TradeKing vs OptionsHouse



TradeKing BannerTradeKing and OptionsHouse are two brokers we rate very highly here. Question is can we recommend one over the other?

To find out we’ve pitched them up against each other, we’ve rated them on the customer service they provide, the usability of their respected trading platforms, the trading tools they offer, the education they provide and of course price.

Finding a new broker has never been so easy, use the tables below to find out which of these two brokers suits your level of experience and trading style best. You can then sign-up for a virtual account and take them for a thorough test drive before you commit yourself.

 

Products & Services

Broker TradeKing OptionsHouse
Rating [rating:5/5] [rating:5/5]
website Visit the TradeKing Website Visit the OptionsHouse Website
Our Review Read Our TradeKing Review Read Our OptionsHouse Review
Bank Deposits Bank Deposits
Bonds Bonds
Certificates of Deposits (CDs) Certificates of Deposits (CDs)
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

In terms of services provided there’s little to choose between them, TradeKing offer CDs but not day trading, OptionsHouse offer day trading but not CDs. So that makes it easy to choose if you require CDs or you’re a day trader, the rest of us are going to have to look a little deeper.

Although OptionsHouse do welcome day traders, they don’t offer reduced rates for them. This is partly offset by the fact their rates are very competitive anyway, even at full price they’re still cheaper than the reduced rates E*TRADE offer frequent traders.

I should also point out that OptionsHouse do offer bond trading, but you can only trade them via the telephone. I’m not sure why this is but I’m sure it’s only a temporary measure and hopefully it’ll be fixed in future platform updates.

Trading Tools

TradeKing OptionsHouse
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

It’s pretty much the same story here, literally nothing to choose between them in terms of features. But how you use those features is what makes the difference.

The TradeKing platform is incredibly intuitive to use. Suitable for both beginners and intermediate traders, it has one click trading so you can place a trade from anywhere within the system.

OptionsHouse on the other hand has a fully loaded platform with all the bells and whistles, but it’s not as easy to use as the TradeKing one, you can’t action trades from within charts for instance.

Fortunately both brokers offer virtual trading, giving you ample opportunity to test drive both before you decide.

Fees & Commissions

TradeKing OptionsHouse
Account Minimum $0.00 $1000
Margin Account Minimum $2000 $2000
Stocks & ETFs $4.95 $3.95
Options Base $4.95 $8.50
Options Per Contract $0.65 per contract $0.15 per contract
Account Management Fee $0.00 $0.00
Broker Assisted Trades $5.00 $3.95
Mutual Funds $14.95 $9.95
Bonds $4.95/bond ($14.95 minimum) Bond Orders Only Accepted By Phone
IRA Annual Fee $0.00 $0.00

Summary

OptionsHouse are extremely competitive on price, they beat TradeKing who aren’t exactly expensive on everything except Mutual Funds. If price is your overriding factor then OptionsHouse is the way to go.

But what if you’re a beginner? As a rookie you need to focus on training and education as well as support. This is where TradeKing excel, they have an excellent trading community that’s a treasure trove of trading ideas and money management tips.

OptionsHouse don’t offer any facility like this, you’re pretty much left on your own. That doesn’t mean to say their training isn’t up to scratch. They offer some excellent options training, but it’s aimed at more experienced traders.

As a beginner you’d be better off sacrificing the cheaper fees and getting your head around the basics of trading before you move on to more complex options strategies, you can always move on to OptionsHouse at a later date.

OptionsHouse are perfect for the more experienced and intermediate traders amongst you. Their platform might not be as easy to use but it’s got all the tools you’ll ever need and don’t forget you’ll be making significant savings along the way.




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