Comments on: OptionsHouse Review w. 200+ User Reviews http://moneyning.com/review/optionshouse-review/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Fri, 25 May 2012 04:39:22 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: unhappy http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-81882 unhappy Tue, 22 May 2012 03:44:40 +0000 http://moneyning.com/?p=3193#comment-81882 DO NOT TRUST OPTIONS HOUSE DEMO ACCOUNT!!! It is full of bugs which they refuse to fix. Bug #1) The worst bug of all is the account balance goes up regardless of if your trade lost money :-( If you let a weekly option expire. The next monday your account will show a credit by the amount of the premium but wont deduct the settlement losses of the trade. So it tricks you into thinking you have a winning strategy. Come on guys, can't you do anything right? Bug #2) The purchasing power is not replenished after a trade expires. So you have to keep calling them to adjust the purchasing power to the proper value. I only noticed this problem in my demo account, not my live account. But from the comments posted above by Anand it appears the live accounts have bugs related to marginable buying power as well. Bug #3) If you trade an iron condor, the margin required ignores the fact that long and short credit spreads can never both expire or be exercised simultaneously against you. This bug effectively doubles the amount of buying power needed. Bug #4) Session times out and ignores user settings forcing you to log on several times a day. This is an intermitant bug and occurs in both the live and demo accounts. I have called them and written their staff repeatedly for months about bugs #2, #3 and #4). They always tell me that it isn't a priority to fix. Well now that I found out that you can't trust their account balances being reported, (bug #1) all my time with them was effectively a big waste of effort. Who knows how many other bugs are lurking in their software which they refuse to fix. DON'T USE OPTIONS HOUSE DEMO ACCOUNT TO PAPER TRADE UNLESS YOU LIKE BEING JERKED AROUND. In all fairness the live account seems to have fewer bugs than the demo account. But hey, what company begs negative feedback more than those who refuse to fix their product? DO NOT TRUST OPTIONS HOUSE DEMO ACCOUNT!!!
It is full of bugs which they refuse to fix.

Bug #1)
The worst bug of all is the account balance goes up regardless of if your trade lost money :-(
If you let a weekly option expire. The next monday your account will show a credit by the amount of the premium but wont deduct the settlement losses of the trade. So it tricks you into thinking you have a winning strategy. Come on guys, can’t you do anything right?

Bug #2)
The purchasing power is not replenished after a trade expires. So you have to keep calling them to adjust the purchasing power to the proper value. I only noticed this problem in my demo account, not my live account. But from the comments posted above by Anand it appears the live accounts have bugs related to marginable buying power as well.

Bug #3)
If you trade an iron condor, the margin required ignores the fact that long and short credit spreads can never
both expire or be exercised simultaneously against you. This bug effectively doubles the amount of buying power needed.

Bug #4) Session times out and ignores user settings forcing you to log on several times a day. This is an intermitant bug
and occurs in both the live and demo accounts.

I have called them and written their staff repeatedly for months about bugs #2, #3 and #4). They always tell me that it isn’t a priority to fix. Well now that I found out that you can’t trust their account balances being reported, (bug #1) all my time with them was effectively a big waste of effort.

Who knows how many other bugs are lurking in their software which they refuse to fix.

DON’T USE OPTIONS HOUSE DEMO ACCOUNT TO PAPER TRADE UNLESS YOU LIKE BEING JERKED AROUND.

In all fairness the live account seems to have fewer bugs than the demo account.
But hey, what company begs negative feedback more than those who refuse to fix their product?

]]> By: LC http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-79901 LC Mon, 07 May 2012 17:00:46 +0000 http://moneyning.com/?p=3193#comment-79901 I lost a couple thousand due to not being able to trade after hours. Also options house charges extra fees on top of commission for PINK and OTC. The fees can add up to be outrageous for instance fees with commission can cost 26.7% of the stocks value in some cases. OH is very much against any penny trades. For individuals look at purchasing shares under $2.00 the fee per share is .005. I lost a couple thousand due to not being able to trade after hours. Also options house charges extra fees on top of commission for PINK and OTC. The fees can add up to be outrageous for instance fees with commission can cost 26.7% of the stocks value in some cases. OH is very much against any penny trades. For individuals look at purchasing shares under $2.00 the fee per share is .005.

