There is no minimum account balance. The minimum account balance is not the same as the minimum initial funding size. The minimum initial funding
size is $1,000 for a cash account and $2,000 for a margin account.
Optionshouse ranks very high in the 2016 Investor’s Business Daily Survey of Active Investors.
It ranks the top “Options Trading Platform” and appears among best five low commissions and fees brokers.
In 2016, Optionshouse is among three brokerage firms which received the highest 4.5-star rating among all the companies
participated in the Barron's ranking. Optionshouse is the leader of Barron's
best for options traders brokers
this year and in the five years prior. Its mobile platform was ranked number one overall by Barron's.
Cons: Customer service, getting funded
What a waste of 5 weeks 4 of which it took to get money into the account.
Totally screwed me on a stock I was planning on purchasing.
When the process started the stock was just over $9.50.
By the time my money got in the account and 5 more days before I could trade, a month went by.
My stock hit $15, I was pissed and felt like my opportunity was done so I withdrew my funds which was a PITA as well.
They cost me over $500 inside 4 weeks and just deflated the whole experience for me. If I could have given zero stars I would have in a heartbeat.
What a frustrating joke. Never again
Pros: Cheap commissions
Cons: Platform locks up, slow transfer of my money
The trading platform causes my screen to flash repeatedly as soon as the market opens and streaming quotes start coming in. Trading is impossible. Customer service told me not to use internet explorer. I said that's ridiculous - that's as standard of a browser as there is! How can they say that with a straight face, that their platform doesn't work with internet explorer?! I bought my computer a couple of months ago, so it's not old - it works every other website I visit. I have had my account funded one day. I guess I'll pay the fees to close it - what a joke.
Pros: low fees
Cons: trading platform malfunctions, customer service terrible
Worst ever. I lost $$$ on a deal because the platform f$%ked up and told me that I owned shares that in actuality, I did not.
The market sale went through, but the order window kept saying it was "pending" and in a "market to close". This was on an instrument that trades 25 million shares/day. I've traded on other platforms and this ETF ALWAYS goes immediately on a market order. For 5 minutes, it showed that I had these shares that I actually did not. Obviously, I was confused. I logged out thinking it might clear everything, but the shares were still posted. I tried cancelling and placing the order again (yes, I know markets go instantly to market, but I was at a loss for what was going on.) It was not until 30 minutes later that the correct information appeared. I have traded long enough to know that this was an error with the system, not my order that was placed. These ETFs do not sit in a holding pattern waiting to be purchased. They go IMMEDIATELY, EVERY TIME. 5 years of trading these. Never happened once with any other brokerage.
So, I hedged with the ETFs inverse to hold my balance since it was showing that I owned the original - which I did not. The hedge order went through, no problem, of course.
Customer service couldn't care less. They refused to reimburse my losses that occurred with my perceived "hedge." They did not apologize and refused to admit that it was their almighty system that had a malfunction. It also was not the first malfunction I've experienced. It does odd things, times out, rejects "market on close" orders 20-30 minutes before the close for no reason. I guess the warning signs were there beforehand. Should have left months before.
Rude people. Crappy software. I transferred my $, closed my account and will not recommend it to anyone. Much better "options" (pun intended) out there.
Pros: There are none
Cons: ACH - fund transfer process
OPTIONSHOUSE is absolutely THE WORST discount broker I've dealt with in over 20 years of trading. They always hold on to funds when a withdrawal is requested for some outrageous reason. This usually revolves around the local post office not recognizing the mailing address. How is it possible that I have received my voter registration, vehicle registration, and regular mail without any problems, but Optionshouse has issues? What makes Optionshouse different? As many of you have pointed out: they are holding on to funds for extra days and earning interest. There is definitely potential for a class action suit here.
Cons: None at the moment
I was wondering how long does it take for the first withdrawal to come ??
Been using Optionshouse for years now. Always treated me well. I am starting to learn how to trade options, so my experiences have been limited to stock trading. It's intuitive and I've never seen service cut out.
Cons: Mobile app
I trade options frequently and OptionsHouse has served me well for the most part. They've got some of the best options rates out there and their web app is pretty solid.
Their mobile app sucks ever since they were bought by TradeMonster though. That's probably the only complaint I have.
