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| Directory of Options Sites |
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| Home :: Brokerage Firms :: Discount Option Brokers |
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| 6945
Hits Since 10/12/2002 |
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Votes: [22] Posts:
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If you are looking for a discount online brokerage firm, optionsXpress is a great place to start. Of all the brokers that we have reviewed, optionsXpress offers the most option trading features of any online broker that we have seen. To start with, you can open a “cash” options account with less than a $2,000 minimum balance. This is great for that new IRA account or to test drive the firm before transferring a larger balances from another brokerage account. While there are too many features to list in this space, our favorite is the ability to link and switch between multiple accounts with the click of a mouse. Add to this a dynamic interface for spread and complex position orders, a NBBO guarantee, order routing across multiple exchanges, streaming quotes, and a toolbox of wonderful options toys, and you have a winning combination.
There is yet to be a perfect brokerage firm, however, and like all firms optionsXpress does have a few drawbacks. At the current time there is no touch-tone trading and orders can only be placed over the phone during technical emergencies (sorry, my plane leaves in 5 minutes and I forgot to sell my Microsoft calls usually does not qualify). Commissions are competitive, but not the cheapest. For the most part the web site is stable but, like all brokerage sites, it does occasionally experience a snafu or two.
Overall, optionsXpress rates very high on our list. The general staff members are friendly and knowledgeable and are usually very happy to take a few extra minutes with you (of course, the third Friday of every month is the exception to this rule). The firm is very dynamic and adaptive. In fact, many customers have unwittingly spoken to the President and other Executive Team members when call volume has been heavy. The company continuously rolls out new features and improvements when much of the industry is still trying to combine a stock purchase with the sale of a covered call. Is optionsXpress right for you? Take a test drive and let us know!
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| 5191
Hits Since 6/9/2002 |
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Mr. Stock is an experienced online options brokerage firm. They offer the online trading of both spreads and straddles as well as covered calls. |
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| 4260
Hits Since 6/9/2002 |
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Brown & Co. is a deep discount broker for those experienced investors who make their own investment decisions, and are willing and able to manage their own accounts. Their approach is not for everyone. But if you meet their minimum net worth and experience requirements, you can take advantage of their fast trades and special features. <br><br>Minimum account balance of $15,000. 5 Years market experienced needed. Allows writing of naked options and complex option strategies. |
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| 4245
Hits Since 6/9/2002 |
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Votes: [50] Posts:
[4] Threads: [4]
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Once known for their slow web site, high options commissions and poor customer service, Ameritrade has since made great strides toward improving their discount brokerage service.
Ameritrade is one of the few online discount option brokers that gives investors more than the basic option strategies of buying puts and calls. Now Ameritrade allows you to place spread, straddle or strangle orders online without calling up a broker.
And FINALLY, they dropped their high options commissions! Now a one contract options trade costs around $10, much lower than the mid-$30 range Ameritrade had charged for years. Of course, they still stick you on limit orders and option consignment...
In conclusion, if you are looking for a discount online option brokerage firm and are planning to use spreads, straddles or strangles, give Ameritrade a try. |
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| 4234
Hits Since 6/9/2002 |
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PreferredTrade uses downloadable software instead of web access. They cater to options investors and are one of the few brokers that offer direct routing to specific option exchanges. |
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| 4158
Hits Since 6/9/2002 |
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DISCOUNT STOCK AND OPTIONS BROKERAGE |
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| 4025
Hits Since 6/9/2002 |
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InvesTrade is the deep discount electronic stock brokerage division of Regal Discount Securities. They charge one flat rate for electronic stock trade executions, with no limit on size.
For stock orders placed through the Internet (PC or Wireless) or our 24-hour touch-tone trading system, QuickTel ®, the rate for market orders is $7.95 per trade - limit orders only $11.95. Commissions for electronic and broker-assisted trades and stocks under $2 are a flat $29.
Options trading rates are among the lowest available, at $1.75 per contract with a $14.95 minimum. |
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| 3912
Hits Since 6/9/2002 |
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CyberTrader is an online option brokerage service that also provides a fully integrated experience with real-time steaming Option data, advanced Option risk management, and perhaps most importantly, the ability to control where your orders are routed.
Commissions are very high compared to most discount option brokers.
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| 3834
Hits Since 6/9/2002 |
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Wall Street Access offers online trading of complex option orders that include spreads, strangles and straddles. Their account minumum is fairly high: $10,000 and their commissions are average to high. |
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