]]> By: Jake http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-79885 Jake Mon, 07 May 2012 14:33:02 +0000 http://moneyning.com/?p=3193#comment-79885 Dave, We apologize that your particular experience opening an account required extra steps. Please know that we make every effort to streamline the account opening process and only request additional documentation when absolutely necessary. In accordance with the regulations of the Securities and Exchange Commission and the Department of Treasury, we must ensure that required documentation is received for all customer accounts. We believe our policies and practices are consistent with industry standards. We hope that you will consider these actions a necessary part of ensuring we are compliant with industry regulations and will consider trading with OptionsHouse in the future. Dave,

We apologize that your particular experience opening an account required extra steps. Please know that we make every effort to streamline the account opening process and only request additional documentation when absolutely necessary. In accordance with the regulations of the Securities and Exchange Commission and the Department of Treasury, we must ensure that required documentation is received for all customer accounts.

We believe our policies and practices are consistent with industry standards. We hope that you will consider these actions a necessary part of ensuring we are compliant with industry regulations and will consider trading with OptionsHouse in the future.

]]> By: peekamoose http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-79481 peekamoose Thu, 03 May 2012 16:01:32 +0000 http://moneyning.com/?p=3193#comment-79481 Hey OH Administrators... How about a comment on your delayed streaming quotes. i'd love to hear how you are going to fix them. They have never worked properly on any system!!!!!! Hey OH Administrators…

How about a comment on your delayed streaming quotes. i’d love to hear how you are going to fix them. They have never worked properly on any system!!!!!!

]]> By: peekamoose http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-79363 peekamoose Wed, 02 May 2012 22:04:44 +0000 http://moneyning.com/?p=3193#comment-79363 Makes you wonder how in the world OH received their four stars.... Makes me pissed off that I was fooled by those who rate the brokers... Makes you wonder how in the world OH received their four stars…. Makes me pissed off that I was fooled by those who rate the brokers…

]]> By: Dave http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-79359 Dave Wed, 02 May 2012 20:51:57 +0000 http://moneyning.com/?p=3193#comment-79359 Hi Jeff, That's really true. They are acting like FBI or CIA. I don't know what they are trying to prove by asking those stupid question and for verification. Hope they don't do illegal stuff having all the information with them. I am afraid Hi Jeff,
That’s really true. They are acting like FBI or CIA. I don’t know what they are trying to prove by asking those stupid question and for verification. Hope they don’t do illegal stuff having all the information with them. I am afraid

]]> By: Dave http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-79358 Dave Wed, 02 May 2012 20:16:51 +0000 http://moneyning.com/?p=3193#comment-79358 I am a novice in trading and did my homework before opening an account. I saw OH has 4 star and low commission fees which attracted me. So, i filled up the application form and they asked me to send the documents with my signature through fax along with SSN and driver license or utility bill. Before that I already wire transfer my initial fund. I faxed my all documents, and I received an email from OH, that my driver license wasn't readable , so I scanned both driver license and SSN copy. Now they are asking for the utility bill to verify my address since my driver license have old address. So i scanned driver license again and had one form of proof from DMV with their stamp on it about my change of address and send it to OH. I called up the customer representative and asked having SSN, Bank information and driver license why do you need again the utility bill for the verification of my address where I am residing. They said this is US law, they need it. I said if the address is fraud the best bet for US govt is having SSN and Bank info but they keep insisting me to provide the utility bill and I got frustrated and gave up my hope to trade with OH. They don't have any office around and they all do online support . I really got bad impression and after reading these reviews I feel lucky not to have an account with OH. Probably I will go with TD Ameritrade or E-trade. Hope this experience will help someone who is planning to open an account with OH. Please think before opening account. I would rather prefer to pay a bit more fees rather than going through these hassles. Good bye OH I am a novice in trading and did my homework before opening an account. I saw OH has 4 star and low commission fees which attracted me. So, i filled up the application form and they asked me to send the documents with my signature through fax along with SSN and driver license or utility bill. Before that I already wire transfer my initial fund.
I faxed my all documents, and I received an email from OH, that my driver license wasn’t readable , so I scanned both driver license and SSN copy. Now they are asking for the utility bill to verify my address since my driver license have old address. So i scanned driver license again and had one form of proof from DMV with their stamp on it about my change of address and send it to OH. I called up the customer representative and asked having SSN, Bank information and driver license why do you need again the utility bill for the verification of my address where I am residing. They said this is US law, they need it. I said if the address is fraud the best bet for US govt is having SSN and Bank info but they keep insisting me to provide the utility bill and I got frustrated and gave up my hope to trade with OH. They don’t have any office around and they all do online support .
I really got bad impression and after reading these reviews I feel lucky not to have an account with OH.
Probably I will go with TD Ameritrade or E-trade. Hope this experience will help someone who is planning to open an account with OH. Please think before opening account. I would rather prefer to pay a bit more fees rather than going through these hassles.

