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There are lots of threads about brokers but none really covering Option House. They have 2.95 Equity trades.

Anyone have any feedback on them?

Member Summary
Most Recent Posts
Just opened an OH account. Not a fan of the layout but I guess I'll take the 100 free trades...

jkimcpa (Dec. 25, 2009 @ 5:41p) |

I am now using OH for stocks and will retain TOS for mutual funds (3 free trades a month).

bozo007 (Dec. 25, 2009 @ 10:12p) |

isnt scottrade expensive for bond trading?

welookgoodcom (Jan. 05, 2010 @ 1:44p) |

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I switched to OptionsHouse from Scottrade.

I like them, though their price on options is higher than ThinkOrSwim...too high in my opinion.

They've been great for me, I'm paying a lot less than the $7 commissions I was at Scottrade. The only downside is a lot of changes to your account must be done via e-mail because there is no web interface for it.

I'll recommend OptionsHouse.

can you withdraw money via ACH? you can NOT do that with Scottrade.

I have OptionsHouse and also highly recommend them...i like them better then Fidelity or Schwab or Etrade (all of which i have previously been with)....Very nice trading platform..fast executions....responsive customer service both on the phone and e-mail.....and $2.95 trades for stocks and etfs..they also have dividend re-investment (by request)...

For your regular brokerage (non-ira) they even give you free access to Maxit...which tracks your buys and sells for cost basis purposes and even generates a schedule D for you each year (this is normally a pay extra premium feature)...And they have a good ACH transfer system for your linked outside accounts....

NewToFatWalletUser said: I switched to OptionsHouse from Scottrade.

I like them, though their price on options is higher than ThinkOrSwim...too high in my opinion.

They've been great for me, I'm paying a lot less than the $7 commissions I was at Scottrade. The only downside is a lot of changes to your account must be done via e-mail because there is no web interface for it.

I'll recommend OptionsHouse.


How is a flat rate of 9.95 per option trade more than a per contract price at thinkorswim? If you're trading more than 5 or 6 contracts, it's already more than optionshouse.

craig10x said: I have OptionsHouse and also highly recommend them...i like them better then Fidelity or Schwab or Etrade (all of which i have previously been with)....Very nice trading platform..fast executions....responsive customer service both on the phone and e-mail.....and $2.95 trades for stocks and etfs..they also have dividend re-investment (by request)...

For your regular brokerage (non-ira) they even give you free access to Maxit...which tracks your buys and sells for cost basis purposes and even generates a schedule D for you each year (this is normally a pay extra premium feature)...And they have a good ACH transfer system for your linked outside accounts....


Hi Craig10x,
I just opened an account with OH. Can we use their ACH for free in both directions?
Thanks

Hi! I think you will enjoy being with them...it is a really nice set-up
And to answer your question: yep..their ach transfers are free in both directions.....you can easily add external accounts and they send "test deposit links" to get them activated.....though when you want to remove a bank from your list, you would need to e-mail them to remove it.....
Their platform is really neat and very attractive looking...everything all on one main page....and i just love those $2.95 trades

Anyone have them for an IRA as well?

welookgoodcom said: Anyone have them for an IRA as well?

I do..i have both the regular and ira accounts and use them for both...I really like the trading interface, customer service and $2.95 trades....

Can someone with an account see if they have transaction downloads into Quicken? They are not listed in Quicken itself, but sometimes you are able to initiate a download from transaction history screen on the website and it gets linked.

If I am going to consolidate all my accounts I really need the transactions to download into Quicken..

I'm guessing from the views of this thread Optionshouse is now the preferred place over Scottrade

They appear to have prompt customer service, thats a big deal for anyone who has dealt with zecco.

Is the execution as good as Scottrade?

From reading on the other thread it's better than Wells

welookgoodcom said: Is the execution as good as Scottrade?

From reading on the other thread it's better than Wells


Yep...i bought an etf this morning..and the trade was executed in about three seconds....

Do they let you have access to after hours trading?

