Average User Rating: OptionsXpress Review, 7.2 out of 10 based on 14 ratings (see user reviews):
Fees: From $8.95 / stock trade. Options +$1.25 / contract ($12.95 minimum). No broker assistance fees. Currently offering $100 bonus for new accounts!
Account Minimums: None*
Transfer Fees: Nil.
Virtual Trading: Yes
Trading Platform: Xpress Router trading technology for fast, accurate, competitive price quotes.
Tools / Resources: Split level training guides covering Options, Futures, Stocks, Bonds, Mutual funds & ETFs
Customer Service: Recognised by Barron’s, Forbes, Kiplinger’s and Smart Money as one of the world leaders in online stock trading.
*$2000 for margin accounts. Foreign customers allowed.
Background: With a name like OptionsXpress you might think they only offer an options trading platform but they also let you trade stocks, bonds, funds, and others.
OptionsXpress was founded in 2000 and was one of the pioneers in online stock, options and futures brokerage service to the self-directed investor.
Using their Xpress Router technology they are able to maintain the fastest and most accurate quotes. Coupled with cutting edge research and training tools it is easy to see why they are one of the market leaders in online stock trading.
OptionsXpress is a member of the Securities Investor Protection Corporation (SIPC), which provides protection for accounts up to $500,000 (including $100,000 for claims of cash) per client as defined by SIPC rules.
Pricing: OptionsXpress charge fees from just $8.95 per stock or $12.95 per option trade. No broker assistance fees.
- Stocks: $8.95 Flat
- Options (active traders): $12.95 for up to 10 contracts, $1.25/contract for over 10 contracts
- Options (non-active traders): $14.95 for up to 10 contracts, $1.50/contract for over 10 contracts
Types of Account: OptionsXpress offer three main types of accounts for trading; cash accounts, margin accounts, and futures accounts. They also offer multiple types of retirement accounts, including traditional, Roth, SEP and simple IRAs.
Trading Platform: OptionsXpress utilises powerful trading tools to help you scan the markets for stocks that best meet your investment plans. Easy-to-use trading platform enables you to set up and monitor everything from simple buy and sell orders to advanced orders like stops, limits and more.
Xpress Router trading technology enables fast, accurate, competitive price quotes.
OptionsXpress holds webinars and live events dealing with an extensive range of topics from basic to advanced trading strategies.
Training resources are split across four levels from basic to advanced strategic and cover:-
Options, Futures, Stocks, Bonds, Mutual funds & ETFs
Virtual Trading: OptionsXpress offer a free paper trading services.
Account Transfer: No cost for transferring your account from another broker.
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OptionsXpress User Reviews
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