OptionsHouse is a favourite for those looking to get great contracts at some of the best prices in the industry. Like most options brokerages rates are structured to be a better value for active traders, and transaction prices recently got changed from $3.95 to $4.95 per trade. Even with the increase this is still pretty much the best price in the industry. Personally I find my trading dollar goes a lot further at OptionsHouse.
Killer Tools in their Web-based Platform
OptionsHouse offers a slick web-based trading application which features a number of particularly useful tools. A really nice one is Trade Generator, which produces a set of trade ideas depending on your criteria like appetite for risk or a time frame. For someone a bit more advanced, you might like the Spread Investigator tool which scans stock options for call, put, and debit spreads that deliver high returns.
I like to have my tickers all setup to easily keep an eye on them during the day. One thing I like with the web-based trading interface is it allows you to easily arrange windows within its interface. The best part for me is you can also detach these widgets and open them in new windows, allowing you to trade across your entire desktop, including multiple screens.
Mobile and Tablet Apps
The OptionsHouse mobile app is available for Android, iOS, or Kindle Fire. The iOS application was tested to work on an iPhone/iPad and makes for a fully functional trading experience. The app is clean, simple to use and easy to navigate. You can set up your watch lists, check options and spreads, view streaming data and quotes, create alerts, and of course make trades.
One thing I really like is the ability to get an alert while I am riding the subway and then quickly make a trade by simply clicking on the bid or ask price of a stock. Execution happens literally in seconds, and I can continue with what I was doing. Who doesn’t love trading in the 21st century?
Rates & Pricing
As mentioned above OptionsHouse provides some of the lowest prices in the industry with $4.95 trades and 50 cents per contract + $4.95. Mutual funds are $20/trade and broker assisted trades are $25. This is about as low as it gets these days for trading options. For a full list of their fees see this page.
Help & Support
OptionsHouse customer service is available Monday – Friday, 7 am. until 7 pm. Central time. They can be reached by telephone, email or live chat, which is a quick and easy way to receive instant help. They also have educational resources which provide guidance whether you are a beginner or an advanced. Investment coaching is also available, and once you are a funded customer, OptionsHouse now provides 14 days of free investment coaching. Sweet!
OptionsHouse Current Promotion (January 2016)
It’s a competitive world in the brokerage industry and OptionsHouse provides some amazing features for options traders. They round out the deal with a really juicy bonus offer but these promotions do not usually last long. See below: