Optionshouse is an online stock trading software that helps brokers easily navigate the stock markets. In this article, we look at the best features of Optionshouse as well as the top alternatives that you can consider in 2023.
What is Optionshouse?
Optionshouse is an online stock and option broker that offers trading platforms for both retail and institutional options. In 2005, OptionsHouse started operating. It offers affordable costs, quick execution, and premium products on a brokerage platform for active traders.
You can access real-time market data, quick execution, and extensive research tools through the trading platform. It offers strong, personalized options chains so you can complete transactions rapidly. This enables you to easily place orders from the same page while seeing 16 distinct option chains and choosing individual options and trading methods.
Furthermore, OptionsHouse was ranked number one for “Options Trading Platform” by Investor’s Business Daily in 2016. This places them on par with better-known brokerages like Scottrade.
Additionally, in 2016, OptionsHouse received the top rankings from StockBrokers.com for Commissions and Fees, a Web-Based Platform, and Options Trading.
How does Optionshouse work?
The robust and adaptable trading tools offered by OptionsHouse are well known. You may modify and set everything on the screen to provide you with the information you require as soon as possible after logging into OptionsHouse and launching the trading interface. In only a few clicks, you can load a trade into the trading tool, research a stock, or simply review the summary of your account and open positions.
Furthermore, newer investors can start trading at low volumes without worrying that costs will eat away their whole profit thanks to the combination of low fees and excellent online trading tools. Traders with experience can go in and feel certain they are making the proper choices on larger plays without losing thousands of dollars in fees every time they want to take action in the market.
Additionally, the platform allows you to quickly trade stocks and options. Each features a set of unique panels that you may use to gather the data you need to make a deal. You don’t want to take your time gathering data and placing a transaction if you believe the markets are about to move.
Generally, you do not have to give up access to trade tools when you are not near a computer. In addition to the browser-based experience, OptionsHouse offers distinctive experiences for Android smartphones, Android tablets, iPhones, and iPads. Note that stocks, options, futures, mutual funds, and ETF trading are all supported on the OptionsHouse platform.
Optionshouse Reviews
#1. Commissions, Fees, and Minimum Deposit
When it comes to commissions, OptionsHouse is highly competitive. There are two commission programs for trading, one of which is intended for individuals who trade more regularly and the other for those who trade less frequently. Additionally, and somewhat unusually, broker-aided trades are provided at no additional charge.
- For up to five options contracts in a single-leg trade, traders in the first plan are charged a flat fee of $5. Each additional contract costs $1.
- For single-leg trades, the second option has a fixed charge of $8.50 plus $0.15 per contract.
Note that customers of OptionsHouse have the option to change their plan up to once daily, which might be helpful if they are making trades of various quantities.
In actuality, these two plans indicate that OptionsHouse is cost-effective for virtually all traders. This has been done while maintaining an understandable commission structure. Notably, there is no account service charge, and the cost of exercising is only $5. However, the OptionsHouse minimum deposit is $1,000.
#2. Trading Platform
OptionsHouse is entirely web-based, so there is no software to download, and it has a sleek, contemporary appearance. It has a lot of tools and features and is simple to use and navigate.
The platform offers greater customization than others.
- You can customize the entire interface to your tastes by simply adding or removing different components from the layout.
- Additionally, you can opt to have select sections open in a new window or change the size of those pieces. This greatly improves the platform’s usability.
#3. Tools and Features
OptionsHouse performs well in this area as well, in terms of the tools and features.
- The all-in-one order ticket, which can be quickly retrieved with a single click, is possibly the highlight. Using this is quite simple, and placing orders is also very simple.
- The Trade Generator, which generates a list of prospective transactions depending on the criteria you choose to enter, is also impressive.
- With the PNL Calculator, you can determine the possible profit and loss of any strategy you’re thinking about, even more complicated ones.
- The Risk Viewer is a useful tool that will assess your open positions and assist you in controlling your exposure to risk.
- Current market news, live quotation streaming, and a lot more are also available.
Therefore, while novice traders shouldn’t have any trouble utilizing this platform, experienced traders looking for complex features won’t be disappointed.
Additionally, for those who prefer to trade using their smartphone or tablet, OptionsHouse also provides mobile compatibility.
#4. Research and Analysis
OptionsHouse’s research tools are perhaps where they fall short. The majority of brokers offer third-party research, although there is none available, and the research tools they do have are often not very in-depth. Basic information is available, but there isn’t much that provides any significant insight.
Positively, the quality of the technical analysis tools is noticeably greater now. They provide various types of information, like trade indications and short- and long-term trends.
#5. Customer Service
OptionsHouse offers live chat, email, and phone customer service. The personnel seem to be really competent, and they are undoubtedly helpful. Although entering a lot of information can be a hassle when connecting to live chat, this is a very minor inconvenience. On Monday through Friday, phone help is accessible from 7 a.m. to 7 p.m. Central time.
Although having 24-hour help would be nice, OptionsHouse’s customer service is still superior to that of the majority of other brokers.
Best Optionshouse Competitors
#1. MProfit
MProfit provides technological solutions for investors and speculators to manage multi-resource projects. Note that MProfit aims to do away with the need for cumbersome tools and laborious math worksheets that financial backers usually rely on for manual work.
