Open E Cry, LLC (OEC), founded in 2002 and headquarter in Powell, Ohio, is a online brokerage company focusing on our core product
the OEC Trader for futures, forex and equities.
OEC supports active traders, institutional clients, introducing brokers and API developers utilizing OEC proprietary technology.
OEC was acquired by optionsXpress Holdings, Inc. on July 1, 2008 and is a subsidiary of
Optionsxpress, which was acquired by
Charles Schwab in 2011.
No promotion offers at this time.
Pros: they answer the phone
Cons: not very good
They are not customer friendly, just rude.
Solid. I've been with OEC for 5 years & can prove it (They keep track of how long ago you opened your account).
When I saw the reviews on here, I was kinda surprised. I'm a small retail trader, and there have been bumps along the way, outages/strange price data/useless support etc. (same reasons anyone gripes on here) but that's very seldom. Most of the time, if you have a brain and can read you can fix your own issue. For example, if I get a disconnect (whether by broker or ISP), I have the iBroker app, so I have a back up method of monitoring a trade.
By far, the majority of the time - if you are small retail trader like me - this is the perfect place. Very cheap commissions, free data/platform, functional website, entirely automated system.
Cons: Unreliable and Dishonest Broker
Unreliable feed and statement
I have been using Open Ecry for 7 years and have been very pleased with their services.
I am surprised that they do not make finding out their commission rates easily available like other sites. This alone should raise flags. Perhaps the idea is to get you to talk to their sales dept or perhaps it's a case of "If you have to ask, you have no business trading?" I did not have the issue of any malware warning as the individual below. But then I did not go beyond the first page.
Pros: The OEC Trade Platform seems to function fine and has a common list of indicators to choose from
Cons: The Brokers are professional and polite, but they don't seem to have my best interest at hand. I'm new as well as a small account holder, and I've questioned their intentions on a couple instances already
So I'm not really feeling any love with openEcry. They just provide the trade platform. In all fairness though, I get the feeling this may be common with other Brokerages as well. I don't know?
Plus, it seems the more experienced traders use the eSignal Trading Platform. Therefore, I don't have the benefit of adding additional indicators from the MyPivots site or the reputable members who have offered them to me. That kinda stinks...
Bottom line: openEcry offers a simple low cost round trip trade. That's it! I just seen a Ad for a cheaper Broker, but reading into that one just seemed complicated. With openEcry... If your new like me... You just put in your money and learn the hard way. Not enough to recommend at this point though. We'll see...
by stock chart,
Generally OEC are a good broker but sometimes (e.g. after an upgrade) their systems go down which is obviously annoying in the first place but can be expensive if you can't get that trade on or off and have to call in.
Despite the problems that they've had (which most brokers experience from time to time) I would still recommend them.
Open E Cry really Sucks. Their system crashes all the time, their quotes are worthless, when they are working half the time they are wrong, commissions are high, I can't think of a single reason why anyone would ever want to trade here. Customer Support: I called and talked to several people about a problem with my account they caused. They tried blaming the problem on me, they start out asking "how do you know it wasn't your computer?" when they know for a fact it was theirs. When their system crashes they are trained to play it off as if nothing is wrong, then blame the customer. One guy even told me "Well you signed a disclaimer didn't you?" which obviously he interpreted to mean that it gives them the right to be able to screw their customers over and not take any responsibility for it. Which is exactly what they did to me.
I have had accounts with about 20 different brokers, I have never seen anyone as bad as these guys, If you trade there just be prepared for something to go wrong, and when it does be ready for them to lie about it, blame it on you, and then tell you "well, you signed a disclaimer didn't you?".
When I went to their web site, and clicked on the link to open an account (to check pricing) my antivirus detected two malware programs trying to install themselves from the sit. Very dangerous site.Plus, they do not give out info on fees; so they are quite dishonest to begin with. If you try to use them, make sure you check if physical address is legit, and check BBB for complaints.