Thanks to the internet and new technology, just about anyone can open an online investing account. But for investors hoping to access a wider variety of trading products and who want more control over their portfolios, optionsXpress could be their best bet. This is not a platform for beginners.
The optionsXpress platform offers robust trading for medium to advanced traders. Just make sure you develop strategies and confidence before risking your own money. While optionsXpress offers more than Schwab commission-free ETFs, its mutual funds are not as competitive. So for investors looking to minimize fees, be sure to comparison shop. The company offers individual and joint investment accounts, as well as trust or business accounts.
Finally, optionsXpress has custodial accounts if you want to invest on behalf of a minor. You can even open a Coverdell or IRA on behalf of a child with the help of this platform. The broker made a name for itself by offering options and futures.
Until recently, optionsXpress charged a little bit more for stock transactions. Meanwhile, optionsXpress offers nearly 5, no-load mutual funds. That makes it easier for investors to consolidate funds and diversify their portfolios.
In general, options and futures are considered a little riskier than stocks and mutual funds. You can also try different strategies and practice with options so that you can see what happens in different scenarios.
Use Xtend to create watch lists, as well as view the latest news about different companies. One of the best tools available with optionsXpress is the all-in-one trade ticket. This feature allows you to call or put, as well as double-check pricing and use a trade calculator to see where you stand. You can see a detailed, up-to-the-minute view of the market. Easy navigation allows you to move to other areas of the site or pull up more information if you want it.
With options, you might see different legs in the trade. With options trading, your exit strategy matters just as much as your entry. With option chains, you can see real-time quotes for each leg of the different strategies available. One of the biggest advantages offered by optionsXpress is its vast educational library.
You can also watch helpful videos and get access to market commentary. Take optionsXpress with you wherever you go; the mobile interface is easy to use and offers many of the same functionalities that you see with the online trading platform. The all-in-one ticket is available on the mobile app, making it easy to accomplish your trades no matter where you are. However, it may make sense to look for no-load funds so you can avoid paying the load.
You will still have to pay the expense ratio on top of other fees for trading mutual funds. Finally, optionsXpress allows you to trade on margin. If you have a Schwab online trading account, you can access the optionsXpress platform with the same information. Otherwise, you will need to open an account. Start by deciding what kinds of features you want in your account. You need to choose whether you want margin, and if you want to trade options and futures. Next, set up a login and password so you can come back later if you need to gather more information.
Once you have created your account, you will be asked to provide information about your level of expertise and your goals for the account. This includes what you hope to accomplish in terms of growth or income; you can even use the account for speculation. You then need to provide information about your finances. This is because the investment products offered are complex.
Your margin account will be based on your income and other information. You are also required to verify your identity online. You might be asked about a cosigner on a loan, a past address, or some other information.
Finally, you need to provide information about your bank account so you can fund your optionsXpress account. Live chat is available Monday through Friday, 8: You can also send an email using an online form on the website. Phone support is available when you call , Monday through Friday, 9 a.
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Trade stocks, funds, options, and futures The broker made a name for itself by offering options and futures. Advertiser Disclosure Student Loan Hero Advertiser Disclosure Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life.More...