Good bye OH

]]> By: peekamoose http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-79339 peekamoose Wed, 02 May 2012 15:07:34 +0000 http://moneyning.com/?p=3193#comment-79339 OH = a joke This time I will talk about the tools Streaming quotes..... They are a joke at OH -- Today they are ten minutes behind real time. Shat gives. This is a joke. At least have tools that work. If they don't work, then OH owes it to their clients to find a new provider of these tools!!!!!! Get your act together OH... Hurry up before you lose all your accounts to other brokers!!!! OH = a joke

This time I will talk about the tools
Streaming quotes….. They are a joke at OH — Today they are ten minutes behind real time. Shat gives. This is a joke. At least have tools that work. If they don’t work, then OH owes it to their clients to find a new provider of these tools!!!!!! Get your act together OH… Hurry up before you lose all your accounts to other brokers!!!!

]]> By: Jeff http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-78773 Jeff Tue, 24 Apr 2012 01:49:37 +0000 http://moneyning.com/?p=3193#comment-78773 OptionsHouse sucks so bad. I signed up for a account. The application process literally takes me 1 hour to complete. It asked every single non-related questions, like my income, my savings, my employee information, federal tax bracket(LOL), net worth, average trading per year, years of experience, investment objects, trading strategies(LOL). After that they ask me to tax over my social security card copy and my driver's license copy. LOL, who ask for social security card!? Even my mortgage application doesn't ask for that. This is a broker account, not a loan account. I am not trying to borrow money from them, I don't understand why are they so not trusting me. After that, the interesting part comes, an agent emailed me and ask for my employment information. Originally, I prefer to stay anonymous, but they said they need that information to continue the application, so I sent them the information. The next day, the agent replied back said they did an online search on my profile and my resume, and said the employment information I sent them wasn't correct, LOL. How on earth would a company search online on people's history and tell me they trust the version online!? OMFG. I am not even sure how they get my resume, that could be illegally. I told them the information I sent was correct, and the profile they search online could be a different person or updated. They replied and said they did not approved my application. Their business model is really so bad that they search you online. I felt they are like FBI/CIA or something that they want every single non-related detail, and investigate your background so much. I currently have many other brokers account like scottrade, etrade, and they never ask these details. OptionsHouse sucks so bad. I signed up for a account. The application process literally takes me 1 hour to complete. It asked every single non-related questions, like my income, my savings, my employee information, federal tax bracket(LOL), net worth, average trading per year, years of experience, investment objects, trading strategies(LOL). After that they ask me to tax over my social security card copy and my driver’s license copy. LOL, who ask for social security card!? Even my mortgage application doesn’t ask for that. This is a broker account, not a loan account. I am not trying to borrow money from them, I don’t understand why are they so not trusting me. After that, the interesting part comes, an agent emailed me and ask for my employment information. Originally, I prefer to stay anonymous, but they said they need that information to continue the application, so I sent them the information. The next day, the agent replied back said they did an online search on my profile and my resume, and said the employment information I sent them wasn’t correct, LOL. How on earth would a company search online on people’s history and tell me they trust the version online!? OMFG. I am not even sure how they get my resume, that could be illegally. I told them the information I sent was correct, and the profile they search online could be a different person or updated. They replied and said they did not approved my application. Their business model is really so bad that they search you online. I felt they are like FBI/CIA or something that they want every single non-related detail, and investigate your background so much. I currently have many other brokers account like scottrade, etrade, and they never ask these details.

]]> By: Nguyen http://moneyning.com/review/optionshouse-review/comment-page-2/#comment-78198 Nguyen Fri, 13 Apr 2012 18:03:53 +0000 http://moneyning.com/?p=3193#comment-78198 OptionsHouse really sucks! It is a joke with tax and record keeping. First a 30-day delay on sending the 1099, then a corrected 1099, and now another one coming (as the previous poster wrote). Penson which is their back-end also provide service for other discount firms likely suffer the same issue. I will consolidate back to Fidelity as a reliable brokerage with reasonable fees, not cheap but reasonable and reliable. That's what counts! OptionsHouse really sucks! It is a joke with tax and record keeping. First a 30-day delay on sending the 1099, then a corrected 1099, and now another one coming (as the previous poster wrote). Penson which is their back-end also provide service for other discount firms likely suffer the same issue. I will consolidate back to Fidelity as a reliable brokerage with reasonable fees, not cheap but reasonable and reliable. That’s what counts!

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