woofys
212 posts
msg #53642
- Ignore woofys |
7/29/2007 5:08:22 PM
what do you think of them, good and bad? Would like to get the works before I take the plunge. Thank you.
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maxreturn
745 posts
msg #53643
- Ignore maxreturn |
7/29/2007 6:52:53 PM
I really like them. Nice user interface, helpful tools. ONLY negative is UNLESS you trade at least 5 contracts or more, you pay through the nose for commissions.
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SFMc01
358 posts
msg #53647
- Ignore SFMc01 |
7/29/2007 9:18:03 PM
commissions on stocks are high when you start trading small dollar value stocks in over 1000 share lots
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woofys
212 posts
msg #53665
- Ignore woofys |
7/30/2007 1:07:47 PM
maxreturn: Thank you Maxreturn.
sfmc01: Thank you SFMc01.
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ladytrader
10 posts
msg #53675
- Ignore ladytrader |
7/30/2007 3:03:09 PM
The Prophet charts are very user friendly. Worth opening a small open account, even if you trade through a less expensive broker like Interactive Brokers.
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maxreturn
745 posts
msg #53682
- Ignore maxreturn |
7/30/2007 6:08:20 PM
ladytrader...good point.
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butchi
3 posts
msg #53690
- Ignore butchi |
7/31/2007 2:02:59 AM
First the cons about OptionsXPress -
- Higher Commissions, compared to cheap brokers like Interactive Brokers.
- Spread orders are routed to the exchanges and they don't try to fill different legs on different exchanges.
- Web based interface and no programmable API.
Positives about OptionsXpress -
- Good interface
- Excellent customer service
- Lot of free training classes
- They do have slightly discounted commissions for active traders (you need to call them as it is not on their website)
- Good interest rates on the cash balances. (And they pay interest from the first penny, unlike IB, which does not pay interest on first $10,000. At that rate, it works out like around $40/month platform fee for IB at the current near-5% money market rate, which most people do not seem to realize.)
- No minimum trading requirements for free real-time streaming quotes and streaming charts.
- No monthly inactivity fees.
- Access to Dow Jones real-time news feeds and Briefing.com in-play (which you can also get on Yahoo website for free).
- Allows Options trading in retirement accounts. Easy to get approval for credit spreads.
I had Interactive Brokers account, but ran away from them after they made some unauthorized trades in my account and took no responsibility for it and I had to put up a great fight to just get the commissions refunded. Transfered the account to OptionsXpress. IB so far had been my worst experience among all brokers.
The other brokers I considered were -
ThinkOrSwim (good platform, but the interest rates on cash balances are very low. So thumbs down. But they offer good interest rates if the balances are high. Quite competitive for balances above 500k. Need to call them as the info is not on the website.)
OptionsHouse (flat commissions, competitive interest rates on cash balances. Thumbs Up. Best for large size trades.)
Hope this helps.
(Not affiliated with any of the above brokers. Just been a happy customer of OptionsXpress and had been very disgusted of Interactive Brokers.)
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