Investors may not be familiar with OptionsXpress and/or its promotional code but the online broker is very popular in the trading community. As a winner of numerous awards, OptionsXpress is a great online broker that must be looked at if you are interested in options trading. This review takes a look at why.
OptionsXpress Promo Code
- Get a Free $100 For Signing Up – Fund with $500 This Year and Make At Least 3 Trades in 12 Months
- Get Up to $100 When You Transfer Your Stock Broker Account Over
- Free Investment Book – An Investor’s Guide to Trading Options – When You Open and Fund Your Account
- Free Practice Account to Learn How to Trade
- Free Trading and Investment Tools with OptionsXpress
Options Trading with OptionsXpress
As its name suggests, OptionsXpress’ core competency is with options trading. With tools like its option Pricer and Xspreads, it’s very easy to keep track of option market to execute your trades correctly.
In addition, the online broker also has the most comprehensive options education available for its clients that I have seen. From the very basics to advanced topics, OptionsXpress has very easy to follow videos that guide and teach you.
No Hidden Fees with OptionsXpress
Unlike other brokers, OptionsXpress doesn’t charge for:
- real-time or streaming quotes
- standard withdrawals or deposits
- maintenance costs no matter how much you have in your account
- inactivity fees
Commissions with OptionsXpress
At first glance, the commission seemed high but OptionsXpress’ commissions for options is actually much lower. The actual prices depend on how many contracts you trade but for anything that is more than 10 contracts, it’s much, much cheaper going with OptionsXpress.
Trade Futures and Others with The Online Broker
With the name, you’d think that OptionsXpress only offers an options trading platform but it also lets you trade stocks, bonds, funds, and others. It is one of the only place I know that you can actually trade futures using the same account and it’s only $2.99 per contract.
Xpress Router
OptionsXpress also prides themselves in its routing technology, and claims that they are able to execute your orders more efficiently, meaning more quickly, and at better prices. Many traders I’ve spoke with agree, and it would seem like this alone will save you thousands, if not tens of thousands of dollars as you make investments and trades.
Why You Might Want to Open an OptionsXpress Account
I opened an account for a cheaper way to trade options and to learn more advanced topics that the free education provide. By looking at the website, they also seem to offer free webinars, free trading tools, free advanced research and a personal coaching program so once I’m done with the free educational videos, I will look further into that as well. With very low commissions and no inactivity and maintenance fees, it makes sense for me to keep the account open and trade options when there are opportunities show up.
The account is free and opening process as quickly as 5 minutes, why not?
- OptionsXpress – Official Site
- OptionsXpress Promotional Code – (If available)
Other Online Broker Reviews:
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OptionsXpress actually does charge partial account withdraw fee. As of December 2009, it was $15.00
Beware OptionsXpress margin calls. You get no notice. They just sell your positions out. It really stings to wake up and see your account decimated by their margin dept. while you were sleeping. I could have put in more $ or sold some things and not others, but I wasn’t given a choice. I have accounts with other firms and haven’t had this problem. I transferred out what’s left of the balance a few days later.