OptionsXpress (aka OptionsExpress or OptionXpress) is an online discount broker that specializes in stock, options, and futures trading.
Introduction to OptionsXpress
OptionsXpress offers a wide range of investments including stocks, mutual funds, ETFs, bonds, and futures. They also have a money market fund that earns a competitive interest rate on your cash holdings.
OptionsXpress Commission Rates
OptionsXpress carries a $0 minimum account value, making it easy for investors on a shoestring budget to begin trading. OptionsXpress commission rates are based on how many trades you make per quarter: if less than 9, $14.95. If more than 9, you pay only $9.95. Options contacts cost $1.50 while futures cost $2.99 per contact. The commission rates for Options and Futures are simple and affordable for the serious investor.
OptionsXpress Website Security
Optionsexpress offer 100% fraud protection, SSL security to protect your private information, and have SPIC insurance backing up to $25 million. Your cash balance is also protected in the FDIC sweep program for up to $1 million dollars per account holder.
Ease of Use and Navigation
The website interface is very clean and is divided into tabs by category. The categories include:
- and Help
Like any other online brokerage, there are helpful tutorials and educational opportunities to enhance your experience with OptionsXpress.
OptionsXpress Customer Service
OptionsXpress provides 14-hour online help from 8am to 10pm EST Monday through Friday. You can also contact them via phone, e-mail, fax or snail mail. The transparency of OptionsXpress is very impressive when compared to most online brokers. In a survey conducted in May 2007, Optionsexpress achieved an impressive 92% customer satisfaction rating from their current customers.
We like OptionsXpress a lot. Their customer service and trading tools are at the top of the heap. Though their competitors sometimes offer lower commission rates, we think OptionsXpress makes up for the difference in customer service, trading tools, and additional investment services.
OptionsXpress is more like a mix between Full Service and discount brokerage: they provide full service broker services at a discount broker rate.
Bonus! Get $100 Cash When You Move Your Trading Account to OptionsXpress