OptionsHouse 2.95 Trades - Any feedback?

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?

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.

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....

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

Anyone have them for an IRA as well?

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..

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

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....

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

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

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.

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.

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!

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....

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).

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

it doesn't look like sogotrade has options trading?

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....

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.

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

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

isnt scottrade expensive for bond trading?