OptionsXpress Review – Online Discount Broker

Share:

OptionsXpress LogoA relatively unknown broker in the online space, OptionsXpress offers more to trading than their name would lead you to believe.  Founded a decade ago in 2000, OptionsXpress prides itself not only in its technology but its wide variety of educational tools to help both experienced and inexperienced investors. And since it has won awards as a top brokerage firm from the likes of Barron’s and Kiplinger’s, a review of OptionsXpress seemed to be in order.

OptionsXpress Pricing

With a platform that focuses on options, OptionsXpress uses a tiered level of pricing for its customers.  If you are an active trader, then you receive slightly reduced pricing, as indicated by the table below.  You can also see that depending on the amount of contracts, you can save or pay a few dollars more than other online discount brokers.

OptionsX Prices

OptionsXpress has a two-tiered pricing structure for stock trades. The lower price applies for those that trade 9 times or more per quarter. For example, OptionsXpress offers a flat rate of $14.95 per trade if you trade fewer than 9 times a quarter, and $9.95 a trade if you trade 9 times or more a quarter. These prices, however, are for trades of up to 1,000 shares.  Any trade that consists of over 1,000 shares costs 0.01 cents per share for 9 trades or more a quarter and 0.015 per share if you trade fewer than 9 times each quarter.

OptionsXStockPrices

A great positive that OptionsXpress has going for it is their lack of account fees and free broker assistance.  You won’t find any account maintenance fees like you do with other discount brokers and if you need help in placing your order or trade, you can utilize a professional at no extra charge.

OptionsXpress promotional code offers new accounts a $100 bonus.

OptionsXpress Customer Service

For this review, I decided to utilize the live chat feature available on the OptionsXpress homepage. After inputting my information, I was connected with a customer service rep immediately.  The representative was able to answer all of my questions quickly and courteously, and all of the information he provided was 100% accurate.  Phone support is available for extended hours on Monday-Saturday, email support is available 24/7 and live chat is available Monday-Sunday.  OptionsXpress continues to win awards for its user friendly interface and customer service, giving this broker a great grade for friendly service.

OptionsXpress Trading Tools and Education

Truly where OptionsXpress separates itself from its competitors is its innovative technology to help both experienced and amateur investors.  Some of the premier tools that can be used by OptionsXpress customers include:

  • TradeWizard: A step by step guide for both advanced and novice traders
  • The Dragon: Browse the market for stocks and funds that match the criteria you’ve set forth
  • Xpress Charts: Look through informative charts to find a stock that best suits you
  • Chains: Steaming quotes, intrinsic values and complex spread construction
  • Xspreads Spreads Book: Look around for potential spread trades
  • Strategy Scan: Develop an investing strategy that fits your needs
  • The Screener: Find potential market gains based on your preset criteria
  • FleXCharts: Streaming charts to help you better visualize the marketplace
  • Trade Calculator: Determine a trades risk and reward, your buying power and more
  • Chart Patterns: View up to 20 stocks and see how they meet your interests and spending limits
  • Virtual Trade: Familiarize yourself with a complete OptionsXpress trade by making a dry run

For a closer look at all of the tools that OptionsXpress provides, check out the video below.

When you factor in pricing costs, customer service and overall intangibles, OptionsXpress falls right into the middle of the pack.  Add to that their technology and OptionsXpress is an above average online discount broker. If you are looking to trade options, however, OptionsXpress is certainly one of the leading online brokers.

One of the great features of OptionsXpress is that you can create an account without depositing any money. This is ideal if you want to check out its trading tools, videos, and other educational resources. And for a limited time, OptionsXpress is offering a $100 bonus for new accounts (new accounts must be funded with at least $500 to qualify). You can get more information about OptionsXpress and its $100 bonus offer at the OptionsXpress website.

OptionsXpress Banner

Published or Updated: March 21, 2012
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. Daddy Paul says:

    Great explanation on options pricing.

  2. ROBERT SAIDOV says:

    I do not recommend this broker, they reported my 2 trades as canceled, and later on they filled them, it cost me $10,000

    Stay away

  3. Zach says:

    Just curious, but do you get any kind of commission if someone clicks that link and signs up for OptionsXpress?

  4. Doji says:

    Sometimes the “Express” is a slow freight train.

    I have been trying for several months to open an account with Options Express. This journey started with completing an online application. For identification I responded to all the out-of-the-picket questions. Then the clock started ticking.

    A couple of weeks later I attempted to deposit funds into the new account. One problem, no account number. Status showed pending. Waiting a week I contacted Options Express and was advised account would be approved “shortly”.

    Several weeks later, still pending. Once again I contacted Options Express and was advised I would need to copy and fax my life to them. Advised them I currently had 3 other account with Schwab. Advised then would look into it.
    Several more weeks pass and still in a pending status.

    Deciding a direct approach was better; I stopped in my local Schwab branch and explained the situations. The desk jockey was perplexed and at a total loss as to what was required to fix the situation. It appears when Schwab acquired Options Express they failed to advise or train their local support staff.

    An hour later, after showing no indication of leaving until resolved, progress was made. My ID’s was faxed to the “proper” people and I was advised my account would be opened.

    Was it? NO! I received an email after I had left saying the fax received from a Charles Schwab employee from a Charles Schwas fax machine could not be used. I would need to fax a copy myself. You have to love a challenge.

    I will be closing my remaining accounts with Schwab and moving on.

Speak Your Mind

*