I'm new to all this and have been following for the past month or so. Was just wondering if anyone has used OptionsXpress and could tell me what the service is like, is account opening easy enough etc?
On balance, guys there seem to favour IB, esp for small trades because commissions are very low, ($1 per contract), and they rate "thinkorswim" as best specific options broker. i use IB and have been very happy with it. Links to both in the T2W Options Trading guide.
Going on from the above discussion (albeit several months later) I'm looking at US options. However, I've tended to have a bias towards brokers located within the UK (where I live) as phone (and general) access would seem to favour that. Is there any advantage in having a UK based broker dealing in US options or have users found no aprreciable differences, other than the ususal brokerage fees and services, between having a broker on this side or t'other side of the pond. Cheers
I can say from my own experience and from my friends' experiences , Optionsxpress is a good broker.
Just be careful of how you fill out your personal details. Make sure you tell them you are a non- professional subscriber, or you won't get real time quotes. And trading without real time quotes is like clapping with one hand!!!!
Out of interest how often do you (or anyone else) have to speak directly with them. I'm only thinking in terms of the mounting costs of transatlantic calls. That's why I've been looking at Mybroker who are UK based with whom calls MUST be made to place spread or naked (God forbid!) orders. After reading here I'm leaning towards Optionsxpress and IB provided my concerns can be overcome. Nit-picking, maybe but I think it all adds up. Cheers
Calling a broker in the US by phone is a complete non-event. If you use a discount service like one-tel you can call the US anytime for 3p per minute - less than the cost of a long distance call in the UK! Even if you're on the phone 10 mins it's only 30p.
Their LiveTalk service (web-chat) works quite well. I've used it a few times and found their operators helpful, although they can be a bit slow to respond at times (probably dealing with half a dozen customers at the same time).
The website is excellent, with great features and well worth signing up for an account even if you don't fund it. The paper trading simulator is also very well done.
...and 5 years later...! I am new to investing too & I am also considering OptionsXpress for trading common stocks as they are the only US broker who are willing to register a non-US resident (from the UK). Does anyone deal with for anything other than options (e.g. C/stocks)? How's is the service? Any mistakes to avoid up registration for new investors?
Perhaps this is a naive question, but don't most UK-based banks & brokers offer access to the U.S. markets? What advantages does opening an account with a U.S. firm offer to a UK resident (besides maybe geographic diversification of one's assets, which I certainly can understand)?
Regarding OptionsXpress, I've never been very impressed with their commissions on options. Perhaps their rates on straight stock are better; I haven't looked at that.
Would an account in Canada be easier for you to snare? ThinkOrSwim, a Chicago-based firm, has a subsidiary set up to serve Canadians. Their rates are far better than OX, and the customer service is excellent.
Hi Guys, i have heard a lot of great things about thinkorswim as an option trading platform. however i have just found out that if you like in the UK you are unable to open an account. i then heard about IB but i can see that you need to deposit a minimum of $10,000. this brings me to optionsxpress. but your right that the options fees are quite high.
Ideally i want to somehow trade using thinkorswim. any newbie in options have ideas what platform to use within a small deposit?