Home » Brokers » optionsXpress » Is OptionsXpress The Right Online Broker For You?

Is OptionsXpress The Right Online Broker For You?

OptionsXpress is a specialized online broker that offers trading in options, exchange traded funds (ETF’s), stocks, futures, bonds and mutual funds in the U.S. as well as worldwide. As a publically traded company today, this broker started operating in 2001 and they are headquartered in Chicago, Illinois. OptionsXpress is a subsidiary of the Charles Schwab Corporation and they also offer financial advice, investments as well as other brokerage services. While this broker offers a wide selection of investment products, they are definitely recognized as options specialists. This detailed OptionsXpress broker review will explore the services and features offered by this broker so that you can make an educated decision if they are best suited to meet your online trading needs.

Opening An Account With OptionsXpress

From the moment I entered the optionsXpress website, I was quite impressed with the modern design of the site as well as the ease of use. The first thing that caught my attention on the homepage is that this broker is offering virtual trading with $25,000. That is, the optionsXpress demo account will enable me to practice my trading and will also provide me with full access to their account screens, resources and trading tools so that I can familiarize myself with the OptionsXpress platform before investing any real money. To apply for the Virtual Trade facility, you need to first open a free account with the broker.

Once you click on the ‘Open Account’ button, you are redirected to a registration form which requires you to input your country of permanent residence as well as to select the type of account you desire. Your account options are vast and include general investment accounts or you can select an account for trusts, a business account, retirement accounts or accounts for minors. From any of these account types, you can trade stocks, forex, bonds, futures, ETF’s and options all from one account. Let us explore these account types in a little more detail.

ACCOUNT TYPES Wide range of account types such as investment accounts, trust account, business accounts and Individual Retirement accounts (IRA)
ACCEPTED CURRENCIES US Dollar
ASSETS INDEX Options, exchange traded funds (ETF’s), stocks, futures, bonds and mutual funds
EDUCATIONAL TOOLS Comprehensive selection of tools including training videos, webinars, market news, charts, technical indicators and much more
DEMO ACCOUNT Yes – Virtual Trading with $25,000
ACCEPTS US TRADERS
MOBILE TRADING Yes
REFERRAL PROGRAMS No

General Investment Accounts

OptionsXpress offers two types of investment accounts namely, individual or joint tenants.

As a trader, you also have the option of selecting a cash account which requires no minimum deposit or a cash/margin account which has a minimum balance requirement amount of $2,000.

Trust and Business Accounts

To trade with OptionsXpress, you can also open a trust or business account. There are four types of trust accounts including regular, Keogh (self-employed), Money Purchase Plan (MPP) and a Profit Sharing Plan (PSP) trust account. Business accounts can also be opened for corporate, LLC, partnerships and investment club.

Individual Retirement Accounts (IRA)

OptionsXpress offers a variety of individual retirement accounts and you qualify for these account types whether you are a business owner or an employee. OptionsXpress also offers other various types of retirement accounts including traditional, Roth, Rollover, SEP (Simplified Employee Pension) and SIMPLE (Savings Incentive Match Plan for Employees) IRA’s.

OptionsXpress is also currently offering a $150 Amazon gift card when you open an account and make a deposit of $1,000 as well as make ten or more trades within the first three months of signing up with them.

One of the key focuses of this Options Xpress review is to look at both the positive and negative features of the broker and one of the beneficial elements of opening an account with them is that they do not require a minimum balance in order to keep your account open. Furthermore, this broker does not charge account inactivity fees or maintenance fees.

So until now, I have no complaints about OptionsXpress. Let us move on now to the investment products offered by OptionsXpress.

Investment Products

optionsxpress investment products

OptionsXpress is a one-stop trading broker as they offer a wide selection of investment products to trade in as follows:

Options

When it comes to online options trading, OptionsXpress are pioneers in this field and they offer their clients a selection of online trading tools, advanced order screens and dedicated resources in order to enhance trading success. Some of these features include portfolio protection which protects your stock portfolio against volatile market movements, income generation which enables you to generate cash from your stock holdings as well as a lower initial investment which reduces the risk of trading. The OptionsXpress trading platform has been designed and built with the needs of an online options trader in mind. This platform is intuitive and easy to use and it provides a selection of investment tools that assist traders in analyzing and monitoring their options investments.

Futures

You can trade futures with OptionsXpress and this broker offers worldwide access to a vast choice of futures such as indices, metals, currencies, interest rates, energy, housing, grains and more. The benefit of trading with OptionsXpress is that they offer 24 hour trading with real-time quotes. This broker also provides real-time daily Dow Jones market news and research which provides traders with valuable market insights to help trade effectively.

Forex

If buying and selling currencies is your passion, then OptionsXpress is the broker for you. They offer 24 hour trading in financial markets on their trading platform and they also provide access to Forex webinars and online self-study courses on how to trade forex the right way. This broker also provides real-time Forex news as well as trading ideas and market research.

Stocks

The OptionsXpress trading platform enables you to trade stocks with ease and you can easily set up the platform to monitor your trading including basic sells and buys as well as limits, stops and more. The broker also offers extensive trading education such as trading strategies which will help you to master stocks trading with ease.

Other Investment Products

OptionsXpress also offers investment opportunities in exchange traded funds (ETF’s) as well as bonds and mutual funds so you definitely have the opportunity to build a full portfolio with this wide selection.

Let us move on now to other features offered by this broker.

Trading Tools

OptionsXpress clearly understands that profitable trading relies on effective online trading tools and it is for this reason that this broker offers a wide variety of superior trading tools as follows:

Virtual Trade

As we mentioned before, this broker gives you the opportunity to practice trading on their platform without the risk of losing any money. You are provided with $25,000 in your practice account and you also have access to account screens and other resources. This tool is an excellent way to build your trading confidence before you step into the real trading arena.

