OptionsXpress vs Firstrade

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If you’re on the lookout for a new broker you’ve come to the right place. We’ve compared two of the best known brokers Firstrade and OptionsXpress to find out which one is the most appropriate for you and your trading style.

We’ve compared their level of service, platform functionality and price. So take a look at the comparison tables below and you’ll soon get a pretty good idea which broker will suit your trading strategy and experience best.

Products & Services
Broker	OptionsXpress	Firstrade
Rating	[rating:5/5]	[rating:3/5]
website	Visit the OptionsXpress Website	Visit the Firstrade Website
Our Review	Read Our OptionsXpress Review	Read Our Full Firstrade Review
	Bank Deposits	Bank Deposits
	Bonds	Bonds
	Certificates of Deposits	Certificates of Deposits
	Day Trading	Day Trading
Services	Extended Hours Trading	Extended Hours Trading
	ETFs	ETFs
	IRAs	IRAs
	Mutual Funds	Mutual Funds
	Trading Community	Trading Community

 Services Overview

This comes as a bit of a surprise but it’s the smaller broker that offers the most comprehensive services, Firstrade who’ve been around since 1981 offer the complete product set, everything from stocks to certificates of deposits (CDs).

OptionsXpress offer a lot more than just options however; they offer 99.9% of what most traders need, only missing out on CDs. That’s not such a big deal since most people I know obtain CDs from their local bank.

It’s always difficult to separate brokers by their services alone. Most brokers these days pretty much have all the bases covered. If we’re really going to separate them we need to look at trading platforms and price.

Trading Tools
	OptionsXpress	Firstrade
	Automated Trading	Automated Trading
	Investor Resource Center	Investor Resource Center
	Mobile Trading	Mobile Trading
	Online Advisor	Online Advisor
Trading Tools	Profit & Loss Calculator	Profit & Loss Calculator
	Streaming Charts	Streaming Charts
	Stock & Fund Screeners	Stock & Fund Screeners
	Tables & Graphs	Tables & Graphs
	Training & Education	Training & Education
	Virtual Trading	Virtual Trading

 Trading Tools Overview

Had I written this review 18 months ago OptionsXpress would’ve been a clear winner in terms of platforms. Firstrade’s platform used to be pretty second rate, it lacked most of the things you’d expect from a modern trading platform, including stock screeners and live charts.

All that changed in October 2010 when Firstrade responded to the criticism and released their all new platform, XStream. XStream addresses most of the problems of their original platform. It now has all the tools you’d expect from a front-line broker.

But it’s still not cutting edge, it feels a little basic in terms of charting tools and advanced screeners and it doesn’t have one click trading like most of the better platforms have today.

It’s not a bad platform for beginners though, only trouble is they still haven’t developed a virtual trading platform to go along with it. So it’s not perfect by any means but it’s a lot better than it used to be.

OptionsXpress on the other hand have always had a top notch platform; Xtend really is as good as it gets from a retail broker. It’s got all the tools you’ll ever need and yet remains completely intuitive to use. I’ve used this platform for over two years and have no complaints with it.

 Summary

In summary, if you’re looking for an all round broker to build a well balanced portfolio you could do a lot worse than join OptionsXpress. They have one of the best platforms around along with exceptional customer service.

They’re perfect for managing your IRA or advanced options trading. If you’re new to options they also have some excellent options training, including live seminars and a great video series.

Firstrade can’t really compete against that. Yes they’re a little bit cheaper, but to be honest the OptionsXpress platform is more than worth the difference.

If you’re looking for a small broker with a good level of personal service and you operate a small account, Firstrade might be worth a look. But to be honest you’ll get the same level of service from OptionsXpress without having to sacrifice any platform functionality.

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