Pros: Easy to understand and use
I've been wanting to learn more about investment and came across optionshouse. It is a fantastic trading platform and really easy to understand with helpful advice.
Pros: Fast, clean and cheap
Cons: Trade monster platform is more difficulty to deal with
I have been with options house for several years. They are fast clean and cheap. Recently the merged with Trade Monster. The trade monster platform is more difficulty to deal with but still functional. They have an excellent probability and risk predictor for my options trades, and the free education available is phenomenal. I would recommend Options House.
by Steven Erickson,
Pros: Very inexpensive trading large quantities of SPX spreads
Cons: None so far.
Reading the testimonials I have to admit I will be monitoring this account closely the next couple months. I funded this account solely for making a weekly options spread trade and nothing else. Even though it's marginable, it trades like a cash account. I've only placed one trade and it of course was just fine.
I have had several experiences with their customer service on the phone and via email. So far it's been great. Efficient, pleasant and they always answer my questions. I funded the account via Wire and it was fast. Setup ACH link with my bank and no problem. I requested a Debit card for withdrawing funds and received it the following week.
Also when I created the account, I did it online and it took less than 5 minutes to have an approved account for options and margin.
For me they are a 5 star but I realize their platform is quite basic which is why I deducted a star.
So I must say I'm shocked at the previous reviews, but if the system is down for any length of time that would be a huge liability and I'd close the account.
The tools that OptionsHouse has for research make it hard to use their platform as a single broker. They offer no real research tools, just simple graphs, and fundamental data.
Their execution time, and pricing makes them much better than most brokers. I will continue to use OptionsHouse, but I will also keep an account with another broker that gives me better research tools.
Pros: Cheap, few fees
Cons: Design could be better
I have been Optionshouse customer for 5 years and don't have much to complain about. Reliable company with super-low commissions. Constantly improving. I saved a fortune in trading fees!
Option house is great the tools could be a little better as well as the platform. But I believe the value is worth it
Cons: constant system issues, slow platform
The Optionshouse trading platform has been down for over 2 hours. Here is the only notification received from them this morning:
All open orders have been canceled. We have identified the issue and will be back up shortly
I would not recommend trading here. I will be closing my account, shortly.
We pay to have our orders executed in a timely manner...if this happens once...it can happen again!!!
Stay away from Optionshouse!!!
Cons: weak trading platrorm
I just refunded an old account and started trading Oct 2013
After 4 days I moved my account because the platform would not let me submit orders. It took 3-6 attempts before an order MAY get placed, and then I had the same problem trying to place a sell order. They have 1 function, to place orders and they couldn't handle it. That should tell you all you need to know. AVOID!
Cons: Too much Delay and B.S, bad company
Please SKIP this company and STICK with Scottstrade or Etrade. This company is a joke. Could not open my account even though They have Confirmed Receipt of the wire. Too much Delay and B.S.
Pros: No minimum requirement, Low Commission, No inactivity Fees
Cons: Pathetic to Deplorable Customer Service,Too much paperwork, High Margin interest.
No minimum requirement
No inactivity Fees
Pathetic to Deplorable Customer Service
Lack of Level 2 Trading
Too much paperwork to get started
Backtrack on Commitments
ACH transfer takes 2 days or more
High Margin interest.
Pros: low commissions
Cons: everything else
It has low commissions and there is a good reason for it, this brokerage is very basic. I do not understand these 5 star reviews.
Other than low commissions there is not that much to recommend here.
