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optionsXpress Review

Broker Profile

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Likes - Variety of tools for options traders; strong mobile trading platform; updated site navigation Q1 2010.

Dislikes - Expensive commissions for both stocks and options.

Bottom Line - OptionsXpress offers a overall rounded trade platform for both trading online and on the go but remains one of the most expensive discount brokers for trading stocks and options.

optionsXpress is an online broker that offers low cost options trades to its large client base of investors. Known for being a discount broker, they also provide low cost stock trades and other financial services for their customers. optionsXpress has great investment education resources and also provides a virtual trading platform for its traders.

Our optionsXpress review provides trade platform screenshots, detailed commissions information, and online broker ratings. Also discover how optionsXpress placed in the most recent 2010 Barron’s Review of Online Brokers as well as the 2010 SmartMoney Broker Review**.

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Commission Notes

optionsXpress is an online broker with a more complex commissions structure. While known as one of the more pricey discount brokers, optionsXpress offers lower commissions rates for investors that trade more often on a per quarter basis. There are added fees though depending on the size of the order, amongst other situations. Details below.

Stock Trades - If trading less than 1,000 shares per order, the rate is $9.95 per trade. For investors trading more than 1,000 shares per order, the rate is .01 per share. For penny stock traders, commissions are capped at 5% of total purchase price with a $14.95 minimum per order. There is no additional fee for broker assisted trades.

Options Trades - optionsXpress charges $1.50 per contract if under 35 options trades per quarter with a $14.95 minimum. Otherwise it is only $1.25 per contract with a $12.95 minimum. The broker does not charge a options base fee. Thus, based on the $1.50 per contract rate, a 5 contract order would cost $12.95 (the minimum) and a 20 contract purchase would cost $30.00 (20 x $1.50). Exercises and Assignments are an additional $9.95 for currently active options traders (see above for designation), and $14.95 for non-active options traders. To buy-to-close penny options (contracts under $.05), the rate is $4.95 + $.50 per contract.

Other Investments - optionsXpress also offers mutual funds, bonds, and futures trading. Mutual funds cost $14.95 per trade plus any additional loads or fees charged by the fund itself.

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All pricing data was obtained from a published web site as of 7/19/2010 and is believed to be accurate, but is not guaranteed. trade WISER staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the top of this page. * For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

** Barron's is a registered trademark of Dow Jones & Company 2010. SmartMoney is a registered trademark of SmartMoney, a joint publishing venture between Dow Jones & Company, Inc. and HearstSM Partnership. Kiplinger is a registered trademark of the Kiplinger Washington Editors, Inc. 2010.