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couldn't find much on optionshouse on this site, help me

post #1 of 11
12/31/10 at 1:12am
Thread Starter 
I have tried zecco, tradeking, e*trade, sharebuilder, and now Im going to try optionshouse. I really disliked zecco for its confusing funding and trading rules . zecco seemed alright at first, but waitng 5 days for my funds to clear was just to annoying. I loved e*trade, and have done most of my trading there. after the initial 8 day waiting period for my funds to clear, the transfers would show up right after it was processed.....almost immediately. however, the $9.95 comish for stocks and the outrageous comish for mutual funds, I had to look elsewhere. and the I came to tradeking, great comish and everything, but waiting for 5 days for funds to clear was, again, annoying. forget about sharebuilder. now I have come to optionshouse. I chose this broker because it only takes 3 days for funds to clear and the commissions are cheap.

*is the account min. for optionshouse $1000, or is that only for margin accounts?
*what are the experiences y'all have had using this platform?
*I am an experienced trader, although I have not had a lot of money....how is the research and tools?
*are the quotes real-time?
*do I have to fund my account before the quotes become real-time?

these are just a few of my questions, but we will start there.

any and all input is appreciated. thank you in advance
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post #2 of 11
1/3/11 at 9:23pm
http://www.optionshouse.com/faq/
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post #3 of 11
1/12/11 at 1:35am
Thread Starter 
does ANYONE have experience with this brokerage house?
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post #4 of 11
2/8/11 at 12:54pm

I actually use OptionHouse. Their customer support are very helpful but I don't use any of their tools. I think their time is 3 days for the funds to clear. You can't keep trading daily either unless you are on a margin account. You have to wait 3 days for your money to go back into "stock buying power" after you sell your stock when you buy it the same day. So quick trades are out of the question. I don't know if this is how all brokers work, optionhouse is my first broker.

 

When I signed up they had a promo if you funded your account with at least $3,000 you got 100 free trades.

 

I also get to do my trades at $2.95 since I signed up before they raised to price to $3.95 a trade.

 

Edit: Actually I used their virtual stock trading program which gives you $5,000 fake money to play with buying stocks for the first few months before putting real money into it. It was a good way to find out if the stock market was my think. After getting my account to $8,000 fake dollars, I figured I'd toss real money into it :)

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post #5 of 11
2/9/11 at 7:56pm

I use optionhouse. the fee of 2.95 is low but don't forget to add 0.005 per share if you trade penny stocks. Sharebuilder is the other broker I use and if you deposit money into your trading account before 5pm, you'll have the money on the next day... ready for you to trade with them:-)

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post #6 of 11
2/11/11 at 10:55am

It's 3.95 if you didn't sign up before the change.

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post #7 of 11
2/14/11 at 1:17am

Theres a promo on optionshouse 100free trades if you open an account and deposit 3k. 

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post #8 of 11
2/14/11 at 12:06pm
Quote:
Originally Posted by Datemike View Post

Theres a promo on optionshouse 100free trades if you open an account and deposit 3k. 



Those trades only last for 60 days, after that point you lose any unused trades.

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post #9 of 11
2/15/11 at 3:40am

They also have a promo for IRA accounts: 100 free trades and up to $125 in trasfer fees reimbursed if moving account from a different institution: optionshouse promo

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post #10 of 11
2/28/11 at 5:19pm

 

Quote:
It's 3.95 if you didn't sign up before the change.

 

Correct, to clarify this the change became effective January 13, 2011 (Source)

 

Quote:
does ANYONE have experience with this brokerage house?

 

 

I personally have a SEP IRA with OptionsHouse and have been a satisfied client. There are no IRA maintenance fees (many brokers charge $35 per year) and once acquainted to the platform it is straightforward to use. OptionsHouse was actually rated #1 overall for Best Commissions & Fees in the 2011 broker review (Source).

 

Quote:
is the account min. for optionshouse $1000, or is that only for margin accounts?

 

There is no minimum balance for a standard cash account and for conducting simulated trades. There is however a minimum for margin although I cannot clarify the $1,000 number at this time.


Edited by StockBrokersPro - 3/3/11 at 10:30am
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post #11 of 11
6/17/11 at 5:47pm

Current prices (in case anyone was wondering)

 

$5.00 for up to 5 options, $1 for each option after 5.

 

OR

 

$8.50 + $.15 per option.

 

The two choices reach equilibrium at 10 options. So if you write 10 or fewer, go with the 5 for $5. If you write more, go with the $8.50 + $.15.

 

You can switch between modes but it takes 24 hours to process.

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