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By on November 6, 2012
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optionsXpress, the online discount brokerage firm founded in 2000, is headquartered in Chicago, Illinois. In recent years, they have gained a reputation as a mecca for options trading. They also offer investments in stocks, mutual funds, bonds, ETF’s, futures, options on futures and penny options.

In this optionsXpress review, I’ll cover what optionsXpress has to offer, who they’re right for, and give you guys some links to the latest optionsXpress promotions. If you’ve used optionsXpress before, please add your own rating and review below.

optionsXpress – The Basics:

Investments: Stocks, options, mutual funds, bonds, ETF’s, options on futures, penny options.
Commissions: $8.95 per trade is charged for stock trading (no additional fee for broker assisted trades). Options trades have a minimum of $14.95 and a commission rate of $1.50 per contract if the quarterly trading volume is lesser than 35. Otherwise, $1.25 per contract is charged with a minimum of $12.95. Options base fee is not charged. Mutual funds cost the investor $9.95 in addition to any fee charged by the fund itself. Bonds cost $5 each with a minimum of $9.95. The commission rate of futures varies from $6.99 to $2.99 depending on the trade volume. The fee for options on futures also varies from $12.99 to $5.99 depending upon the trade volume. Covered calls cost $22.90 for an order size of 10 contracts.
Investor Education: Excellent education program comprised of regularly-held free webinars, workshops and tutorials. The research center offers articles, reports and newsletters in addition to personal coaching sessions. Analyst reports, market commentary, research reports and analysis tools are offered for the benefit of the investors.
Mobile apps: Very strong trading platform for mobiles with app offerings for iPhone, iPad, Blackberry and Android, besides having a great mobile site. You can trade from anywhere using the mobile platform which has almost as much functionality as the other platforms.


Other Notes:

Being a part of Charles Schwab, they can also make use of the great number of local branch offices to provide personalized customer service.

There is no minimum to open an account with optionsXpress. Find out how you can get $100 when you apply for an optionsXpress account now.

Pros & Cons Of optionsXpress:

Pros Cons
  • Part of the Charles Schwab family.
  • Excellent customer service.
  • Strong mobile trading platform.
  • Well designed tools and excellent trading technology.
  • No fee for IRA accounts.
  • Great research amenities.
  • Free of cost paper trading.
  • No minimum fee for opening account.
  • Free broker assisted trading.
  • Great for options trading.
  • High commission rates for stocks, options and ETF’s.
  • No international trading facilities.
  • No forex trading available.
  • Availability of too many platforms can cause confusion.
  • No single platform assimilating all the tools offered.
  • Support not provided 24*7.

How Others Rated optionsXpress In 2012:

Barron’s: 4/5 stars

           Highest rated category: Tie (Research Amenities, Portfolio Analysis and Reports, and Customer Service and Education)

           Lowest rated category: Costs

Smart Money: N/A (not rated)

           Highest rated category: N/A (not rated)

           Lowest rated category: N/A (not rated)

Word On The Street Is…

oiptionsXpress is meant for active investors looking for some amazing customer service coupled with some of the best trading tools, technology and customer education programs in the brokerage industry. optionsXpress has also been named as among the best in the business for options trading by Barron’s.

Overall takeaway: Price is a bit on the high side, but overall OX is excellent for trading experience, research amenities, tools, customer service and education. Definitely a popular choice these days.

optionsXpress Promotion Code:

Hit the link below to claim the latest optionsXpress promotion. Click below to claim promotion codeGet $100 when you open an account.

Where To Open A optionsXpress Account:

Open A Personal/Joint/Custodial/Business Account With optionsXpress: Apply Here

Open An IRA Account With optionsXpress: Apply Here

Open A Forex Trading Account With optionsXpress: N/A

P.S. Don’t forget, if you’ve used optionsXpress before, please help us by adding your rating and review below!


About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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