OptionsHouse is a leading online brokerage firm founded in the year 2005. Based in Chicago, Illinois, the financial services company offers advanced trading tools and mobile trading apps that are fully customisable. OptionsHouse was named a Barron’s top broker and “Best for Options Traders” in the 2016 Best Online Broker Ranking.
OptionsHouse’s full suite of investment products include equities, options, futures, mutual funds, ETFs and bonds. It’s trading platform comes with 16 different options chains, expansive technical analysis, profit-loss-break even snapshot, advanced spectral map, trigger alerts to maximize profits or limit losses and real-time alerts.
Users can create orders before the market opens, or for execution later. The OptionsHouse app for smartphones and tablets allow users to trade while on the go, create new orders and view market snapshot, accounts and summary. Funds are available for trading three business days after posted to account. As for withdrawal, they are available 10 business days after receipt.
Funds can be deposited through wire transfer, ACH deposits and check. Withdrawal of funds can also made through similar modes. In order to open an account with OptionsHouse, all account holders must pass the verification process. For more information or queries on services, payment, cancellation, account management, technical support, or others, reach the OptionsHouse customer service.
|Trading Platforms||The OptionsHouse Trading Platform, OptionsHouse Mobile Trading|
|Address||10 S. Riverside Plaza Suite 500 Chicago, Illinois 60606 United States|
I first began trading at Optionshouse in March of 2015. Out of the brokers offering commissions as low as $4.95 I feel that Optionshouse is the better versus TradeKing, but should not be considered on par with other long standing brokers.
Optionshouse pros include a decent number of technical charts and tools/studies that can be used to make better trades, a one-click buy sell order screen, great exocutions when placing orders, and a built in “heat” system when monitoring the marketplace or watchlist tabs. I would say Optionshouse’s greatest strength to an investor or day trader is the advantage of timing with the one-click order system, as compared to having to type in your order letter by letter and number by number as other brokers require one to do. Another thing that I liked about Optionshouse is that they were more than willing to offer me a margin account at a time when I only had a $5,000 balance. Before I met day trading minimum equity requirements, it was useful from time to time to execute a day trade here and there with my Optionshouse margin account versus a cash account elsewhere.
Optionshouse cons include not having as many technical tools/studies as a day trader would prefer, connectivity issues with their website and trading platform which crashes at random leaving traders with the inability to day trade at the most awkward of moments (this has happened to me at least three times at Optionshouse, while my Internet connection was functional along with my platforms at two other brokerages), condescending customer service (they are obviously more practiced than most traders, but they can be rude and don’t seem to have either the time or courtesy to be professional and helpful to their customers when answering questions), and Optionshouse limits the number of tickers in your watchlist to 200. This last bit is an issue as I normally monitor all of the Standard & Poor 500 companies in their 10 basic sectors plus an additional 140+ indeces and over 40 leveraged and inverse ETFs. At Optionshouse, this sort of totality, categorization, and overwatch of the market is an impossibility. I feel that this puts traders at a disadvantage by not allowing them to have the “big picture” at any given moment.
Optionshouse works for some and for others it does not. For me it did not, although I had imagined I would have had a better experience with this broker. I did lose quite a bit of money here, and am a day trader that focuses on technical data. In fairness, I would attribute 75% of what I lost to my own poor judgment during the months of January and February, and 25% to weaknesses in the brokerage’s platform, website, and connectivity issues. Regardless, I have decided to move on to another broker with a stronger platform and better opportunities for day traders. I do not blame Optionshouse for any of my misfortunes, but something does seem out of place here. My opinion to others is not necessarily to avoid Optionshouse, but give it a shot and see if you like it. As I stated earlier, some love Optionshouse, and others simply do not. It is hit or miss and you will know almost right away if they are the broker for you.
OH charged fees of a total $1401 between Dec 2014 and Jan 2015. I have not done any trading for 10 months. I just noticed these fees deducted from my account. There was no explanation.
The company does not mail statements. No statements are available online since Oct 2014.
The company has not mailed tax forms. I could not access tax forms online. I get a message every time that the site is experiencing technical difficulties.
