How to close a eOption account on mobile app or with customer service. Fee to close eOption brokerage account and delete app.

eOption Account Closing Fee

eOption does not charge account termination fees on non-IRA brokerage accounts. IRA accounts have a $50 termination fee at eOption.

eOption ACAT Fees

If you decide to move your eOption account to a different firm through ACAT, eOption will charge you a $60 fee for a full account transfer and $50 for a partial account transfer. If you move your account to Webull, they will reimburse eOption's ACAT fee.

How To Close eOption Account

To cancel eOption account, you first move your cash to your bank or another broker. If you have investments you can either sell them or transfer to another broker. Then you call eOption customer service and ask them to cancel your account.

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Options Trading

The trading of options among retail traders has seen growth in popularity, as online brokers promote this trading product and offer educational and analytic resources to get one started. Traders enjoy the low cost, high leverage use of options, and also utilize them as a hedge against existing stock positions. However, sometimes the commissions charged for options are confusing, and hard to evaluate when choosing a broker.

Options commissions are not easy to compare without a firm knowledge of the kind of options trading one wants to do, the number of contracts typically traded and affiliated broker services needed. Most experienced options traders are looking at many factors with a broker, and not just the commission. Evaluation of analytic resources and online trading technology will also factor into the choice.

Nonetheless, a comparison can be made by assuming that a trader places an average order of 10 options contracts per trade, and will close out the position prior to expiration. There are different fees for options that expire ‘in the money’, and the trader elects to initiate a position in the underlying stock or ETF.

There are many complex options strategies available that can influence the commission cost of the trade, but for purposes of comparison it is easiest to use a simple strategy of buying and selling either puts or calls on a single stock or ETF. Beginning options traders use this method most often so it is a fair comparison.

Commission Structure for Options with Larger Brokers

The typical way that most online brokers charge commissions for options is two fold: a flat commission per order or trade plus an additional fee per contract. Per contract charge on average is $0.40. For example, Fidelity charges $0 per trade plus the $0.65 per contract, which for a sample 10-contract trade would total $6.5. The obvious goal is to have one’s profit at least exceed the cost of the trade.

The largest brokers all use this formula with some differences in the commission charged. Etrade and TD Ameritrade have a $0 stock commission and charge the standard $0.65 fee per option contract. Ally Invest’s commission is at $0.50 per contract.

Least Expensive Options Brokers

If the trader’s priority is to execute trades at the lowest cost possible, a few brokers stand out. Among well-known brokers, Tradestation an options specialist, has the lowest price structure for the volume trader, with a $0 commission and $0.20 per contract fee for clients trading 200 or more contracts per month. This means huge savings without giving up anything in terms of options tools and resources.

Firstrade also has a low-cost commission structure at $0 per order plus a $0 fee per contract regardless of the number of contracts. The 10-contract order in this case would amount to $0.

High Priced and Unusual Options Commission Brokers

Vanguard continues to hold the high ground price wise among mainstream brokers, with a $1.00 per contract, totaling an impressive $10 just to place an order of 10 contracts.

Muriel Siebert has an unusual and expensive approach to offering options trading. There is a minimum commission of $34 for any option order. But for options costing more than $1, there is a sliding scale that increases along with the option value. So, using the 10-contract example, the cost of the trade could range from $43 to $98 depending on the option value. This system seems to target the dollar value of the trade to set commission, rather than the service value offered by the broker.


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