Comments on: OptionsHouse Review w. 200+ User Reviews

By: Judy

Judy — Thu, 02 Feb 2012 15:20:17 +0000

Hi John,
I just opened my OH account with 3,000 cash deposit. I cannot find the detail information about trading rules. I chatted with CS if I can trade and sell the same stock in the same day and the answer is YES.
Your answer 3. “You are talking about day trading rules, this only applies to cash and not margin accounts.” is totally different than I was told by the CS. He told me that only applies to margin account. I am really confused now.
Basically I just want to know: 1. if I can buy and sell the same stock in the same day? 2. How many times I can do it and will not be considered as patten day trading.

TIA

By: Jarrod Johnson

Jarrod Johnson — Wed, 01 Feb 2012 15:17:45 +0000

Optionshouse is a great brokerage. Some of the cheapest trading on any platform, easy to use and understand interface and they have great customer service. They have helped me numerous times, released funds early to allow me to take advantage of opportunities, etc, etc. Couldn’t recommend more highly.

By: Mike

Mike — Wed, 01 Feb 2012 07:49:59 +0000

I guess I’ll give my .02 cents. I have been using OptionsHouse for almost a year now. I have traded stocks online before using Datek/Ameritrade and Etrade. But wanting to try options, I shopped around with an emphasis on price. Optionshouse was the best price/minimum-nickel-and-diming broker I could find. Yes, some had cheaper trades but had higher “small print” fees. Anyways, Optionshouse won out.

I did have to deal with phone customer service early on for minor issues, i.e. getting free trades activated, wire fee refund, option level upgrade. I have a current trade filling issue going on, hopefully it gets resolved without too much pain. Although, the customer service reps have not been what I would call rude, I do understand the “tone” other reviewers have mentioned. The reps can come across as the young, brash, pretty frat boy broker type seen in the movies.

I’m very satisfied with Optionshouse so far. You can’t beat the rates (I wish I would have gotten in on the $2.95 rates).

By: Anand

Anand — Wed, 01 Feb 2012 05:43:41 +0000

Last two week there were two instances when my buying power was not reflected right and I missed on opportunities. The customer service did not sound apologetic about it. After hour trading might not be available all the time and would require calling(No notices)
5/10 for customer service.

By: House

House — Tue, 31 Jan 2012 03:44:46 +0000

You don’t have to buy stocks in 100-lots.
I not certain what how OH handles this, but I know I have bought 20 stocks using e*trade.
My point is, you would probably be better off buying $2k worth of a blue-chip stock even if they means you buy 20 ~ 50 shares.
It will be easier to sell and less likely to loose value and you may find yourself needing that money in the near future.

Also, paying off debt really ought to be a priority over investing.
You can make an analytical case that the market yields x% but the loan is only y% …blah…blah.blah.
Debt owns you. Get free first. x% isn’t going to keep your from loosing your house if you’re employed during the next recession.
Having your house paid-for will.
No credit-cards, no auto-loans, no student loans, 3~6 months expenses in “cash”, then everything goes to investing.

If you are doing this to learn about investing, then do it using the virtual trading tools and don’t risk your own (real & limited) money.

PS Congratulations if you actually have $2k to invest at 20yo, that makes you wealthier than about 40% of America.

By: House

House — Tue, 31 Jan 2012 03:30:23 +0000

Rolling out new features when the existing system has serious issues is an incredible negative not a positive.

By: House

House — Tue, 31 Jan 2012 03:27:05 +0000

You received the rude response because you disingenuously presented yourself as an active-trader yet didn’t know stocks settle T+3. You furthered this disingenuous account by suggesting it was somehow the fault of OptionHouse, ” in OptionsHouse world I am shut out of the market until Tuesday. With the way I trade, that is just unacceptable.”

Without someone calling-you-out for your hyperbole other people might believe what you wrote.
Nicely lying is not better than rude truth.

By: Dissa

Dissa — Wed, 25 Jan 2012 15:34:44 +0000

Have you resolved this yet? How was your experience with the Manager?

By: Dissa

Dissa — Wed, 25 Jan 2012 15:28:32 +0000

Disappointing customer service from staff to manager. Unapologetic on the inconsistencies of their platform leading to losses incurred. Quality and level of service are at par with the commission fee in the market – cheapest.

By: marketmaker

marketmaker — Sat, 21 Jan 2012 17:52:53 +0000

Interactive Brokers Group, Inc. (IB) is an online discount brokerage firm in the United States. The company traces its origin to 1977 when Thomas Peterffy bought a seat on the American Stock Exchange as an individual market maker, and formed T.P. & Co. the following year. Today, the company consists of many subsidiaries around the world, operating on most major stock, futures, bonds, forex, and options exchanges worldwide. The company commenced a public offering on 4 May 2007 under the ticker symbol NASDAQ: IBKR on the Nasdaq exchange.[1]

Barron’s Magazine stated in 2009 that Interactive Brokers maintains a position as the least expensive trading venue for investors,[2] and holds the ranking as the #1 Lowest Cost Broker for the fifth straight year.

They are huge with capital close to 5 Billion (that’s with a B) and do some 1 million transactions a day. A great company for very active traders, but I found their cancel and replace option a serious impediment for me. Yes seriously.

I like eoption, but they too charge you for a new order when you cancel and replace with a different price. That could get expensive.

Btw, did you see the discounts Tasty Trade is offering on their website? Options House is one of there participants. I found a membership to TT on ebay which cost $30.00. A $90.00 value and got $350.00 discount in commissions. Yes, even if you are already a client of the brokerage firms listed there.