#2. RetailGraph Software
With the help of Retailgraph Invoice, you can create attractive invoices, send payment reminder graphs automatically, and receive your invoices more quickly online.
#3. HyperStock
This is a multi-user, multi-exchange, and multi-market Windows/RDBMS-based software suite that has over 800 consumers in India. It ensures that all of your stockbroking needs will be fully addressed by the back office.
#4. Firstrade
Firstrade is a high-end broker that offers brokerage services to self-directed investors. However, it refrains from making recommendations or giving tax, financial, legal, or investment advice.
#5. Robinhood
Modern protection techniques are used by Robinhood when handling data. The servers at Robinhood receive real-time market data from exchanges. Therefore, brokerages can delay quotes by up to 20 minutes while charging for real-time data.
#6. eSignal
With eSignal’s Trading Integration and Choice of Stock Brokers, you have access to real-time stock market prices, a close list of stocks, stock screeners, and alert tickers, ensuring that you are aware of every opportunity.
#7. Joist
From your iPad, iPhone, Android, or the web, create estimates, send invoices, manage projects, and track payments with Joist.
#8. BBVA Customer API
For the purpose of offering customers accounts, payments, cards, and other white-label banking products, the BBVA Customer API enables you to register customers in our bank core.
#9. BBVA Payments API
With the BBVA Payments API’s safe transfer fund capabilities, you can start sending and receiving money right away. Note that this will help your business expand and draw in more clients.
#10. Simple
With Simple, you get a chic Simple Visa Card, no unexpected fees, and strong budgeting and savings tools integrated right into your account. Additionally, it is accessible via the web, iPhone, and Android.
#11. Capitalz
Capitaliz does more than just affirm the worth of your company. Through corporate development strategies like process optimization, risk reduction, and sustainable growth, intelligent recommendations help to guide that value upward.
With the help of Capitaliz, SMEs now have a platform designed specifically to handle benchmarking and comparisons with competitors in the market to discover overperformance or underperformance. Additionally, owners of businesses have access to benchmarked, real-time data about the value of their companies.
#12. AppNomu
As a web application platform, AppNomu enables businesses to send bulk SMS, offer airtime incentives, and sell airtime globally. Employees, employee salaries, leave administration, and salary payouts may all be tracked in one location. Additionally, you can use it to send prepaid gift cards to the employee and monitor all transactions in one location.
#13. Tax Clarity
With the aid of Tax Clarity, you can quickly spot less-than-ideal tax circumstances and guide your clients toward the most tax-effective retirement decisions.
You can expertly simplify the complex Social Security system using Social Security Timing to create effective solutions that will increase client satisfaction and trust.
#15. Swaap
As a next-generation market-making protocol, Swaap provides services to big liquidity providers, aggregators, and other partners.
#16. TurnKey
TurnKey Broker offers online trading tools as well as help with trading stock options. For brokers, traders, hedge funds, and financial institutions worldwide, TurnKey offers a number of complete trading software solutions.
#17. ETRADE
Etrade Financial is a leader in the online brokerage sector and one of the leading financial services providers. Additionally, they offer tools and advice from experts as well as instructional materials to assist private clients.
#18. Scottrade
Opening an account with Scottrade is simple, as is transferring a brokerage account to another broker. Their brokerage stock is not supported by the bank and is not a security or other obligation of the bank.
Why is Optionshouse used?
Optionshouse offers low commissions, dependable execution, and the company’s in-house risk management technology, which is why it is used. Additionally, it provides a trading platform for stocks, options, and other financial goods.
What are the requirements for options trading?
In accordance with Cboe Exchange (Cboe) regulations, a stock must satisfy five requirements by April 2022 in order to be eligible for options.
- A properly registered NMS stock must be the underlying equity security.
- There must be at least 7,000,000 publicly traded shares in the company.
- There must be at least 2,000 shareholders in the underlying stock.
- 2,400,000 shares must have changed hands in the last 12 months, or more.
- For a particular period of time, the security’s price must be sufficiently high.
If a corporation doesn’t meet even one of these standards, options exchanges like Cboe won’t permit any options to be traded on the underlying security. Even if all of the requirements are met, admission is not guaranteed.
What is Optionshouse Etrade?
In 2016, E*TRADE announced that it had bought Optionshouse. The deal closed in the fourth quarter of 2016, when all necessary regulatory clearances and customary closing conditions were met.
What is the difference between day trading and option trading?
Here’s a breakdown of the key differences between day trading and options trading:
#1. Time Horizon:
Buying and selling financial instruments during a single trading day is known as day trading, while Options trading allows for significantly longer holding periods, ranging from days to months.
#2. Instrument:
Day traders try to make money by trading liquid financial items, including stocks, commodities, and foreign exchange (forex). While, Options Trading gets the value of an option from an underlying asset, such as stocks, indices, commodities, or currencies.
#3. Risk and leverage:
Day Trading can be extremely risky, while Options Trading involves risk as well, although the risk is only as great as the premium for the option contract.
#4. Profit Potential:
Day traders seek to profit from minute price changes and take advantage of several trading opportunities throughout the day, while Options trading offers a variety of tactics with distinct potential profit margins.
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