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OptionsXpress — which was purchased by Charles Schwab in 2011 to beef up the broker’s options trading capabilities — is geared toward frequent options traders, with significant volume discounts and advanced options trading tools. The company serves that purpose very well but won’t appeal to casual investors.

OptionsXpress is best for:

  • Options traders
  • Frequent traders
  • Penny stock traders
  • No account minimum
  • Futures and forex traders

OptionsXpress is an excellent choice for active options and futures traders. The company’s tools are advanced and unique, and commissions are very reasonable for high-volume traders. In addition, the broker offers unmatched educational resources, both within its own website and at parent company Charles Schwab’s branches. That said, OptionsXpress isn’t a good choice for infrequent traders because of its punishing minimums.

Full Broker information

Foundation Year 2000
Trading Platforms Virtual Trade, Walk Limit®, Idea Hub®, Trading Patterns, Streaming Charts, Chains, All-In-One Trade Ticket, Trade and Probability Calculator, Volatility View, oX Social, optionsXpress Mobile
Reliability Rate B-
Authorised Capital
Brocker Fee 8.95
Exchange Fee
Withdrawal Fee
Minimum Deposit
Mobile Trading
Seminars, Education

Contact information

Phone: (888) 280-8020
Address: Chicago, IL, USA
Website: http://www.optionsxpress.com


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User Reviews

No fee on broker assisted trades can really make a big difference, but the $8.95 is quite high if you make the trades yourself.
&nbsp Pauline &nbsp 2016/10/11 18:58 &nbsp &nbsp
I agree Pauline. Seems like this is best suited for someone who will want to get broker assistance on all trades.
Pauline 2016/10/11 18:58

While I like what OptionsXpress has to offer with the free virtual trading to test strategy I am not sure I am ready to pay for my trades. With my current account I get free trades through Bank of America/Merrill. Since like you mentioned I never use assisted trades so it wouldnt be for me but I appreciate the honest review.
&nbsp Thomas &nbsp 2016/10/11 18:58 &nbsp &nbsp
No it’s not for everyone. People need to find the best broker to suit their personal needs. Sounds like you have a pretty good account already for what you need.
Thomas 2016/10/11 18:58

I recommend to all my friends to use ThinkOrSwim. They have really awesome charting software and the trades are very inexpensive. They really are the best!
&nbsp Derrick &nbsp 2016/10/11 19:03 &nbsp &nbsp
I’ve never actually heard of that one. Sounds worth checking out.
Derrick 2016/10/11 19:03

The commission is a little high compared to other brokers out there however I think the service and tools on offer especially the trade calculator are excellent. I predominantly sell puts to generate income and so far I’ve not had any problems with the brokers, in the past I’ve had problems when it came to selling puts
&nbsp Shobir &nbsp 2016/10/11 19:03 &nbsp &nbsp
i like the free virtual training when you first sign up
&nbsp AliciaK &nbsp 2016/10/11 19:03 &nbsp &nbsp
I really like that you have the opportunity to do free virtual trading to give you a feel for it, before you go on to do the real thing….. very nice perk!
&nbsp SherriLewis &nbsp 2016/10/11 19:03 &nbsp &nbsp
Are the commissions the same whether you trade future, options on futures vs. stocks?
&nbsp joe_mulnix &nbsp 2016/10/11 19:03 &nbsp &nbsp
I really like OptionsXpress. This brokerage allows you to set the trailing stop to trigger any where far above the entry price. So, say you’re filling an order of shares for 2 dollars each and want to set a trailing price of 20 cents, you can set it to automatically activate once the stock price strikes at 2.80 or 3 dollars, where ever you’re feeling bullish then the 20 cent safety net is active, no other brokerages do that! You can buy 1,000 contracts for a flat rate of $14.95. Also like the Virtual Trading, life saver. This brokerage has so many good strategies to utilize. Can’t go wrong with OX.
&nbsp Paul &nbsp 2016/10/11 19:03 &nbsp &nbsp
Caution!!! I traded with Optionsxpress now for 4 years and now its time to find a safer system! Their system has been compromised, therefore I express serious caution, if you like your money that is! To be real, I haven’t used other sites, I’m not a fair measurement for that reason. For all I know, the online broker system as a whole has been compromised. Best of luck, if you want more details of what i’m talking about, replay.
&nbsp kyle_w &nbsp 2016/10/11 19:03 &nbsp &nbsp
Optionsxpress sucks! the worst broker I had! Steal client’s money by sending them to the slowest trade market. You are always the last one sold or bought with the lowest selling price and highest buying price.
&nbsp ZhiZhang &nbsp 2016/10/11 19:03 &nbsp &nbsp