optionshouse is one of the biggest brokers when it comes to the options trading. it's known to use the latest web technology to provide its clients with execution capability, data feeds and other types of trading tools. The optionshouse has an interface that is very user friendly and has the capability to connect the optionshouse users to PEAK6 traders.
Optionshouse Broker Review
Founded by PEAK6 Investments L.P. in 2005, the Optionshouse, LCC is a firm that caters to all types of investors and options traders. Their goal is to make one’s online trading experience better, faster and more efficient for different types of traders. They have provided quality service over the years and was even rated as the most excellent brokerage firm for options investors in 2009 and 2010 by Barron’s. Here in this Optionshouse review, we will be tackling about the many features of this website, their rates as well as the quality of the services that they are offering.
Many of Optionshouse clients were impressed with the professional and polished trading platform of this brokerage firm. Through the main page of the trading platform, clients will be able to view the order statuses, positions, account summary, account value, buying power, quote look up and even thorough information regarding the security system. A mobile trading platform is even available for clients on the go. The mobile trading platform can be accessible through the Blackberry and the iPhone.
While most brokerage firms offer stock trading alone, Optionshouse has a virtual trading platform that is specifically designed to manage many types of options trades, like butterflies, spreads and collars.
For stocks, Optionshouse has a flat rate fee of $3.95. For Options, this brokerage firm has a fee of up to $5 per 5 options, and any additional contracts beyond 5 will be charged with $1. Individual contracts will cost $8.50. For Spreads, Optionshouse will charge $10 for 10 and an additional $1 for every contract that goes beyond 10. Compared to other brokerage firms, Optionshouse currently has the most affordable fees in the market.
In order to open an account at Optionshouse, the minimum deposit is only $1,000. Compared to other brokerage firms, like Charles Schwab and TD Ameritrade, people who are wishing to open a standard account in these firms would need to invest an initial $2,000.
For Retirement Investment Accounts, the Optionshouse brokerage firm also has services like the SAP IRAs, Roth IRAs, Traditional IRAs and the Educational IRAs. These IRA services are available for those investors and traders who are thinking of opening their own retirement accounts. However, the IRA accounts in Optionshouse can only have options as well as stocks.
Research and Tools
Perhaps one disadvantage of the Optionshouse is their research reports, or the lack of it. Many clients of Optionshouse are commenting on the absence of research reports for their equities investors. Unlike Optionshouse, other brokerage firms will give out research reports as well as analyst ratings. Investors, traders and clients of Optionshouse are left to look for their own solution for this area.
One key point of Optionshouse is their goal to help college graduates or amateurs in the stock trading world turn into professionals. Optionshouse seeks on educating their clients on the different dos and donts when it comes to investments. They even offer coaching or assistance for any investment questions and problems. For Optionshouse customers that are funded, this brokerage firm will give out complimentary investment coaching for 14 days.
The Optionshouse headquarters is based in Chicago, however you can contact this brokerage firm via email, telephone or live chat. For clients who wish to contact this company, the customer service of Optionshouse is available from Mondays to Fridays, 7 am to 6 pm (Chicago time). According to Optionshouse clients, the customer service of this brokerage firm is one big disadvantage of the company, since it does very little to cater to the needs and questions of its clients. Many clients have mentioned that the customer service lacks professionalism.
Optionshouse is recommended for traders and investors who are already well experienced in the field and business of stock investments. However with the low initial costs Optionshouse is offering, novices may be enticed to invest in this firm.
One reason why Optionshouse is preferred among investors and traders today is because of their low fees. Currently Optionshouse has the lowest fee structure in the industry. You can even use their free virtual account to tour and get the feel of the website before making the initial deposit for a real account. With a #1 ranking for mobile apps and a 4.5 Stars from Barron’s Optionshouse is a go to broker for beginner and seasoned options traders.