options house review 2009
TickerWatcher | Nov 25, 2009 | Comments 1
OptionsHouse, 877-653-2500, 312-362-2510
Products: Stocks, options
Market Orders: $2.95
Limit Orders: $2.95
Options: $9.95/trade
Minimum to Open: $1000. $2000 for margin trading.
Inactivity Fee: $0.00
Some Other Fees: ACAT Out:$50.00.
Maximum Margin Rate: Broker Call+2.45%.
Extras: Check writing available. Debit cards are available at a fee for certain accounts.
Notes: OptionsHouse seems to be a division of PEAK6 Investments, LP. “At this time we are unable to accept foreign accounts.”
User Comments: “[N]o 1040 support with Gainskeeper or another tool. This makes it very difficult to track trades when it comes to tax time…. [T]heir website doesn’t show margin equity used per position. (I was at TD Ameritrade and their site shows this much clearly and is more helpful).”(September 9, 2008) ”Options House is OK for margin accounts, but is horrible for cash accounts (e.g. IRAs). I had a margin account with them and it was very satisfactory. Accordingly, I opened an IRA account with the firm. One attractive feature of Options House IRAs is that you can buy calls and puts and write covered calls. However, they have a perverse implementation of free ride for cash accounts. With every other broker, if you sell stock A on Monday in a cash account, you can buy stock B the same day with the proceeds. The only restriction is that you can’t sell stock B until Thur. With Options House, if you sell stock A on Monday, you cannot buy stock B with these proceeds until Thur. [A user has reported that Just2Trade has the same policy; it appears that Muriel Siebert also does. ed.] Options House staff admits that this is not consistent with the free ride rule, but that is their policy.”(November 14, 2009)
Rates Updated: November 14, 2009
Popularity: 88% [?]
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Filed Under: Brokerage Reviews
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