Pros: Fast fills, stocks and etps not available anywhere else
Cons: Prices stayed higher when Schwab, the owner, lowered theirs.
I get great fills here, and stay here because I am allowed to trade in stocks that Merrill edge, Fidelity, and other brokers disallow (such as Etracs etc).
I was disappointed that when Schwab lowered their brokerage fee to 6.95 that OptionsXpress was not included and maintained the higher 8.95 fee. I will stay there because I like everything else about them. and I am not a frequent trader there.
Cons: Overpriced, poor platform, low expertise, unprofessional set-up
Have been an international customer for 5 yrs. Have been consistently frustrated with their prices, platform and service.
(1) They´ve had continual software issues for years that they never fix.
(2) Never admit that they have an issue, the "problem" is the customers.
(3) They employ people who don´t understand basics of options & futures trading.
(4) Their prices are a rip-off compared to competitors. Futures options $3.50 per contract! With reg and transaction fees in additon you need to make >12% profit just to breakeven on most trades.
(5) The platform is clunky and has errors in both execution (often have to contact them to place order as the software doesn´t recognise the trade as vaild, e.g, "can´t place it for a credit"). And it´s simply unprofessional. If you open crude oil (CL) it´s Colgate Palmolive and ES futures are Eversource Energy. The latter is the most liquid market in the world and they can´t even get that right---for 5 years.
Could go on but need blood pressure meds. Switching to Interaative Brokers.
Cons: the worst
Pros: Had great executions and customer service when independent
Cons: Now not so much.
This company used to be great - now, not so much.
by Frustrated Singaporean,
Pros: None so far
Cons: Extremely lousy customer service
Pretty average trading platform, coupled with an extremely lousy customer service (live chat as well as phone service) makes me want to get out real quick.
by Trader H,
Cons: Wish I knew this before transferring my acct. Trade execution on indexes like NDX. Are manual. Have to call them to execute so lost money while waiting for them to answer the phone
OX is Worst of the 3 brokers that I use
Pros: Nothing that isn't provided by every brokerage out there
Cons: Customer Service isn't!
They stonewalled me for 'date of death' prices when my husband died. They stonewalled me when I tried to change the account names to the new trust names. Things done easily at my other brokerages. Now they are stonewalling me from transferring my account to a new broker. No such thing as Customer Service.
Pros: Good customer service
Option express has good customer service. You can trade anything.
Charting sucks on this. It has no live charts or level 2.
This is great for long term investors who want to just buy the stock once and never touch it.
Maybe swing option players. Basically, buy 3 months in and deep in the money. Maybe buy some vertical spreads.
This brokerage is not for day traders.
Cons: Poor customer service, mounds of paperwork and excuses
Tried to do what I thought was a simple IRA transfer with them. Their paperwork is very substantial (took me a LONG time). They proceeded to sit on it for weeks, repeatedly find nit-picky errors, and have endless delays and even more excuses for why they couldn't get the job done.
Great tools but really expensive fees.
Pros: Good phone service
Cons: Options quotes delayed 15 minutes, high option fees, poor email response
If your trading options I would not use OptionsXpress. The quotes are 15 minute delayed which is unacceptable. And their trading fee is on the high side. I have also found that their email response is sometimes slow and seem to be inaccurate on complicated questions. However I have found that their phone response to be excellent.
Cons: unhelpful and indifferent service, a lot of paperwork,
I'm an "alien" to the US living outside of the US. I have been trading for more than 30 years.
I have communicated with OptionsXpress for 3 months as part of my due diligence to set up corporate account in the British Virgin Islands. Their front office consistently told me that it would be no problem. Even when I asked them if they cared about the shareholder and directorship makeup they said that it was "no problem". I have had a joint account with them for more than 10 years. They indicated that I could transfer the stock from this existing account to the corporate account, without an issue, once the corporate account was set up. This was because the directors of the corporation are the same as the joint owners of the personal account.
I set up the corporation with the same simple structure as OE had already told me would be acceptable. I spent many hours compiling the paperwork to support the application and then submitted it. A few days later I received a brief, impersonal response, saying that my application was rejected. There was no specific reason supplied. When I asked them for the reason, they simply reiterated mechanically that they have the "right to accept or reject applications" and "applications are approved on a case by case basis" . They offered no help whatsoever in terms of finding a solution. This was shocking due to its unexpectedness.
Yesterday my friend contacted the front office chat line to ask whether he could open a BVI corporate account with he and his wife being the only shareholders and only directors. They affirmed that it was not a problem. When I contacted them, 5 minutes later and asked them why my account was rejected - which is exactly the same as my friend requested- they again resorted to unhelpful responses such as mentioned above. They continue to provide misleading advice via their chatlines which is inconsistent ith their back office decisions. This is to a "not small client" who has been an active trader with them for more than a decade. Please be careful when trusting the feedback from the front office as it is not always supported by the backoffice.
I also have a personal account with Interactive Brokers, who I have also been with for more than 10 years. They have been very helpful with personal and consistent advice in setting a corporate account similar to the above. However I need to set up one more as a replacement for OptionsXpress.
