Options Xpress is an online brokerage firm. They are well-known for their easy-to-use software, which is a one-stop platform for trading stocks, mutual funds, Forex, options and futures. The firm’s commission rates are slightly higher than average, but there are no hidden fees. In addition, Options Xpress provides investors with real-time data and free research tools.
The Charles Schwab Connection
Options Xpress Stock Brokerage is a Charles Schwab Corporation subsidiary. Clients have access to Charles Schwab’s brokerage services, banking services and financial advice if they also have a Charles Schwab account. Options Xpress is still an independent broker, although this will change sometime in the future.
Trading Platforms
Customers can trade on the browser-based, no-download Xtend platform using a PC. Options Xpress has a mobile website and offers apps for the phone, iPad and Android smartphones. Clients place all of their trades on a single screen. There is an Xtend desktop platform, however it is significantly slower than the browser-based version.
Prices
Stocks have a flat fee of $8.95 per trade. There is a flat fee of $14.95 for one to ten options contracts and then a $1.50 fee per contract. Futures are $3.50 per contract,
spreads and straddles have a flat fee of $14.95 for one to ten contracts. There are no commission or transaction fees for Forex trades. These are the current standard fees; active traders receive a discount. They do not charge platform or broker assistance fees.
Tools
Options Xpress Stock Brokerage won numerous awards for their free tools for account holders, including Walk Limit, a tool for equity options trading that automatically finds the best price.
The Virtual Trade tool gives people $25,000 in virtual money to practice trading stocks, futures and options. It’s the ideal tool for novices who want to learn to trade risk-free. There are also a variety of educational resources for novices and seasoned traders to learn more about the markets.
Tools such as Streaming Charts and Trading Patterns offer a current view of the market, including an analysis of trades. Idea Hub suggested trades based on an individual’s preferences for earnings or income. Some of the tools are from a third-party; Options Xpress does not endorse the data.
They arrange tools based on their customer’s experience. As user’s gain experience, more complex tools move to the top of the list. For example, newcomers to Forex trading see the Forex-copy tool near the top; it lets them copy the trades of successful Forex traders.
Educational Resources
Clients can sign up for daily market trends newsletters or twice daily options market newsletters for up-to-date information. They also host weekly webinars for beginners and experienced traders. In-depth videos offer tutorials and skill tests for clients to decide if they have mastered the strategies in the videos. Free in-person workshops in major cities across the country offer expert advice and networking opportunities.
Support
Live chat, email and phone support is available. Licensed trading specialists provide knowledgeable assistance. Limited support is available after the market closes.
With no minimum initial deposit, no account minimums and no charge for account inactivity, they are a good brokerage for casual investors who want access to a variety of educational tools and resources. The trading interface is intuitive, with help and supplemental information available on the all-in-one trading page. Newcomers to stock, futures, Forex and options trading will find they provide all the help you will need to make informed decisions and execute trades.
