OptionsHouse Promotion: Does OptionsHouse Deserve the Hype?
So, you have seen the OptionsHouse promotion and it has piqued your interest. However, you are a smart investor and you know there is more to a stock broker than flashy promotion codes and fancy gimmicks. You want to know what is behind the OptionHouse promotion codes and what you will get once you sign up. Therefore, we put together an open and honest review of OptionHouse.
OptionHouse Fees as of June 2012
The nitty-gritty of it all comes down to fees. You want to know how much you will be charged for trading your stocks. How much will they take for their cut? Here's the breakdown:
· $1,000 minimum to open an account
· Orders for U.S. treasury bonds and listed corporate bonds are available by phone
· Stocks and ETFs, broker assisted: $3.95
· Spreads have two plans
o 10 contracts or less for $10; each additional contract $1
o $12.50+0.15 per contract
· Options have two plans
o 5 contracts or less for $5; each additional contract $1
o If you plan on trading over 10 contracts then they have a $8.50+0.15 plan
· Mutual funds: $9.95
OptionsHouse Has Play Money to Practice With
One of the cool things about OptionsHouse is the play money. Once you open an account, they automatically give you $5,000 of play money to practice with. We found this a great way to learn their system. Instead of making mistakes with your own money, you can learn their system with their money. No learning curve and errors with your own funds. You can actually dive right in without risking any of your assets. This was a big plus.
The Downside to OptionsHouse
While this wasn't a huge negative, you do need a fax machine to do much of your business with OptionHouse, and for us this was a negative. We didn't have a fax machine in our house and we would have preferred to be able to scan and send in the application via e-mail. However, OptionsHouse insisted it be a fax. Therefore, we had to go to the local FedEx to get the application sent off. They did call us the next day to make sure everything was okay and good to go. This was still a negative in our opinion.
Another downside was that they do not let you do options for stocks less than $2. This may not be a big turn off for some but it is worth noting especially for those looking for penny stocks.
OptionsHouse Review Summary
Overall OptionsHouse gets an A. Don't let the name fool you either. OptionsHouse is not just for those traders who work in options. It is a full stock trading firms with good stock trading, EFTs, mutual funds, and bond investors. Click the link now to find a OptionsHouse promotion that is right for you.