I called the customer service number. After 64 minutes of waiting, nobody answered the phone.
This is a very very poor trading company. They have also been deceptively taking out money from my account without informing me.
Should I report to the SEC, FTC, and IRS?
I agree with KG, used OptionsHouse for a while and since the merger some very suspicious things going on. Also note their “new” app is utterly disgusting. They had about 200 reviews of 1/5 on the App Store. They removed the app and reposted in an effort to clear up the bad reviews, and have still gathered over 100 new bad reviews. Buyer beware.
I noticed a few bad reviews for OptionsHouse. Glad to see them somewhere as I have had nothing but trouble from them since the merger. The customer service hold time has gone from 2 minutes to routinely over 24 minutes since the merger not denoting an influx of new business, but because so many of the brokers (OptionsHouse brokers) are leaving after having to support the substandard OptionsMonster platform and policies. Perhaps the foaming sea of enraged customers waiting for them every morning is more than they can handle.
Today I find myself the recipient of a margin call because…a position of mine has finally moved into profitability. That’s right OptionsMonster requires 2 times the amount an option has moved Into the Money EVEN IF IT IS PART OF A COVERED CALL position, as if the stock itself isn’t covering the advance in price of the short option. It’s as if they can’t abide their customers making money.
Last year I made a comfortable 121% return and averaged a little less that that for previous years. This year I am -50% thanks to the new “improved” platform, loss of any decent tools, and ridiculous margin policies. I would gladly pay 10x the commission rate at OptionHouse to have back the money their platform has helped me fumble away. You get what you pay for. Options House used to be a bargain. Now it is a trap
Thanks for taking real comments. All these “review” sites look exactly the same and say the same thing with glowing reviews and high marks but basically pointing to the best feature being low commissions. If you add the money you’ll loose to the commissions then you’ll see they are not so cheap after all. Don’t even get me started on the tax situation they’ve left me in.
Welcome to American Options. They can be exercised at any time. Make sure you check the open interest for any contracts you sell or are planning to sell. If there are 10 OI and they are all yours and one of the holders decides to exercise, you’ll be the one assigned. Even more irritating…you are short 5 and somebody exercises 1 contract leaving you with a fractured position that may be harder to manage optimally when you consider commissions. OH has(had) a 5contracts for $5 commission that you should still be subject to if your account is grandfathered in. If you get assigned, now you pay the $5 assignment fee and another $5 assignment fee if the position finishes ITM or full commissions to exit ahead of expiration.
It sounds like I am defending Options House but I’m not. That stuff can happen anywhere. Only at OH can you meet a margin call and still have the margin dept liquidate part one of your positions. True story. Happened to me just this past Friday. That is the sad ending to the story I began above.
OHouse has so many bad reviews. Cs is the worst I have ever dealt with.
They seldom followup with email and if you happen to try to call them be ready to wait 45-hr if your lucky. While, their commissions are
lower they well make up for it with the bid/ask fills. Fills are almost always lower, sometimes much lower than what other brokers have.
I’ve compared it and their fills are almost criminal. You end up paying more on the fills then you could ever save on the lower commissions.
Avoid, them, pay alittle more elsewhere but your good fill prices will without a doubt offset the commissions. read the reviews posted by
their real customers and not paid,compensated sites. Mobile app is a joke!
I write to let you know that I’ve had some issues with Options House online brokerage. Most recently, they would not accept a wire transfer from me and were very difficult to deal with in tracking down what happened to the wire. In short, had I not followed-up numerous times, they would have simply let the wire sit in limbo, with the money having been sent by my account and sitting in their bank, and never notified me. I find that to be borderline illegal. Anyway, they will now be sending the money back to my account and charging me a $30 wire transfer.
The entire reason that they will not accept the wire is because the account is in my Dad’s name, despite my full access to the account and complete power of attorney over my father’s financial affairs. I offered to provide this information and in fact did provide much of it and they still refused to take the wire. I have worked with other financial institutions, who were more than happy to accept money from this account. Only Options House has been difficult.
After conclusion of the contract ther are lots of difficulties in trading. I am not the only person who had these difficulties.