Saturday, June 27, 2009

OptionsHouse Review

OptionsHouse, OptionsThis and OptionsThat. So many options brokerage houses which means confusing choices for us all. How does OptionsHouse get you to remember them? How about $2.95 per stock trade?

Click Here to Sign Up for an OptionsHouse Account

Fees Come First

That’s not a typo. Over at OptionsHouse, stock trades are just $2.95 no matter what. When a company can make money like this, it really makes you wonder how much money other premium stock brokers are making off us. What’s even better is OptionsHouse’s flat rate options commission structure. The per contract fee can quickly add up because you buy or sell so many contracts per trade. With this broker, it’s $9.95 per trade no matter how many contracts exchange hands, no questions asked.

Other Fees?

Here’s some of the other fees of the options broker.
optionshouse rate and fees
Exactly what I like to see. No maintenance fees, no minimum trade requirements, and if I ever want help, broker-assisted trades are still just $2.95!

OptionsHouse Interface

optionshouse screen
Upon looking into the account, I found that the interface is very much like the professional trading platforms of the higher end brokers for professional traders. Within the main screen, you can see an account summary, quote lookup, order statuses, positions, and detailed information on particular securities.

Webinars and Seminars

I’ve begun to really love the education that these brokers provide and OptionsHouse is no exception. It’s obvious that the company’s expertise is in options trading because all the webinars are concentrated in that area but I expect it to expand to stock trading and other subjects in the future.

Don’t Underestimate Them

While many of you may not have heard about this brokerage firm, they seem to have their act together. In fact, Barron’s 2009 Online Broker Survey ranked them #1 in trade experience, beating out the likes of thinkorswim, optionsXpress, E*Trade and Charles Schwab.

Conclusion

optionshouse transfer feesOptionsHouse really gets my blood flowing because of its extremely low trading fees. Is it SIPC insured? Check. Is there good word out there? Another check. Changing brokers is really a hassle though. But like others, they are willing to reimburse me for up to $100, which is enough to move from pretty much any institution. Hmm… decisions decisions decisions. As for you, there’s really no right answer, but I’d say that $2.95 stock trades is reason enough for you to at least give it a test run.

Click Here to Sign Up for an OptionsHouse Account

Resources:

Who is OptionsHouse Anyway?

To be honest, one of the first reaction I had when someone told me about OptionsHouse was: “Who?” I then went to do a little research and here’s what I found out.

OptionsHouse is really OptionsHouse, LLC and is owned by PEAK6 Investments, L.P. The company’s headquarters is in Chicago, the home of the Chicago Board of Trade. The parent company have been in the options and derivative trading business for years, and is actually one of Chicago’s 101 best and brightest companies to work for.


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