OptionsXpress Review
If you have ever looked online for a broker of any kind, be it stocks, forex, futures, you will have probably come across Optionsxpress. They established themselves in late 2000 and initially focused on options trading, hence their name. However, as time elapsed they have constantly increased their range of products and services.
They have won many prestigious awards from Barron's, Forbes, Kiplingers and Smartmoney.
Trading Fees
Optionsxpress charge a flat rate of $9.95 per trade or $14.95 for penny stocks. There is no additional cost for broker-assisted trades. They also charge an additional $0.01 per share for all stocks priced under $1. Clearly this is not the broker for those trading penny stocks. There are no inactivity fees and no account minimums. Margin rates are quite low at 6.25%.
Whilst these prices are moderately competitive, Optionshouse charge just a third of this price for a trade at $2.95, Zecco charge $4.50 and Tradeking charge $4.95. The only additional thing I can really see that Optionsxpress offer than the others don't is a platform that allows you to trader many other financial instruments as well as stocks. This isn't a great concern for many traders though.
Support and Customer Service
The couple of times I have used the customer support, I have been very impressed. Both the online live person service and over the phone, I have promptly been helped by a knowledgeable individual.
Other things I liked
I like the fact they offer a 10 day free trial of their platform. This allows you to trade all the markets they offer including stocks, options, futures, forex etc.
I very much liked the platform, it is web-based and very powerful, yet straightforward to use.
Here is a screenshot of the platform. The thumbnail opens to a large image.
They also offer international trading and mobile trading. They also offer traders extensive educational material for newbie traders right the way through to advanced traders.
Conclusion
I think Optionsxpress is an excellent broker. I am definitely a fan. Can I honestly say as a stock broker I will use them instead of the cheaper alternatives? In a word, no.
For me they don't offer enough to charge 2 and 3 times more per trade than the alternatives.
I like the platform, I like the educational material, international trading etc. but it's not enough to entice me personally.
Click here to visit OptionsXpress
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