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 $4.95 per trade, regardless of how many shares you purchase. They also offer options trades at an attractive price of $0.50 per contract + $4.95 base (this is the lowest I have seen since I did my review of Trade King). 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).
Top reasons to consider OptionsHouse:
- $4.95 Stock Trades, Flat Rate.
- No Maintenance Fees, Volume Requirements, Monthly Minimums, or Connection Charges.
- Ability to trade stocks, ETFs, mutual funds, US Treasuries, and other investments.
- Free educational resources, seminars and webinars.
- $100 Transfer Fee Reimbursement to transfer your brokerage account to OptionsHouse
OptionsHouse Commissions. As we already mentioned, OptionsHouse charges some of the lowest commissions in the industry with $4.95 flat rate for stocks, regardless of how many shares are purchased.
Account fees and minimums. OptionsHouse does not charge account maintenance fees, inactivity fees, or monthly minimums. All prices are a flat rate, regardless of volume (some brokerages, may 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. OptionsHouse offers individual and corporate accounts, and you can also use an OptionsHouse account to set up a custodial accounts for uniform transfers to minors or gifts to minors act (UTMA or UGMA).
Additional account options include taxable investment accounts, small business retirement accounts, SEP IRAs, Traditional IRAs, and Roth IRAs, and accounts for trusts, partnerships, investment Clubs, and Educational IRAs.
How Does OptionsHouse Compare to Similar Brokerages?
OptionsHouse compares favorable in many areas, including price per trade, investing tools, education center, and customer service.
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 2016 Best Online Broker Survey and received the #1 ranking for “Best for Options Traders” for several years in a row – from 2009 – 2016. They have also rated highly in annual rankings by Kiplinger’s and StockBrokers.com.
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 a sign up bonus some nice incentives to open a brokerage account, including:
- Trade free for 60 days (up to $1,000 in commission free trades).
- ACAT reimbursement to transfer your funds from another brokerage (up to $100).
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). They have recently merged with E*Trade, another highly rated brokerage firm.
Customer support. OptionsHouse offers telephone and web support before, during, and after trading hours. You can reach OptionsHouse customer support at 1-877-653-2500 from 7am – 6pm Central. Visit http://www.optionshouse.com/ for more information.