While not the cheapest broker around for trading options, optionsXpress offers a well-rounded trade platform for both trading online and on the go.

Likes

All-in-one trade ticket; Walk Limit order type; option-scanning and idea-generation tools; positive synergies from Charles Schwab acquisition.

Expensive minimums for options trades; Xtend desktop platform weak; no one-click login access to Charles Schwab.

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optionsXpress Review

optionsXpress is an online broker that leads by example. The broker distinguishes itself from the competition with its variety of unique tools, as well as its ability to continuously innovate and focus on ease of use.

This successful formula has made it a popular spot not only for casual options traders but also for other investors, including regular equities and even futures traders. Because of this broker’s success, it was acquired by Charles Schwab (SCHW) in March 2011.

In 2013, it was revealed that eventually optionsXpress would be fully integrated into Charles Schwab and its doors would be closed thereafter. Charles Schwab is in a several-year process of porting over optionsXpress’s best features and functionality, while letting the company continue to operate as an independent broker and take care of its clients. As of January 2015, no exact timetable had been set as to when this process would be completed.

Commissions & Fees, Ease of Use

optionsXpress has its pros and cons as far as commissions go. Getting the negatives out of the way, its options structure is hardly ideal for casual investors. The broker charges $1.50 per contract if there are less than 35 options trades per quarter, with a $14.95 minimum. Otherwise, it is only $1.25 per contract with a $12.95 minimum.

This means that even if you only trade a single option, the commission would be at least $12.95. Comparatively speaking, one contract at TD Ameritrade would cost $10.74, ETRADE $10.74, Scottrade $8.25, and OptionsHouse $5.45. The site and tools are what you pay for in this case. Thus, it all depends on your specific needs as an investor.

Options aside, equity trades are on a $8.95 flat rate, which is also the rate charged by parent company Charles Schwab. Furthermore, 182 commission-free ETFs are made available (via commission rebate) thanks to Charles Schwab. optionsXpress also offers mutual funds, bonds, and futures trading. For a full breakdown of commissions and fees, follow the menu navigation button near the top of this page.

optionsXpress OptionsHouse tradeMONSTER TD Ameritrade TradeStation

Stock Trade Fee (flat) $8.95 $4.95 $4.95 $9.99 $9.99