OptionsHouse 2.95 Trades - Any feedback?

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I test drove (opening up a virtual account) Optionhouse as well and found there user interface a little hard to get used to, although once you do it's works well. What i didn't like is that they don't have real time streamer. Once you get used to a feature like a streamer, it's hard to do without. I would have missed quite a few trading opportunities without. So far I have decided to pass.

I agree that one requires streaming quotes for trading and that Optionshouse has little to offer in that area.

Nothing to stop one from opening more than one brokerage account,however, to take advantage of the strengths of each.

For example, open an Ameritrade account to access their streaming quotes, an Optionhouse account for low stock commissions and flat pricing on options (unique in the industry), and perhaps an Investrade or Just2Trade account for their very low margin rates.

With that combination, you could have free real-time streaming quotes, trade any number of option contracts for $9.95, and borrow against your portfolio at only 2.0% (1)
All have efficient ACH capabilities so funds can be transferred where needed.

(1) rate for $100,000 margin balance at Investrade

while the watch list doesn't stream on the Optionshouse trading platform, it can be instantly refreshed at any moment you like....and the quote you see when refreshed IS a real time quote..not a delayed one...so it isn't really that bad...all in all...especially when you consider the low cost for the trades....

isn't it worth "tapping a button" with your mouse...to save all that money on trades?

What about Lightspeed Trading?? It's cheap.

I have no experience with Lightspeed.

I would not call them cheap with a base rate of $0.00395 per share except,perhaps, for small orders. But even then
they tack on extra charges if the order adds liquidity (essentially a limit order). Only if the order takes liquidity (eg market orders)
and they pass on the rebate do the rates become more reasonable for larger orders.

Their advertised margin rate of 3.25% is competitive, but is only an introductory rate through the end of the year.

does optionshouse allow you to select a specific lot when selling?

Optionshouse does not apear to offer the ability to specify tax lots. There is definitely no option for that in their on-line system and customer service indicates it is not otherwise possible.

I know that Fidelity did have that capability in their order entry system.

to confirm i asked this question to a livechat person on the optionshouse website:

anon: i have a question about selling stocks. can i specify a specific lot to sell from when entering a sell order?
Kevin: you can't specify a specific lot to sell

Do they have routing isues with odd lots? Are you guys sure about tax lots? Tax lot selection is a feature of the Maxit sofware. My Foliofn brokerage lets me choose tax lots, trades are $3 while sharebuilder-like window trades are unlimited. I'm very happy with them but I'm looking for an additional margin account.

I signed up with Optionshouse and so far I do like it. However, there are additional charge with non-options stock (penny stocks). They do charge the flat rate of $2.95 plus $0.0.1 per share for stocks less than $2. And as I discovered, it really does add up.

"For stocks priced $2.00 or less that are not options eligible, add $0.01 per share for the entire order. "

I started using OptionsHouse recently and am very happy with the performance and price. Still have a Zecco account that will be collecting dust from now on IMO.

In process of transferring Scotttrade accounts to optionhouse.. $$ savings add up..

welookgoodcom said: In process of transferring Scotttrade accounts to optionhouse.. $$ savings add up..

smart move...you will like Options House

The only thing with OptionHouse... Still trying to figure out if they allow bond buying/selling. They charge for it.. But I can't find it within their interface

welookgoodcom said: The only thing with OptionHouse... Still trying to figure out if they allow bond buying/selling. They charge for it.. But I can't find it within their interface

I looked into switching to OptionsHouse from Scottrade a while back. I didn't. IIRC, bond trades are by phone only. They don't allow it electronically.

What would get me to switch from Scottrade would be a good broker that also allows cheap bond trades (corporate and treasuries). Anybody know of one? I haven't been able to find one.

It all depends on what the individual is looking for with the brokerage (everything in one basket, separate services for trading different assets, etc). At the moment, I'm only using OH for stocks and I've been happy with the service. The customer service is excellent (never had to wait more than 1 min to get a hold of someone whether through live chat or phone), the trading research tools they offer are more than fair for their competitive commission rates. Some people mentioned about the $.01/share for penny stocks - but even so, that is still low compared to its competitors. The main thing that I would like them to improve on is the streamer on the interface. You can load their stream chart tool for live quotes, but you must load it via java. It would be great if the watchlist has a live stream so there's no need to refresh manually. Overall, I'm satisfied with their service thus far and I'd recommend it.

Until the end of the year, there's a deal (code FREE100) for 100 free commission free trades, stocks or options, within 60 days of account funding. Sounds like something that could be worth a lot to anyone who trades options in bulk. (A pass through fee does apply for index options, though.)

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

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

isnt scottrade expensive for bond trading?

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