Trading Patterns

This trading tool offered by the broker helps you to trade more accurately by giving you the insight as to how the market is trading as well as market trends. This tool also highlights the top options trades of the day.

Walk Limit® and Idea Hub™

The Walk Limit trading tool automatically updates the trader’s order so that the best price is obtained.  That is, the trader no longer needs to manually update existing spread orders. The Idea Hub helps traders by providing options trading ideas and it does this by looking for either bullish, bearish or neutral ideas while taking into account earnings, volatility and income generation.

Streaming Charts

This charting tool provides the trader with a comprehensive view of the market and the price movements. You also have the flexibility to customize these charts using over 100 technical indicators.

Trade and Probability Calculator

Trading online is all about reducing the risk and making a profit and this risk tool will evaluate your trading strategy before you make your trade. In response, you will receive a detailed analysis which will customize the options expiry date, volatility and investment amount. The risk/reward ratio can also be calculated.

Chains

This research tool will provide you with real-time quotes of each options strategy taking into account the option’s time and intrinsic value. Complex spreads can also be built and you can place a trade with the click of your mouse.

All-In-One Trade Ticket

With this execution tool, you can place advanced options, futures and stocks orders. It is important to note that this tool was name by Barron’s as the “industry standard for placing trades”.

oX Social

Trading is all about being up-to-date with market movements and trends and the oX Social tool will provide you with the latest market news, user forums and trade predictions. You can also share your opinions and trading tips with other traders.

Volatility View

This charting tool allows you to view the historical price movement of a stock over the last 3, 6 and 12 months enabling you to make a more accurate prediction of the future movement of the asset’s price.

optionsXpress Mobile

Yes believe it or not, you can trade with this broker while on the go and with this mobile application, you can follow the market and access your trading account at any time. Simply download OptionsXpress Mobile onto your iPhone, Android, BlackBerry or Windows Mobile device and you can trade at any time and from anywhere.

It is very clear that OptionsXpress has gone the extra mile to provide its traders with a wide selection of top-notch trading tools but this broker has more on offer. Let us move on now to their free education.

Education

XpressMethod is the trading education plan designed by OptionsXpress which has been adapted to assist traders in trading effectively. It includes webinars, workshops and tutorials which help to educate traders in online trading. The broker also offers free access to educational videos which cover important topics such as a platform tour, opening an account, security, how to place an options trade and much more. You can also register for the broker’s blog and educational newsletters which will keep you updated of all significant market events.

It is clearly evident that OptionsXpress has done all possible to provide their traders with a powerful trading experience and if you search the internet for other options Xpress reviews, you might notice that some traders are calling this broker a scam. With our detailed overview of this broker, we have not found anything to verify any OptionsXpress scams and in fact, the only downside of this broker might be the fees they charge.

Trading Fees

Let’s start by saying that OptionsXpress does not charge broker assistance fees and there are also no hidden costs. The broker charges $1.25 per options contract and they require a $12.95 minimum trade amount. Stocks are charged a flat fee of $8.95 per trade while bonds are charged at $5 per bond with a minimum order of $9.95. Futures are priced at $3.50 per contract while Forex trading has no fees or commissions. While some may say that these fees are expensive, it is important to note that OptionsXpress was voted the Best for Costs by Kiplinger. What it really boils down to is how serious are you about your trading and are you prepared to pay for using elite trading services and tools? If the answer is yes, then the solution is OptionsXpress.

Safety

It is important to note that OptionsXpress is a member of the Securities Investor Protection Corporation (SIPC). This means that should the broker collapse financially, the money in your trading account will be safe. This SIPC account coverage insures each trader up to $24.5 million of which $900,000 may be cash. With this insurance in place, you can always have peace of mind that your funds are safe and that the financial stability of the broker cannot impact your money.

Customer Service

optionsxpress homepage screenshot

This broker offers professional customer service and support and they also offer extended customer service hours. You can easily contact OptionsXpress via live online chat, fax, email, telephone or mail.класс лобановскийпланшет ноутбукраскрутка сайта киев ценасоздание одностраничного сайтаавтоматическое продвижение сайтакупить косметикумунтян владимир колледж

OptionsXpress is a specialized online broker that offers trading in options, exchange traded funds (ETF’s), stocks, futures, bonds and mutual funds in the U.S. as well as worldwide. As a publically traded company today, this broker started operating in 2001 and they are headquartered in Chicago, Illinois. OptionsXpress is a subsidiary of the Charles Schwab …

Review Overview

Ease of Use - Sophisticated trading platform that is easy-to-use - 98%
Welcome Bonus - $150 Amazon.com Gift Card if you make a deposit of $1,000 and make 10 or more trades within 90 days - 80%
Minimum deposit - No minimum deposit required - 100%
Banking Options - Bank wire, cashier’s check, personal check or bank draft check - 85%
Trading Platform - All-in-one trading platform - 100%
Customer Support - Live Chat, Email, Fax and Telephone - 100%
Educational Tools - Training videos, Webinars, Market news, Charts, Technical indicators and much more - 100%
Languages - English - 70%

92%

Summary : You may find many OptionsXpress reviews online but until you experience the broker for yourself, you cannot understand what top quality service and features are all about. Trading online involves risk but if you partner with the right broker, you can make a profit. Here is my summarized review of OptionsXpress for your reference.

User Rating: Be the first one !
92
Loading Facebook Comments ...
Scroll To Top
Dog