Ted1776 said: Do they let you have access to after hours trading?

No..when the market is closed, the trading stream is also closed....

craig10x said: Ted1776 said: Do they let you have access to after hours trading?

No..when the market is closed, the trading stream is also closed....


bummer.....optionsxpress allows trading in the extended hours

I looked around but could not find an answer to this: Is there a limitation to the option price on limit order ? For example, at TDW for option < 3.00, you can only specify your price in 5 cents increment. For option > 3.00, you can only specify your price in 10 cents increment.

congtu said: Is there a limitation to the option price on limit order ?
It's set by the exchanges, and it's as you describe for the majority of tickers. The exceptions are the options on the tickers participating in the penny pricing pilot program. Those are priced in pennies below $3 and nickels above.

Well, at TDA, for example, you can see a quoted pirce for an option is 2.42 but you cannot put in an order to buy it at 2.42. It must be either 2.40 or 2.45. You can gamble with marked order hopefully it can be filled at that price.

What you see quoted there at $2.42 is called the mark. Normally, the mark is midway between the bid and ask (in your example, it's actually $2.425), but trades do not typically take place there when the spread is one increment wide. Occasionally, you'll see lasts at numbers that don't comply with the pricing structure, but they're not common. Usually, that's the market maker, and you don't have access to that level as a retail.

Eventually, this will be moot, once pennies roll out everywhere.

Can someone tell me how many external ACH links can you setup in OptionsHouse? Also is the ACH transfer processed the next day (like Fidelity or Amreitrade)? Do they apply a hold on the money you transferred in before you can trade?

Thanks!

I am trying to use OptionsHouse and you don't get real time quotes like Scottrade when executing the trade. Am I missing something?

welookgoodcom said: I am trying to use OptionsHouse and you don't get real time quotes like Scottrade when executing the trade. Am I missing something?

The Watch list on the right side of the panel needs to be "refreshed" in order to see the real time (up to the minute) quotes.....
Eventually the watch list will made to stream in real time but that won't be for some time yet (they are working on it i believe)...

But if you enter a quote on the very top of the screen for a particular stock, etf....it will stream in Real Time up there......
I use that top quote to monitor the DJIA (Dow Jones Industrial Average) in real time and simply refresh my watch list quotes when i need a "right now" quote....

Using the "Streaming Quotes Tab" you can also get into a submenu that lets you view a real time stream on an individual stock/etf including graph charts....

And of course, your actual total BALANCE will always stream in Real Time as well....

And when you bring up the Stock Ticket to trade a stock or etf....as soon as you punch in the symbol, you are getting an up to the minute quote as well....

Opened my OH account a month ago, happy with the service

Opened one up for my mom a few days ago and missed out on the referral bonus (didnt know that they had it until today when the referral flyer came with my first statement)

So just a heads up, if you're referring someone then you get $50 or 10 free trades: http://www.optionshouse.com/refer

Is there any benefit to being referred? It looks like the only bonus is to the referrer.

I'm thinking of signing up for an account. I'd be willing to sign up through a referral from a stranger, especially said stranger were willing to make it worth my while (maybe they could take a virtualbank referral from me or something).

can you withdraw via ACH and is there checkwriting?

I prefer Sogotrade. I have accounts at both places, but OH does not allow trading of several stock especially OTC.

Sogotrade still does not have IRA accounts...they have been "coming soon" for going on two years now (no joke)....Also, their trading platform is not quite as nice as Options House...
but they do have good customer service and the $3 trades of course....

You can link external bank accounts to Options House to transfer money in or out....No check writing, though.....

Another nice thing about Options House, if you have a regular account (non-ira), they give you a free premium tool (normally would cost extra but they don't charge) called "Maxit" which relieves you of figuring out the cost basis for all your positions and trades....it does it automatically, and you even have your choice of methods, such as LIFO, FIFO, Specific Identification, etc....