Can somebody please suggest a broker where a foreigner(Australian) living outside of the US can open a corporate acoount to trade mainly US shares, options and possibly FX?
Many thanks for your help
Pros: reliable company, quick and informative customer service, easy mobile trading app
Cons: a little high fees
I've been with OX for about 5 years and have no complaints. There fees may be a little higher than other brokers but you get what you pay for. There customer service is very informative and over the years all of my questions regarding trading or technical issues have been answered within the same day. All of my orders have been filled exactly where my price has been set, either on stocks or options. Their mobile trading app (v1.6.7) is very easy to navigate and gets upgraded several times a year. They are currently working on implementing futures options quotes into the mobile app. I am not a day trader so I can't comment on any intra-day trading aspects of OX. I am not sure about the comment regarding multiple screens to place a trade. The first screen I see is the quote and security to trade, then order form, then preview to make sure YOUR entries are correct, then send = less room for error on your part. I have no plans to change brokers.
Pros: fast order execution
Cons: high fees, horrible platform, issues with logging in
I have been with OptionsXpress since 2003 and just opened an account with OptionsHouse. I stayed with -Xpress because I was comfortable with their tools. However their fees are way too high for a discount broker especially for non-active traders. OptionsXpress charges a hefty fee for their "mentoring" program. Also, the Xtend platform that is supposed to make trading easier, is horrible. I have found it to be non-responsive when modifying orders and have even failed to log in to the platform multiple times. Market orders are executed in an instant, as with any other broker, but placing orders on the website involves multiple screens and can never be done fast without the risk of costly errors. I would not recommend OptionsXpress for non-professional traders. Everything they offer is available at other brokers with much lower trading commissions.
Pros: no surcharge for penny stocks
I know there is no surcharge for penny stocks, i trade a lot of stocks under .50 pps, it says on their site that each penny stock trade is "looked over" before it's placed... anybody know what this means?
Pros: quick and easy account setting up, very fast execution, professional service, reliable brokerage
OptionXpress is expensive but you get what you pay for. Setting up my account was quick and easy. I set up an ACH deposit which went thru in a matter of days with no problem. I withdrew funds after a few good trades with no problems. Funds were in my bank account within 72 hours.
Trades are executed LIGHTNING FAST and even during peak trading times or when there is news and trading activity is unusually heavy, the execution is still LIGHTNING FAST.
The live streaming quotes are excellent and the tools are unbeatable (i.e. Dragon, etc.)
If you are an active trader you get to save a copule of bucks which is always good.
I do wish their commissions were less but to be honest.....I have made more money than the commissions cost on being able to get in and out of trades quickly and accurately. Also I'd rather pay more a little more on commissions and know I can get my money in my bank account fast.
Over all I will stay with OX and know that things get handled in a fast, professional manner. I truly do feel like I am with the Nordstroms of online brokers.
So, regarding foreign stocks, it is correct that surcharges would only apply to equities trading on foreign exchanges, like Milan, etc., and not ADRs?
by Banica Tom,
Hello, you might guess from this question that a wet-eared neophyte treds in your midst....
What are penny options? Am I correct in assuming they are merely options trading at less than $1? Since penny options are specifically listed as a "pro" for OX, does that mean that most of the brokers highly rated on this site do not offer penny options?
Cons: too expensive
Although the list of countries is impressive, foreigners should pay attention to the small print saying that the normal $8.95 commission doesn't apply to them!!! Customer service wrote me:
Stock trades will have a minimum charge of $14.95 up to 1000 shares on orders of 1001 shares or more you will be charged a rate of $.015 times the number of shares in the order.
This is too expensive for me, sorry. I'm going to look elsewhere.
Cons: very poor customer service, unexperienced staff
Lousy customer service and very inexperienced individuals running the co.!!!!
If I open a margin account with $2000, what is:
- the maximum amount I can buy to open
- the maximum amount I can sell to open?
Pros: All of the above
Cons: Expensive comission rates
This is not a site if you are trading with $1000.00 in power or less. As a broke college student trying to make money, I would only realize my profits are mostly gone after selling shares with an approximate $10 comission rate on each sale. This is totally NOT the site if you like to trade penny stocks. NO WAY!!
by OXP User,
$8.95 flat rate per stock/etf trade
It's $9.95 not 8.95
by Tom Avenell,
Started with zero stock option trading knowledge five years ago and can only say there is no room for improvement in any aspect of what Options Express provides. Their commissions are anything but cheap; but, in my experience, cheap is as cheap does. Five stars is an understatement for this outfit.
Even their futures platform is good but not designed for scaplers or those using 2second charts. For intermediate and long term traders the platform is as good as it gets but commissions a bit steep. Other brokers are just a bunch of monkeys dont care about customers especially the most popular broker in ET used a lot of wannabes.
by murray t turtle,
Comissions aren't a big deal to swing or position trader.IB is a great broker also,but OX charts/stock /option data is much better,years better.
As far as charts going down, well Mark Weinstien [option champ] simply cut off his quote machine/exited .Actually if you focus on a few/study trends & proper position size ; really dont have to exit.........
William O Neil [IBD] warned about missing moves, because of limit orders,fine,good warning; well usually use limit orders with OXPS, get some price improvement.