I didn't realize they charge extra commissions for stocks under 2 dollars, so one time I made a trade for MJNA that cost $0.32 and it cost me $180 extra in commissions. I had a chance to sell it same day to make about 20% profit, but shied away because of insane commissions and transferred position to Fidelity, but that stock has been going down since then and I am down more than 60%
Pros: low commissions
Cons: slow ACH deposits, delays with funds, poor suctomer service
Although OH option commissions are low there are several important negatives. ACH deposits are too slow (OH takes a week instead of next day availability offered by most brokers). Even with a margin account, if a spread or option position is closed, the money is not immediately available for new trades (you have to wait until next trading day, their clearing time for stocks is 3 days). I have used many brokers in the past and never experienced such delays. I you sell options and get assigned, then you are limited next day to trades to fix the assignment, and then when the assignment issue is solved then almost always will not be allowed further trades that day (have to wait again until the next day to be able to use your funds). Some customers might not notice some of the issues I am mentioning if they trade very small relative to their capital (they might close a spread and be able to open another the same day because they had additional unused funds in their account and not because money was released from the closing trades that day). I have no major complaints about their web site or platform. When calling, it is not uncommon to have to listen to recordings and music for several minutes before a human answers. This can be very risky during emergencies. Some of their representatives are nice and others do not seem to care. I preferred their usual standard answer to obstacles and situations they create which was "that is company policy," but apparently they are getting heat from customers requesting to change many of their unusual policies, and now they are willing to try to deceive telling you that they do something "because of SEC rules" (or similar excuse). This might fool new investors not familiar with other option brokers. This is an issue to me because it might be ok to have nonstandard (or arbitrary) policies, but it is not ok to lie (or blame others that do not have anything to do with the nonstandard rules they impose). With most option brokers if markets move you can deposit money easily to fix your portfolio or to take advantage of sudden investment opportunities (for example, if gold drops sharply, you can deposit money in your broker and buy options the next day, but in OH you are likely to miss the opportunity because you would have to wait a week. Or, you could close other options or positions and trade gold the same day of the opportunity, but with OH you will have to wait an additional day, or more if closing stocks, before the money from closing transactions becomes available, again possibly missing an opportunity). OH might be good for option traders that do not trade often and that trade very big lots (100+ options per leg) because option commissions can make a difference for this type of option trading. However, with so little practical difference in commissions between brokers for typical option trader transactions, almost any other broker will have fewer restrictions using your money (and will also have better tools and resources) and without so many delays with your funds.
Pros: cheaper fees
I've been an Ameritrade customer since October 2012 and although although i've been having very decent returns, i have to admit that i am using my iphone more that the websites platform. I know very well how to place order and read all financials and what not, but i consider myself a beginner trader and don't know jack shit about platform research.I only do short term stock trading, no futures. This is why i am considering switching to a cheaper transaction fee alternative. ( no point to pay so much for something i don't know how to use). So basically i do not care if the platform is primitive id like to know if there are any issues with the actual trading and money transferring . Does anyone have issues executing orders or any glitches ..? If you sell your stocks, how long does it take for the funds to become available for trade again ? Is there problem with transferring money to and from your checking account and is it free ?
by Jimmy Dunn,
Cons: indifferent custom service, trading policy
I wanted to open an account with Option House, actually had all the paperwork in, and then I found out that because I operate out of a small corporation they were going to treat me as a professional trader. I am not. This is just a small business corporation where I had some extra money to trade. So they were going to charge me $100.00 per month for real time quotes, and when I contacted customer support about it they were pretty indifferent. So I closed the account before it even got going. Can't say what they would be like to deal with.
Pros: helpful and polite customur service, easy and friendly trade platform, cheap fees
I don't have big investment, so I am looking for cheap fee trading. I have account with Vanguard, TradeKing and Zecco. I was not happy with these three broker at all. Zecco is known to have trading platform glitched and malfunction. However I found OptionHouse, I am so happy with their easy and friendly trade plateform. Optionshouse customer also is very helpful and polite. If you are begginer and want cheap trade fee, then Optionhouse is the one by far.
Pros: very friendly customer service, good trading platform, low commission
Excellent experience with very friendly customer service with good reply of email. Trading platform is very good with live streaming quotes blinking continously. Also extremely superfast excution (i.e if i place order, it get executed within 1 sec). And last but not least very very cheap commission, which saves you lot if you trade everyday.
by A Singh,
I am planning to open an account with OH and I have been reading all the reviews here. I am a beginner in the stock market world. I was wondering if you guys could help me find answers to a couple of questions:
1. How can I withdraw money from my OH account? Is there a fee charged by either OH or my bank for direct deposit/ withdrawal?
2. If I want to close my OH account then is there any closing fee that I have to pay?
Thanks in advance for your help !
kpusa its the rules for every brokerage. If you have a non-margin/cash account you have to wait 3 days for money to settle, just like if you sold some stock, you have to wait 3 days before you can withdraw it into your bank account as money
Margin trading is like a loan, so even if you are trading with unsettled funds you can still trade
So yes if you are serious about trading the next step is a margin account, then a day trading account.
