OptionsXpress Reviews

Mark on December 29, 2008

• Rating

COMMISSSION:
A tiered structure for commissions on this site includes the ability to trade options for $14.95 or $12.95, the cheaper rate for over 35 trades per quarter, futures have a scaled rate from $6.99 and reduce $1 at intervals of 40, 10, 300, 1,000 contracts. Stocks can also be traded with a fee of $14.95 for up to 8 trades per quarter, reducing to $9.95 beyond that, and options on futures also have a scaling rate starting at $12.99 per trade.

CUSTOMER SERVICE:
A detailed F & Q section is accompanied by various contact methods, such as live chat from 8am until 10pm ET, and for a short period on Saturdays, email and telephone support exists between 9am and 10pm for trading days.

TRADE TOOLS & SERVICES:
A real benefit to the site is found in its selection of 18 trading tools available including stock identifier, trading patterns, screeners, calculators, watch lists, and an all in one trading console. Accompanying these tools is a range of services including webinars, education and coaching, as well as free broker assistance on trades – this is a feature not found on any other reviewed site, and for the traders that use this service can be a real money saver.

WEBSITE & ACCOUNT SECURITY
Security is a feature taken seriously here, with a dedication to protecting personal information, as well as the use of an array of services to keep the site and details secure, including firewalls, SSL technology, PIN´s, automated time outs, and log in block on failed attempts.

kochkin28 on September 24, 2009

OptionsXpress is very good at “buying in”.
This is when the stock starts going down and your short position starts giving you money - they will execute “buy-in”. They will buy to cover your short position and pocket the gains as the stock goes down. They will say it is “industry practice”. But OptionsXpress uses this loophole for their advantage EXCESSIVELY! They ripped me off $40000!
Be aware!

Jeff on January 20, 2010

• Rating

I was a client at Xpresstrade (futures) for years, then they got acquired by Optionsxpress. The platform is feature rich and you can trade almost anything from one account (stocks, options, etf’s, futures, etc.) Thats where the good stuff ends. There are many problems in the platform that have never been fixed since the Xpresstrade acquisition. Many of the capable futures people have left. Spreads remain a problem, usually requiring manual assistance. Sometimes the platform calculates option spread margins incorrectly, not allowing the simplest of trades. The after hours brokers are worthless, usually telling you to call back during regular hours. Recordkeeping/tax reporting is a mess. I got a letter from the IRS because they reported t bill purchases as huge gains. Look for another broker, maybe keep a minimal amount just to use their website for research and misc stuff.