OptionsXpress Review

Posted by Kate on September 7, 2010

optionsXpress Review

OptionsXpress is a brokerage with an all-in-one trading platform that allows you to trade bonds, mutual funds, ETFs, options, futures and stocks ALL in one convenient online trading account.

Part of their company mission is to be the “ideal broker for options traders looking to maximize their returns.” Here is a closer look at what optionsXpress offers.

optionsXpress Fees

  • Stocks: $9.95/trade ($0.01/share over 1,000)
  • Futures: As low as $2.99/contract
  • Options: $15 for 10 Contracts; $30 for 20 Contracts
  • No Hidden Fees: OptionsXpress doesn’t require a minimum balance and doesn’t charge fees for periods of inactivity, volume or quantity of activity, or standard withdrawals or deposits. Check out their No Hidden Fee Policy.

optionsXpress Additional Trading Fees

One of the features of optionsXpress is the ability to consolidate all of your trading needs in one account. The trading fees for ETFs, mutual funds, and bonds are as follows:

  • ETFs: $9.95/trade
  • Mutual Funds: $9.95/trade
  • Bonds: $9.95/trade

optionsXpress Details

Online Trading Tools. OptionsXpress offers traders a breadth of online trading tools to help customers with their investing strategies.

Virtual Trading. Among the many tools OptionsXpress offers, one of the coolest seems to be their Virtual Trading which allows you to develop your knowledge of investments in a real online trading environment before you actually jump in.

High Ratings. Forbes, Barrons and SmartMoney have all given OptionsXpress good reviews.

optionsXpress Overall

OptionsXpress offers a great array of tools for investors. If you’re trying to teach yourself more sophisticated strategies or are a bit naive when it comes to investing, the tools on their site alone could be of great help.

Some of the information on options and futures may overwhelm investors with a simpler strategy but optionsXpress recognizes this and their interface is easy to navigate for a variety of investing vehicles.

One of the nice features is the free broker-assisted trading, phone or online assistance. Other brokers often charge a higher fee when you need to get assistance with your trade, which is a comfort to traders who might need a little hand holding at first.

optionsXpress Sign Up Offers

Account Transfers. OptionsXpress will reimburse you any account transfer fees your other broker charges you up to $100. To get your $100:

  1. Complete a full account transfer of $2,000 or more.
  2. Fax optionXpress at (312) 629-5256 with a statement showing your charges.
  3. Get your credit deposited to your account within 30 days.

$100 Sign Up Bonus. Don’t forget the free money OptionsXpress $100 Sign Up Bonus offer. To get the $100:

  1. Open and fund an OptionsXpress account with $500 by December 31, 2011.
  2. Execute three trades within 12 months of opening the account.
  3. $100 will be deposited into your new account within one month.

If you’ve been on the fence about opening an account, now is a great time to check them out with the sign up bonus! Madison is planning on opening an account this week to take advantage of the $100 sign up bonus, and dig deeper into the trading tools.

Sign Up for optionsXpress

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Comments to OptionsXpress Review

  1. Don’t use them, they’re the worst so far.

    I transfered funds from my husband’s bank account to my optionsxpress account by mistake, but they assured me they would be returned 10 days ago. then it didn’t happen. I chased them for 10 days every day and they give me the same answer, saying they would inform their bank to start the transfer, the process had been delayed by their bank.
    I communicated with them through live chat and called them, everything they said the funds would be returned and they have spoken to the cashier department, but next time I spoke to the support team they told me the same story. I will consider legal actions against them for negligence and unreasonable delay.


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