Pros: options trading platform
Cons: delayed money resease
Am I the only one that has been surprised by this: when selling a stock the funds takes up to three days to be available in your account to buy another stock. In my TD Ameritrade account (and other brokerage accounts I have had before TD) the funds are released immediately. I contacted customer service to ask why I couldn't place a buy order immediately after I sold a stock - they told me it is the norm in the business that funds are held for 2 to 3 days. Anyone else have a thought on this? Maybe it is a way for them to "force" you to open a margin account.
Other than this I have been extremely satisfied with OH. I especially love their options trading platform.
Pros: low trading fees
I've been using Scottrade for several years, and like them OK but am considering OH due to the lower trading fees (ST is $7/ trade.) However, I like to research different analyst ratings before purchasing a stock (S&P, Retuers, Morningstar, etc.) Does OH provide access to this type of information?
Cons: initial investment
i recently started trading and have a scottrade account but have always looked at optionshouse only thing that scared me away was the initial investment. you seem to allude to the fact that you could deposit 1000 to start then withdraw some and continue trading as normal without a penalty? is this the case?
Pros: low commissions
Cons: poor customer service, terrible tools, research and platform
I've been using OH for about 6 months now and here is what I've found:
- Terrible tools, research, and platform. Think or Swim blows all three of these out of the water in comparison.
- They can NOT figure out how to calculate margin for my account. I've calculated it myself, called them and told them what it should be, and after they eventually agree with they change it. A few days later, it changes back for no reason! My stock buying power has changed by over 20k without me even placing a trade. I'm getting sick of calling them about it and have pretty much given up.
- Their customer service is hit-or-miss, but nothing terrible.
- They are the cheapest when it comes to commissions, fees, and most importantly margin interest rates of every other broker I've used.
Bottom line is that I'd love to dump OH and go back to using ToS exclusively, but they're just too cheap to give up. That said, I wouldn't recommend these guys for the beginning trader because their tools aren't that great and they can be frustrating to deal with. What I did is kept my ToS account active, do all my research through that platform, then click over to OH and place the trade.
Pros: cool easy to use trading platform
Cons: bad customer service
OptionsHouse has a cool trading platform which is easy to use. The research is minimal. And, for some reason, there's no site or corner of a site which gives you the Dow, Nasdaq, S&P500, etc. tickers. Thought it was me, so called customer service. Nope. Weird.
Pros: Good trading platform.
Cons: they don't care about customers'interests
over-rated. 5-star no way!
I have ET, TD, OH.
I have been with OH for over 2 yrs now..
customer service: some could be very rude. you have the nice ones but you know how it is: the bad ones always remain with you.
BIggest CON: they hold your fund usually for 4-5 days. They say 3 but its never that case. So ACH deposit into OH, you have to wait a week before trading it. Withdrawl is quick. My bank has it cleared in a day. So not sure why OH holds it.
Some stock symbol are not available and you have call them to get them added.
Initially, I thought Optionshouse was a good platform for trading. I found slowly, much to my dismay, they specialize in having rules that benefit themselves than customers. I am a pattern day trader as I have over 70K in my account. They placed my account in aggregation state because supposedly I made multiple day trade calls exceeding their option buying power which according to them means, I have to add $19,000 to my account or not allowed to trade for 90 days. I didnt know this rule before, nor received warnings that I will be unable to trade if this happens. This rule came right out of the left field. They should quit telling people they can do multiple day trades if they are within the margin because, it is simply not true.
Pros: fast new platform, excellent service, always helpful advice
I started using OH 3/2011 and have never had a problem, other than a few times the website didn't come up in Internet Explorer. Since OH has started a new platform, and I started using Firefox instead, I've had no problems with the trading page coming up, and it's fast. I have opened up 3 separate accounts, and my relative has opened two accounts the past year, and we are very happy with all of them. OH is excellent and fast at placing stock and especially option trades. I have called customer service scores of times, with holds of a few minutes, and have always received courteous and helpful advice. I opened my new accounts within 10 days from postal mailing, which is plenty fast for me. My monthly IRA contributions by ACH are posted in 5 days. The p/l diagrams for options are great. I give OH 5 stars and will open another account. It's the best value and it keeps getting better.