Sogotrade doesn't really help you much with that...you are basically on your own....

it doesn't look like sogotrade has options trading?

craig10x said: You can link external bank accounts to Options House to transfer money in or out....No check writing, though.....

Correction. OptionsHouse does offer check writing:

"Use this form to apply to get check writing privileges. Fees may apply."
http://www.optionshouse.com/assets/pdf/forms/PenFlex%20Account%20Application.pdf

Yes...you are quite right...i just checked....Check Writing is available and free...though if you also want a debit card with it, it has a $30 annual fee and then you are required to have at least $10,000 in your account....1 set of checks are free, and $5 for re-orders.....

You can also make withdrawals from them in which the will send you a check (for free, i would imagine) or of course, you can also use their ACH system to move money to and from external banks...

I highly recommend them...i have been very pleased with their set-up....

craig10x said: I highly recommend them...i have been very pleased with their set-up....

Same here. I am using OptionsHouse for mutual funds, which is a feature they do not advertise much. They support all the funds available in the Penson network for $10 a trade, which is much less than what most other brokerages charge. List of fund families.

I had an account that was not funded, that I had opened a few months ago. I got a call today saying that if I fund with $3000 within 7 business days, they would credit $200. Its probably targetted, but just an fyi for those receiving strange calls from area code 312 (OH headquarters), it maybe in reference to this offer.

Optionshouse seems cheap. But if you use to trade stocks, its filling price is always 1 cent higher than the market price.
For example, if you want to buy a stock at $10.00, your order will not be filled until the price goes to $10.01 so the brokerage can make money from you.
If your order size is 1000, your real commission is $10 + their commission;
If your order size is 10000, your real commission is $100 + their commission;
Fidelity and IB are much better than optionshouse.

mdrosophila said: Optionshouse seems cheap. But if you use to trade stocks, its filling price is always 1 cent higher than the market price.
For example, if you want to buy a stock at $10.00, your order will not be filled until the price goes to $10.01 so the brokerage can make money from you.
If your order size is 1000, your real commission is $10 + their commission;
If your order size is 10000, your real commission is $100 + their commission;
Fidelity and IB are much better than optionshouse.


Oh really....well, i have traded etfs with them scores of times (which trade just like stocks, as you know) and got the current asking price immediately...no delay until it went up a penny or more...you obviously don't like them for some reason, and are trying to find some way to put them down....

What's better about paying Fidelity and IB's higher trade prices?

Optionshouse is AWESOME

craig10x said: mdrosophila said: Optionshouse seems cheap. But if you use to trade stocks, its filling price is always 1 cent higher than the market price.
For example, if you want to buy a stock at $10.00, your order will not be filled until the price goes to $10.01 so the brokerage can make money from you.
If your order size is 1000, your real commission is $10 + their commission;
If your order size is 10000, your real commission is $100 + their commission;
Fidelity and IB are much better than optionshouse.


Oh really....well, i have traded etfs with them scores of times (which trade just like stocks, as you know) and got the current asking price immediately...no delay until it went up a penny or more...you obviously don't like them for some reason, and are trying to find some way to put the down....

What's better about paying Fidelity and IB's higher trade prices?

Optionshouse is AWESOME


I agree, OptionsHouse is great. I wish I knew about them sooner. Great GUI and great customer support.

The imaginary scam is nonsensical anyway. The brokerage doesn't make money off of the sale price, they make money off the $2.95 order. OptionsHouse could care less if I make a ten dollar order or a million dollar order -- they're only going to make $2.95 per order on me (for standard stocks..).

very well put, t60...and that is absolutely true...they don't get any money from the actual trade...so why would they want to delay the purchase?
he must have it "in" for them for some weird reason....

the $2.95 trades, excellent online trading platform and great customer service really make them stand out in the crowd....and my trade executions are always very fast

Can anyone provide some feedback of Optionshouse's ACH speed (next day?) as well as the number of ACH links allowed? Thank you.

Skipping 30 Messages...
isnt scottrade expensive for bond trading?



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