all these negatives are "planted". I have been using them for some time. My orders get filled at the limit I set. There are no surprise fees. Notice - All these grips are about customer service. Sure, if you are a complete idiot and need someone to hold your hand as you trade - then sure - this might not be for you. But if you know what you are doing and can speak ENGLISH - then I recommend Eoption for sure.
Pros: Cheap Fee
Cons: A Lot
Of course, NO GOOD!!!.
Cheap site so slower than other site.
Also support services are very sucks!!!. NO ANSWER OTHERWISE LATE RESPONSE.
In additional, account is suddenly blocked and can not trade without any problem.
I do not recommand Eoption!!!
this place is bad bad its not even a company
Cons: ALL ELSE!
Remember Yugo car? You can look it up if you don't, and please trust me on this: A brand new Mercedes 600S to Yugo would be any broker out there to Eoption. Try them, tell me if I am wrong please. It is exactly what all the single stars tell you here. There should be no star or negative 6 star to properly convey the outrageous place eoption is. What experience!
Cons: all else and more and more even when you make lots of profit
Imagine MF Global all over again.
Imagine wanting to die, waiting and waiting for their new ATARI platform to respond, or their phone answering, or your email getting a response, just so that you can die. But no, you will have to stay alive and wish it again the next day and the day after, and ...
This place is designed not for trading but to get you ready for insane asylum, unf...g believable experience!!!
Just go back home to your family and try to die from natural causes my friend, this will be too painful a manner., cruel and unusual
Cons: all else
You will become speechless, angry, sad, hopeless, ...wishing you had never wanted to save money in the first place.
by Andrew Scott,
Pros: none at all
Cons: They actually steal your money literally
These people have no shame and will just steal your money and not care about it.
I don't care how much you think you will save and what your reasons are, IF YOU WANT MORE MONEY INSTEAD OF LESS MONEY, DO NOT DO BUSINESS WITH THESE PEOPLE!
Cons: Incompetent Reps
I traded options for 5 weeks with great execution. The 6th week in all my orders went straight to pending with a 10 sec or so delay before it was a working order. When I called in for an explanation of why the change since my trading remained the same I was told its proprietary information and it could not be explained to me why the change. Not acceptable, very unprofessional.
Cons: unorganized, unsafe, incompetence
Bunch of clueless morons decided to make a brokerage house.
It has to be cheap because you find out RIGHT AWAY, NOBODY HAS ANY IDEA ABOUT ANYTHING GOING ON.
They will cost and burn your money and be very rude and apathetic about it.
STAY AWAY AT ALL COSTS!!!!!
Cons: AWFUL Customer Service & Hidden Fees
They try to trap their investors with a seemingly unlimited number of fees that it are impossible to keep track of basically trap investors
by Gilbert Long,
Pros: Cheap commissions
Cons: Poor Auto Trade Performance
Not recommended for Auto Trade. They may have cheaper commissions but often you get a partial fill or sometimes no fill at all, when other Auto Trade Brokers not only get filled but also get filled at a better price. I plan on changing brokers.
Cons: terrible customer serive
Emailed customer service to inquire about transferring my stock; what is the process? what are the fees? etc...and I receive a reply a week later with a basic, "no, we dont do that." huh? what, do you mean "you dont do that?" it says it on you site. So I called and the rep who pick up sounded like I just woke him up from a nap and had no clue what I was talking because he kept putting me on hold after I asked the simplest questions! No thanks! The cheap fees are a plus but not the hassle of dealing with incompetence. I told him I changed my mind and he said, "okay" and hung up. He couldn't have cared less.
Cons: WORST customer service EVER!
WORST customer service EVER! I faxed what the company told me to correct my account, only to receive an email saying its still not all there see the attachment. There was no attachment so I call "customer service" and they can't even figure out what I'm talking about. After saying the same story 5 times I ask for a supervisor or someone who actually knows how to work and listen to what I'm saying. Still no solution soooo frustrating!!
Funky, finicky, slow, computer system, my opinion is that their system is slow to move up and fast to move down (option chain) other sites seem to report changes is prices much faster therefore sell orders never quite “take” – if your stock us up $2 or more on Google or Yahoo it isn’t on the eoption chain. I am currently in the process of moving my money, their system has cost more than I have made with it.
Not sure what all the griping is about - I just opened an account with them as a #2 backup to my higher-commission platform and have had little issues. Went online, filled out the application, transferred $500 using ACH to test drive, and have made three trades - all of which were executed within 1 second. Is it Fido, Schwab or Scottrade? - no. Is it much cheaper? Yes. Is it worth filling out the extra forms to save $5-$7/trade - you bet. This is purely for ticket writing. As account grows and needs change, may move to another platform, but right now fine. If some of the horror stories here do occur, will file a complaint with FINRA and split. Only real issue is that if you're seasoned, you're probably skipping over the "preview order" screen, which you can't get around here. Other nuance is that you keep getting "good faith violation" reminders, so you may just want to deposit $2K and go margin.
I do agree that some of the fees beyond ticket writing are outrageous, so just won't use them.