Day traders optionshouse account
I know many of you are interested in beginning a taxable investing account and so I'm back with a quick review of another online stock broker to help you do your cheap stock trading. OptionsHouse is an options-focused broker that also offers extremely cheap stock trades. As you may or may not know, options trading isn't for everyone. An option is basically a financial instrument that gives you the right to engage in a transaction later. Therefore, a stock option, would give you the right to buy or sell a stock at a later time.
If this type of advanced trading strategy appeals to you, then you should likely give OptionsHouse a chance. You won't see many advertisements for the options-focused, discount broker OptionsHouse. Some of you may never have heard of them. That's because it seems they spend their advertising dollars on offering you one of the cheapest stock trading fees online. That probably got your attention.
PEAK6 is likely the reason OptionsHouse was recently recognized by Barron's as the top online broker for trading experience. One of their main goals with OptionsHouse is to help take traders from a basic level to a more professional level.
They aim to do this by offering a professional level platform and a slew of educational tools, including free training courses. See the current promotions below. The pricing is pretty simple. But what about options? There are no maintenance costs, minimum trade requirements, or account balance minimums.
No download is needed. All you need is your web browser to access the trading platform. OptionsHouse seems to pride themselves on keeping the platform fast, simple, and user-friendly. I've seen reviews that say it's simply one of the most intuitive platforms out there. OptionsHouse also has several trading tools for you to utilize when doing your research.
These include a risk view to evaluate your portfolio risk, streaming charts and news, a stock screener, and more. In addition, they also have a virtual trading platform where you can learn the ropes of options trading without risking any capital. By the way, you don't even need to fund an account to check this feature out. You can fund your account a number of ways: See promotion below for an ACAT transfer freebie.
After that, there is no minimum balance requirement. Strong tools are essential for active investors. Account Minimums Some brokers allow you to open an account with no minimum deposit while others may require several thousand dollars.
Also know that some brokers require higher minimums to gain access to premium platforms, functionality, and personalized support. Market Research A good online broker will provide a variety of market research tools. The rule of thumb here is simple: Investment Options A online stock broker should offer access to not only trading stocks, but also a strong selection of no load mutual funds, commission free ETFs, and complex options. Other unique investment offerings to look for could include direct market routing, conditional orders, futures trading, and forex trading.
Other Fees Fees beyond trade commissions include inactivity fees common with active trading brokers such as Interactive Brokers, Lightspeed, and TradeStation and IRA fees for having a retirement account. Just like a bank account, stock brokers also make a portion of their profits off miscellaneous fees. There is no reason why you should pay an annual fee to have an retirement account. If managing your own portfolio is not of interest, all full-service brokers offer optional advisory services as well.
Furthermore, robo-advisors such as Betterment are growing in popularity. Once again, the experience at larger established brokers is going to be superior to smaller brokers.
Banking Larger online brokers offer banking and other financial services. This goes beyond money market accounts and CDs. Checking accounts, mortgages, debit cards, and credit cards can also be offered.
The leader in this space is, hands down, Bank of America Merrill Edge. Account Security Because of the web today, all online brokers invest heavily into account security. Just like shopping online and choosing a trustworthy website to purchase from, the best bet is to choose a well-known, established broker for your portfolio. To understand Order Execution, read this guide.
International Trading For investors in the United States this is not a problem but for investors living outside the US, when comparing brokers it is important to make sure they offer service in your country. If you need help deciding which broker to choose or have a broker specific question please feel free to email me and I will be happy to help.
To view star ratings, summaries, screenshots, and more for these brokers, see our stock broker comparison tool. This took many dozens of hours to put together so I appreciate your support!