10-second breakdown:
Inexpensive commission rates. World-class trading platform. Those two features combined are all you need to know why OptionHouse is our numero uno place to self-invest.
The good:
Given the name, you’d figure that the options trading options would be good. In fact, they’re awesome. Triggers and alerts to help you know exactly when to jump in and out as well as an intuitive way to see everything from your covers to shorts.
The platform itself is easy, but in-depth in such a beautiful balance that will appeal to newbies and long-time traders.
There is a ZERO dollar account minimum. Something unique to OptionHouse and incredibly appealing to anyone wanting to get started without a lot of money.
The bad:
Mobile trading is difficult; especially when considering the advanced apps of competitors.
The customer service isn’t known to the be the best or most responsive.
How it works:
Out of the box, signing up for OptionsHouse takes less than 10-minutes and will require some of the typical data (e.g. social security number/Tax I.D.). If your application is approved, you’ll have to choose the amount of money to fund your account with before you stop trading.
One of the first things you’ll notice is the speed and of the platform. It’s a web-based system with everything right at your fingertips. Virtual and real trading are both available. Pulling charts and making notes for each trade is easy and will help you improve your strategy over the long haul.
Live-streaming charts are available, but lacking in comparison to other platforms. The charting will get the job done, just expect it to take a bit to get used to the dashboard. Once you get a handle on it and have it set up to your liking, it’s easier to get past the clunky nature of it all.
One of the coolest features is the functionality within the charts themselves. Users can find and adjust potential trades and once you are ready to invest, it can all be done from the chart screen. The ability to review and submit trades while looking at the chart is very useful for options and day-trading. If you enjoy marking up charts and want an expansive set of tools and usability with the charts, OptionsHouse may be disappointing. While it may not fit the bill of the deep analyst, it does hit most of the high-points for the majority of traders.
Options trading is the primary function of OptionsHouse. It is a great tool for equity trades and other investments, but it is the best way to handle contracts.
Finding the options you want is both detailed and easy. Once you have your choice(s), a click will bring up the summary. From that window, you’ll notice several other links for further research. Risk and reward is plainly explained and your options chain can be displayed with up to 30 columns. There is so much information specifically for options that it smashes the other platforms.
Options information, in it’s natural form is in Greek, which is confusing for beginner traders. OptionsHouse has an English translation for all Greek, which is a handy tool to read their risk meter on the fly.
After a particular company’s options passes the initial screening, it’s time to figure out your actual trade strategy. One of the stand alone differences between our top choice and any other options-trading software is OptionsHouse’s StrategySEEK. There are so many potential plays, but this tool will show you (with incredible detail) what potential outcomes you’re looking at.
All you have to do with StrategySEEK is plug in the price you think a given stock is going and some basic timelines. Then, the tool give you a full set of potential strategies to maximize that price and time table. Keep in mind that this is no small task. The algorithm that goes into these results calculates millions of possibilities to give you some of the most powerful analysis in all of options trading. Chances are, that even the most experience options trader will find a move that is different from the original plan.
The ability to implement trigger alerts in addition to all of the research and calculation power is dynamite. The app will alert you when that particular stock hits the entry point you desire and the exit point that makes those suggested trades the most profitable.
If you are serious about DIY options trading, there are no other tools even close to the functionality of StrategySEEK. It’s a one of a kind and can be powerful in the hands of knowledgable investors.
Equity research tools are also on the praiseworthy side of things. OptionsHouse has a unique rating system that will give you some basic intel on your given company choice as well as a letter system that “grades” the overall inevitability of a stock choice.
Unfortunately, there are no third-party research options to speak of and the research functionality is limited. While we would like to see a lot more data available within the actually web-based application, it just isn’t that way as of right now.
If you are looking for a highly mobile trading tool, OptionsHouse does have a suite of apps that are an attempt to make trading on your smart devices better. However, the HTML5 based design makes using your browser to invest difficult and the apps aren’t the best in the market. It’s enough to get the job done, but don’t expect the experience to be like you have when on a desktop/laptop.
The mobile-trading may not be spectacular, but the core function of OptionsHouse is meant for the day and options trader who are by their computer ready to buy unsell until they hear that bell ring.
For complete rankings of all online trading platforms, go here.
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