New investment account at Optionshouse. Is it safe/good/legit? Account fees (maintenance & inactivity), minimum deposit to open. New account incentive.



UPDATE: Optionshouse has been fully merged into Etrade and discontinued. See Etrade Review instead.


  • Stocks & ETFs: $4.95
  • Options: $4.95 + $0.50 per contract
  • Mutual Funds: $20

 

How To Open New Optionshouse Security Account: Completing Online Application

Opening a security Optionshouse account is a simple and quick process, and as it is claimed on the official website completing online application will take 'as little as 8 minutes'. Although most accounts can be opened completely online, some of accounts (mostly for foreign residents from UK, Germany, Hong Kong and Germany only), may require additional paperwork.

The whole process of completing online application consists of five easy steps, which are Start Your Application, Personal Information, Agreements, Confirm & Sign and the last step is Fund.

Each step starts on a new page and comes with application's forms and accompanying instructions. Forms are clean and easy-to-understand even for a new investors who open their first brokerage account. If there are any questions left, a company representative can be reached through live chat or toll free number.

Any time while completing the online application, navigation buttons at the end of a page either allow investors to save information and come back to it later, if necessary or return to previous steps to correct the data.

A confirmation welcome email with further instructions will be send to an email was registered to the investor's account.

Optionshouse offers a great incentive for new investors. The firm will give customers up to 100 free trades if they open and fund an account with a minimum of $5,000 within 30 days of account opening.



Optionshouse Account Minimums, Maintenance, Inactivity & IRAs Fees


OptionHouse’s cost and customer service stand out when compared to their competitors. Furthermore, the firm does not charge maintenance and inactivity fees or require its members to maintain minimum account balances as other brokers do. In addition, Optionshouse does not charge fees for IRAs.

 

Optionshouse Brokerage Account Safety

There is no need to be concerned about legitimacy and safety of the brokerage house. Optionshouse is a member of FINRA (Financial Industry Regulatory Authority), SIPC (Securities Investor Protection Corporation) and NFA (National Futures Association).

Just like FDIC covers all types of bank deposits, SIPC, in the event that a broker fails, provides insurance coverage up to $500,000 of the customer's net equity balance, including up to $250,000 in cash.



FINRA's mission is to protect investors by making sure the United States securities industry operates fairly and honestly.

The NFA oversees and protects investors from fraudulent commodities and futures activities.

 

Advantages of Optionshouse Brokerage Account

  • Very low trading commissions
  • No set up, annual or inactivity fees for IRAs
  • No maintenance or inactivity fees
  • No minimum deposit to open a cash or an IRA account
  • Virtual trading platform for beginners
  • Free streaming quotes
  • Sophisticated trading platform and powerful tools
  • Free seminars on options trading
  • Rated high by industry's most reputable magazines
  • Award-wining mobile Apps (5 stars out of 5 by Barron's 2018)

 

Disadvantages of Optionshouse Brokerage Account

  • Beginners might find the platform quite intimidating
  • Additional charges for penny stocks: $0,005 per share of stock traded for stocks priced $2.00 or less that are not options eligible

 

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