OptionsXpress.com investing platform (and trading) is an online trading service that started in 2000. It allows investors to trade stocks, options, commodity futures, index futures and bonds using a single account.
OptionsXpress also gives investors and traders access to tools to enable them to assess risk, develop and investment strategy, and safely test their trading skills with a virtual trading account. OptionsXpress is a member of Securities Investor Protection Corporation, so your money is secure, even if the trading company goes bust.
Setting up an OptionsXpress account is quick and easy, taking around 10 minutes. Cash accounts need no minimum deposit. A margin account needs a deposit of $2,000 or more. The online interface is clear and easy to navigate. OptionsXpress also offer the ability to trade while on the move, using a smartphone.
Users can use a broad range of up to date online information to educate themselves about trading. There are also free webinars for those who prefer to learn in an interactive environment. Trading tools include a step-by-step training guide; the ability to search stock based on your specified criteria; a strategy planner; a trade calculator; and streamed quotes.
OptionsXpress.com charges per trade and their prices are very competitive. They don’t charge an annual fee, or any fees if users stop trading for a while and their account becomes inactive.
Users of OptionsXpress like the ease with which they can set up an account and start trading. Inexperienced traders particularly like the live chat feature where they could have their trading questions answered quickly, and for free. There is also telephone and email support available. Users also liked how the trading price became lower the more often they traded, with the lower pricing structure starting from their tenth trade per quarter.
The main drawback for users of OptionsXpress is the inability to make trades on foreign exchanges.
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