The credit card offers that appear on this site are from credit card companies from which MoneyCrashers. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. Advertiser partners include American Express, U. Bank, and Barclaycard, among others. OptionsXpress is a multiple award winning broker that specializes in options trading for beginning and experienced traders. The company has slowly been building its market share over the past few years.
Today, OptionsXpress is regarded as one of the best options brokers in the finance industry. The company has been operating as an online broker to options traders since OptionsXpress is based in Chicago, Illinois and offers a wide array of investment products for traders and investors alike. The company has consistently received high ratings from Forbes, Barrons, and Smart Money for its website, trading tools, competitive fees, and research information.
OptionsXpress offers customers the ability to trade stocks, options, futures, bonds, exchange traded funds, and mutual funds. Margin accounts are also available. Business and Trust Accounts — General accounts are available for business customers and corporate trust customers. Trusts are available in the following forms: The different types of business accounts available for registration are partnerships, investment clubs, corporate, and limited liability companies. OptionsXpress Mobile Trading Platform — OptionsXpress has a mobile trading platform that allows you to trade from just about anywhere.
There are no account minimums and no minimum balances needed to keep the account open. There are no maintenance fees or account inactivity fees. Trading Features OptionsXpress is loaded with tools to help the individual investor. The investor education section is particularly useful. The company offers webinars, tutorials, and workshops all free of charge. The comprehensive research center offers articles, newsletters, and a personal coaching session.
There are research reports, analyst reports, market commentary, and proprietary analysis tools for investors. All of these tools will help traders formulate their options trading strategy. A lot of these great research futures are not available with other online brokers. Trading Tools OptionsXpress has a great virtual trading platform that finds, analyzes, executes, and monitors your portfolio.
The Screening tool screens investment opportunities based on your specific criteria. Once you have screened your options, the Strategy Scan tool analyzes your trade to detail the maximum gain and loss of your potential investment. The Xtend and Watch List tools execute your trading plan and monitor the performance of your investment.
Futures Trading A unique aspect of OptionsXpress is its futures trading products. On OptionsXpress, traders can buy and sell energy futures, metal futures, commodities futures, interest rates futures, and index futures. Customer Service OptionsXpress has a leg up on the competition with its customer service. The company offers free broker assisted trading which is a rarity in the brokerage industry.
Trading Fees While the trading fees are low; they are not as low as some other brokers. Trading options is cheap but you can find cheaper options trading from other option brokers though the difference is fairly insignificant.
Personally, I think OptionsXpress more than makes up for it with the other great services it provides above and beyond what its competitors offer. Opening an OptionsXpress account is an easy process. You can open your account in under 5 minutes:. I am convinced that OptionsXpress is one of the best brokers available for options traders. Inexperienced and experienced traders can both easily navigate the OptionsXpress site. The site is easy to use and has everything that the options investor is looking for.
The futures trading platform is a bonus and is useful for the speculative investor. The educational center is great for beginning investors because they can gain a better understanding of the different types of options strategies available. The trading tools, research reports, and customer service helps to set OptionsXpress apart. On top of all of this, they offer the basic stock, bond, and ETF investing services that your average broker would offer. The only potential drawback is the pricing.
The company may be best of breed but it is not the lowest cost option in the industry. Traders looking for the cheapest broker without much care for other services should look elsewhere, including competitors like TradeKing and OptionsHouse. All in all OptionsXpress is a real bargain when you consider the plethora of information and tools that you get for the price. Do you have any direct experience with OptionsXpress. Any feedback on their services is always welcome!
Mark Riddix is the founder and president of an independent investment advisory firm that provides personalized investing and asset management consulting. Mark has written financial columns for Baltimore and Washington, D.
The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. Disadvantages of OptionsXpress Trading Fees While the trading fees are low; they are not as low as some other brokers.
You can open your account in under 5 minutes: Select the name and type of account that you would like to open. Agree to the terms and conditions. Sign the account forms and mail them in. Final Thoughts I am convinced that OptionsXpress is one of the best brokers available for options traders. Facebook Tweet Pin LinkedIn. Taxes Standard Deduction vs.More...