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Many online brokers exist, but few combine their brokerage services with other banking and financial services. Options express is one of these few Forex Brokers. It allows its users to trade bonds, futures, options, stocks, mutual funds, exchange-traded funds and more. The brand was established by David S. Kalt and Ned W. Bennett, but it was purchased by Charles Schwab in 2011.
Throughout its history, OptionsExpress has maintained a stellar reputation as a leader when it comes to innovation and technological advancement in the Forex Industry. It flaunts a user-friendly interface with lots of tools and educational resources that you need to trade like a pro. Some of the features on the website include risk and market volatility calculators, advanced charts, analysts-research reports, industry news and more.
There are many useful investment options on the platform that allow you to trade and manage multiple assets from one account. Being under Charles Schwab’s cooperate umbrella makes OptionsXpress an excellent and secure choice.
Commissions and Fees
Options Express options structure does not favour ordinary traders. Traders who execute less than 35 traders within three months must pay a minimum fee per trade of $14.95 and $1.50 per contract. This is rather high compared to what other brokers charge. Clients that execute above 35 trades get to pay $12.95 per trade and $1.25 per contract. At this point, the client will be in the Active Trader category.
If you were only to trade one option on OptionsExpress, you would have to pay $12.95. In comparison, Scottrade would charge $8.25, OptionsHouse $5.45, Etrade $10.74 and TD Ameritrade $10.74. If you’re a new trader or a trader who is trying to maximise capital, OptionsXpress may not be the right choice for you.
However, if you are serious about long-term trading, OptionsExpress will give you access to tools and resources no other broker can offer you. Another good thing is that the broker doesn’t charge you when you want to assign or exercise options. The brand charges $9.95 for broker-assisted trades.
Option express charges $9.95 to trade bonds, ETF’s, mutual funds, stocks, and bonds. This is high compared to close competitors such as OptionsHouse, FirstTrade and TradeKing. As aforementioned, OptionsExpress is the platform for traders who value excellent services and advanced tools and resources over cheaper fees. It provides tools and services that none of its competitors can match.
The table below shows a comparison of commissions and fees across OptionsExpress, TD Ameritrade, TradeMonster, OptionsHouse, and TradeStation.
Trust, Security, and Safety
OptionsExpress has never given clients any reason to doubt its services or platform. It operates under the reputable Charles Schwab Corporation, and it meets all the requirements of good Forex brokers in all the markets where it operates. There have been no reports of scams or hacks related to the exchange. So it is okay to say that it is safe and secure to trade on OptionsExpress.
Desktop and Mobile Experience
Most Forex brokers provide a mobile app to allow you to trade even while on the go. Options express is a leader in this niche. The brand has developed apps for both iPad, iPhones, and Android-based mobile devices. The OptionExpress mobile interface is a reminiscence of the TradeKing and E-Trade mobile apps, and it will allow you with industry news, quotes, and allow you to make trades.
The web experience is just like the desktop experience, but mobile users access fewer resources. The trading tools available are organised properly allowing users to navigate the website efficiently. You can execute trades whenever you want and take advantage of all the opportunities available on the platform.
Opening an Account
Opening an Option Express account is free. Also, the brand does not set maximum or minimum deposit limits to create or keep the account open. Also, option express does not charge dormant account or account maintenance fees. The account creation is intuitive and straightforward. It takes less than 5 minutes.
- Choose the name/type of account you would like to operate.
- Complete the profile by keying in your name, social security number, address, date of birth, address and your employer number.
- Read and agree to the terms and conditions.
- Sign the account opening form and mail it to OptionsExpress.
- Finance your account through check, Account Transfer, ACH or wire transfer.
- You are ready to start trading.
Update: Since OptionsXpress was acquired by Charles Schwab, visiting the site to open an account will redirect you to the Charles Schwab corporation where you can create an account and start trading. Keep in mind that the commissions and fees are different from the original OptionsXpress, but the technology is still as advanced.
Deposits and Withdrawals
There is no deposit limit on OptionsXpress. You can deposit any amount you want as long as you’re ready to trade. The withdrawal fee is on the high side, just like the other fees. There are different options for many deposits and withdrawals, and the one you choose will depend on what is available in your country.
OptionsXpress has a wide range of investment products, including stocks, futures, bonds, ETFs, mutual funds, etc. You can decide to use only their investment portfolio without trading forex if you want. Charles Schwab is one of the biggest financial services firms in the world and its asset management arm has over $3 trillion in client assets under its control. So, you don’t need to be afraid of losing your capital.
Research Tools, Insights and Education
Options Express harbours many tools that you can use to kickstart and advance your trading skills. When it comes to news and market insights, you can opt to get summaries or vivid explanations of every key aspect of trading and investment available on the platform. Users can also decide to enable alerts that notify them anytime there is an excellent opportunity in the market. You can also make watchlists. The brand maintains an extensive blog section that is updated continuously.
For new traders or those who believe in automation, there is the Trade and Probability tool that you can use to evaluate the probability of an opportunity being in your favour before you execute an order. The is also an options claim tool that allows you to view real-time market data that you can use to make wise decisions.
Option express edges over its rivals when it comes to the quality of customer support. Its team of customer representatives is polite and knowledgeable, and they respond to queries within a few seconds. You can reach a customer care representative via live chat, email, or telephone call. You can also connect with OptionsExpress via social media pages such as Facebook and Twitter. OptionsExpress offers 24-hour support, seven days a week.
One of the leading innovations on OptionsXpress is called Walk Limit. It is a tool that allows traders to automatically update their orders and get more favourable prices even when they don’t have the time to make changes manually. This tool comes in handy to new and advanced traders. Its Idea Hub feature gives you trading tips in real-time. Its StrategyScan tool actively searchers for new trading strategies and shares them with traders.
OptionsXpress has everything you need to excel in forex trading and grow your asset portfolio. Even if it is expensive, you will get real value for your money. Thankfully, since it was purchased by Charles Schwab, you can enjoy discounts on trades. While the website is still live, there is a notice that it would be retired in December 2019. All existing users can access their accounts from Charles Schwab while new users can open accounts there as well. The online reviews for the exchange are mostly positive. There have been no reported incidents of fraudulent activities. In a world full of fraudsters and scams, this is encouraging.
Is this your final decision?
We suggest you visit one of the popular trading platforms instead!
- Multiple investment options other than ordinary forex traders.
- A high-tech platform that is always upgraded to the latest software.
- Fully functional mobile app.
- The auto trade is available.
- Extensive research tools are available.
- Some clients have complained of poor customer support over email.
- Trading fee is on the high side, especially when you don’t trade frequently
- There are no customisation options available at this time.
7 Binary Options review: OptionsXpress: 4 stars