Current OptionsHouse Promotion – 100 FREE trades. OptionsHouse is currently offering new account holders 100 free stock trades when they open a new account. Offer expires 6/30/2010. Use Coupon Code FREE100.
In the world of online brokerages, cost is one of the first things many investors look at because if trades are too expensive, they will eat into your returns. If cost is a concern for you, then consider OptionsHouse, a discount brokerage that offers some of the least expensive commissions in the industry with a flat rate of $2.95 per trade, regardless of how many shares you purchase. They also offer $9.95 options trades regardless of how many contracts are executed. Not only are their trade commissions low, but they back it up with great features and strong industry reviews.
OptionsHouse Brokerage Review
There are many important features to an online brokerage account, so let’s take a look at some of the most important – cost per trade, fees and account requirements, and investment options (types of investments and types of accounts).
OptionsHouse Commissions. As we already mentioned, OptionsHouse charges some of the lowest commissions in the industry with $2.95 flat rate for stocks, regardless of how many shares are purchased or if it is a broker assisted trade.
OptionsHouse recently updated their pricing structure for options trades. Options traders now have two new pricing structures: The first option caters to customers who trade less than 10 option contracts per leg and is referred to as the “5 for $5″ plan. Under this plan, single-leg trades are $5 for up to 5 contracts plus $1 for each additional contract. The second option caters to customers who generally trade more than 10 contracts per leg. Under this plan, single-leg trades are $8.50 plus 15 cents for each additional contract. Again, there is no charge for broker assisted trades.
Account fees and minimums. OptionsHouse does not charge account maintenance fees, inactivity fees, monthly minimums, or additional charges for broker assisted trades. All prices are a flat rate, regardless of volume (some brokerages, such as Zecco have differential pricing based on number of trades or account balance). Bottom line – what you see is what you pay.
Investment options. OptionsHouse offers investors the ability to purchase and sell equities, options on equities, ETFs, and mutual funds and they offer individual and corporate accounts, Roth, SEP, and Traditional IRAs, and accounts for trusts, partnerships, investment Clubs, Educational IRAs, and custodial accounts for uniform transfers to minors or gifts to minors act (UTMA or UGMA).
OptionsHouse tools and educational center
OptionsHouse specializes in the options market and offers a wide variety of beginner level and expert level options trading tutorials in the form of articles, tools, ebooks, and webinars. Tools include an options screener, strategy screener, various calculators, a virtual trading account, and free access to the Maxit tax-management tool. Here are more OptionsHouse tools:
OptionsHouse – Award winning brokerage firm
OptionsHouse earned a four-star rating in Barron’s 2008 Best Online Broker Survey and received the #1 ranking for “Usability.” In 2009 Barron’s gave OptionsHouse a 4.5 star overall rating and listed them as the “Best For Options Traders.” Barron’s also rated OptionsHouse #1 in Trade Experience in their 2009 Online Broker Survey.
Customizable award winning user interface. OptionsHouse gives users the ability to customize their trading screen to their personal preferences. An example of the OptionsHouse award winning user interface is below:
Current OptionsHouse promotions
OptionsHouse is currently offering new customers some nice incentives to open a brokerage account, including:
- 100 free trades through 1/31/10.
- ACAT reimbursement to transfer your funds from another brokerage (up to $100).
- $25 wire fee reimbursement for initial account funding.
- $50 or 10 free trades for referring new customers.
For more information, or to open an OptionsHouse brokerage account, visit http://www.optionshouse.com/.
OptionsHouse, LLC and is owned by PEAK6 Investments, L.P., and are headquartered in Chicago. They are a licensed FINRA broker-dealer, and are a member of SIPC, which backs customer accounts against the insolvency of a brokerage firm (but not against market loss).
Customer support. OptionsHouse offers telephone and web support before, during, and after trading hours, and there is no additional fee for broker assisted trades. You can reach OptionsHouse customer support at 1-877-653-2500 from 7am – 6pm Central. Visit http://www.optionshouse.com/ for more information.