Pros: trading platform easy to use, fast activation
Modified my opinion. Played the game and faxed them the application. Account is now activated. I've been playing with the virtual money they gave me 10K for stocks, 5K for options. Trading platform is pretty easy to use and my virtual orders for an MLP, CEF, and REIT were completed promptly. Research is pretty primitive, but I can use other sources for $3.95/ trade, on line or broker assisted.
Cons: a lot of paperwork when filling an application, bad research tools
I opened an account with OptionsHouse with no funds, which entitles me to "virtual trading." I found the application process to be easy until the end where there was a lot of printing, and I will also have to sign and fax the application copy and two other attached forms. Once on the site, I found the research tools to be by far the worst of the following that I have also checked-Fidelity, TradeKing and Zecco. OptionsHouse's format is confusing and non-intuitive to this reasonably savvy on-line trader. I won't be following up this application with any real money.
Pros: low commissions
Cons: very bad customer service
Options House recently upgraded their platfrom and their maxit has been down since last week and they are teeling its going to take another one week very bad ... beside lower commission very bad customer services but cheap commission is holding me there other wise I would never put money there
Pros: retirement account, user friendly interface
OptionsHouse has very user friendly interface.
Best place to have a retirement account.
But definitely this is not a place to play margin account!
by OH customer,
Pros: Good for cheap trades, fairly good executions
Cons: weak research, poor customer service
Good for cheap trades, fairly good executions.
Downside is that the research is weak, and their monthly statements are unbelievably slow, sometimes not appearing until 10-15 days after month end.
I have four brokerage accounts for various uses (Scottrade, MorganStanley, Fidelity, OptionsHouse) and combining the strengths of each of them I get fairly good coverage.
One oddity - the cash balance sometimes changes by a few pennies for no apparent reason. I've starting tracking it - customer services doesn't believe me and shrugs. I notice it because I transfer all data from all my accounts into one central database daily, to track my entire portfolio. Has any other OH customer had this experience? I wonder about the "multiple slices of the salami" hack, which I haven't seen in the wild since the 1970s.
I think they should get rid of the flat fee advertisement. Any stocks under $2 are extra charge. Got slapped with $50 fee for purchasing 10,000 shares of one. So choose wisely, if you want to deal with penny stocks don't go here. Etrade is a flat rate brokerage, a little higher but, not buy as much and even sub pennies for 10 bucks. That one trade I made cost me $53.95!!! So now I have Etrade for my penny trades, or anything under $2...
Pros: fast standart interface, excellent option investigator tools, android/iphone app,mgood platform
I funded my account after a few months of virtual trading. I highly recommend doing that if you are a beginner. Yes it takes 3 days to clear your funding, if you are in too much of a hurry for that you probably won't be a good investor. They have 2 interfaces, standard or new. I think the standard interface flows much better. The option investigator tools are excellent - I don't think I could live without them. Very happy with the platform, execution, and rates. Also, the android/iphone app is great for making trades on the fly.
Cons: slow money transfer, poor customer service
I attempted to transfer my IRA account to Options House, and they took 5 calendar days before they even initiated the ACAT transfer with the delivering firm. They told me to expect the completion of the transfer of assets on Feb. 7th, which is ridiculous considering that I opened an account and faxed them my request to transfer and statement from my present brokerage on January 19th. In addition, I find that I have to wait on the phone to talk to customer service sometimes as long as 10 minutes. I decided to just stay with my present brokerage, which almost always answers the phone immediately.
It never seemed to get answered but can limit orders be canceled or changed at anytime priornto execution? Also technical charts like RSI and macd available? And are stocks real time on charts etc not 15-20 min delayed.
Pros: user friendly platform, P&L calculator
Cons: expensive a little
I think Optionshouse is the best broker for beginners. I have both an Optionshouse and Interactive Brokers account. IB are much a little bit cheaper, but the Optionshouse platform is much more user friendly. They have loads of tools available as well, I particularly like the P&L calculator which allows you to evaluate your trades based on different inputs for volatility and time to expiry.